# EDGAR Filing Document

**Accession Number:** 0001539996
**File Stem:** 0001162044-23-000296
**Filing Date:** 2023-3
**Character Count:** 133504
**Document Hash:** e46fb4c9b5bcad14b58b8d0af64f3b17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000296.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001162044-23-000296

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DSS AMERICAFIRST QUANTITATIVE FUNDS
- **CENTRAL INDEX KEY:** 0001539996
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22669
- **FILM NUMBER:** 23722832

**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:** AMERICAFIRST QUANTITATIVE FUNDS
- **DATE OF NAME CHANGE:** 20120119

## Series and Classes Contracts Data

### DSS AmericaFirst Defensive Growth Fund (Series ID: S000036986)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000113162 | DSS AmericaFirst Defensive Growth Fund Class A | DGQAX           |
| C000113163 | DSS AmericaFirst Defensive Growth Fund Class U | DGQUX           |
| C000113164 | DSS AmericaFirst Defensive Growth Fund Class I | DGQIX           |

### 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 Large Cap Share Buyback Fund (Series ID: S000056070)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000176638 | DSS AmericaFirst Large Cap Share Buyback Fund Class A | SBQAX           |
| C000176639 | DSS AmericaFirst Large Cap Share Buyback Fund Class I | SBQIX           |
| C000176640 | DSS AmericaFirst Large Cap Share Buyback Fund Class U | SBQUX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>**FORM N-CSR<br>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22669</u>

<u>DSS AmericaFirst Quantitative Funds</u>

(Exact name of registrant as specified in charter)

9700 Village Center Drive, Suite 50-N

<u>Granite Bay, CA 95746</u>

(Address of principal executive offices) (Zip code)

Mutual Shareholder Services, LLC

8000 Town Centre Drive, Suite 400

<u>Broadview Hts., OH 44147</u>

(Name and address of agent for service)

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

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

Date of reporting period: <u>December 31, 2022</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.**

![[dssamericafirstsemi001.jpg]](dssamericafirstsemi001.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSS AmericaFirst Defensive Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSS AmericaFirst Large Cap Share Buyback Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSS AmericaFirst Monthly Risk-On Risk-Off Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSS AmericaFirst Income Fund |

---

**SEMI-ANNUAL REPORT**

**DECEMBER 31, 2022**

**(Unaudited)**

---

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

---

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **COMMON STOCK - 89.61%** | **COMMON STOCK - 89.61%** |  |
| **Beverages - 3.42%** | **Beverages - 3.42%** |  |
| 1547 | Keurig Dr. Pepper, Inc. | $55166 |
| **Biological Products (No Diagnostic Substances) - 10.56%** | **Biological Products (No Diagnostic Substances) - 10.56%** |  |
| 211 | Amgen, Inc. | 55417 |
| 199 | Biogen, Inc. \* | 55107 |
| 332 | Moderna, Inc. \* | 59634 |
|  |  | 170158 |
| **Canned, Frozen & Preserved Fruit, Vegetable & Food Specialties - 3.80%** | **Canned, Frozen & Preserved Fruit, Vegetable & Food Specialties - 3.80%** |  |
| 1503 | The Kraft Heinz Co. | 61187 |
| **Electric Services - 3.78%** | **Electric Services - 3.78%** |  |
| 993 | Dominion Energy, Inc. | 60891 |
| **Fats & Oils - 3.72%** | **Fats & Oils - 3.72%** |  |
| 646 | Archer-Daniels Midland Co. | 59981 |
| **Hospital & Medical Service Plans - 14.29%** | **Hospital & Medical Service Plans - 14.29%** |  |
| 696 | Centene Corp. \* | 57079 |
| 113 | Elevance Health, Inc. | 57966 |
| 110 | Humana, Inc. | 56341 |
| 111 | UnitedHealth Group, Inc. | 58850 |
|  |  | 230236 |
| **Laboratory Analytical Instruments - 3.44%** | **Laboratory Analytical Instruments - 3.44%** |  |
| 274 | Illumina, Inc. \* | 55403 |
| **Orthopedic, Prosthetic & Surgical Appliances & Supplies - 3.59%** | **Orthopedic, Prosthetic & Surgical Appliances & Supplies - 3.59%** |  |
| 775 | Edwards Lifesciences Corp. \* | 57823 |
| **Perfumes, Cosmetics & Other Toilet Preparations - 3.76%** | **Perfumes, Cosmetics & Other Toilet Preparations - 3.76%** |  |
| 769 | Colgate-Palmolive Co. | 60589 |
| **Pharmaceutical Preparations - 21.69%** | **Pharmaceutical Preparations - 21.69%** |  |
| 556 | Abbott Laboratories | 61043 |
| 371 | AbbVie, Inc. | 59957 |
| 742 | Bristol-Myers Squibb Co. | 53387 |
| 545 | Merck & Co., Inc. | 60468 |
| 1180 | Pfizer, Inc. | 60463 |
| 188 | Vertex Pharmaceuticals, Inc. \* | 54291 |
|  |  | 349609 |
| **Retail-Drug Stores and Proprietary Stores - 3.41%** | **Retail-Drug Stores and Proprietary Stores - 3.41%** |  |
| 589 | CVS Health Corp. | 54889 |
| **Services-Prepackaged Software - 3.14%** | **Services-Prepackaged Software - 3.14%** |  |
| 314 | Veeva Systems, Inc. Class A \* | 50673 |

---

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

Semi-Annual Report \| 1

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics - 3.78%** | **Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics - 3.78%** |  |
| 402 | Procter & Gamble Co. | $60927 |
| **Sugar & Confectionery Products - 3.68%** | **Sugar & Confectionery Products - 3.68%** |  |
| 256 | The Hershey Co. | 59282 |
| **Surgical & Medical Instruments & Apparatus - 3.55%** | **Surgical & Medical Instruments & Apparatus - 3.55%** |  |
| 505 | DexCom, Inc. \* | 57186 |
| TOTAL COMMON STOCK (Cost $1,445,440) - 89.61% | TOTAL COMMON STOCK (Cost $1,445,440) - 89.61% | $1444000 |
| **EXCHANGE TRADED FUND - 10.91%** | **EXCHANGE TRADED FUND - 10.91%** |  |
| 10967 | ProShares Short S&P 500 ETF  | 175801 |
| TOTAL EXCHANGE TRADED FUND (Cost $165,956) - 10.91% | TOTAL EXCHANGE TRADED FUND (Cost $165,956) - 10.91% | $175801 |
| **MONEY MARKET FUND - 2.25%** | **MONEY MARKET FUND - 2.25%** |  |
| 36282 | Federated Hermes Institutional Prime Obligations Fund - Institutional Class 4.36% \*\* | 36282 |
| TOTAL MONEY MARKET FUND (Cost $36,282) - 2.25% | TOTAL MONEY MARKET FUND (Cost $36,282) - 2.25% | $36282 |
| **INVESTMENTS IN SECURITIES, AT VALUE (Cost $1,647,678) \*\*\* - 102.77%** | **INVESTMENTS IN SECURITIES, AT VALUE (Cost $1,647,678) \*\*\* - 102.77%** | $1656083 |
| **LIABILITIES LESS OTHER ASSETS - (2.77)%** | **LIABILITIES LESS OTHER ASSETS - (2.77)%** | (44573) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $1611510 |

---

\* Represents non-income producing security during the period.

\*\* Variable rate security; the money market rate shown represents the seven day yield at December 31, 2022.

\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $1,647,678 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Gross Unrealized Appreciation $62,974

Gross Unrealized Depreciation <u>(54,569)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Depreciation <u>$(8,405)</u>

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

Semi-Annual Report \| 2

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

The Fund's holdings were divided among the following economic industries and asset types (Unaudited):

---

| | | |
|:---|:---|:---|
| Pharmaceutical Preparations | Pharmaceutical Preparations | 21.11% |
| Hospital & Medical Service Plans | Hospital & Medical Service Plans | 13.90% |
| Exchange Traded Fund | Exchange Traded Fund | 10.62% |
| Biological Products (No Diagnostic Substances) | Biological Products (No Diagnostic Substances) | 10.28% |
| Canned, Frozen & Preserved Fruit, Vegetable & Food Specialties | Canned, Frozen & Preserved Fruit, Vegetable & Food Specialties | 3.69% |
| Electric Services | Electric Services | 3.68% |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 3.68% |
| Perfumes, Cosmetics & Other Toilet Preparations | Perfumes, Cosmetics & Other Toilet Preparations | 3.66% |
| Fats & Oils | Fats & Oils | 3.62% |
| Sugar & Confectionery Products | Sugar & Confectionery Products | 3.58% |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | Orthopedic, Prosthetic & Surgical Appliances & Supplies | 3.49% |
| Surgical & Medical Instruments & Apparatus | Surgical & Medical Instruments & Apparatus | 3.45% |
| Laboratory Analytical Instruments | Laboratory Analytical Instruments | 3.35% |
| Beverages |  | 3.33% |
| Retail-Drug Stores and Proprietary Stores | Retail-Drug Stores and Proprietary Stores | 3.31% |
| Services-Prepackaged Software | Services-Prepackaged Software | 3.06% |
| Money Market Fund | Money Market Fund | 2.19% |
|  | Total Portfolio Holdings | 100.00% |

---

The percentages in the above table are based on market value of the Fund's portfolio holdings as of December 31, 2022 and are subject to change.

Semi-Annual Report \| 3

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **COMMON STOCK - 101.90%** | **COMMON STOCK - 101.90%** |  |
| **Accident & Health Insurance - 4.15%** | **Accident & Health Insurance - 4.15%** |  |
| 1174 | Aflac, Inc. | $84458 |
| 942 | Principal Financial Group, Inc. | 79053 |
|  |  | 163511 |
| **Agriculture Chemicals - 1.69%** | **Agriculture Chemicals - 1.69%** |  |
| 781 | CF Industries Holdings, Inc. | 66541 |
| **Aircraft & Parts - 2.13%** | **Aircraft & Parts - 2.13%** |  |
| 1184 | Textron, Inc. | 83827 |
| **Arrangement of Transportation of Freight & Cargo - 1.92%** | **Arrangement of Transportation of Freight & Cargo - 1.92%** |  |
| 728 | Expeditors International of Washington, Inc. | 75654 |
| **Biological Products (No Diagnostic Substances) - 4.16%** | **Biological Products (No Diagnostic Substances) - 4.16%** |  |
| 295 | Amgen, Inc. | 77479 |
| 480 | Moderna, Inc. \* | 86218 |
|  |  | 163697 |
| **Computer Peripheral Equipment - 1.97%** | **Computer Peripheral Equipment - 1.97%** |  |
| 1589 | Fortinet, Inc. \* | 77686 |
| **Construction Machinery & Equipment - 2.17%** | **Construction Machinery & Equipment - 2.17%** |  |
| 357 | Caterpillar, Inc. | 85523 |
| **Crude Petroleum and Natural Gas - 3.82%** | **Crude Petroleum and Natural Gas - 3.82%** |  |
| 1233 | Devon Energy Corp. | 75842 |
| 2758 | Marathon Oil Corp. | 74659 |
|  |  | 150501 |
| **Electric Services - 1.61%** | **Electric Services - 1.61%** |  |
| 1990 | NRG Energy, Inc. | 63322 |
| **Finance Services - 2.01%** | **Finance Services - 2.01%** |  |
| 536 | American Express Co. | 79194 |
| **Fire, Marine & Casualty Insurance - 6.54%** | **Fire, Marine & Casualty Insurance - 6.54%** |  |
| 1410 | Arch Capital Group Ltd. (Bermuda) \* | 88520 |
| 385 | Chubb Ltd. (Switzerland) | 84931 |
| 1106 | The Hartford Financial Services Group, Inc. | 83868 |
|  |  | 257319 |
| **General Building Contractors - Residential Buildings - 2.21%** | **General Building Contractors - Residential Buildings - 2.21%** |  |
| 1163 | Lennar Corp. Class B | 86969 |
| **Guided Missiles & Space Vehicles & Parts - 2.15%** | **Guided Missiles & Space Vehicles & Parts - 2.15%** |  |
| 174 | Lockheed Martin Corp. | 84649 |
| **Heating Equipment, Except Electric & Warm Air & Plumbing Fixtures - 1.97%** | **Heating Equipment, Except Electric & Warm Air & Plumbing Fixtures - 1.97%** |  |
| 1664 | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77659 |

---

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

Semi-Annual Report \| 4

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Instruments for Measuring & Testing of Electricity & Electrical Signals - 2.01%** | **Instruments for Measuring & Testing of Electricity & Electrical Signals - 2.01%** |  |
| 904 | Teradyne, Inc. | $78964 |
| **Investment Advice - 2.01%** | **Investment Advice - 2.01%** |  |
| 254 | Ameriprise Financial, Inc. | 79088 |
| **Life Insurance - 4.18%** | **Life Insurance - 4.18%** |  |
| 704 | Globe Life, Inc. | 84867 |
| 1101 | MetLife, Inc. | 79679 |
|  |  | 164546 |
| **National Commercial Banks - 5.90%** | **National Commercial Banks - 5.90%** |  |
| 502 | PNC Financial Services Group, Inc. | 79286 |
| 1762 | Wells Fargo & Co. | 72753 |
| 1630 | Zions Bancorp | 80131 |
|  |  | 232170 |
| **Operative Builders - 2.11%** | **Operative Builders - 2.11%** |  |
| 18 | NVR, Inc. \* | 83026 |
| **Optical Instruments & Lenses - 2.06%** | **Optical Instruments & Lenses - 2.06%** |  |
| 215 | KLA Corp. | 81061 |
| **Petroleum Refining - 6.14%** | **Petroleum Refining - 6.14%** |  |
| 684 | ConocoPhillips | 80712 |
| 694 | Marathon Petroleum Corp. | 80775 |
| 632 | Valero Energy Corp. | 80175 |
|  |  | 241662 |
| **Pharmaceutical Preparations - 1.92%** | **Pharmaceutical Preparations - 1.92%** |  |
| 1052 | Bristol-Myers Squibb Co. | 75691 |
| **Railroads, Line-Haul Operating - 4.11%** | **Railroads, Line-Haul Operating - 4.11%** |  |
| 329 | Norfolk Southern Corp. | 81072 |
| 389 | Union Pacific Corp. | 80550 |
|  |  | 161622 |
| **Retail-Auto & Home Supply Stores - 4.17%** | **Retail-Auto & Home Supply Stores - 4.17%** |  |
| 33 | AutoZone, Inc. \* | 81384 |
| 98 | O'Reilly Automotive, Inc. \* | 82715 |
|  |  | 164099 |
| **Retail-Eating Places - 2.14%** | **Retail-Eating Places - 2.14%** |  |
| 657 | Yum! Brands, Inc. | 84149 |
| **Retail-Grocery Stores - 1.95%** | **Retail-Grocery Stores - 1.95%** |  |
| 1 | Koninklijke Ahold Delhaize NV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 1717 | The Kroger Co. | 76544 |
|  |  | 76573 |
| **Retail-Lumber & Other Building Materials Dealers - 2.01%** | **Retail-Lumber & Other Building Materials Dealers - 2.01%** |  |
| 397 | Lowe's Cos., Inc. | 79098 |

---

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

Semi-Annual Report \| 5

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Retail-Retail Stores - 2.17%** | **Retail-Retail Stores - 2.17%** |  |
| 182 | Ulta Beauty, Inc. \* | $85371 |
| **Retail-Women's Clothing Stores - 2.13%** | **Retail-Women's Clothing Stores - 2.13%** |  |
| 1988 | Bath & Body Works, Inc. | 83774 |
| **Semiconductors & Related Devices - 1.91%** | **Semiconductors & Related Devices - 1.91%** |  |
| 771 | Applied Materials, Inc. | 75080 |
| **Services-Computer Programming Services - 2.21%** | **Services-Computer Programming Services - 2.21%** |  |
| 423 | VeriSign, Inc. \* | 86901 |
| **Services-Equipment Rental & Leasing - 2.16%** | **Services-Equipment Rental & Leasing - 2.16%** |  |
| 239 | United Rentals, Inc. \* | 84945 |
| **Services-Management Services - 2.06%** | **Services-Management Services - 2.06%** |  |
| 241 | Gartner, Inc. \* | 81010 |
| **Steel Works, Blast Furnaces Rolling Mills (Coke Ovens) - 1.88%** | **Steel Works, Blast Furnaces Rolling Mills (Coke Ovens) - 1.88%** |  |
| 563 | Nucor Corp. | 74209 |
| **Television Broadcasting Stations - 2.00%** | **Television Broadcasting Stations - 2.00%** |  |
| 2768 | Fox Corp. | 78750 |
| **Trucking (No Local) - 2.01%** | **Trucking (No Local) - 2.01%** |  |
| 279 | Old Dominion Freight Line, Inc. | 79175 |
| **Wholesale-Drugs, Proprietaries & Druggists' Sundries - 4.16%** | **Wholesale-Drugs, Proprietaries & Druggists' Sundries - 4.16%** |  |
| 1054 | Cardinal Health, Inc. | 81021 |
| 221 | McKesson Corp. | 82901 |
|  |  | 163922 |
| TOTAL COMMON STOCK (Cost $3,866,379) - 101.90% | TOTAL COMMON STOCK (Cost $3,866,379) - 101.90% | $4010938 |
| **INVESTMENTS IN SECURITIES, AT VALUE (Cost $3,866,379) \*\*\* - 101.90%** | **INVESTMENTS IN SECURITIES, AT VALUE (Cost $3,866,379) \*\*\* - 101.90%** | $4010938 |
| **LIABILITIES LESS OTHER ASSETS - (1.90)%** | **LIABILITIES LESS OTHER ASSETS - (1.90)%** | (74869) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $3936069 |

---

 

\* Represents non-income producing security during the period.

\*\* Variable rate security; the money market rate shown represents the seven day yield at December 31, 2022.

\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $3,866,379 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Gross Unrealized Appreciation $320,070

Gross Unrealized Depreciation <u>(175,511)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Depreciation <u>$144,559</u>

ADR - American Depositary Receipt

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

Semi-Annual Report \| 6

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

The Fund's holdings were divided among the following economic industries and asset types (Unaudited):

---

| | |
|:---|:---|
| Fire, Marine & Casualty Insurance | 6.41% |
| Petroleum Refining | 6.02% |
| National Commercial Banks | 5.79% |
| Life Insurance | 4.10% |
| Retail-Auto & Home Supply Stores | 4.09% |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 4.09% |
| Accident & Health Insurance | 4.08% |
| Biological Products (No Diagnostic Substances) | 4.08% |
| Railroads, Line-Haul Operating | 4.03% |
| Crude Petroleum and Natural Gas | 3.75% |
| General Building Contractors-Residential Buildings | 2.17% |
| Services-Computer Programming Services | 2.17% |
| Construction Machinery & Equipment | 2.13% |
| Retail-Retail Stores | 2.13% |
| Services-Equipment Rental & Leasing | 2.12% |
| Guided Missiles & Space Vehicles & Parts | 2.11% |
| Retail-Eating Places | 2.10% |
| Aircraft & Parts | 2.09% |
| Retail-Women's Clothing Stores | 2.09% |
| Operative Builders | 2.07% |
| Optical Instruments & Lenses | 2.02% |
| Services-Management Services | 2.02% |
| Finance Services | 1.97% |
| Instruments for Measuring & Testing of Electricity & Electrical Signals | 1.97% |
| Investment Advice | 1.97% |
| Retail-Lumber & Other Building Materials Dealers | 1.97% |
| Trucking (No Local) | 1.97% |
| Television Broadcasting Stations | 1.96% |
| Computer Peripheral Equipment | 1.94% |
| Heating Equipment, Except Electric & Warm Air & Plumbing Fixtures | 1.94% |
| Retail-Grocery Stores | 1.91% |
| Arrangement of Transportation of Freight & Cargo | 1.89% |
| Pharmaceutical Preparations | 1.89% |
| Semiconductors & Related Devices | 1.87% |
| Steel Works, Blast Furnaces Rolling Mills (Coke Ovens) | 1.85% |
| Agriculture Chemicals | 1.66% |
| Electric Services | 1.58% |
| Total Portfolio Holdings | 100.00% |

---

The percentages in the above table are based on market value of the Fund's portfolio holdings as of December 31, 2022 and are subject to change.

Semi-Annual Report \| 7

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **COMMON STOCK - 60.45%** | **COMMON STOCK - 60.45%** |  |
| **Beverages - 2.57%** | **Beverages - 2.57%** |  |
| 894 | PepsiCo, Inc. | $161510 |
| **Canned, Fruits, Vegetables, Preserves, Jams & Jellies - 0.99%** | **Canned, Fruits, Vegetables, Preserves, Jams & Jellies - 0.99%** |  |
| 1022 | Seneca Foods Corp. Class A \* | 62291 |
| **Deep Sea Foreign Transportation of Freight - 1.07%** | **Deep Sea Foreign Transportation of Freight - 1.07%** |  |
| 3544 | Dorian LPG Ltd. | 67159 |
| **General Industrial Machinery & Equipment - 5.43%** | **General Industrial Machinery & Equipment - 5.43%** |  |
| 745 | Nordson Corp. | 177101 |
| 641 | Zebra Technologies Corp. \* | 164359 |
|  |  | 341460 |
| **Grain Mill Products - 2.67%** | **Grain Mill Products - 2.67%** |  |
| 1999 | General Mills, Inc. | 167616 |
| **Measuring & Controlling Devices - 1.92%** | **Measuring & Controlling Devices - 1.92%** |  |
| 2381 | Trimble, Inc. \* | 120383 |
| **Millwood, Veneer, Plywood, & Structural Wood Members - 3.06%** | **Millwood, Veneer, Plywood, & Structural Wood Members - 3.06%** |  |
| 1400 | American Woodmark Corp. \* | 68404 |
| 2170 | Fortune Brands Innovations, Inc. | 123929 |
|  |  | 192333 |
| **National Commercial Banks - 0.95%** | **National Commercial Banks - 0.95%** |  |
| 2415 | Hanmi Financial Corp. | 59771 |
| **Paints, Varnishes, Lacquers, Enamels & Allied Products - 3.05%** | **Paints, Varnishes, Lacquers, Enamels & Allied Products - 3.05%** |  |
| 1967 | RPM International, Inc. | 191684 |
| **Pharmaceutical Preparations - 3.25%** | **Pharmaceutical Preparations - 3.25%** |  |
| 8796 | Collegium Pharmaceutical, Inc. \* | 204067 |
| **Plastic Materials, Synthetic Resins & Nonvulcan Elastomers - 2.55%** | **Plastic Materials, Synthetic Resins & Nonvulcan Elastomers - 2.55%** |  |
| 1970 | Eastman Chemical Co. | 160437 |
| **Pumps & Pumping Equipment - 2.56%** | **Pumps & Pumping Equipment - 2.56%** |  |
| 2389 | Graco, Inc. | 160684 |
| **Retail-Auto & Home Supply Stores - 0.97%** | **Retail-Auto & Home Supply Stores - 0.97%** |  |
| 1959 | MarineMax, Inc. \* | 61160 |
| **Retail-Furniture Stores - 1.16%** | **Retail-Furniture Stores - 1.16%** |  |
| 2439 | Haverty Furniture Cos., Inc. | 72926 |

---

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

Semi-Annual Report \| 8

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Retail-Grocery Stores - 5.34%** | **Retail-Grocery Stores - 5.34%** |  |
| 5627 | Sprouts Farmers Market, Inc. \* | $182146 |
| 3439 | The Kroger Co. | 153311 |
|  |  | 335457 |
| **Search, Detection, Navigation, Guidance, Aeronautical Systems - 2.20%** | **Search, Detection, Navigation, Guidance, Aeronautical Systems - 2.20%** |  |
| 665 | L3Harris Technologies, Inc. | 138460 |
| **Security Brokers, Dealers & Flotation Companies - 2.49%** | **Security Brokers, Dealers & Flotation Companies - 2.49%** |  |
| 561 | MarketAxess Holdings, Inc. | 156457 |
| **Services-Business Services - 1.01%** | **Services-Business Services - 1.01%** |  |
| 3461 | Resources Connection, Inc. | 63613 |
| **Services-Computer Integrated Systems Design - 1.04%** | **Services-Computer Integrated Systems Design - 1.04%** |  |
| 3287 | Ebix, Inc. | 65609 |
| **Services-Educational Services - 1.23%** | **Services-Educational Services - 1.23%** |  |
| 5568 | Perdoceo Education Corp. \* | 77395 |
| **Services-Prepackaged Software - 2.31%** | **Services-Prepackaged Software - 2.31%** |  |
| 2260 | Ceridian HCM Holding, Inc. \* | 144979 |
| **Services-To Dwellings & Other Buildings - 3.26%** | **Services-To Dwellings & Other Buildings - 3.26%** |  |
| 5608 | Rollins, Inc. | 204916 |
| **Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics - 2.80%** | **Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics - 2.80%** |  |
| 2179 | Church & Dwight Co., Inc. | 175649 |
| **Wood Household Furniture (No Upholstered) - 1.31%** | **Wood Household Furniture (No Upholstered) - 1.31%** |  |
| 2484 | Ethan Allen Interiors, Inc. | 65627 |
| 2170 | Masterbrand, Inc. \* | 16384 |
|  |  | 82011 |
| **Wholesale-Drugs, Proprietaries & Druggists' Sundries - 5.26%** | **Wholesale-Drugs, Proprietaries & Druggists' Sundries - 5.26%** |  |
| 1041 | AmerisourceBergen Corp. | 172504 |
| 421 | McKesson Corp. | 157926 |
|  |  | 330430 |
| TOTAL COMMON STOCK (Cost $3,609,414) - 60.45% | TOTAL COMMON STOCK (Cost $3,609,414) - 60.45% | $3798457 |
| **EXCHANGE TRADED FUNDS - 40.07%** | **EXCHANGE TRADED FUNDS - 40.07%** |  |
| 2382 | Consumer Staples Select Sector SPDR ETF | $177578 |
| 1312 | Health Care Select Sector SPDR ETF | 178235 |
| 17228 | Invesco DB US Dollar Bullish  | 479111 |
| 23280 | ProShares Short MSCI EAFE  | 465600 |
| 32263 | ProShares Short S&P 500  | 517176 |
| 5761 | SPDR Bloomberg High Yield Bond | 518490 |
| 2580 | Utilities Select Sector SPDR ETF | 181890 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $2,456,726) - 40.07% | TOTAL EXCHANGE TRADED FUNDS (Cost $2,456,726) - 40.07% | $2518080 |

---

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

Semi-Annual Report \| 9

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | |
|:---|:---|
|  | **<u>Value</u>** |
| **INVESTMENTS IN SECURITIES, AT VALUE (Cost $6,066,140) \*\*\* - 100.52%** | $6316537 |
| **LIABILITIES LESS OTHER ASSETS - (0.52)%** | (32508) |
| **NET ASSETS - 100.00%** | $6284029 |

---

\* Represents non-income producing security during the period.

\*\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $6,066,140 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Gross Unrealized Appreciation $340,898

Gross Unrealized Depreciation <u>(90,501)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Depreciation <u>$250,397</u>

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

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

Semi-Annual Report \| 10

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

The Fund's holdings were divided among the following economic industries and asset types (Unaudited):

---

| | | |
|:---|:---|:---|
| Exchange Traded Funds | Exchange Traded Funds | 39.86% |
| General Industrial Machinery & Equipment | General Industrial Machinery & Equipment | 5.41% |
| Retail-Grocery Stores | Retail-Grocery Stores | 5.31% |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | Wholesale-Drugs, Proprietaries & Druggists' Sundries | 5.23% |
| Services-To Dwellings & Other Buildings | Services-To Dwellings & Other Buildings | 3.24% |
| Pharmaceutical Preparations | Pharmaceutical Preparations | 3.23% |
| Millwood, Veneer, Plywood, & Structural Wood Members | Millwood, Veneer, Plywood, & Structural Wood Members | 3.04% |
| Paints, Varnishes, Lacquers, Enamels & Allied Products | Paints, Varnishes, Lacquers, Enamels & Allied Products | 3.03% |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 2.78% |
| Grain Mill Products | Grain Mill Products | 2.65% |
| Beverages |  | 2.56% |
| Plastic Materials, Synthetic Resins & Nonvulcan Elastomers | Plastic Materials, Synthetic Resins & Nonvulcan Elastomers | 2.54% |
| Pumps & Pumping Equipment | Pumps & Pumping Equipment | 2.54% |
| Security Brokers, Dealers & Flotation Companies | Security Brokers, Dealers & Flotation Companies | 2.48% |
| Services-Prepackaged Software | Services-Prepackaged Software | 2.30% |
| Search, Detection, Navigation, Guidance, Aeronautical Systems | Search, Detection, Navigation, Guidance, Aeronautical Systems | 2.19% |
| Measuring & Controlling Devices | Measuring & Controlling Devices | 1.91% |
| Wood Household Furniture (No Upholstered) | Wood Household Furniture (No Upholstered) | 1.30% |
| Services-Educational Services | Services-Educational Services | 1.23% |
| Retail-Furniture Stores | Retail-Furniture Stores | 1.15% |
| Deep Sea Foreign Transportation of Freight | Deep Sea Foreign Transportation of Freight | 1.06% |
| Services-Computer Integrated Systems Design | Services-Computer Integrated Systems Design | 1.04% |
| Services-Business Services | Services-Business Services | 1.01% |
| Canned, Fruits, Vegetables, Preserves, Jams & Jellies | Canned, Fruits, Vegetables, Preserves, Jams & Jellies | 0.99% |
| Retail-Auto & Home Supply Stores | Retail-Auto & Home Supply Stores | 0.97% |
| National Commercial Banks | National Commercial Banks | 0.95% |
|  | Total Portfolio Holdings | 100.00% |

---

The percentages in the above table are based on market value of the Fund's portfolio holdings as of December 31, 2022 and are subject to change.

Semi-Annual Report \| 11

**DSS AMERICAFIRST INCOME FUND** 

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **COMMON STOCK - 82.33%** | **COMMON STOCK - 82.33%** |  |
| **Biological Products (No Diagnostic Substances) - 1.90%** | **Biological Products (No Diagnostic Substances) - 1.90%** |  |
| 4497 | Gilead Sciences, Inc. | $386068 |
| **Cigarettes - 1.90%** | **Cigarettes - 1.90%** |  |
| 8448 | Altria Group, Inc. | 386158 |
| **Computer & Office Equipment - 1.76%** | **Computer & Office Equipment - 1.76%** |  |
| 13285 | HP, Inc. | 356968 |
| **Computer Communications Equipment - 1.87%** | **Computer Communications Equipment - 1.87%** |  |
| 7960 | Cisco Systems, Inc. | 379214 |
| **Computer Storage Devices - 1.77%** | **Computer Storage Devices - 1.77%** |  |
| 5993 | NetApp, Inc. | 359940 |
| **Crude Petroleum & Natural Gas - 5.30%** | **Crude Petroleum & Natural Gas - 5.30%** |  |
| 14155 | Coterra Energy, Inc. | 347788 |
| 5726 | Devon Energy Corp. | 352206 |
| 1641 | Pioneer Natural Resources Co. | 374788 |
|  |  | 1074782 |
| **Cutlery, Handtools & General Hardware - 1.78%** | **Cutlery, Handtools & General Hardware - 1.78%** |  |
| 4798 | Stanley Black & Decker, Inc. | 360426 |
| **Drawing & Insulating of Nonferrous Wire - 1.82%** | **Drawing & Insulating of Nonferrous Wire - 1.82%** |  |
| 11564 | Corning, Inc. | 369354 |
| **Electric Services - 9.91%** | **Electric Services - 9.91%** |  |
| 6604 | Dominion Energy, Inc. | 404957 |
| 3376 | DTE Energy Co. | 396781 |
| 9493 | FirstEnergy Corp. | 398136 |
| 13428 | PPL Corp. | 392366 |
| 5846 | The Southern Co. | 417463 |
|  |  | 2009703 |
| **Grain Mill Products - 1.89%** | **Grain Mill Products - 1.89%** |  |
| 5377 | Kellogg Co. | 383058 |
| **Industrial Organic Chemicals - 1.92%** | **Industrial Organic Chemicals - 1.92%** |  |
| 4679 | LyondellBasell Industries NV Class A | 388497 |
| **Investment Advice - 1.93%** | **Investment Advice - 1.93%** |  |
| 14800 | Franklin Resouces, Inc. | 390424 |
| **Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 1.62%** | **Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 1.62%** |  |
| 11904 | VF Corp. | 328670 |
| **Motor Vehicles & Passenger Car Bodies - 1.61%** | **Motor Vehicles & Passenger Car Bodies - 1.61%** |  |
| 28029 | Ford Motor Co. | 325977 |

---

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

Semi-Annual Report \| 12

**DSS AMERICAFIRST INCOME FUND** 

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **National Commercial Banks - 5.51%** | **National Commercial Banks - 5.51%** |  |
| 5592 | Comerica, Inc. | $373825 |
| 25877 | Huntington Bancshares, Inc. | 364866 |
| 2400 | PNC Financial Services Group, Inc. | 379056 |
|  |  | 1117747 |
| **Natural Gas Transmission - 3.67%** | **Natural Gas Transmission - 3.67%** |  |
| 20660 | Kinder Morgan, Inc. | 373533 |
| 11272 | The Williams Cos., Inc. | 370849 |
|  |  | 744382 |
| **Petroleum Refining - 5.75%** | **Petroleum Refining - 5.75%** |  |
| 2176 | Chevron Corp. | 390570 |
| 3538 | Exxon Mobil Corp. | 390241 |
| 3704 | Phillips 66 | 385512 |
|  |  | 1166323 |
| **Pharmaceutical Preparations - 3.94%** | **Pharmaceutical Preparations - 3.94%** |  |
| 2459 | AbbVie, Inc. | 397399 |
| 7834 | Pfizer, Inc. | 401414 |
|  |  | 798813 |
| **Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers - 5.88%** | **Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers - 5.88%** |  |
| 16249 | Dow, Inc. | 818787 |
| 4592 | Eastman Chemical Co. | 373973 |
|  |  | 1192760 |
| **Search, Detection, Navigation, Guidance, Aeronautical Systems - 3.97%** | **Search, Detection, Navigation, Guidance, Aeronautical Systems - 3.97%** |  |
| 8732 | Garmin Ltd. | 805876 |
| **Security & Commodity Brokers, Dealers, Exchanges & Services - 1.71%** | **Security & Commodity Brokers, Dealers, Exchanges & Services - 1.71%** |  |
| 3175 | T. Rowe Price Group, Inc. | 346266 |
| **Semiconductors & Related Devices - 1.74%** | **Semiconductors & Related Devices - 1.74%** |  |
| 13326 | Intel Corp. | 352206 |
| **Services-Advertising Agencies - 3.89%** | **Services-Advertising Agencies - 3.89%** |  |
| 4969 | Omnicom Group, Inc. | 405321 |
| 11505 | The Interpublic Group of Cos., Inc. | 383232 |
|  |  | 788553 |
| **State Commercial Banks - 3.94%** | **State Commercial Banks - 3.94%** |  |
| 5129 | State Street Corp. | 397857 |
| 8797 | The Bank of New York Mellen Corp. | 400440 |
|  |  | 798297 |
| **Telephone Communications (No Radiotelephone) - 1.87%** | **Telephone Communications (No Radiotelephone) - 1.87%** |  |
| 20612 | AT&T, Inc. | 379467 |
| **Television Broadcasting Stations - 1.70%** | **Television Broadcasting Stations - 1.70%** |  |
| 17579 | Paramount Global Class A | 344724 |
| **Wholesale-Hardware & Plumbing & Heating Equipment & Supplies - 1.78%** | **Wholesale-Hardware & Plumbing & Heating Equipment & Supplies - 1.78%** |  |
| 1427 | Watsco, Inc. Class B | 360332 |

---

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

Semi-Annual Report \| 13

**DSS AMERICAFIRST INCOME FUND** 

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| TOTAL COMMON STOCK (Cost $16,905,712) - 82.33% | TOTAL COMMON STOCK (Cost $16,905,712) - 82.33% | $16694985 |
| **REAL ESTATE INVESTMENT TRUSTS - 14.61%** | **REAL ESTATE INVESTMENT TRUSTS - 14.61%** |  |
| 18147 | Annaly Capital Management, Inc. | 382539 |
| 2263 | AvalonBay Communities, Inc. | 365520 |
| 5483 | Boston Properties, Inc. | 370541 |
| 3294 | Camden Property Trust | 368533 |
| 6128 | Equity Residential | 361552 |
| 2479 | Extra Space Storage, Inc. | 364859 |
| 9611 | UDR, Inc. | 372234 |
| 11666 | VICI Properties, Inc. | 377978 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,238,435) - 14.61% | TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,238,435) - 14.61% | $2963756 |
| **MONEY MARKET FUND - 2.27%** | **MONEY MARKET FUND - 2.27%** |  |
| 459580 | Federated Hermes Institutional Prime Obligations Fund - Institutional <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 4.36% \* | 459580 |
| TOTAL MONEY MARKET FUND (Cost $459,580) - 2.27% | TOTAL MONEY MARKET FUND (Cost $459,580) - 2.27% | $459580 |
| **INVESTMENTS IN SECURITIES, AT VALUE (Cost $20,603,727) \*\* - 99.21%** | **INVESTMENTS IN SECURITIES, AT VALUE (Cost $20,603,727) \*\* - 99.21%** | $20118321 |
| **OTHER ASSETS LESS LIABILITIES - 0.79%** | **OTHER ASSETS LESS LIABILITIES - 0.79%** | 160630  |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $20278951 |

---

\* Variable rate security; the money market rate shown represents the seven day yield at December 31, 2022.

\*\* Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $20,603,727 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Gross Unrealized Appreciation $478,418

Gross Unrealized Depreciation <u>(963,824)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Appreciation <u>$(485,406)</u>

ETF - Exchange Traded Fund

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

Semi-Annual Report \| 14

**DSS AMERICAFIRST INCOME FUND** 

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

The Fund's holdings were divided among the following economic industries and asset types (Unaudited):

---

| | | |
|:---|:---|:---|
| Real Estate Investment Trusts | Real Estate Investment Trusts | 14.73% |
| Electric Services | Electric Services | 9.99% |
| Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers | Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers | 5.93% |
| Petroleum Refining | Petroleum Refining | 5.80% |
| National Commercial Banks | National Commercial Banks | 5.56% |
| Crude Petroleum & Natural Gas | Crude Petroleum & Natural Gas | 5.34% |
| Search, Detection, Navigation, Guidance, Aeronautical Systems | Search, Detection, Navigation, Guidance, Aeronautical Systems | 4.01% |
| Pharmaceutical Preparations | Pharmaceutical Preparations | 3.97% |
| State Commercial Banks | State Commercial Banks | 3.97% |
| Services-Advertising Agencies | Services-Advertising Agencies | 3.92% |
| Natural Gas Transmission | Natural Gas Transmission | 3.70% |
| Money Market Fund | Money Market Fund | 2.28% |
| Investment Advice | Investment Advice | 1.94% |
| Industrial Organic Chemicals | Industrial Organic Chemicals | 1.93% |
| Biological Products (No Diagnostic Substances) | Biological Products (No Diagnostic Substances) | 1.92% |
| Cigarettes |  | 1.92% |
| Grain Mill Products | Grain Mill Products | 1.90% |
| Computer Communications Equipment | Computer Communications Equipment | 1.89% |
| Telephone Communications (No Radiotelephone) | Telephone Communications (No Radiotelephone) | 1.89% |
| Drawing & Insulating of Nonferrous Wire | Drawing & Insulating of Nonferrous Wire | 1.84% |
| Computer Storage Devices | Computer Storage Devices | 1.79% |
| Cutlery, Handtools & General Hardware | Cutlery, Handtools & General Hardware | 1.79% |
| Wholesale-Hardware & Plumbing & Heating Equipment & Supplies | Wholesale-Hardware & Plumbing & Heating Equipment & Supplies | 1.79% |
| Computer & Office Equipment | Computer & Office Equipment | 1.77% |
| Semiconductors & Related Devices | Semiconductors & Related Devices | 1.75% |
| Security & Commodity Brokers, Dealers, Exchanges & Services | Security & Commodity Brokers, Dealers, Exchanges & Services | 1.72% |
| Television Broadcasting Stations | Television Broadcasting Stations | 1.71% |
| Men's & Boys' Furnishings, Work Clothing, & Allied Garments | Men's & Boys' Furnishings, Work Clothing, & Allied Garments | 1.63% |
| Motor Vehicles & Passenger Car Bodies | Motor Vehicles & Passenger Car Bodies | 1.62% |
|  | Total Portfolio Holdings | 100.00% |

---

The percentages in the above table are based on market value of the Fund's portfolio holdings as of December 31, 2022 and are subject to change.

Semi-Annual Report \| 15

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2022 (UNAUDITED)

![[dssamericafirstsemi003.gif]](dssamericafirstsemi003.gif)

(a) A redemption fee of 1.00% is imposed in the event of certain redemption transactions occurring within 90 days of purchase.

(b) Maximum offering price includes a maximum front-end sales load of 5.00%; 5.00%; 5.00%; and 4.00%, respectively.

(c) Maximum offering price includes a maximum front-end sales load of 2.50%; 2.50%; 2.50%; and 2.00%, respectively.

(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 and may be subject to a 1.00% contingent deferred sales charge ("CDSC") on shares redeemed less than 12 months after the date of purchase (excluding shares purchased with reinvested dividends and/or distributions). Assumes 1% redemption fee described in (a) does not apply.

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

Semi-Annual Report \| 16

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

STATEMENTS OF OPERATIONS

For the six months ended December 31, 2022 (UNAUDITED)

![[dssamericafirstsemi005.gif]](dssamericafirstsemi005.gif)

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

Semi-Annual Report \| 17

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

STATEMENTS OF CHANGES IN NET ASSETS

![[dssamericafirstsemi007.gif]](dssamericafirstsemi007.gif)

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

Semi-Annual Report \| 18

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

STATEMENTS OF CHANGES IN NET ASSETS

![[dssamericafirstsemi009.gif]](dssamericafirstsemi009.gif)

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

Semi-Annual Report \| 19

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

STATEMENTS OF CHANGES IN NET ASSETS

![[dssamericafirstsemi011.gif]](dssamericafirstsemi011.gif)

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

Semi-Annual Report \| 20

**DSS AMERICAFIRST INCOME FUND**

STATEMENTS OF CHANGES IN NET ASSETS

![[dssamericafirstsemi013.gif]](dssamericafirstsemi013.gif)

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

Semi-Annual Report \| 21

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

**CLASS A**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi015.gif]](dssamericafirstsemi015.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, 0.70%, and 0.44%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 22

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

**CLASS I**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi017.gif]](dssamericafirstsemi017.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, 0.70%, and 0.44%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 23

**DSS AMERICAFIRST DEFENSIVE GROWTH FUND**

**CLASS U**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi019.gif]](dssamericafirstsemi019.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, 0.70%, and 0.44%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 24

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

**CLASS A**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi021.gif]](dssamericafirstsemi021.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Annualized.

(f) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 25

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

**CLASS I**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi023.gif]](dssamericafirstsemi023.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Annualized.

(f) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 26

**DSS AMERICAFIRST LARGE CAP SHARE BUYBACK FUND**

**CLASS U**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi025.gif]](dssamericafirstsemi025.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Annualized.

(f) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 27

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND CLASS A <sup>(</sup>** **<sup>f</sup>** **<sup>)</sup>**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi027.gif]](dssamericafirstsemi027.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund.

(g) Annualized.

(h) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 28

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

**CLASS I <sup>(</sup>** **<sup>f</sup>** **<sup>)</sup>**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi029.gif]](dssamericafirstsemi029.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund.

(g) Annualized.

(h) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 29

**DSS AMERICAFIRST MONTHLY RISK-ON RISK-OFF FUND**

**CLASS U <sup>(</sup>** **<sup>f</sup>** **<sup>)</sup>**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi031.gif]](dssamericafirstsemi031.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment loss is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) On September 1, 2019, the AmericaFirst Tactical Alpha Fund was renamed to AmericaFirst Monthly Risk-On-Risk-Off Fund.

(g) Annualized.

(h) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 30

**DSS AMERICAFIRST INCOME FUND**

**CLASS A**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi033.gif]](dssamericafirstsemi033.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00% 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 31

**DSS AMERICAFIRST INCOME FUND**

**CLASS I**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi035.gif]](dssamericafirstsemi035.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%,0.00%, 0.00% ,0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 32

**DSS AMERICAFIRST INCOME FUND**

**CLASS U**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period/year presented.

![[dssamericafirstsemi037.gif]](dssamericafirstsemi037.gif)

(a) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of distributions and excludes all sales charges.

(b) These ratios exclude the impact of the expenses of the underlying acquired funds.

(c) Less than $0.01 per share.

(d) Ratio of interest and dividends on securities sold short included were 0.00%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.00%, respectively.

(e) Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(f) Annualized.

(g) Not annualized.

\* Per share amounts are calculated using the average shares method.

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

Semi-Annual Report \| 33

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022 (UNAUDITED)

&nbsp;&nbsp;&nbsp;&nbsp;**1. ORGANIZATION AND SIGNIFCANT ACCOUNTING POLICIES**

DSS AmericaFirst Quantitative Funds (the ***"Trust****"*), previously Americafirst Quantitative Funds, was reorganized as a Delaware statutory trust on January 4, 2013. Prior to January 4, 2013, the series of the Trust, other than DSS AmericaFirst Large Cap Share Buyback Fund, were each a part of the Mutual Fund Series Trust, an Ohio business trust organized on February 27, 2006. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the ***"1940 Act"***). The Trust currently consists of four series: DSS AmericaFirst Defensive Growth Fund, DSS AmericaFirst Large Cap Share Buyback Fund, DSS AmericaFirst Monthly Risk-On Risk-Off Fund (formerly AmericaFirst Tactical Alpha Fund and AmericaFirst Absolute Return Fund), and DSS AmericaFirst Income Fund (formerly AmericaFirst Income Trends Fund) (each a ***"Fund"*** and collectively, the ***"Funds"***). The Funds are registered as diversified series of the Trust. The investment objectives of each Fund are set forth below. AmericaFirst Capital Management, LLC is the former is investment advisor to the Funds. DSS Wealth Management, Inc. is the current investment advisor to the Funds (***"Manager"***).

DSS AmericaFirst Defensive Growth Fund (***"Defensive Growth Fund"***) commenced operations on May 23, 2011. The Fund's investment objective is to achieve capital appreciation through all market cycles.

DSS AmericaFirst Large Cap Share Buyback Fund (***"Large Cap Share Buyback Fund"***) commenced operations on January 31, 2017. The Fund's investment objective is to provide growth of capital.

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."

Semi-Annual Report \| 34

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

(a) Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. The Funds may invest in portfolios of open-end or closed-end investment companies and exchange traded funds (the "underlying funds"). Open-end funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the Boards of the underlying funds. The shares of many closed-end investment companies and exchange traded funds, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or exchange traded fund purchased by the Funds will not change.

In unusual circumstances, instead of valuing securities in the usual manner, the Funds may value securities at "fair value" as determined in good faith by the Funds' Board of Trustees, pursuant to the procedures (the "Procedures") approved by the Board. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close (generally 4:00 pm eastern time).

Exchange Traded Funds ("ETF") *–* The Funds may invest in exchange traded funds. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while 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.

Semi-Annual Report \| 35

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

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 December 31, 2022 for each Fund's assets and liabilities measured at fair value:

**`Defensive Growth 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> | $1444000 | $1444000 | $— | $— |
| Exchange Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175801  | &nbsp;&nbsp;&nbsp;&nbsp;175801  |  |  |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;36282  | 36282  |  |  |
| **Total** | $1656083 | $1656083 | $— | $— |

---

Semi-Annual Report \| 36

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

**Large Cap Share Buyback 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> | $4010938 | $4010938 | $— | $— |
| **Total** | $4010938 | $4010938 | $— | $— |

---

**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> | $3798457 | $3798457 | $— | $— |
| Exchange Traded Funds | 2518080 | 2518080 |  |  |
| **Total** | $6316537 | $6316537 | $— | $— |

---

**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> | $16694985 | $16694985 | $— | $— |
| Real Estate Investment Trusts | 2963756 | 2963756 |  |  |
| Money Market Fund | 459580 | 459580 |  |  |
| **Total** | $20118321 | $20118321 | $— | $— |

---

1)

As of and during the six months ended December 31, 2022, none of the Funds held securities that were considered to be "Level 3*"* securities.

2)

For a detailed break-out of securities by investment industry please refer to the Schedules of Investments.

b) Short Sales *–* A "short sale" is a transaction in which a Fund sells a security it does not own, but has borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss, unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which a fund sold the security short.

c) Federal Income Tax – The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies ("RIC"), except as noted below, 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 (2019-2021)

Semi-Annual Report \| 37

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

or expected to be taken in the Funds' 2022 tax returns. The Funds identified their major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

d) Distribution to Shareholders - Distributions from investment income and net realized capital gains, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, mark-to-market on open Section 1256 contracts) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

e) Other – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold, 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. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

f) Multiple Class Allocations – Income, non-class specific expenses and realized/unrealized gains or losses are allocated to each class based on average net assets. Distribution fees are charged to each respective share class in accordance with the distribution plan. Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.

g) Foreign Currency – The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

Semi-Annual Report \| 38

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

h) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

i) Commitments and Contingencies – In the normal course of business, the Trust may enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

j)

ETF, Mutual Fund and Exchange Traded Note ("ETN") Risk – ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by each Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

k) Restricted securities are generally acquired directly or indirectly from an issuer in a nonpublic offering. Because restricted securities are generally subject to restrictions on transfer, market quotations for such securities are generally not readily available, and they are considered to be illiquid securities. The Board of Trustees ("Board") has adopted Portfolio Securities Valuation Procedures that, among other things, provide guidelines for the valuation of portfolio securities for which market quotations are not readily available ("Valuation Procedures"). The Valuation Procedures delegate the responsibility for determining the fair value of securities for which market quotations are not readily available to a Valuation Committee, subject to review and oversight by the Board of Trustees ("Board"). Under circumstances where the Adviser determines that the market quotation or the price provided by a pricing service does not accurately reflect the current market value, such securities are also valued as determined in good faith by the Valuation Committee, subject to review and oversight by Board of Trustees. Restricted securities are categorized in Level 3 of the fair value hierarchy.

l) Credit Risk - The Deposits held in the Fund's portfolio include deposits in a checking account and money market deposit account. These deposits will be limited to accounts with Federal Deposit Insurance Corporation ("FDIC") insured banks or savings and loan associations which are backed by the full faith and credit of the U.S. Government. Deposits that Congress affirmed to be backed by the full faith and credit of the U.S. Government are those that the resources of the U.S. Government stand behind. Further, each of the Fund's deposits will not exceed the FDIC's Standard Maximum Deposit Insurance Amount ("SMDIA") which currently is $250,000 per depositor, per insured bank inclusive of the principal and accrued interest for each deposit. To the extent the Fund's deposits with a particular bank exceed the federally insured limit; any

Semi-Annual Report \| 39

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

amount of the Fund's deposit over the federally insured limit will not be covered by FDIC insurance.

m)

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. The Custodian maintained subsequent cash deposits in non-interest bearing accounts in order to compensate the Custodian for overdrafts which previously occurred during the fiscal year. Amounts presented as Due to Custodian on the Statements of Assets and Liabilities represent temporary cash overdrafts and monthly expense accruals that existed as of December 31, 2022.

n)

Distributions from REITs -

Distributions from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available.

**2. INVESTMENT TRANSACTIONS**

For the six months ended December 31, 2022, aggregate purchases and sales of investment securities (excluding short-term investments and government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Defensive Growth Fund | $5532324 | $5817796 |
| Large Cap Buyback Fund | 4975178 | 5158053 |
| Risk-On Risk-Off Fund | 10131281 | 10550290 |
| Income Fund | 51744337 | 44517679 |

---

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

DSS Wealth Management, Inc. (***"DSS"*** 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. Under the terms of the Management Agreement, DSS 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:

---

| | |
|:---|:---|
| Defensive Growth Fund | 1.50% |
| Large Cap Buyback Fund | 1.25% |
| Risk-On Risk-Off Fund | 1.00% |
| Income Fund | 1.25% |

---

Semi-Annual Report \| 40

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

For the six months ended December 31, 2022, total management fees were as follows:

---

| | |
|:---|:---|
| Defensive Growth Fund | $14162 |
| Large Cap Buyback Fund | $25271 |
| Risk-On Risk-Off Fund | $33197 |
| Income Fund | $113159 |

---

Effective October 1, 2021, DSS 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>** |
| Defensive Growth Fund | 2.45% | 1.94% | 2.95% | October 31, 2023 |
| Large Cap Buyback Fund | 1.75% | 1.50% | 2.50% | October 31, 2023 |
| Risk-On Risk-Off Fund | 2.45% | 1.20% | 2.95% | October 31, 2023 |
| Income Fund | 2.20% | 1.40% | 2.70% | October 31, 2023 |

---

Each waiver or reimbursement by the Manager is subject to repayment by the Funds within the three fiscal years following the date in which those particular expenses are incurred, if the Funds are able to make the repayments without exceeding the expense limitations in effect at that time and the expense limits above.

---

| | |
|:---|:---|
|  | **<u>June 30, 2025</u>** |
| <u>Defensive Growth Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $25755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $14287 |
| <u>Large Cap Buyback Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $29922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $27183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $2427 |
| <br><u>Risk-On Risk-Off Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $22732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $2203 |

---

Semi-Annual Report \| 41

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | |
|:---|:---|
| <u>Income Fund</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $21785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $34423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class U | $8866 |

---

Effective November 1, 2020 the expense limitation agreement excluded any (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 borne by the Advisor 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 Advisor)).

Distributor – The Trust has adopted a Distribution Plan ("Plan"), pursuant to rule 12b-1 under the 1940 Act for each class of shares, other than class I, which allows the Funds to pay to the distributor a monthly fee for distribution and shareholder servicing expenses. Under the Plan, the Funds may pay up to 0.25% for Class A and 1.00% Class U per year of its average daily net assets for such distribution and shareholder service activities. During the six months ended December 31, 2022, fees incurred under the Plan were as follows:

---

| |
|:---|
| Defensive Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A $488<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U $1,918<br> Large Cap Buyback Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A $1,700<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U $1,046<br> Risk-On Risk-Off Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A $1,900<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U $8,469<br> Income Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A $4,351<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class U $8,845 |

---

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

Officers of the Trust and Trustees who are "interested persons" of the Trust or the Manager will receive no salary or fees from the Trust. Trustees, who are not "interested persons" as that term is defined in the 1940 Act, will be paid a fee of $6,000 per year. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings.

As of December 31, 2022, the Adviser owed the Defensive Growth Fund, Large Cap Buyback Fund, and Risk-On Risk-Off Fund each $5,325, $2,876 and $598, respectively.

Semi-Annual Report \| 42

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

As of December 31, 2022, the Income Fund owed the Adviser $16,738.

**4. REDEMPTION FEES**

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares within 90 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption occurs. For the six months ended December 31, 2022, redemption fees were assessed as follows:

---

| | |
|:---|:---|
| Defensive Growth Fund | $0 |
| Large Cap Buyback Fund | $0 |
| Risk-On Risk-Off Fund | $0 |
| Income Fund | $592 |

---

For the year ended June 30, 2022, redemption fees were assessed as follows:

---

| | |
|:---|:---|
| Defensive Growth Fund | $0 |
| Large Cap Buyback Fund | $210 |
| Risk-On Risk-Off Fund | $18 |
| Income Fund | $762 |

---

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

The tax character of fund distributions paid for the six months ended December 31, 2022, and the year ended June 30, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***For the six months ended December 31, 2022:***  | ***For the six months ended December 31, 2022:***  | ***For the six months ended December 31, 2022:***  | ***For the six months ended December 31, 2022:***  | ***For the six months ended December 31, 2022:***  |  |  |  |  |
| **** |  |  |  |  |  |  |  |  |
|  | **Ordinary** | **Ordinary** | **Long-Term** | **Long-Term** |  |  |  |  |
|  | **Income** | **Income** | **Capital Gains** | **Capital Gains** | **Return of Capital** | **Return of Capital** | **Total** | **Total** |
| Defensive Growth Fund | $ |  | $ |  | $ |  | $ |  |
| Large Cap Buyback Fund |  | 8389 |  | 20391 |  |  |  | 28780 |
| Risk-On Risk-Off Fund |  |  |  |  |  |  |  |  |
| Income Fund |  | 86010 |  |  |  | $736878 |  | 822888 |
| ***For the year ended June 30, 2022:*** | ***For the year ended June 30, 2022:*** | ***For the year ended June 30, 2022:*** |  |  |  |  |  |  |
| **** |  |  |  |  |  |  |  |  |
|  |  | **Ordinary** |  | **Long-Term** |  |  |  |  |
|  |  | **Income** |  | **Capital Gains** |  | **Return of Capital** |  | **Total** |
| Defensive Growth Fund |  | $— |  | $— |  | $— |  | $— |
| Large Cap Buyback Fund |  | 1132541 |  | $92360 |  |  |  | 1224901 |
| Risk-On Risk-Off Fund |  |  |  |  |  |  |  |  |
| Income Fund |  | 86497 |  |  |  | 741046 |  | 827543 |

---

Semi-Annual Report \| 43

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

As of June 30, 2022, 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> **(Depreciation)** | **Total**<br> **Accumulated**<br> **(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> **(Depreciation)** | **Total**<br> **Accumulated**<br> **(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> **(Depreciation)** | **Total**<br> **Accumulated**<br> **(Deficits)** |
| Defensive <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Fund | $— | $— | $(16909) | $(10036794)  | $— | $(56968) | $(10110671) |
| Large Cap Buyback Fund | 8386 | 20390 |  |  |  | (553296) | (524520) |
| Risk-On Risk-Off Fund |  |  | (60206) | (12710412) |  | (340864) | (13111482) |
| Income Fund |  |  | (141136) | (9659999) |  | (998078) | (10799213) |

---

The difference between book basis and tax basis unrealized appreciation/ (depreciation), undistributed net investment income/loss and accumulated net realized gains/ (losses) from investments is primarily attributable to the tax deferral of losses on wash sales and distributions from partnership investments.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Defensive Growth Fund | $16909 |
| Large Cap Buyback Fund |  |
| Risk-On Risk-Off Fund | 60206 |
| Income Fund |  |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| Defensive Growth Fund | $— |
| Large Cap Buyback Fund |  |
| Risk-On Risk-Off Fund |  |
| Income Fund | 141136 |

---

At June 30, 2022, 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** |
| Defensive Growth Fund | $9506603 | $530191 | $10036794 |
| Large Cap Buyback Fund |  |  |  |
| Risk-On Risk-Off Fund | 10430488 | 2279924 | 12710412 |
| Income Fund | 9475295 | 184704 | 9659999 |

---

Semi-Annual Report \| 44

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, resulted in reclassifications for the fiscal year ended June 30, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
|  | **Paid In**<br> **Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| Defensive Growth Fund | $(57680) | $57680 |
| Large Cap Buyback Fund | - | - |
| Risk-On Risk-Off Fund | (165978) | $165978 |
| Income Fund | - | - |

---

**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 its investments and could result in increased premiums or discounts 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.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

**NOTE 7. 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

Semi-Annual Report \| 45

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

concluded that there is no impact requiring adjustment in the financial statements. However, the following disclosures are applicable:

<u>Distributions</u>

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

<u>Class A</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 1/30/2023 | 0.03695 |

---

<u>Class I</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 1/30/2023 | 0.03840 |

---

<u>Class U</u>

---

| | | |
|:---|:---|:---|
|  | **<u>Pay Date</u>** | **<u>Rate</u>** |
| Ordinary Income | 1/30/2023 | 0.03270 |

---

Semi-Annual Report \| 46

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

EXPENSE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees; and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period July 1, 2022 and held for the entire period through December 31, 2022.

**<u>Actual Expenses</u>**

The first section of each table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period/year.

**<u>Hypothetical Example for Comparison Purposes</u>** 

The second section of each table provides information about the hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. For more information on transactional costs, please refer to the Fund's prospectus.

Semi-Annual Report \| 47

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

EXPENSE ILLUSTRATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
| **DSS AmericaFirst Defensive Growth Fund - Class A** | **DSS AmericaFirst Defensive Growth Fund - Class A** | **DSS AmericaFirst Defensive Growth Fund - Class A** | **DSS AmericaFirst Defensive Growth Fund - Class A** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1003.69  | $13.99  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1011.24  | $14.04  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Defensive Growth Fund - Class I** | **DSS AmericaFirst Defensive Growth Fund - Class I** | **DSS AmericaFirst Defensive Growth Fund - Class I** | **DSS AmericaFirst Defensive Growth Fund - Class I** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1006.83  | $11.33  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1013.91  | $11.37  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.24%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.24%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.24%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.24%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Defensive Growth Fund - Class U** | **DSS AmericaFirst Defensive Growth Fund - Class U** | **DSS AmericaFirst Defensive Growth Fund - Class U** | **DSS AmericaFirst Defensive Growth Fund - Class U** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1001.31  | $16.50  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1008.72  | $16.56  |
| \* Expenses are equal to the Fund's annualized expense ratio of 3.27%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.27%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.27%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.27%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst LargeCap Buyback Fund - Class A** | **DSS AmericaFirst LargeCap Buyback Fund - Class A** | **DSS AmericaFirst LargeCap Buyback Fund - Class A** | **DSS AmericaFirst LargeCap Buyback Fund - Class A** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1093.18  | $10.60  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1015.07  | $10.21  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.01%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.01%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.01%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.01%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

Semi-Annual Report \| 48

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

EXPENSE ILLUSTRATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**DSS AmericaFirst LargeCap Buyback Fund - Class I** | <br>**DSS AmericaFirst LargeCap Buyback Fund - Class I** | <br>**DSS AmericaFirst LargeCap Buyback Fund - Class I** | <br>**DSS AmericaFirst LargeCap Buyback Fund - Class I** | <br>**DSS AmericaFirst LargeCap Buyback Fund - Class I** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1093.19  | $9.29  | $9.29  |
| Hypothetical |  |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1016.33  | $8.94  | $8.94  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst LargeCap Buyback Fund - Class U** | **DSS AmericaFirst LargeCap Buyback Fund - Class U** | **DSS AmericaFirst LargeCap Buyback Fund - Class U** | **DSS AmericaFirst LargeCap Buyback Fund - Class U** | **DSS AmericaFirst LargeCap Buyback Fund - Class U** |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1087.59  | $14.52  | $14.52  |
| Hypothetical |  |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1011.29  | $13.99  | $13.99  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Risk-On Risk-Off Fund - Class A** | **DSS AmericaFirst Risk-On Risk-Off Fund - Class A** |  |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1029.31  | $1029.31  | $13.86  |
| Hypothetical |  |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1011.54  | $1011.54  | $13.74  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.71%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.71%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.71%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.71%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.71%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Risk-On Risk-Off Fund - Class I** | **DSS AmericaFirst Risk-On Risk-Off Fund - Class I** |  |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1036.43  | $1036.43  | $7.49  |
| Hypothetical |  |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1017.85  | $1017.85  | $7.43  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

Semi-Annual Report \| 49

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

EXPENSE ILLUSTRATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
| <br>**DSS AmericaFirst Risk-On Risk-Off Fund - Class U** | <br>**DSS AmericaFirst Risk-On Risk-Off Fund - Class U** |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1027.45  | $16.40  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1009.02  | $16.25  |
| \* Expenses are equal to the Fund's annualized expense ratio of 3.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 3.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Income Fund - Class A** | **DSS AmericaFirst Income Fund - Class A** |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $987.89  | $12.48  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1012.65  | $12.63  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Income Fund - Class I** | **DSS AmericaFirst Income Fund - Class I** | **DSS AmericaFirst Income Fund - Class I** |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $992.18  | $8.49  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1016.69  | $8.59  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.69%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.69%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.69%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.69%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **DSS AmericaFirst Income Fund - Class U** | **DSS AmericaFirst Income Fund - Class U** |  |  |
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $985.05  | $14.91  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1010.18  | $15.10  |
| \* Expenses are equal to the Fund's annualized expense ratio of 2.98%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.98%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.98%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 2.98%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

Semi-Annual Report \| 50

**DSS AMERICAFIRST QUANTITATIVE FUNDS**

ADDITIONAL INFORMATION

DECEMBER 31, 2022 (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>PORTFOLIO HOLDINGS</u>**

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the Commission's website at <u>http://www.sec.gov</u>.

**<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>.

Semi-Annual Report \| 51

***PRIVACY NOTICE***

**Rev. Jan 2013**

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES DSS AMERICAFIRST QUANTITATIVE FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number ■ Purchase History<br>■ Assets ■ Account Balances<br>■ Retirement Assets ■ Account Transactions<br>■ Transaction History ■ Wire Transfer Instructions<br>■ Checking Account Information<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons DSS AmericaFirst Quantitative Funds chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does DSS AmericaFirst<br> Quantitative Funds share?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
| **Questions?** | Call 1-877-217-8363 |

---

Semi-Annual Report \| 52

---

| | |
|:---|:---|
| PAGE 2 | PAGE 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;&nbsp;&nbsp;**Who we are** |
| **Who is providing this notice?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSS AmericaFirst Quantitative Funds<br>|
| **What we do** | **What we do** |
| **How does DSS AmericaFirst Quantitative Funds protect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does DSS AmericaFirst Quantitative Funds collect my personal information?** | We collect your personal information, for example, when you<br> ■ Open an account<br>■ Provide account information<br>■ Give us your contact information<br>■ Make deposits or withdrawals from your account<br>■ Make a wire transfer<br>■ Tell us where to send the money<br>■ Tells us who receives the money<br>■ Show your government-issued ID<br>■ Show your driver's license<br>We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>**■** Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>**■** Affiliates from using your information to market to you<br>**■** Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *DSS AmericaFirst Quantitative Funds doesn't share with our affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies<br>■ *DSS AmericaFirst Quantitative Funds doesn't share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *DSS AmericaFirst Quantitative Funds doesn't jointly market.* |

---

Semi-Annual Report \| 53

This Page Was Left Blank Intentionally

Semi-Annual Report \| 54

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

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

DSS Wealth Management, Inc.

1999 Bryan St., Ste. 900

Dallas, TX 75201

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

Mutual Shareholder Services, LLC

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

**Item 2. Code of Ethics** Not applicable.

**Item 3. Audit Committee Financial Expert** Not applicable.

**Item 4. Principal Accountant Fees and Services** Not applicable.

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

**Item 6. Schedule of Investments.** Included in Report to Shareholders.

**Item 7. Disclosure of Closed End fund Proxy Voting Policies/Procedures.** Not applicable.

**Item 8. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 9. Purchases of Equity Securities by Closed End Funds.** Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** Not applicable.

**Item 11. Controls and Procedures.**

(a) Disclosure Controls & Procedures. The registrant's president and chief financial officer has concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) Internal Controls. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(b) under the 1940 Act that occurred during the registrant's first fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits.** 

(a)(1)

EX-99.CERT. Filed herewith.

(a)(2)

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

(b) EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>DSS AmericaFirst Quantitative Funds</u>

By <u>/s/ Rick Gonsalves</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Rick Gonsalves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

Date: March 7, 2023

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/ Rick Gonsalves</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Rick Gonsalves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

Date: March 7, 2023

\*Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

<u>CERTIFICATION</u>

I, Rick Gonsalves, certify that:

1. I have reviewed this report on Form N-CSR of DSS AmericaFirst Quantitative 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>March 7, 2023</u>

<u>/s/ Rick Gonsalves</u>

Rick Gonsalves

Chief Executive Officer

<u>CERTIFICATION</u>

I, Bob Anastasi, certify that:

1. I have reviewed this report on Form N-CSR of DSS AmericaFirst Quantitative 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>March 7, 2023</u>

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

Bob Anastasi

Chief Financial Officer and Treasurer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

I, <u>Rick Gonsalves</u>, Chief Executive Officer and <u>Bob Anastasi</u>, Chief Financial Officer<u> </u>and Treasurer of <u>DSS AmericaFirst Quantitative 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 December 31, 2022 (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.

Chief Executive Officer

Chief Financial Officer and Treasurer

<u>DSS AmericaFirst Quantitative Funds</u>

<u>DSS AmericaFirst Quantitative Funds</u>

<u>/s/ Rick Gonsalves</u>

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

Rick Gonsalves

Bob Anastasi

Date: <u>March 7, 2023</u>

Date: <u>March 7, 2023</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 Quantitative Funds</u> and will be retained by <u>DSS AmericaFirst Quantitative 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.

<br>