Mar. 01, 2023

American Trust Allegiance Fund

The American Trust Allegiance Fund

The American Trust Allegiance Fund

Supplement dated March 1, 2023 to the Prospectus

dated June 28, 2022, as supplemented

As of March 1, 2023, American Trust Investment Advisors, LLC (the “Adviser”), the investment adviser to the American Trust Allegiance Fund (the “Fund”), has contractually agreed to an amended operating expenses limitation agreement reducing the operating expense limit from 1.39% to 1.29% of average daily net assets.

The Fees and Expenses table and Expense Example on page 1 of the Prospectus are deleted and replaced with the following:

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

SHAREHOLDER FEES (fees paid directly from your investment)

SHAREHOLDER FEES (fees paid directly from your investment)    None

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.95%
Other Expenses	0.94%
Total Annual Fund Operating Expenses(1)	1.89%
Less: Fee Waiver	-0.60%
Total Annual Fund Operating Expenses After Fee Waiver	1.29%

Example.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same (taking into account the contractual Expense Cap only in the first year).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years	5 Years	10 Years
$131	$536	$966	$2,163

Please retain this Supplement with your Prospectus for future reference.