Item 1 – Schedule of Investments

American Growth Fund Series One
April30, 2023
(unaudited)

Common Stock 99.21%	Shares		Market Value
Computer Software and Svcs 15.05%
Fair Isaac Corporation*	3,530	$	2,569,664
			2,569,664
Diversified Co. 12.43%
Chemed Corp	3,020		1,664,775
Honeywell International Inc.	2,291		457,833
			2,122,608
Semiconductor Cap. Equip. 7.81%
Teradyne Inc.	14,800		1,334,148
			1,334,148
Railroad 6.83%
Canadian Pacific Railway LTD	15,481		1,166,832
			1,166,832
Computer Hardware 6.77%
Apple Inc.	6,816		1,156,539
			1,156,539
Application Software 5.40%
Microsoft Corporation	3,000		921,780
			921,780
Environmental 4.91%
Waste Management Inc.*	5,050		838,553
			838,553
Computer & Peripherals 4.57%
Cisco Systems Inc.	16,500		779,625
			779,625
Biotechnology 4.21%
Amgen Inc.	3,000		719,220
			719,220

Machinery 3.99%
The Middleby Corporation*	4,835	$	681,155
			681,155
Cable TV 3.67%
Charter Communications Inc.*	1,700		626,790
			626,790
Retail – Apparel and Specialty 3.05%
Tractor Supply Company	1,300		309,920
Amazon.com Inc.*	2,000		210,900
			520,820
Transportation and Logistics 2.99%
Old Dominion Freight Line Inc.	945		302,769
J.B. Hunt Transport Services Inc.	700		122,703
Norfolk Southern Corporation	420		85,272
			510,744
Home Improvement Stores 2.01%
Home Depot Inc. (The)	1,140		342,616
			342,616
Restaurants 1.84%
Starbucks Corporation	2,748		314,069
			314,069
Farm & Construction Machinery 1.67%
Caterpillar Inc.	1,300		284,440
			284,440
Online Media 1.48%
Alphabet Inc.*	2,350		252,249
			252,249
Semiconductor 1.46%
Nvidia Corp	900		249,741
			249,741
Insurance – Property and Causality 1.37%
Markel Corporation*	100		136,853
Selective Insurance Group Inc.	1,000		96,330
			233,183
Telecommunications Services 1.26%
T-Mobile US, Inc.*	1,500		215,850
			215,850

Chemicals 1.21%
Balchem Corporation*	1,575	$	206,955
			206,955
Health Care Plans 1.09%
UnitedHealth Group Incorporated	380		186,994
			186,994
Business Services 1.06%
Paychex Inc.	1,651		181,378
			181,378
Health Care Providers 0.85%
HCA Healthcare Inc.	505		145,102
			145,102
Drug 0.76%
Johnson and Johnson	796		130,305
			130,305
Industrial Products 0.70%
Eaton Corp Plc	720		120,326
			120,326
Medical Diagnostic and Research 0.65%
Thermo Fisher Scientific Inc	200		110,980
			110,980
Aerospace and Defense 0.12%
Raytheon Technologies	200		19,980
			19,980
Total Value Common Stocks (cost 4,705,783)	99.21%		16,942,646
Cash and Receivable, less liabilities	0.78%		134,556
Total Net Assets	99.99%		17,077,202

* Non-income producing security during last 12 months

Gross Unrealized appreciation on investment securities	12,236,863)
Gross Unrealized depreciation on investment securities	-
Net Unrealized depreciation on investment securities	12,236,863)
Cost of investment securities for federal income tax purposes	4,705.783)

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	$16,942,646	$0	$0	$16,942,646