Item 1 – Schedule of Investments
American Growth Fund Series One
April 30, 2022
(unaudited)
| Common Stock 99.38% | | Shares | | | Market Value | |
| Diversified Co. 11.43% | | | | | | | |
| Chemed Corp | | 3,115 | | | $ | 1,530,680 | |
| Honeywell International Inc. | | 2,291 | | | | 443,331 | |
| | | | | | | 1,974,011 | |
| Semiconductor Cap. Equip. 9.22% | | | | | | | |
| Teradyne Inc. | | 15,100 | | | | 1,592,446 | |
| | | | | | | 1,592,446 | |
| Computer Software & Svcs 7.78% | | | | | | | |
| Fair Isaac Corporation* | | 3,600 | | | | 1,344,636 | |
| | | | | | | 1,344,636 | |
| Railroad 6.56% | | | | | | | |
| Canadian Pacific Railway LTD. | | 15,481 | | | | 1,133,519 | |
| | | | | | | 1,133,519 | |
| Computer Hardware 6.22% | | | | | | | |
| Apple Inc. | | 6,816 | | | | 1,074,542 | |
| | | | | | | 1,074,542 | |
| Environmental 5.88% | | | | | | | |
| Waste Management Inc. | | 6,180 | | | | 1,016,239 | |
| | | | | | | 1,016,239 | |
| Computer & Peripherals 5.39% | | | | | | | |
| Cisco Systems Inc. | | 19,000 | | | | 930,620 | |
| | | | | | | 930,620 | |
| Application Software 4.99% | | | | | | | |
| Microsoft Corporation | | 3,109 | | | | 862,810 | |
| | | | | | | 862,810 | |
| Machinery 4.31% | | | | | | | |
| The Middleby Corporation* | | 4,835 | | | | 744,058 | |
| | | | | | | 744,058 | |
| Cable TV 4.22% | | | | | | | |
| Charter Communications Inc.* | | 1,700 | | | $ | 728,433 | |
| | | | | | | 728,433 | |
| Biotechnology 4.05% | | | | | | | |
| Amgen Inc. | | 3,000 | | | | 699,570 | |
| | | | | | | 699,570 | |
| Transportation & Logistics 3.15% | | | | | | | |
| Old Dominion Freight Line Inc. | | 945 | | | | 264,713 | |
| Norfolk Southern Corporation | | 620 | | | | 159,886 | |
| J.B. Hunt Transport Services Inc. | | 700 | | | | 119,595 | |
| | | | | | | 544,194 | |
| Online Media 3.10% | | | | | | | |
| Alphabet Inc.* | | 235 | | | | 536,315 | |
| | | | | | | 536,315 | |
| Retail - Apparel & Specialty 2.96% | | | | | | | |
| Tractor Supply Company | | 1,300 | | | | 261,885 | |
| Amazon.com Inc.* | | 100 | | | | 248,563 | |
| | | | | | | 510,448 | |
| Semiconductor 2.34% | | | | | | | |
| Intel Corporation | | 6,200 | | | | 270,258 | |
| NVIDIA Corporation | | 720 | | | | 133,539 | |
| | | | | | | 403,797 | |
| Home Improvement Stores 1.98% | | | | | | | |
| Home Depot Inc. (The) | | 1,140 | | | | 342,456 | |
| | | | | | | 342,456 | |
| Industrial Products 1.95% | | | | | | | |
| Eaton Corporation PLC | | 970 | | | | 140,669 | |
| Vestas Wind Systems A/S ADR Uns | | 12,500 | | | | 107,000 | |
| ABB LTD | | 3,000 | | | | 89,610 | |
| | | | | | | 337,279 | |
| Farm & Construction Machinery 1.79% | | | | | | | |
| Caterpillar Inc. | | 1,471 | | | | 309,704 | |
| | | | | | | 309,704 | |
| Insurance - Property and Causality 1.26% | | | | | | | |
| Markel Corporation* | | 100 | | | | 135,328 | |
| Selective Insurance Group Inc. | | 1,000 | | | | 82,360 | |
| | | | | | | 217,688 | |
| Business Services 1.21% | | | | | | | |
| Paychex Inc. | | 1,651 | | | $ | 209,231 | |
| | | | | | | 209,231 | |
| Restaurants 1.19% | | | | | | | |
| Starbucks Corporation | | 2,748 | | | | 205,111 | |
| | | | | | | 205,111 | |
| Chemicals 1.12% | | | | | | | |
| Balchem Corporation | | 1,575 | | | | 194,040 | |
| | | | | | | 194,040 | |
| Health Care Plans 1.12% | | | | | | | |
| UnitedHealth Group Incorporated | | 380 | | | | 193,249 | |
| | | | | | | 193,249 | |
| Telecommunication Services 1.07% | | | | | | | |
| T-Mobile US, Inc. * | | 1,500 | | | | 184,710 | |
| | | | | | | 184,710 | |
| Media - Diversified 0.92% | | | | | | | |
| Comcast Corp CL A | | 4,000 | | | | 159,040 | |
| | | | | | | 159,040 | |
| Drug 0.83% | | | | | | | |
| Johnson & Johnson | | 796 | | | | 143,646 | |
| | | | | | | 143,646 | |
| Banks 0.83% | | | | | | | |
| J P Morgan Chase | | 1,200 | | | | 143,232 | |
| | | | | | | 143,232 | |
| Medical Diagnostics & Research 0.64% | | | | | | | |
| Thermo Fisher Scientific Inc. | | 200 | | | | 110,584 | |
| | | | | | | 110,584 | |
| Health Care Providers 0.63% | | | | | | | |
| HCA Healthcare Inc. | | 505 | | | | 108,348 | |
| | | | | | | 108,348 | |
| Asset Management 0.47% | | | | | | | |
| Blackstone Inc. | | 800 | | | | 81,256 | |
| | | | | | | 81,256 | |
| Software 0.41% | | | | | | | |
| Salesforce.com Inc * | | 400 | | | | 70,376 | |
| | | | | | | 70,376 | |
| Aerospace & Defense 0.27% | | | | | | | |
| Raytheon Technologies Corporation | | 500 | | | $ | 47,455 | |
| | | | | | | 47,455 | |
| Vehicles & Parts 0.09% | | | | | | | |
| Dana Incorporated | | 1000 | | | | 14,810 | |
| | | | | | | 14,810 | |
| | | | | | | | |
| Total Value Common Stocks (cost $5,743,911) | | 99.38 | % | | | 17,167,853 | |
| Cash and Receivable, less liabilities | | 0.62 | % | | | 107,699 | |
| Total Net Assets | | 100.00 | % | | $ | 17,275,552 | |
| * | Non-income producing security during last 12 months |
| Gross Unrealized appreciation on investment securities | | | 11,599,728 | |
| Gross Unrealized depreciation on investment securities | | | (175,786 | ) |
| Net Unrealized depreciation on investment securities | | | 11,423,942 | |
| Cost of investment securities for federal income tax purposes | | | 5,743,911 | |
Securities Valuations - The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.
The three levels of inputs are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 on 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 Fund's 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 in its entirety.
The following is a summary of the inputs used, as of April 30, 2022, in valuing the Fund's assets carried at fair value:
| Equity | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stock | | $ | 17,167,853 | | | $ | 0 | | | $ | 0 | | | $ | 17,167,853 | |
