# EDGAR Filing Document

**Accession Number:** 0001539996
**File Stem:** 0001162044-25-000955
**Filing Date:** 2025-9
**Character Count:** 264740
**Document Hash:** 564e11d0d4cc30e320468cb3e3368547
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000955.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001162044-25-000955

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DSS AMERICAFIRST FUNDS
- **CENTRAL INDEX KEY:** 0001539996

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22669
- **FILM NUMBER:** 251299677

**BUSINESS ADDRESS:**
- **STREET 1:** 9700 VILLAGE CENTER DRIVE
- **STREET 2:** SUITE 50-N
- **CITY:** GRANITE BAY
- **STATE:** CA
- **ZIP:** 95746
- **BUSINESS PHONE:** 916-757-6862

**MAIL ADDRESS:**
- **STREET 1:** 9700 VILLAGE CENTER DRIVE
- **STREET 2:** SUITE 50-N
- **CITY:** GRANITE BAY
- **STATE:** CA
- **ZIP:** 95746

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DSS AMERICAFIRST QUANTITATIVE FUNDS
- **DATE OF NAME CHANGE:** 20211112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAFIRST QUANTITATIVE FUNDS
- **DATE OF NAME CHANGE:** 20120119

## Series and Classes Contracts Data

### DSS AmericaFirst Income Fund (Series ID: S000036987)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000113165 | DSS AmericaFirst Income Fund Class A | AFPAX           |
| C000113166 | DSS AmericaFirst Income Fund Class U | AFPUX           |
| C000113167 | DSS AmericaFirst Income Fund Class I | AFPIX           |

### DSS AmericaFirst Monthly Risk-On Risk-Off Fund (Series ID: S000036988)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000113168 | DSS AmericaFirst Monthly Risk-On Risk-Off Fund Class A | ABRFX           |
| C000113169 | DSS AmericaFirst Monthly Risk-On Risk-Off Fund Class U | ABRUX           |
| C000113170 | DSS AmericaFirst Monthly Risk-On Risk-Off Fund Class I | ABRWX           |

### DSS AmericaFirst Alpha Trends Factor Fund (Series ID: S000056070)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000176638 | DSS AmericaFirst Alpha Trends Factor Fund Class A | SBQAX           |
| C000176639 | DSS AmericaFirst Alpha Trends Factor Fund Class I | SBQIX           |
| C000176640 | DSS AmericaFirst Alpha Trends Factor Fund Class U | SBQUX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

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 number <u>811-22669</u>

<u>DSS AmericaFirst Funds</u>

(Exact name of registrant as specified in charter)

<u>275 Wiregrass Parkway, West Henrietta, NY 14586</u>

(Address of principal executive offices)(Zip code)

Mutual Shareholder Services, LLC.

<u>8000 Town Centre Drive, Suite 400 Broadview Heights, OH 44147</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(877) 217-8501</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST ALPHA TRENDS FACTOR FUND - CLASS A

***SBQAX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Alpha Trends Factor Fund - Class A - SBQAX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Alpha Trends Factor Fund – Class A | &nbsp;&nbsp;$218 | &nbsp;&nbsp;2.13% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Alpha Trends Factor Fund returned 4.87% for Class A shares. The Fund underperformed both the S&P 500® Index, which returned 15.16%, and its peer benchmark, the Lipper Multi-Cap Core Funds Index, which returned 13.00%. The Fund's relative underperformance was primarily attributable to its overweight allocation to cash and defensive positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Commencement of Operations through June 30, 2025 (1)** |
| **Class A** | Without sales load | &nbsp;&nbsp;4.87% | &nbsp;&nbsp;11.53% | &nbsp;&nbsp;8.15% |
| **Class A** | With sales load | &nbsp;&nbsp;-0.37% | &nbsp;&nbsp;10.39% | &nbsp;&nbsp;7.49% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;14.59% |
| **Lipper Multi-Cap Core Funds Index** | **Lipper Multi-Cap Core Funds Index** | &nbsp;&nbsp;12.99% | &nbsp;&nbsp;14.85% | &nbsp;&nbsp;12.62% |

---

(1) DSS AmericaFirst Alpha Trends Factor Fund Class A shares commenced operations on January 31, 2017. Benchmark since inception return assumes inception date of January 31, 2017.

**Cumulative Performance Comparison of $10,000 Investment**

![](image_001.gif)

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;38 | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;($53359) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.40% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;40.33% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST ALPHA TRENDS FACTOR FUND - CLASS U

***SBQUX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Alpha Trends Factor Fund - Class U - SBQUX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Alpha Trends Factor Fund – Class U | &nbsp;&nbsp;$294 | &nbsp;&nbsp;2.88% |

---

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Commencement of Operations through June 30, 2025 (1)** |
| **Class U** | Without sales load | &nbsp;&nbsp;4.05% | &nbsp;&nbsp;10.68% | &nbsp;&nbsp;7.40% |
| **Class U** | With sales load | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;10.12% | &nbsp;&nbsp;7.07% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;14.59% |
| **Lipper Multi-Cap Core Funds Index** | **Lipper Multi-Cap Core Funds Index** | &nbsp;&nbsp;12.99% | &nbsp;&nbsp;14.85% | &nbsp;&nbsp;12.62% |

---

(1) DSS AmericaFirst Alpha Trends Factor Fund Class U shares commenced operations on January 31, 2017. Benchmark since inception return assumes inception date of January 31, 2017.

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Alpha Trends Factor Fund returned 4.05% for Class U shares. The Fund underperformed both the S&P 500® Index, which returned 15.16%, and its peer benchmark, the Lipper Multi-Cap Core Funds Index, which returned 13.00%. The Fund's relative underperformance was primarily attributable to its overweight allocation to cash and defensive positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**Cumulative Performance Comparison of $10,000 Investment**

![](image_003.gif)

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;38 | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;($53359) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.40% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;40.33% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST ALPHA TRENDS FACTOR FUND - CLASS I

***SBQIX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Alpha Trends Factor Fund - Class I - SBQIX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Alpha Trends Factor Fund – Class I | &nbsp;&nbsp;$194 | &nbsp;&nbsp;1.89% |

---

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Commencement of Operations through June 30, 2025 (1)** |
| **Class I** | &nbsp;&nbsp;5.20% | 11.82% | 8.58% |
| **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | 16.63% | 14.59% |
| **Lipper Multi-Cap Core Funds Index** | &nbsp;&nbsp;12.99% | 14.85% | 12.62% |

---

(1) DSS AmericaFirst Alpha Trends Factor Fund Class I shares commenced operations on January 31, 2017. Benchmark since inception return assumes inception date of January 31, 2017.

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Alpha Trends Factor Fund returned 5.20% for Class I shares. The Fund underperformed both the S&P 500® Index, which returned 15.16%, and its peer benchmark, the Lipper Multi-Cap Core Funds Index, which returned 13.00%. The Fund's relative underperformance was primarily attributable to its overweight allocation to cash and defensive positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**Cumulative Performance Comparison of $10,000 Investment**

![](image_005.gif)

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;38 | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;($53359) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.40% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;40.33% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST RISK-ON RISK-OFF FUND - CLASS A

***ABRFX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Risk-On Risk-Off - Class A - ABRFX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Risk-On Risk-Off – Class A | &nbsp;&nbsp;$310 | &nbsp;&nbsp;2.90% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Risk On Risk Off Fund returned 14.01% for Class A shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, but outperformed its peer benchmark, the Lipper Absolute Return Funds Index, which returned 6.21%. The Fund's modest relative underperformance versus the S&P 500® was primarily attributable to its overweight allocation to cash during a period of elevated market volatility following the implementation of broad-based global tariffs. Despite this defensive allocation, the Fund outperformed its peer benchmark by a wide margin, reflecting effective capture of trading opportunities in higher-beta securities in anticipation of key political and economic developments.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class A** | Without sales load | &nbsp;&nbsp;14.09% | &nbsp;&nbsp;5.33% | &nbsp;&nbsp;3.09% |
| **Class A** | With sales load | &nbsp;&nbsp;8.39% | &nbsp;&nbsp;4.26% | &nbsp;&nbsp;2.56% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Lipper Absolute Return Funds Index** | **Lipper Absolute Return Funds Index** | &nbsp;&nbsp;6.22% | &nbsp;&nbsp;5.35% | &nbsp;&nbsp;3.13% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$4563749 | &nbsp;&nbsp;23 | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;($17074) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_008.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;31.33% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;8.19% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.74% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Peabody Energy Corporation | &nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.19% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;73.62% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST RISK-ON RISK-OFF FUND - CLASS U

***ABRUX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Risk-On Risk-Off - Class U - ABRUX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Risk-On Risk-Off – Class U | &nbsp;&nbsp;$363 | &nbsp;&nbsp;3.40% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Risk On Risk Off Fund returned 13.31% for Class U shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, but outperformed its peer benchmark, the Lipper Absolute Return Funds Index, which returned 6.21%. The Fund's modest relative underperformance versus the S&P 500® was primarily attributable to its overweight allocation to cash during a period of elevated market volatility following the implementation of broad-based global tariffs. Despite this defensive allocation, the Fund outperformed its peer benchmark by a wide margin, reflecting effective capture of trading opportunities in higher-beta securities in anticipation of key political and economic developments.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class U** | Without sales load | &nbsp;&nbsp;13.48% | &nbsp;&nbsp;4.81% | &nbsp;&nbsp;2.60% |
| **Class U** | With sales load | &nbsp;&nbsp;10.65% | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2.34% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Lipper Absolute Return Funds Index** | **Lipper Absolute Return Funds Index** | &nbsp;&nbsp;6.22% | &nbsp;&nbsp;5.35% | &nbsp;&nbsp;3.13% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$4563749 | &nbsp;&nbsp;23 | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;($17074) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_008.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;31.33% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;8.19% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.74% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Peabody Energy Corporation | &nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.19% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;73.62% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST RISK-ON RISK-OFF FUND - CLASS I

***ABRWX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Risk-On Risk-Off - Class I - ABRWX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Risk-On Risk-Off – Class I | &nbsp;&nbsp;$275 | &nbsp;&nbsp;2.56% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's Performance?**

***Performance Highlights***

For the twelve-month period ended June 30, 2025, the AmericaFirst Risk On Risk Off Fund returned 14.26% for Class I shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, but outperformed its peer benchmark, the Lipper Absolute Return Funds Index, which returned 6.21%. The Fund's modest relative underperformance versus the S&P 500® was primarily attributable to its overweight allocation to cash during a period of elevated market volatility following the implementation of broad-based global tariffs. Despite this defensive allocation, the Fund outperformed its peer benchmark by a wide margin, reflecting effective capture of trading opportunities in higher-beta securities in anticipation of key political and economic developments.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class I** | &nbsp;&nbsp;14.50% | &nbsp;&nbsp;6.48% | &nbsp;&nbsp;4.20% |
| **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Lipper Absolute Return Funds Index** | &nbsp;&nbsp;6.22% | &nbsp;&nbsp;5.35% | &nbsp;&nbsp;3.13% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISER |
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;REIMBURSED |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE FUND |
| &nbsp;&nbsp;$4563749 | &nbsp;&nbsp;23 | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;($17074) |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_008.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;31.33% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;8.19% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.74% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;DexCom, Inc. | &nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Peabody Energy Corporation | &nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Verona Pharma PLC | &nbsp;&nbsp;3.19% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;73.62% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST INCOME FUND - CLASS A

***AFPAX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Income Fund - Class A - AFPAX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Income Fund – Class A | &nbsp;&nbsp;$271 | &nbsp;&nbsp;2.68% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's performance?**

*Performance Highlights*

For the twelve-month period ended June 30, 2025, the AmericaFirst Income Fund returned 2.48% for Class A shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, as well as its peer benchmark, the Lipper Flexible Portfolio Funds Index, which returned 11.16%. The Fund's relative underperformance was principally attributable to its defensive portfolio positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**<u>DISTRIBUTION POLICY</u>**

The Fund's targeted distribution policy of 9% of NAV on an annualized basis resulted in a return of capital of $0.40 per share during the annual period.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class A** | Without sales load | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;6.31% | &nbsp;&nbsp;1.29% |
| **Class A** | With sales load | &nbsp;&nbsp;-1.84% | &nbsp;&nbsp;5.44% | &nbsp;&nbsp;0.84% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Bloomberg Aggregate Bond Index** | **Bloomberg Aggregate Bond Index** | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;-0.73% | &nbsp;&nbsp;1.76% |
| **Lipper Flexible Portfolio Funds Index** | **Lipper Flexible Portfolio Funds Index** | &nbsp;&nbsp;11.15% | &nbsp;&nbsp;8.58% | &nbsp;&nbsp;7.05% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$11109340 | &nbsp;&nbsp;32 | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;$57500 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_014.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;11.86% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;4.47% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.01% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Himax Technologies, Inc. | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;The Blackstone Group, Inc. | &nbsp;&nbsp;3.27% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;48.82% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST INCOME FUND - CLASS U

***AFPUX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Income Fund - Class U - AFPUX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Income Fund – Class U | &nbsp;&nbsp;$323 | &nbsp;&nbsp;3.20% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's performance?**

*Performance Highlights*

For the twelve-month period ended June 30, 2025, the AmericaFirst Income Fund returned 2.15% for Class U shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, as well as its peer benchmark, the Lipper Flexible Portfolio Funds Index, which returned 11.16%. The Fund's relative underperformance was principally attributable to its defensive portfolio positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**<u>DISTRIBUTION POLICY</u>**

The Fund's targeted distribution policy of 9% of NAV on an annualized basis resulted in a return of capital of $0.36 per share during the annual period.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class U** | Without sales load | &nbsp;&nbsp;1.93% | &nbsp;&nbsp;5.60% | &nbsp;&nbsp;0.67% |
| **Class U** | With sales load | &nbsp;&nbsp;-0.11% | &nbsp;&nbsp;5.16% | &nbsp;&nbsp;0.47% |
| **S&P 500 Total Return Index** | **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Bloomberg Aggregate Bond Index** | **Bloomberg Aggregate Bond Index** | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;-0.73% | &nbsp;&nbsp;1.76% |
| **Lipper Flexible Portfolio Funds Index** | **Lipper Flexible Portfolio Funds Index** | &nbsp;&nbsp;11.15% | &nbsp;&nbsp;8.58% | &nbsp;&nbsp;7.05% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$11109340 | &nbsp;&nbsp;32 | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;$57500 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_014.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;11.86% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;4.47% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.01% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Himax Technologies, Inc. | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;The Blackstone Group, Inc. | &nbsp;&nbsp;3.27% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;48.83% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

DSS AMERICAFIRST INCOME FUND - CLASS I

***AFPIX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Income Fund - Class I - AFPIX for the period July 1, 2024 to June 30, 2025.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at https://americafirst.fund/. You can also request this information by contacting us at 1-877-217-8501.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Income Fund – Class I | &nbsp;&nbsp;$232 | &nbsp;&nbsp;2.29% |

---

**<u>managment's discussion of fund performance</u>**

**How did the Fund perform last year? What affected the Fund's performance?**

*Performance Highlights*

For the twelve-month period ended June 30, 2025, the AmericaFirst Income Fund returned 2.67% for Class I shares. The Fund underperformed the S&P 500® Index, which returned 15.16%, as well as its peer benchmark, the Lipper Flexible Portfolio Funds Index, which returned 11.16%. The Fund's relative underperformance was principally attributable to its defensive portfolio positioning during a period of elevated market volatility following the implementation of broad-based global tariffs.

**<u>DISTRIBUTION POLICY</u>**

The Fund's targeted distribution policy of 9% of NAV on an annualized basis resulted in a return of capital of $0.40 per share during the annual period.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** |
| **Class I** | &nbsp;&nbsp;2.67% | &nbsp;&nbsp;7.13% | &nbsp;&nbsp;2.08% |
| **S&P 500 Total Return Index** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |
| **Bloomberg Aggregate Bond Index** | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;-0.73% | &nbsp;&nbsp;1.76% |
| **Lipper Flexible Portfolio Funds Index** | &nbsp;&nbsp;11.15% | &nbsp;&nbsp;8.58% | &nbsp;&nbsp;7.05% |

---

**Cumulative Performance Comparison of $10,000 Investment**

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-877-217-8501.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$11109340 | &nbsp;&nbsp;32 | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;$57500 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_014.gif)

Sectors are categorized using Global Industry Classification Standard.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Prime Obligations | &nbsp;&nbsp;11.86% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;4.47% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;4.01% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Himax Technologies, Inc. | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;The Blackstone Group, Inc. | &nbsp;&nbsp;3.27% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;48.82% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact DSS AmericaFirst Funds at 1-877-217-8501, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://americafirst.fund/ or contact us at 1-877-217-8501.

**Item 2. Code of Ethics.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) &nbsp;&nbsp;&nbsp;&nbsp; For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified
in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the code.

(c) &nbsp;&nbsp;&nbsp;&nbsp; Amendments:

During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) &nbsp;&nbsp;&nbsp;&nbsp; Waivers:

During the period covered by the report, there have not been any waivers to the provisions of the waivers.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that each of the independent board members together consist as the audit committee financial expert based on their combined knowledge and experience.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

FY 2025 $<u>37,500</u>

FY 2024 $<u>50,000</u>

(b)  **<u>Audit-Related Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees: <u>N/A</u>

(c)  **<u>Tax Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>9,000</u>

FY 2024 $<u>12,000</u>

Nature of the fees: <u>Review of the 1120-RICS and Excise Returns.</u>

(d)  **<u>All Other Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees: <u>N/A</u>

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u>

FY 2025 $<u>9,000</u>

FY 2024 $<u>12,000</u>

(h) &nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – Schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

DSS AmericaFirst Alpha Trends Factor Fund

\* (Formerly: DSS AmericaFirst Large Cap Share Buyback Fund)

DSS AmericaFirst Monthly Risk-On Risk-Off Fund

DSS AmericaFirst Income Fund

**ANNUAL FINANCIAL STATEMENTS**

**JUNE 30, 2025**

---

| |
|:---|
| **DSS AmericaFirst Funds** |
| **c/o Mutual Shareholder Services, LLC** |
| **8000 Town Centre Drive, Suite 400** |
| **Broadview Heights, Ohio 44147** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund** |  |
|  | &nbsp;&nbsp;**Schedule of Investments** |  |
|  | &nbsp;&nbsp;**June 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Value</u>** |
| &nbsp;&nbsp;**COMMON STOCK - 98.03%** | &nbsp;&nbsp;**COMMON STOCK - 98.03%** |  |
| &nbsp;&nbsp;**Aerospace & Defense - 6.27%** | &nbsp;&nbsp;**Aerospace & Defense - 6.27%** |  |
| &nbsp;&nbsp;437 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;$105518 |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;The Boeing Co. \* | &nbsp;&nbsp;22001 |
|  |  | &nbsp;&nbsp;127519 |
| &nbsp;&nbsp;**Biotechnology - 1.42%** | &nbsp;&nbsp;**Biotechnology - 1.42%** |  |
| &nbsp;&nbsp;803 | &nbsp;&nbsp;TG Therapeutics, Inc. \* | &nbsp;&nbsp;28900 |
| &nbsp;&nbsp;**Capital Markets - 3.39%** | &nbsp;&nbsp;**Capital Markets - 3.39%** |  |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;68851 |
| &nbsp;&nbsp;**Consumer Finance - 2.69%** | &nbsp;&nbsp;**Consumer Finance - 2.69%** |  |
| &nbsp;&nbsp;820 | &nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;54727 |
| &nbsp;&nbsp;**Electrical Equipment - 4.73%** | &nbsp;&nbsp;**Electrical Equipment - 4.73%** |  |
| &nbsp;&nbsp;967 | &nbsp;&nbsp;Nextracker, Inc. Class A \* | &nbsp;&nbsp;52576 |
| &nbsp;&nbsp;1100 | &nbsp;&nbsp;NuScale Power Corp. Class A \* | &nbsp;&nbsp;43516 |
|  |  | &nbsp;&nbsp;96092 |
| &nbsp;&nbsp;**Electric Utilities - 3.48%** | &nbsp;&nbsp;**Electric Utilities - 3.48%** |  |
| &nbsp;&nbsp;440 | &nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;70655 |
| &nbsp;&nbsp;**Energy Equipment & Services - 1.64%** | &nbsp;&nbsp;**Energy Equipment & Services - 1.64%** |  |
| &nbsp;&nbsp;870 | &nbsp;&nbsp;Baker Hughes Co. Class A | &nbsp;&nbsp;33356 |
| &nbsp;&nbsp;**Ground Transportation - 1.06%** | &nbsp;&nbsp;**Ground Transportation - 1.06%** |  |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;21586 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 3.43%** | &nbsp;&nbsp;**Health Care Equipment & Supplies - 3.43%** |  |
| &nbsp;&nbsp;798 | &nbsp;&nbsp;DexCom, Inc. \* | &nbsp;&nbsp;69657 |
| &nbsp;&nbsp;**Health Care Providers & Services - 3.99%** | &nbsp;&nbsp;**Health Care Providers & Services - 3.99%** |  |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;36639 |
| &nbsp;&nbsp;**Household Durables - 2.54%** | &nbsp;&nbsp;**Household Durables - 2.54%** |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;NVR, Inc. \* | &nbsp;&nbsp;51700 |
| &nbsp;&nbsp;**Insurance - 7.59%** | &nbsp;&nbsp;**Insurance - 7.59%** |  |
| &nbsp;&nbsp;504 | &nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;53152 |
| &nbsp;&nbsp;618 | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;56646 |
| &nbsp;&nbsp;553 | &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;44472 |
|  |  | &nbsp;&nbsp;154270 |
| &nbsp;&nbsp;**Interactive Media & Services - 1.96%** | &nbsp;&nbsp;**Interactive Media & Services - 1.96%** |  |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;39857 |
| &nbsp;&nbsp;**IT Services - 2.50%** | &nbsp;&nbsp;**IT Services - 2.50%** |  |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Gartner, Inc. \* | &nbsp;&nbsp;28700 |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;GoDaddy. Inc. \* | &nbsp;&nbsp;22147 |
|  |  | &nbsp;&nbsp;50847 |
| &nbsp;&nbsp;**Machinery - 2.46%** | &nbsp;&nbsp;**Machinery - 2.46%** |  |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;50079 |
| &nbsp;&nbsp;**Metals & Mining - 12.51%** | &nbsp;&nbsp;**Metals & Mining - 12.51%** |  |
| &nbsp;&nbsp;652 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;77542 |
| &nbsp;&nbsp;4442 | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;92482 |
| &nbsp;&nbsp;1448 | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;84360 |
|  |  | &nbsp;&nbsp;254384 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.10%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.10%** |  |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;23050 |
| &nbsp;&nbsp;4504 | &nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;60444 |
|  |  | &nbsp;&nbsp;83494 |
| &nbsp;&nbsp;**Pharmaceuticals - 3.40%** | &nbsp;&nbsp;**Pharmaceuticals - 3.40%** |  |
| &nbsp;&nbsp;730 | &nbsp;&nbsp;Verona Pharma PLC ADR \* | &nbsp;&nbsp;69043 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Semiconductors & Semiconductor - 11.70%** | &nbsp;&nbsp;**Semiconductors & Semiconductor - 11.70%** |  |
| &nbsp;&nbsp;6360 | &nbsp;&nbsp;Himax Technologies, Inc. | &nbsp;&nbsp;56795 |
| &nbsp;&nbsp;685 | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;84426 |
| &nbsp;&nbsp;612 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;96690 |
|  |  | &nbsp;&nbsp;237911 |
| &nbsp;&nbsp;**Software - 6.39%** | &nbsp;&nbsp;**Software - 6.39%** |  |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Fair Isaac Corp. \* | &nbsp;&nbsp;25591 |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;55710 |
| &nbsp;&nbsp;222 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;48536 |
|  |  | &nbsp;&nbsp;129837 |
| &nbsp;&nbsp;**Specialty Retail - 7.35%** | &nbsp;&nbsp;**Specialty Retail - 7.35%** |  |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;AutoZone, Inc. \* | &nbsp;&nbsp;51971 |
| &nbsp;&nbsp;570 | &nbsp;&nbsp;O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;51374 |
| &nbsp;&nbsp;373 | &nbsp;&nbsp;The TJX Cos., Inc. | &nbsp;&nbsp;46062 |
|  |  | &nbsp;&nbsp;149407 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.21%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.21%** |  |
| &nbsp;&nbsp;435 | &nbsp;&nbsp;Deckers Outdoor Corp. \* | &nbsp;&nbsp;44835 |
| &nbsp;&nbsp;**Trading Companies & Distributors - 3.41%** | &nbsp;&nbsp;**Trading Companies & Distributors - 3.41%** |  |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;69313 |
| &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $1,552,473) - 98.03% | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $1,552,473) - 98.03% | &nbsp;&nbsp;1992959 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 1.22%** | &nbsp;&nbsp;**MONEY MARKET FUND - 1.22%** |  |
| &nbsp;&nbsp;24707 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund - Institutional Class 4.30% \*\* | &nbsp;&nbsp;24707 |
| &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $24,707) - 1.22% | &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $24,707) - 1.22% | &nbsp;&nbsp;24707 |
| &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $1,577,180) \*\*\* - 99.25%** | &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $1,577,180) \*\*\* - 99.25%** | &nbsp;&nbsp;2017666 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 0.75%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 0.75%** | &nbsp;&nbsp;15217 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$2032883 |
| &nbsp;&nbsp;\* Represents non-income producing security during the period. | &nbsp;&nbsp;\* Represents non-income producing security during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the money market rate shown represents the seven day yield at June 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the money market rate shown represents the seven day yield at June 30, 2025. |  |
| &nbsp;&nbsp;\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes | &nbsp;&nbsp;\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |  |
| &nbsp;&nbsp;is $1,604,974 and differs from market value by net unrealized appreciation (depreciation) of securities | &nbsp;&nbsp;is $1,604,974 and differs from market value by net unrealized appreciation (depreciation) of securities |  |

---

---

| |
|:---|
| &nbsp;&nbsp;as follows: |
| &nbsp;&nbsp;Gross Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $453,737 |
| &nbsp;&nbsp;Gross Unrealized Depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(41045)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>$412,692</u> |
| &nbsp;&nbsp;ADR - American Depositary Receipt |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund** |  |
|  | &nbsp;&nbsp;**Schedule of Investments** |  |
|  | &nbsp;&nbsp;**June 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Value</u>** |
| &nbsp;&nbsp;**COMMON STOCK - 67.77%** | &nbsp;&nbsp;**COMMON STOCK - 67.77%** |  |
| &nbsp;&nbsp;**Aerospace & Defense - 7.63%** | &nbsp;&nbsp;**Aerospace & Defense - 7.63%** |  |
| &nbsp;&nbsp;1084 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;$261743 |
| &nbsp;&nbsp;413 | &nbsp;&nbsp;The Boeing Co. \* | &nbsp;&nbsp;86536 |
|  |  | &nbsp;&nbsp;348279 |
| &nbsp;&nbsp;**Banks - 2.99%** | &nbsp;&nbsp;**Banks - 2.99%** |  |
| &nbsp;&nbsp;9936 | &nbsp;&nbsp;Nu Holdings Ltd. Class A (Cayman Islands) \* | &nbsp;&nbsp;136322 |
| &nbsp;&nbsp;**Biotechnology - 1.44%** | &nbsp;&nbsp;**Biotechnology - 1.44%** |  |
| &nbsp;&nbsp;1822 | &nbsp;&nbsp;TG Therapeutics, Inc. \* | &nbsp;&nbsp;65574 |
| &nbsp;&nbsp;**Broadline Retail - 2.68%** | &nbsp;&nbsp;**Broadline Retail - 2.68%** |  |
| &nbsp;&nbsp;558 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;122420 |
| &nbsp;&nbsp;**Electrical Equipment - 3.40%** | &nbsp;&nbsp;**Electrical Equipment - 3.40%** |  |
| &nbsp;&nbsp;1185 | &nbsp;&nbsp;Nextracker, Inc. Class A \* | &nbsp;&nbsp;64428 |
| &nbsp;&nbsp;2292 | &nbsp;&nbsp;NuScale Power Corp. Class A \* | &nbsp;&nbsp;90671 |
|  |  | &nbsp;&nbsp;155099 |
| &nbsp;&nbsp;**Hospital & Medical Service Plans - 2.18%** | &nbsp;&nbsp;**Hospital & Medical Service Plans - 2.18%** |  |
| &nbsp;&nbsp;319 | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;99518 |
| &nbsp;&nbsp;**Interactive Media & Services - 2.34%** | &nbsp;&nbsp;**Interactive Media & Services - 2.34%** |  |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;107023 |
| &nbsp;&nbsp;**Metals & Mining - 13.55%** | &nbsp;&nbsp;**Metals & Mining - 13.55%** |  |
| &nbsp;&nbsp;1753 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;208484 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;11245 | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;234121 |
| &nbsp;&nbsp;3014 | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;175596 |
|  |  | &nbsp;&nbsp;618201 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.30%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.30%** |  |
| &nbsp;&nbsp;335 | &nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;48260 |
| &nbsp;&nbsp;11005 | &nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;147687 |
|  |  | &nbsp;&nbsp;195947 |
| &nbsp;&nbsp;**Pharmaceuticals - 4.74%** | &nbsp;&nbsp;**Pharmaceuticals - 4.74%** |  |
| &nbsp;&nbsp;1530 | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;70824 |
| &nbsp;&nbsp;1539 | &nbsp;&nbsp;Verona Pharma PLC ADR \* | &nbsp;&nbsp;145559 |
|  |  | &nbsp;&nbsp;216383 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor - 14.07%** | &nbsp;&nbsp;**Semiconductors & Semiconductor - 14.07%** |  |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;50168 |
| &nbsp;&nbsp;3032 | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;373694 |
| &nbsp;&nbsp;1383 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;218500 |
|  |  | &nbsp;&nbsp;642362 |
| &nbsp;&nbsp;**Software - 2.85%** | &nbsp;&nbsp;**Software - 2.85%** |  |
| &nbsp;&nbsp;594 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;129866 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 3.59%** | &nbsp;&nbsp;**Health Care Equipment & Supplies - 3.59%** |  |
| &nbsp;&nbsp;1879 | &nbsp;&nbsp;DexCom, Inc. \* | &nbsp;&nbsp;164018 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.01%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 2.01%** |  |
| &nbsp;&nbsp;890 | &nbsp;&nbsp;Deckers Outdoor Corp. \* | &nbsp;&nbsp;91732 |
| &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $2,734,652) - 67.77% | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $2,734,652) - 67.77% | &nbsp;&nbsp;3092744 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 31.91% (a)** | &nbsp;&nbsp;**MONEY MARKET FUND - 31.91% (a)** |  |
| &nbsp;&nbsp;1456570 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund - Institutional Class 4.30% \*\* | &nbsp;&nbsp;1456570 |
| &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $1,456,570) - 31.91% | &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $1,456,570) - 31.91% | &nbsp;&nbsp;1456570 |
| &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $4,191,222) \*\*\* - 99.68%** | &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $4,191,222) \*\*\* - 99.68%** | &nbsp;&nbsp;4549314 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITES - 0.32%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITES - 0.32%** | &nbsp;&nbsp;14435 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$4563749 |

---

---

| |
|:---|
| &nbsp;&nbsp;\* Represents non-income producing security during the period. |
| &nbsp;&nbsp;\*\* Variable rate security; the money market rate shown represents the seven day yield at June 30, 2025. |
| &nbsp;&nbsp;\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |
| &nbsp;&nbsp;is $4,244,144 and differs from market value by net unrealized appreciation (depreciation) of securities |
| &nbsp;&nbsp;as follows: |
| &nbsp;&nbsp;Gross Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $384,309 |
| &nbsp;&nbsp;Gross Unrealized Depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(79139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>$305,170</u> |
| &nbsp;&nbsp;ADR - American Depositary Receipt |
| &nbsp;&nbsp;(a) The annual report of the fund can be found on www.sec.gov. |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**DSS AmericaFirst Income Fund** |  |
|  | &nbsp;&nbsp;**Schedule of Investments** |  |
|  | &nbsp;&nbsp;**June 30, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Value</u>** |
| &nbsp;&nbsp;**COMMON STOCK - 78.71%** | &nbsp;&nbsp;**COMMON STOCK - 78.71%** |  |
| &nbsp;&nbsp;**Aerospace & Defense - 7.56%** | &nbsp;&nbsp;**Aerospace & Defense - 7.56%** |  |
| &nbsp;&nbsp;2316 | &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;559221 |
| &nbsp;&nbsp;1922 | &nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;280650 |
|  |  | &nbsp;&nbsp;839871 |
| &nbsp;&nbsp;**Banks - 5.11%** | &nbsp;&nbsp;**Banks - 5.11%** |  |
| &nbsp;&nbsp;5546 | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;262437 |
| &nbsp;&nbsp;7421 | &nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;305226 |
|  |  | &nbsp;&nbsp;567663 |
| &nbsp;&nbsp;**Capital Markets - 7.49%** | &nbsp;&nbsp;**Capital Markets - 7.49%** |  |
| &nbsp;&nbsp;2426 | &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;362881 |
| &nbsp;&nbsp;12436 | &nbsp;&nbsp;Hercules Capital, Inc. | &nbsp;&nbsp;227330 |
| &nbsp;&nbsp;2271 | &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;241498 |
|  |  | &nbsp;&nbsp;831709 |
| &nbsp;&nbsp;**Containers & Packaging - 1.45%** | &nbsp;&nbsp;**Containers & Packaging - 1.45%** |  |
| &nbsp;&nbsp;854 | &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;160936 |
| &nbsp;&nbsp;**Electric Utilities - 2.75%** | &nbsp;&nbsp;**Electric Utilities - 2.75%** |  |
| &nbsp;&nbsp;2589 | &nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;305502 |
| &nbsp;&nbsp;**Energy Equipment & Services - 2.02%** | &nbsp;&nbsp;**Energy Equipment & Services - 2.02%** |  |
| &nbsp;&nbsp;5865 | &nbsp;&nbsp;Baker Hughes Co. Class A | &nbsp;&nbsp;224864 |
| &nbsp;&nbsp;**Financial Services - 5.94%** | &nbsp;&nbsp;**Financial Services - 5.94%** |  |
| &nbsp;&nbsp;2421 | &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;197094 |
| &nbsp;&nbsp;5213 | &nbsp;&nbsp;Jackson Financial, Inc. Class A | &nbsp;&nbsp;462862 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;659956 |
| &nbsp;&nbsp;**Household Products - 2.28%** | &nbsp;&nbsp;**Household Products - 2.28%** |  |
| &nbsp;&nbsp;1969 | &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;253843 |
| &nbsp;&nbsp;**Insurance - 2.51%** | &nbsp;&nbsp;**Insurance - 2.51%** |  |
| &nbsp;&nbsp;3466 | &nbsp;&nbsp;Metlife, Inc. | &nbsp;&nbsp;278736 |
| &nbsp;&nbsp;**Interactive Media & Services - 2.74%** | &nbsp;&nbsp;**Interactive Media & Services - 2.74%** |  |
| &nbsp;&nbsp;412 | &nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp;304093 |
| &nbsp;&nbsp;**Metals & Mining - 12.85%** | &nbsp;&nbsp;**Metals & Mining - 12.85%** |  |
| &nbsp;&nbsp;3748 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;445750 |
| &nbsp;&nbsp;23875 | &nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;497077 |
| &nbsp;&nbsp;8321 | &nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;484781 |
|  |  | &nbsp;&nbsp;1427608 |
| &nbsp;&nbsp;**Multi-Utilities - 5.28%** | &nbsp;&nbsp;**Multi-Utilities - 5.28%** |  |
| &nbsp;&nbsp;4390 | &nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;248123 |
| &nbsp;&nbsp;4015 | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;337983 |
|  |  | &nbsp;&nbsp;586106 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.81%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.81%** |  |
| &nbsp;&nbsp;23273 | &nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;312324 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor - 7.69%** | &nbsp;&nbsp;**Semiconductors & Semiconductor - 7.69%** |  |
| &nbsp;&nbsp;1724 | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;475221 |
| &nbsp;&nbsp;42496 | &nbsp;&nbsp;Himax Technologies, Inc. ADR | &nbsp;&nbsp;379489 |
|  |  | &nbsp;&nbsp;854710 |
| &nbsp;&nbsp;**Software - 2.57%** | &nbsp;&nbsp;**Software - 2.57%** |  |
| &nbsp;&nbsp;1304 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;285093 |
| &nbsp;&nbsp;**Specialty Retail - 1.67%** | &nbsp;&nbsp;**Specialty Retail - 1.67%** |  |
| &nbsp;&nbsp;1507 | &nbsp;&nbsp;The TJX Cos., Inc. | &nbsp;&nbsp;186099 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 2.04%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 2.04%** |  |
| &nbsp;&nbsp;1569 | &nbsp;&nbsp;Seagate Technology Holdings PLC (Singapore) | &nbsp;&nbsp;226454 |
| &nbsp;&nbsp;**Tobacco - 3.95%** | &nbsp;&nbsp;**Tobacco - 3.95%** |  |
| &nbsp;&nbsp;2412 | &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;439298 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $7,709,714) - 78.71% | &nbsp;&nbsp;TOTAL COMMON STOCK (Cost $7,709,714) - 78.71% | &nbsp;&nbsp;8744865 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 8.59%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 8.59%** |  |
| &nbsp;&nbsp;**Health Care REITs - 1.98%** | &nbsp;&nbsp;**Health Care REITs - 1.98%** |  |
| &nbsp;&nbsp;3476 | &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;219509 |
| &nbsp;&nbsp;**Residential REITs - 4.40%** | &nbsp;&nbsp;**Residential REITs - 4.40%** |  |
| &nbsp;&nbsp;1079 | &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;219577 |
| &nbsp;&nbsp;3983 | &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;268813 |
|  |  | &nbsp;&nbsp;488390 |
| &nbsp;&nbsp;**Specialized REITs - 2.21%** | &nbsp;&nbsp;**Specialized REITs - 2.21%** |  |
| &nbsp;&nbsp;309 | &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;245800 |
| &nbsp;&nbsp;TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $902,255) - 8.59% | &nbsp;&nbsp;TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $902,255) - 8.59% | &nbsp;&nbsp;953699 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 12.15%** | &nbsp;&nbsp;**MONEY MARKET FUND - 12.15%** |  |
| &nbsp;&nbsp;1349755 | &nbsp;&nbsp;Federated Hermes Institutional Prime Obligations Fund - Institutional Class 4.30% \* | &nbsp;&nbsp;1349755 |
| &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $1,349,755) - 12.15% | &nbsp;&nbsp;TOTAL MONEY MARKET FUND (Cost $1,349,755) - 12.15% | &nbsp;&nbsp;1349755 |
| &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $9,961,724) \*\* - 99.45%** | &nbsp;&nbsp;**INVESTMENTS IN SECURITIES, AT VALUE (Cost $9,961,724) \*\* - 99.45%** | &nbsp;&nbsp;11048319 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 0.55%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 0.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61021 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$11109340 |
| &nbsp;&nbsp;\* Variable rate security; the money market rate shown represents the seven day yield at June 30, 2025. | &nbsp;&nbsp;\* Variable rate security; the money market rate shown represents the seven day yield at June 30, 2025. |  |
| &nbsp;&nbsp;\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes | &nbsp;&nbsp;\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes |  |
| &nbsp;&nbsp;is $10,056,927 and differs from market value by net unrealized appreciation (depreciation) of securities | &nbsp;&nbsp;is $10,056,927 and differs from market value by net unrealized appreciation (depreciation) of securities |  |
| &nbsp;&nbsp;as follows: |  |  |
| &nbsp;&nbsp;Gross Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,245,559 | &nbsp;&nbsp;Gross Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,245,559 |  |
| &nbsp;&nbsp;Gross Unrealized Depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(254167)</u> | &nbsp;&nbsp;Gross Unrealized Depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(254167)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>$&nbsp;&nbsp;&nbsp;&nbsp; 991,392</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>$&nbsp;&nbsp;&nbsp;&nbsp; 991,392</u> |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
|  |  | &nbsp;&nbsp; **Alpha Trends**<br> **Factor Fund** | &nbsp;&nbsp; **Monthly**<br> **Risk-On**<br> **Risk-Off**<br> **Fund** | &nbsp;&nbsp; **Income**<br> **Fund** |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities, at Value (Cost $1,577,180; $4,191,222; and $9,961,724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities, at Value (Cost $1,577,180; $4,191,222; and $9,961,724 | &nbsp;&nbsp;$2017666 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4549314 | &nbsp;&nbsp;$11048319 |
|  | &nbsp;&nbsp;, respectively) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends & Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends & Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4575355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11131687 |
| &nbsp;&nbsp;Liabilities: | &nbsp;&nbsp;Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance Consultant Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance Consultant Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent & Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent & Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | &nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp;10171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | &nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22347 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4563749 | &nbsp;&nbsp;$11109340 |
| &nbsp;&nbsp;Net Assets Consist of: | &nbsp;&nbsp;Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$1504392 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;15873659 | &nbsp;&nbsp;$20771025 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528491 | &nbsp;&nbsp;(11309910) | &nbsp;&nbsp;(9661685) |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4563749 | &nbsp;&nbsp;$11109340 |
| &nbsp;&nbsp;**<u>Class A Shares</u>** |  |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;778390 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1436904 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 3681485 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894758 |
| &nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.87 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11 |
| &nbsp;&nbsp;Short-term redemption price per share (a) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.71 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07 |
| &nbsp;&nbsp;Minimum redemption price per share (d) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.71 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07 |
| &nbsp;&nbsp;Maximum offering price per share (b) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.70 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29 |
| &nbsp;&nbsp;**<u>Class I Shares</u>** |  |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$1052341 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1345139 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 6319379 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416225 |
| &nbsp;&nbsp;Net asset value and offering price per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46 |
| &nbsp;&nbsp;Short-term redemption price per share (a) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.98 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.42 |
| &nbsp;&nbsp;**<u>Class U Shares</u>** |  |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;202152 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1781706 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1108476 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares authorized at no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256206 |
| &nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.73 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33 |
| &nbsp;&nbsp;Short-term redemption price per share (a) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.59 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28 |
| &nbsp;&nbsp;Minimum redemption price per share (d) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.59 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28 |
| &nbsp;&nbsp;Maximum offering price per share (c) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41 |
| &nbsp;&nbsp;(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase. | &nbsp;&nbsp;(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase. | &nbsp;&nbsp;(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase. | &nbsp;&nbsp;(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase. |
| &nbsp;&nbsp;(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; and 4.00%, respectively. | &nbsp;&nbsp;(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; and 4.00%, respectively. | &nbsp;&nbsp;(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; and 4.00%, respectively. | &nbsp;&nbsp;(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; and 4.00%, respectively. |
| &nbsp;&nbsp;(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; and 2.00%, respectively. | &nbsp;&nbsp;(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; and 2.00%, respectively. | &nbsp;&nbsp;(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; and 2.00%, respectively. | &nbsp;&nbsp;(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; and 2.00%, respectively. |
| &nbsp;&nbsp;(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 | &nbsp;&nbsp;(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 | &nbsp;&nbsp;(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 | &nbsp;&nbsp;(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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed less than 12 months after the date of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed less than 12 months after the date of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed less than 12 months after the date of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed less than 12 months after the date of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase (excluding shares purchased with reinvested dividends and/or distributions). Assumes 1% redemption fee described in (a) does not apply. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase (excluding shares purchased with reinvested dividends and/or distributions). Assumes 1% redemption fee described in (a) does not apply. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase (excluding shares purchased with reinvested dividends and/or distributions). Assumes 1% redemption fee described in (a) does not apply. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchase (excluding shares purchased with reinvested dividends and/or distributions). Assumes 1% redemption fee described in (a) does not apply. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** | &nbsp;&nbsp;**DSS AmericaFirst Funds** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** |
| &nbsp;&nbsp;Investment Income: |  | &nbsp;&nbsp; **Alpha Trends**<br> **Factor Fund** | &nbsp;&nbsp; **Monthly**<br> **Risk-On**<br> **Risk-Off**<br> **Fund** | &nbsp;&nbsp; **Income**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income (net of foreign withholdings of $205, $418, and $377, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income (net of foreign withholdings of $205, $418, and $377, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24640 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32925 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 468274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500857 |
| &nbsp;&nbsp;Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent & Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent & Administration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Service Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Service Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Consultant Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Consultant Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodial Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived and Expenses Reimbursed by the Manager |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377624 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123233 |
| &nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gain Distributions Received from Other Investment Companies | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188521 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (797596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (797596) |
| &nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390925 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98210 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 609619 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 514158 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $(14908) | &nbsp;&nbsp; $(14138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments in Securities and Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440958 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834175) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393217) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$2032883 | &nbsp;&nbsp;$2376729 |
| &nbsp;&nbsp;Share Activity |  |  |
| &nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50859) |
| &nbsp;&nbsp; Net Decrease in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50859) |
| &nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925 |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17218) |
| &nbsp;&nbsp; Net Decrease in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13293) |
| &nbsp;&nbsp;**Class U:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7350) |
| &nbsp;&nbsp; Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7350) |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $(52788) | &nbsp;&nbsp; $(66703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments in Securities and Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564864 |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680246) | &nbsp;&nbsp; (1280862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715998) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$4563749 | &nbsp;&nbsp;$4634376 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Share Activity |  |  |
| &nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43072) |
| &nbsp;&nbsp; Net Decrease in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42575) |
| &nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1936 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19991) |
| &nbsp;&nbsp; Net Decrease in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18055) |
| &nbsp;&nbsp;**Class U:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39241) |
| &nbsp;&nbsp; Net Decrease in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39146) |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Income Fund** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 123233 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 452281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments in Securities and Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (797596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650406 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (425893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (870959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions Paid to Shareholders | &nbsp;&nbsp; (1443509) | &nbsp;&nbsp; (1937134) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4461648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135153 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (2082469) | &nbsp;&nbsp; (2685218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; (5613155) | &nbsp;&nbsp; (7443390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (658783) | &nbsp;&nbsp; (1618344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Capital Share Transactions | &nbsp;&nbsp; (6206521) | &nbsp;&nbsp; (4506278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets | &nbsp;&nbsp; (7135872) | &nbsp;&nbsp; (4793006) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18245212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23038218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp;$11109340 | &nbsp;&nbsp;$18245212 |
| &nbsp;&nbsp;Share Activity |  |  |
| &nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191992 |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113170 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (463399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (615850) |
| &nbsp;&nbsp; Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310688) |
| &nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946389 |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243615 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp; (1202442) | &nbsp;&nbsp; (1584122) |
| &nbsp;&nbsp; Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (892120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (394118) |
| &nbsp;&nbsp;**Class U:** |  |  |
| &nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36181 |
| &nbsp;&nbsp; Shares Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29887 |
| &nbsp;&nbsp; Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (355297) |
| &nbsp;&nbsp; Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (289229) |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class A** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.28 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;3.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;3.39 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.71 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.28 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;4.87% | &nbsp;&nbsp;20.07% | &nbsp;&nbsp;17.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.37)% | &nbsp;&nbsp;32.07% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;5.74% | &nbsp;&nbsp;5.56% | &nbsp;&nbsp;4.30% | &nbsp;&nbsp;3.85% | &nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;2.22% | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.44% | &nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;76.48% | &nbsp;&nbsp;226.73% | &nbsp;&nbsp;433.66% | &nbsp;&nbsp;547.28% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class I** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.80 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.84 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.29 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.79 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;0.00 &nbsp;&nbsp;(b) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;3.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;2.34 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp;3.50 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.30 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.80 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.29 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;5.20% | &nbsp;&nbsp;20.42% | &nbsp;&nbsp;17.30% | &nbsp;&nbsp; (11.16)% | &nbsp;&nbsp;32.44% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;5.47% | &nbsp;&nbsp;5.30% | &nbsp;&nbsp;4.01% | &nbsp;&nbsp;3.83% | &nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;1.76% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38)% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;76.48% | &nbsp;&nbsp;226.73% | &nbsp;&nbsp;433.66% | &nbsp;&nbsp;547.28% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |

---

---

| |
|:---|
| &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Alpha Trends Factor Fund - Class U** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year/Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.49 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.57 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.35 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.16) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp;3.22 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) |
| &nbsp;&nbsp;Net Asset Value, at End of Year/Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.78 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.49 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.57 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;4.05% | &nbsp;&nbsp;19.18% | &nbsp;&nbsp;16.07% | &nbsp;&nbsp; (12.00)% | &nbsp;&nbsp;31.11% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year/Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;6.47% | &nbsp;&nbsp;6.30% | &nbsp;&nbsp;5.01% | &nbsp;&nbsp;4.02% | &nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;2.87% | &nbsp;&nbsp;2.98% | &nbsp;&nbsp;2.75% | &nbsp;&nbsp;3.16% | &nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;157.65% | &nbsp;&nbsp;76.48% | &nbsp;&nbsp;226.73% | &nbsp;&nbsp;433.66% | &nbsp;&nbsp;547.28% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class A** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.91 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.38 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.60 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.87 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.91 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.38 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;14.09% | &nbsp;&nbsp;12.36% | &nbsp;&nbsp;6.72% | &nbsp;&nbsp; (16.31)% | &nbsp;&nbsp;13.24% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1513 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;4.21% | &nbsp;&nbsp;3.74% | &nbsp;&nbsp;3.32% | &nbsp;&nbsp;3.37% | &nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.38)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.97)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.26)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;2.90% | &nbsp;&nbsp;2.87% | &nbsp;&nbsp;2.69% | &nbsp;&nbsp;3.27% | &nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.57)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;290.73% | &nbsp;&nbsp;326.36% | &nbsp;&nbsp;690.99% | &nbsp;&nbsp;770.03% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class I** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.86 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.27 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.86 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.94 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.22 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;14.50% | &nbsp;&nbsp;13.77% | &nbsp;&nbsp;8.06% | &nbsp;&nbsp; (15.24)% | &nbsp;&nbsp;14.69% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;4.04% | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;3.16% | &nbsp;&nbsp;3.25% | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;2.56% | &nbsp;&nbsp;1.61% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.97% | &nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;290.73% | &nbsp;&nbsp;326.36% | &nbsp;&nbsp;690.99% | &nbsp;&nbsp;770.03% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Monthly Risk-On Risk-Off Fund - Class U** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.61 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.73 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.98 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.61 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;13.48% | &nbsp;&nbsp;11.80% | &nbsp;&nbsp;6.22% | &nbsp;&nbsp; (16.76)% | &nbsp;&nbsp;12.70% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2045 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;4.72% | &nbsp;&nbsp;4.29% | &nbsp;&nbsp;3.86% | &nbsp;&nbsp;3.63% | &nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.88)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.94)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.47)% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;3.37% | &nbsp;&nbsp;3.19% | &nbsp;&nbsp;3.75% | &nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.08)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;393.40% | &nbsp;&nbsp;290.73% | &nbsp;&nbsp;326.36% | &nbsp;&nbsp;690.99% | &nbsp;&nbsp;770.03% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. | &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. | &nbsp;&nbsp;(c) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. | &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class A** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4.84 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; 0.08 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp; 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp; 1.49 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) |
| &nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.44) |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees (b) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5.89 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;8.94% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.97)% | &nbsp;&nbsp;32.34% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5484 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6974 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4462 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;2.83% | &nbsp;&nbsp;2.52% | &nbsp;&nbsp;3.35% | &nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;2.18% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;1.02% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.68% | &nbsp;&nbsp;2.60% | &nbsp;&nbsp;2.45% | &nbsp;&nbsp;2.79% | &nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;1.57% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;155.61% | &nbsp;&nbsp;446.89% | &nbsp;&nbsp;571.51% | &nbsp;&nbsp;677.36% |

---

---

| |
|:---|
| &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class I** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5.04 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; 0.13 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp; 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp; 1.60 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.46) |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees \* (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 6.18 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;2.67% | &nbsp;&nbsp;9.86% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.61)% | &nbsp;&nbsp;33.30% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6319 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11049 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12995 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2075 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;3.30% | &nbsp;&nbsp;2.68% | &nbsp;&nbsp;2.32% | &nbsp;&nbsp;3.12% | &nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.73% | &nbsp;&nbsp;2.47% | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;1.91% | &nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;1.02% | &nbsp;&nbsp;2.62% | &nbsp;&nbsp;3.13% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;155.61% | &nbsp;&nbsp;446.89% | &nbsp;&nbsp;571.51% | &nbsp;&nbsp;677.36% |
| &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. | &nbsp;&nbsp;(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. |

---

---

| |
|:---|
| &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** | &nbsp;&nbsp;**DSS AmericaFirst Income Fund - Class U** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year presented.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4.90 |
| &nbsp;&nbsp;From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 &nbsp;&nbsp;(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.06 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp; 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp; 1.48 |
| &nbsp;&nbsp;Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.39) |
| &nbsp;&nbsp;Paid in Capital From Redemption Fees (b) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5.99 |
| &nbsp;&nbsp;Total Return (a) | &nbsp;&nbsp;1.93% | &nbsp;&nbsp;8.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.46)% | &nbsp;&nbsp;31.53% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year/Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3068 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2636 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1860 |
| &nbsp;&nbsp; Before Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;3.69% | &nbsp;&nbsp;3.21% | &nbsp;&nbsp;2.99% | &nbsp;&nbsp;3.83% | &nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37)% | &nbsp;&nbsp;0.68% |
| &nbsp;&nbsp; After Waiver/Reimbursement: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;3.19% | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;2.95% | &nbsp;&nbsp;3.26% | &nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;124.82% | &nbsp;&nbsp;155.61% | &nbsp;&nbsp;446.89% | &nbsp;&nbsp;571.51% | &nbsp;&nbsp;677.36% |

---

---

| |
|:---|
| &nbsp;&nbsp;(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. |
| &nbsp;&nbsp;(b) Less than $0.01 per share. |
| &nbsp;&nbsp;\* Per share amounts are calculated using the average shares method. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

**DSS AmericaFirst Funds**

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2025

1. ORGANIZATION AND SIGNIFCANT ACCOUNTING POLICIES

DSS AmericaFirst Funds (the ***"Trust****"*), previously DSS AmericaFirst Quantitative Funds, and previously Americafirst Quantitative Funds, was reorganized as a Delaware statutory trust on January 4, 2013. 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 three series: DSS AmericaFirst Alpha Trends Factor Fund (formerly known as DSS AmericaFirst Large Cap Share Buyback Fund), DSS AmericaFirst Monthly Risk-On Risk-Off Fund, and DSS AmericaFirst Income Fund (each a ***"Fund"*** and collectively, the ***"Funds"***). The Funds are registered as diversified series of the Trust. The investment objectives of each Fund are set forth below. AmericaFirst Capital Management, LLC is the former investment advisor to the Funds. AmericaFirst Wealth Management, Inc. is the current investment advisor to the Funds (***"Manager"***).

DSS AmericaFirst Alpha Trends Factor Fund (***"Alpha Trends Factor Fund"***) commenced operations on January 31, 2017. The Fund's investment objective is to provide growth of capital.

DSS 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.

DSS 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.

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)&nbsp;&nbsp;&nbsp;&nbsp; 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 the absence of prices from a pricing service, or if market quotations are not readily available, fair value will be determined under the Funds' valuation procedures adopted pursuant to Rule 2a-5. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Equity securities. Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Board believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Board determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the valuation committee, subject to review of the Board of Trustees and are categorized in level 2 or level 3, when appropriate.

Exchange Traded Funds ("exchange traded fund" or "ETF") *–* The Funds may invest in exchange traded funds. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. There are risks of owning the underlying securities the ETFs are designed to track, and the lack of liquidity of an ETF may result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value."

Each Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for each Fund's assets and liabilities measured at fair value:

**Alpha Trends Factor Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets**<br>**Security Classification** <sup>(1)</sup> | **Total**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |
| Common Stock <sup>(2)</sup> | $1992959 | $1992959 | $— | $— |
| Money Market Fund | 24707 | 24707 |  |  |
| **Total** | $2017666 | $2017666 | $— | $— |

---

**Risk-On Risk-Off Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets**<br>**Security Classification** <sup>(1)</sup> | **Total**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |
| Common Stock <sup>(2)</sup> | $3092744 | $3092744 | $— | $— |
| Money Market Fund | 1456570 | 1456570 |  |  |
| **Total** | $4549314 | $4549314 | $— | $— |

---

**Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** <br>**Security Classification** <sup>(1)</sup> | **Total**<br>**Value** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |
| Common Stock <sup>(2)</sup> | $8744865 | $8744865 | $— | $— |
| Real Estate Investment Trusts | 953699 | 953699 |  |  |
| Money Market Fund | 1349755 | 1349755 |  |  |
| **Total** | $11048319 | $11048319 | $— | $— |

---

<sup>(1)</sup> As of and during the year ended June 30, 2025, none of the Funds held securities that were considered to be "Level 3*"* securities.

<sup>(2)</sup> For a detailed break-out of securities by investment industry please refer to the Schedules of Investments.

b)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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 ("RIC"), 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 (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal jurisdiction 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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, or amortized cost with bonds, 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, with premiums on callable bonds are amortized to the earliest call date. 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)&nbsp;&nbsp;&nbsp;&nbsp; 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.

g)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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) Credit Risk - The deposits held in each 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.

l)&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bank (the "Custodian"), the Funds' custodian, allowed cash overdrafts during the fiscal year when insufficient cash was available in the Funds' custodial accounts to meet its obligations.

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.

n)&nbsp;&nbsp;&nbsp;&nbsp; Debt Securities Risk **-** When the Fund invests in debt securities the value of your investment in the Fund will fluctuate with changes in interest rates. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Convertible debt is a hybrid security that has characteristics of both debt and equity securities and is subject to risks associated with both debt and equity securities.

o) &nbsp;&nbsp;&nbsp;&nbsp; Foreign Exposure Risk - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

**2. INVESTMENT TRANSACTIONS**

For the year ended June 30, 2025, aggregate purchases and sales of investment securities (excluding short-term investments and government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Alpha Trends Factor Fund | $3296403 | $3677164 |
| Risk-On Risk-Off Fund | 13092287 | 14852786 |
| Income Fund | 18023308 | 26728655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3. INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS**

AmericaFirst Wealth Management, Inc. (***"AmericaFirst,"*** 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**"*) effective October 1, 2021. On or about June 13, 2024, DSS Wealth Management, Inc. was renamed to AmericaFirst Wealth Management, Inc. Under the terms of the Management Agreement, AmericaFirst is responsible for formulating the Funds' investment policies, making ongoing investment decisions and engaging in portfolio transactions. The Management Agreement provides that the Manager will provide the Funds with investment advice and supervision and will continuously furnish an investment program for the Funds consistent with the investment objectives and policies of the Funds. For its services under the Management Agreement, the Manager is paid a monthly (or more frequently) management fee at the annual rate of the average daily net assets were as follows:

---

| | |
|:---|:---|
| Alpha Trends Factor Fund | 1.25% |
| Risk-On Risk-Off Fund | 1.00% |
| Income Fund | 1.25% |

---

For the year ended June 30, 2025, total management fees were as follows:

---

| | |
|:---|:---|
| Alpha Trends Factor Fund | $28438 |
| Risk-On Risk-Off Fund | $46271 |
| Income Fund | $189812 |

---

Effective October 1, 2021, AmericaFirst 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: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; (vi) legal fees; (vii) specialized pricing services, (viii) proxy costs not born by the Manager or another party, (ix) unusual or unanticipated audit costs, (x) change in service provider transition expenses, and (xi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Manager) at the ratios to average daily net assets detailed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Class A</u>** | **<u>Class I</u>** | **<u>Class U</u>** | **<u>Expiration</u>** |
| Alpha Trends Factor Fund | 1.75% | 1.50% | 2.50% | October 31, 2024 |
| Risk-On Risk-Off Fund | 2.45% | 1.20% | 2.95% | October 31, 2024 |
| Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2024 |

---

Effective November 1, 2024, AmericaFirst 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: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; (vi) legal fees; (vii) specialized pricing services, (viii) proxy costs not born by the Manager or another party, (ix) unusual or unanticipated audit costs, (x) change in service provider transition expenses, and (xi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Manager) at the ratios to average daily net assets detailed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Class A</u>** | **<u>Class I</u>** | **<u>Class U</u>** | **<u>Expiration</u>** |
| Alpha Trends Factor Fund | 1.75% | 1.52% | 2.50% | October 31, 2025 |
| Risk-On Risk-Off Fund | 2.45% | 2.56% | 2.95% | October 31, 2025 |
| Income Fund | 2.20% | 2.08% | 2.70% | October 31, 2025 |

---

These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.

---

| | |
|:---|:---|
|  | **<u>June 30, 2028</u>** |
| Alpha Trends Factor Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $34199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $40499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $7099 |
| <br> <u>Risk-On Risk-Off Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $19604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $20473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $23268 |
| <br> <u>Income Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $32862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $92642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $6808 |

---

---

| | |
|:---|:---|
|  | **<u>June 30, 2027</u>** |
| Alpha Trends Factor Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $37803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $37563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $7115 |
| <br> <u>Risk-On Risk-Off Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $14847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $25075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $17211 |
| <br> <u>Income Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $13965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $106126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $2575 |
|  | <br> **<u>June 30, 2026</u>** |
| Alpha Trends Factor Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $32937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $46550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $5350 |
| Risk-On Risk-Off Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $12484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $33277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $14921 |
| <br> <u>Income Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $68136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $975 |

---

Distributor – The Trust has adopted a Distribution Plan ("Plan"), pursuant to rule 12b-1 under the 1940 Act for each class of shares, other than class I, which allows the Funds to pay to the distributor a monthly fee for distribution and shareholder servicing expenses. Under the Plan, the Funds may pay up to 0.25% for Class A and 1.00% Class U per year of its average daily net assets for such distribution and shareholder service activities. During the year ended June 30, 2025, fees incurred under the Plan were as follows:

---

| |
|:---|
| Alpha Trends Factor Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A $2,438<br> Class U $1,973<br>Risk-On Risk-Off Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A $2,573<br> Class U $11,906<br>Income Fund<br> Class A $3,527<br> Class U $4,936 |

---

Mutual Shareholder Services, LLC ("MSS") serves as the Funds' Transfer Agent and Accounting Agent. Certain employees of MSS are Officers of the Trust.

As of June 30, 2025, the Manager owed the Alpha Trends Factor Fund, Risk-On Risk-Off Fund and Income Fund each $17,548, $4,849 and $11,378, respectively.

Effective February 23, 2024 thru September 30, 2024, Empirical Administration, LLC ("Empirical") was appointed to provide a CCO to the Trust. As CCO Empirical charges $500 a month, per each Fund. For the year ended June 30, 2025 Empirical earned $10,500.

Effective September 26, 2024, Jason Grady was appointed as President, Chief Executive Officer, and Principal Executive Officer; James Monaghan was appointed as Chief Compliance Officer; and Daniel Lew was appointed as Vice President.

**4. REDEMPTION FEES**

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares within 90 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption occurs.

For the year ended June 30, 2025, redemption fees were assessed as follows:

---

| | |
|:---|:---|
| Alpha Trends Factor Fund | $502 |
| Risk-On Risk-Off Fund | $118 |
| Income Fund | $203 |

---

For the year ended June 30, 2024, redemption fees were assessed as follows:

---

| | |
|:---|:---|
| Alpha Trends Factor Fund | $398 |
| Risk-On Risk-Off Fund | $&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Income Fund | $1803 |

---

**5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of Fund distributions paid for the year ended June 30, 2025 and the year ended June 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended June 30, 2025:*** | ***For the year ended June 30, 2025:*** | | | |
|  | **Ordinary**<br>**Income** |<br>**Long-Term**<br>**Capital Gains** |<br>**Return of Capital** |<br>**Total** |
| Alpha Trends Factor Fund | $- | $35298 | $- | $35298 |
| Income Fund | 111338 |  | 1332171 | 1443509 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended June 30, 2024:*** | ***For the year ended June 30, 2024:*** | ***For the year ended June 30, 2024:*** | | |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** |<br>**Return of Capital** |<br>**Total** |
| Income Fund | $434392 | $- | $1502742 | $1937134 |

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Ordinary**<br> **Income/(Loss)** | **Undistributed**<br> **Long-Term**<br> **Capital<br> Gains** | **Post October**<br> **Loss and**<br> **Late Year** <br> **Loss** | **Capital Loss**<br> **Carry**<br> **Forwards** | **Other**<br> **Book/Tax**<br> **Differences** | **Unrealized** <br> **Appreciation**<br> **(Depreciation)** | **Total**<br> **Accumulated**<br> **Earnings/(Deficits)** |
|  | **Undistributed**<br> **Ordinary**<br> **Income/(Loss)** | **Undistributed**<br> **Long-Term**<br> **Capital<br> Gains** | **Post October**<br> **Loss and**<br> **Late Year** <br> **Loss** | **Capital Loss**<br> **Carry**<br> **Forwards** | **Other**<br> **Book/Tax**<br> **Differences** | **Unrealized** <br> **Appreciation**<br> **(Depreciation)** | **Total**<br> **Accumulated**<br> **Earnings/(Deficits)** |
|  | **Undistributed**<br> **Ordinary**<br> **Income/(Loss)** | **Undistributed**<br> **Long-Term**<br> **Capital<br> Gains** | **Post October**<br> **Loss and**<br> **Late Year** <br> **Loss** | **Capital Loss**<br> **Carry**<br> **Forwards** | **Other**<br> **Book/Tax**<br> **Differences** | **Unrealized** <br> **Appreciation**<br> **(Depreciation)** | **Total**<br> **Accumulated**<br> **Earnings/(Deficits)** |
| Alpha Trends Factor Fund | $— | $121845 | $(6046) | $— | $— | $412692 | $528491 |
| Risk-On Risk-Off Fund |  |  | (15144) | (11599936) |  | 305170 | (11309910) |
| Income Fund |  |  |  | (10653077) |  | 991392 | (9661685) |

---

The difference between book basis and tax basis unrealized appreciation/ (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and return of capital distributions from underlying investments.

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October Losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. The Funds incurred and elected to defer such late year ordinary losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Alpha Trends Factor Fund | $6046 |
| Risk-On Risk-Off Fund | 15144 |

---

At June 30, 2025, 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** |
| Risk-On Risk-Off Fund | 9659919 | 1940017 | 11599936 |
| Income Fund | 10653077 |  | 10653077 |

---

For the year ended June 30, 2025, the Alpha Trends Factor Fund utilized $76,351 in capital loss carry forwards, the Risk-On Risk-Off Fund utilized $962,505 in capital loss carry forwards and the Income Fund utilized $1,251,527 in capital loss carry forwards.

Permanent book and tax differences, primarily attributable to net operating losses, resulted in reclassifications for the fiscal year ended June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid**<br> **In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| Alpha Trends Factor Fund | $(18443) | $18443 |
| Risk-On Risk-Off Fund | (78197) | 78197 |

---

**NOTE 6. MARKET RISK**

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and their investments or to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**NOTE 7. SEGMENT REPORTING**

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the portfolio manager of the Adviser is deemed to be the Chief Operating Decision Maker.

**NOTE 8. CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Pershing LLC, held in omnibus accounts for the benefit of others, approximately 54.38% of the voting securities of the Alpha Fund and may be deemed to control the Alpha Fund. However, the above ownership does not constitute control with respect to the Securities and Exchange Commission's ("SEC's") auditor independence rules as they are not beneficial owners with significant influence over the Alpha Fund. As of June 30, 2025, LPL Financial, held in omnibus accounts for the benefit of others, approximately 73.74% of the voting securities of the Income Fund and may be deemed to control the Income Fund. However, the above ownership does not constitute control with respect to the Securities and Exchange Commission's ("SEC's") auditor independence rules as they are not beneficial owners with significant influence over the Income Fund.

**NOTE 9. 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:

<u>Closure of the Funds</u>

The Board of Trustees of DSS AmericaFirst Funds (the "Trust") has concluded on August 1, 2025, that it is in the best interests of the Trust and its shareholders that the Funds cease operations. The Board has determined to close the Funds and redeem all outstanding shares no later than the close of business on August 29, 2025.

<u>Adviser Resignation</u>

On July 1, 2025, the Adviser to the Funds resigned with effect as of August 30, 2025.

<u>Distributions</u>

During the period subsequent to year-end, the Income Fund paid the following distributions per share:

<u>Class A</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 7/30/2025 | 0.03695 |

---

<u>Class I</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 7/30/2025 | 0.03840 |

---

<u>Class U</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 7/30/2025 | 0.03270 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

DSS AmericaFirst Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of DSS AmericaFirst Funds comprising DSS AmericaFirst Alpha Trends Factor Fund (formerly DSS AmericaFirst Large Cap Share Buyback Fund), DSS AmericaFirst Monthly Risk-On Risk-Off Fund and DSS AmericaFirst Income Fund (the "Funds") as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](image_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 29, 2025

**DSS AmericaFirst Quantitative Funds**

additional information

JUNE 30, 2025 (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.

**<u>PROXY VOTE</u>**

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 -8501; and on the Commission's website at <u>http://www.sec.gov</u>.

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 -8501; and on the Commission's website at <u>http://www.sec.gov/</u>; as well as at <u>https://americafirst.fund/regulatory-documents</u>.

**<u>DSS AmericaFirst Funds</u>**

**<u>MANAGER</u>**

AmericaFirst Wealth Management, Inc.

275 Wiregrass Parkway

West Henrietta, NY 14586

**<u>TRANSFER AGENT</u>**

Mutual Shareholder Services, LLC

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable – applies to closed-end funds only.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable – applies to closed-end funds only.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies.** Not applicable – applies to closed-end funds only.

**Item 15. Submission of Matters to a Vote of Security Holders.** Not applicable – the registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a) The registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) EX-99.CODE ETH. Filed herewith.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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.

<u>DSS AmericaFirst Funds</u>

By <u>/s/ Jason Grady</u>

Jason Grady

President, Chief Executive Officer, and Principal Executive Officer

Date <u>September 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Jason Grady</u>

Jason Grady

President, Chief Executive Officer, and Principal Executive Officer

Date <u>September 8, 2025</u>

By: <u>/s/ Bob Anastasi</u>

Bob Anastasi

Treasurer, Principal Financial Officer, and Principal Accounting Officer

Date: <u>September 8, 2025</u>

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Jason Grady, certify that:

1. I have reviewed this report on Form N-CSR of DSS AmericaFirst Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 8, 2025</u>

<u>/s/ Jason Grady</u>

Jason Grady

President, Chief Executive Officer, and Principal Executive Officer

**<u>CERTIFICATION</u>**

I, Bob Anastasi, certify that:

1. I have reviewed this report on Form N-CSR of DSS AmericaFirst Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 8, 2025</u>

<u>/s/ Bob Anastasi</u>

Bob Anastasi

Treasurer, Principal Financial Officer, and Principal Accounting Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

I, <u>Jason Grady</u>, President, Chief Executive Officer, and Principal Executive Officer and <u>Bob Anastasi</u>, Treasurer, Principal Financial Officer, and Principal Accounting Officer of <u>DSS AmericaFirst Funds</u> (the "Registrant"), certifies to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President, Chief Executive Officer, and

Treasurer, Principal Financial Officer,

Principal Executive Officer

and Principal Accounting Officer

<u>DSS AmericaFirst Funds</u>

<u>DSS AmericaFirst Funds</u>

<u>/s/ Jason Grady</u>

<u>/s/ Bob Anastasi</u>

Jason Grady

Bob Anastasi

Date: <u>September 8, 2025</u>

Date: <u>September 8, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>DSS AmericaFirst Funds</u> and will be retained by <u>DSS AmericaFirst Funds</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**DSS AMERICAFIRST FUNDS**

**Principal Executive and Senior Officer Code of Ethics**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Trust applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

· accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

· not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· report at least annually any affiliations or other relationships related to conflicts of interest that the Trust ' s Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

· service as a director on the board of any public company;

· the receipt of any non-nominal gifts;

· the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

· any ownership interest in, or any consulting or employment relationship with, any of the Trust ' s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer ' s employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust ' s directors and auditors, and to governmental regulators and self-regulatory organizations.

· Each Covered Officer should, to the extent appropriate within the Covered Officer ' s area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;

· annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

· not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

· the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

· the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

· if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

· any matter that the Compliance Officer believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

· the Board will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII. Confidentiality**

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

**VIII.** 

**Internal Use**

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

<br>