NPORT-EX 2 ast-at3_nport.htm
American Trust Allegiance Fund
  
Schedule of Investments
  
at November 30, 2022 (Unaudited)
      
           
Shares
  
COMMON STOCKS: 94.02%
  
Value
  
   
Administrative Support and Services: 2.68%
      
 
9,075
  
PayPal Holdings, Inc.*
  
$
711,571
  
               
     
Air Transportation: 1.79%
        
 
10,000
  
Alaska Air Group, Inc.*
    
474,400
  
               
     
Apparel Manufacturing: 1.93%
        
 
15,570
  
VF Corp.
    
511,007
  
               
     
Chemical Manufacturing: 2.48%
        
 
26,940
  
Cameco Corp.#
    
656,797
  
               
     
Computer and Electronic Product Manufacturing: 13.84%
        
 
4,580
  
Analog Devices, Inc.
    
787,348
  
 
3,740
  
Apple, Inc.
    
553,632
  
 
5,500
  
International Business Machines Corp.
    
818,950
  
 
1,150
  
Northrop Grumman Corp.
    
613,283
  
 
2,755
  
NXP Semiconductors N.V.#
    
484,439
  
 
4,970
  
Sony Corp. - ADR
    
412,858
  
           
3,670,510
  
     
Construction of Buildings: 2.70%
        
 
8,160
  
Lennar Corp. - Class A
    
716,693
  
               
     
Crude Petroleum Extraction: 4.13%
        
 
8,865
  
ConocoPhillips
    
1,094,916
  
               
     
Engineering and Construction: 0.05%
        
 
27,010
  
Sitios Latinoamérica *#
    
12,039
  
               
     
Fabricated Metal Product Manufacturing: 2.76%
        
 
12,000
  
BWX Technologies, Inc.
    
730,680
  
               
     
Food Manufacturing: 5.38%
        
 
9,170
  
Archer-Daniels-Midland Co.
    
894,075
  
 
7,885
  
Mondelez International, Inc. - Class A
    
533,105
  
           
1,427,180
  
     
Food Services and Drinking Places: 2.49%
        
 
88,177
  
Arcos Dorados Holdings, Inc. - Class A#
    
660,446
  
               
     
General Merchandise Stores: 4.99%
        
 
7,180
  
BJ's Wholesale Club Holdings, Inc.*
    
540,223
  
 
4,690
  
Target Corp.
    
783,558
  
           
1,323,781
  
     
Heavy and Civil Engineering Construction: 6.07%
        
 
47,840
  
Fluor Corp.*
    
1,607,902
  
               
     
Insurance Carriers and Related Activities: 8.17%
        
 
5,060
  
Berkshire Hathaway, Inc. - Class B*
    
1,612,116
  
 
17,480
  
Equitable Holdings, Inc.
    
554,815
  
           
2,166,931
  
     
Machinery Manufacturing: 0.84%
        
 
470
  
Lam Research Corp.
    
222,019
  
               
     
Miscellaneous Manufacturing: 3.87%
        
 
5,185
  
Hasbro, Inc.
    
325,722
  
 
65,325
  
Nintendo Co., Ltd. - ADR
    
700,937
  
           
1,026,659
  
     
Oil and Gas Extraction: 4.35%
        
 
6,580
  
Cheniere Energy, Inc.
    
1,153,869
  
               
     
Other Information Services: 2.60%
        
 
5,840
  
Meta Platforms, Inc. - Class A*
    
689,704
  
               
     
Paper Manufacturing: 2.31%
        
 
60,130
  
Suzano SA - ADR
    
611,522
  
               
     
Professional, Scientific, and Technical Services: 1.01%
        
 
2,125
  
Jacobs Solutions, Inc.
    
268,898
  
               
     
Publishing Industries (except Internet): 2.06%
        
 
2,130
  
Microsoft Corp.
    
543,448
  
               
     
Real Estate: 1.04%
        
 
3,466
  
CBRE Group, Inc. - Class A*
    
275,894
  
               
     
Rental and Leasing Services : 3.11%
        
 
2,700
  
Netflix, Inc.*
    
824,931
  
               
     
Securities, Commodity Contracts, and Other Finance: 4.94%
        
 
2,255
  
Goldman Sachs Group, Inc.
    
870,768
  
 
8,530
  
KKR & Co., Inc.
    
442,878
  
           
1,313,646
  
     
Telecommunications: 1.98%
        
 
27,010
  
America Movil SAB de CV - Class L - ADR
    
525,615
  
               
     
Transportation Equipment Manufacturing: 1.60%
        
 
4,800
  
Autoliv, Inc.
    
424,320
  
               
     
Utilities: 4.85%
        
 
13,376
  
Constellation Energy Corp.
    
1,285,701
  
     
TOTAL COMMON STOCKS (Cost $16,109,684)
    
24,931,079
  
               
     
REIT: 2.52%
        
     
Warehousing and Storage: 2.52%
        
 
12,285
  
Iron Mountain, Inc.
    
667,444
  
     
TOTAL REIT (Cost $394,928)
    
667,444
  
               
     
Money Market Fund: 3.48%
        
 
923,483
  
Fidelity Investments Money Market Government Portfolio - Class I, 3.56%†
    
923,483
  
     
TOTAL MONEY MARKET FUND (Cost $923,483)
    
923,483
  
     
Total Investments in Securities (Cost $17,428,095): 100.02%
    
26,522,006
  
     
Liabilities in Excess of Other Assets: (0.02)%
    
(4,461
)
     
Net Assets: 100.00%
  
$
26,517,545
  

* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
† Rate shown is the 7-day annualized yield as of November 30, 2022.
    
ADR - American Depository Receipt
    
REIT - Real Estate Investment Trust
    
American Trust Allegiance Fund
                
Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)
          
                   
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish 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 following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:
      

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Administrative Support and Waste Management
  
$
711,571
    
$
-
    
$
-
    
$
711,571
  
Construction
    
2,336,634
      
-
      
-
      
2,336,634
  
Finance and Insurance
    
3,037,699
      
-
      
-
      
3,037,699
  
Information
    
1,233,152
      
-
      
-
      
1,233,152
  
Management of Companies and Enterprises
    
525,615
      
-
      
-
      
525,615
  
Manufacturing
    
8,623,897
      
-
      
-
      
8,623,897
  
Mining
    
1,751,713
      
-
      
-
      
1,751,713
  
Professional, Scientific, and Technical Services
    
268,898
      
-
      
-
      
268,898
  
Real Estate, Rental, and Leasing
    
1,100,825
      
-
      
-
      
1,100,825
  
Retail Trade
    
2,427,105
      
-
      
-
      
2,427,105
  
Transportation and Warehousing
    
474,400
      
-
      
-
      
474,400
  
Utilities
    
2,439,570
      
-
      
-
      
2,439,570
  
Total Common Stocks
    
24,931,079
      
-
      
-
      
24,931,079
  
REIT
    
667,444
      
-
      
-
      
667,444
  
Money Market Fund
    
923,483
      
-
      
-
      
923,483
  
Total Investments in Securities
  
$
26,522,006
    
$
-
    
$
-
    
$
26,522,006
  
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification.