Item 1 – Schedule of Investments

American Growth Fund Series One
October 31, 2022
(unaudited)

Common Stock 97.62%	Shares		Market Value
Diversified Co. 12.00%
Chemed Corp	3,115	$	1,454,300
Honeywell International Inc.	2,291		467,410
			1,921,710
Computer Software and Svcs 10.76%
Fair Isaac Corporation*	3,600		1,723,824
			1,723,824
Semiconductor Cap. Equip. 7.67%
Teradyne Inc.	15,100		1,228,385
			1,228,385
Railroad 7.20%
Canadian Pacific Railway LTD	15,481		1,153,180
			1,153,180
Computer Hardware 6.52%
Apple Inc.	6,816		1,045,165
			1,045,165
Biotechnology 5.06%
Amgen Inc.	3,000		811,050
			811,050
Environmental 4.99%
Waste Management Inc.*	5,050		799,768
			799,768
Computer & Peripherals 4.68%
Cisco Systems Inc.	16,500		749,595
			749,595
Application Software 4.50%
Microsoft Corporation	3,109		721,692
			721,692

Machinery 4.22%
The Middleby Corporation*	4,835	$	676,233
			676,223
Cable TV 3.90%
Charter Communications Inc.*	1,700		624,954
			624,954
Transportation and Logistics 3.25%
Old Dominion Freight Line Inc.	945		259,497
Norfolk Southern Corporation	620		141,403
J.B. Hunt Transport Services Inc.	700		119,749
			520,649
Retail – Apparel and Specialty 3.06%
Tractor Supply Company	1,300		285,701
Amazon.com Inc.*	2,000		204,880
			490,581
Online Media 2.77%
Alphabet Inc.*	4,700		444,197
			444,197
Home Improvement Stores 2.11%
Home Depot Inc. (The)	1,140		337,588
			337,588
Farm & Construction Machinery 1.99%
Caterpillar Inc.	1,471		318,413
			318,413
Industrial Products 1.62%
Eaton Corporation PLC	970		145,566
Vestas Wind Systems A/S ADR UNS*	12,500		81,250
ABB LTD*	1,200		33,408
			260,226
Restaurants 1.49%
Starbucks Corporation	2,748		237,949
			237,949
Telecommunications Services 1.42%
T-Mobile US, Inc.*	1,500		227,340
			227,340

Chemicals 1.37%
Balchem Corporation*	1,575	$	220,185
			220,185
Insurance – Property and Causality 1.37%
Markel Corporation*	100		120,610
Selective Insurance Group Inc.	1,000		98,080
			218,690
Health Care Plans 1.32%
UnitedHealth Group Incorporated	380		210,957
			210,957
Business Services 1.22%
Paychex Inc.	1,651		195,330
			195,330
Drug 0.86%
Johnson and Johnson	796		138,480
			138,480
Health Care Providers 0.69%
HCA Healthcare Inc.	505		109,822
			109,822
Medical Diagnostic and Research 0.64%
Thermo Fisher Scientific Inc	200		102,794
			102,794
Banks 0.39%
J P Morgan Chase	500		62,940
			62,940
Software 0.20%
Salesforce.com Inc.*	200		32,518
			32,518
Asset Management 0.17%
Blackstone, Inc.	300		27,342
			27,342
Aerospace and Defense 0.12%
Raytheon Technologies	200		18,964
			18,964

Vehicles and Parts 0.05%
Dana Incorporated	500	$	7,980
			7,980
Total Value Common Stocks (cost 4,917,571)	97.62%		15,368,493
Cash and Receivable, less liabilities	2.38%		381,673
Total Net Assets	100%		16,020,166

* Non-income producing security during last 12 months

Gross Unrealized appreciation on investment securities	10,773,194)
Gross Unrealized depreciation on investment securities	(52,273)
Net Unrealized depreciation on investment securities	10,720,921)
Cost of investment securities for federal income tax purposes	4,917,571)

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 October 31, 2022, in valuing the Fund's assets carried at fair value:

Equity	Level 1	Level 2	Level 3	Total
Common Stock	$15,638,493	$0	$0	$15,638,493