Investment Discipline

The Advisor utilizes a "bottom up" approach to stock investing and does not attempt to forecast the U.S. economy, interest rates, inflation, or the U.S. stock market. Quantitative screens are applied to databases of publicly-traded companies for specific investment characteristics.

The Advisor focuses on finding companies that meet its financial criteria, which include a strong competitive position in its respective marketplace, a history of consistent earnings and revenue growth or strong prospects of earnings and revenue growth, and a strong balance sheet.

The Advisor generally prefers large and mid-capitalization, domestic companies that have demonstrated operating momentum. However, in some stock market environments small capitalization stocks may constitute a large portion of the Fund. Companies that are in the process of a financial or competitive turnaround are generally avoided.

Tobacco Free, Alcohol Free, Drug Free, Gambling Free.

Information posted on the Allegiance Fund website and the offer to purchase shares is restricted to persons residing in certain jurisdictions; the material being made available is only for persons residing in the United States. The fund does not intend to market or distribute their shares in any country other than the United States.

To obtain a hard copy of the prospectus please call 800-385-7003. The prospectus should be read and considered carefully before investing.

Investments in mutual funds are: Not Insured/Not Guaranteed by any financial institution and are subject to market risk.

The investment advisor is American Trust Investment Advisors, LLC.

The American Trust Allegiance Fund is distributed by Quasar Distributors, LLC.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium-capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund's social policy may cause it to make or avoid investments for social reasons when it is otherwise disadvantageous to do so. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. The fund may makes short sales of securities, which involves the risk that losses may exceed the original amount invested.

Investments in Real Estate Investment Trusts (REITs) will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, REITs have their own expenses, and the Fund will bear a proportionate share of those expenses.

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