Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number_811-825_______________________________________________

AMERICAN GROWTH FUND INC______________________________________________________________
(Exact name of registrant as specified in charter)

1636 N Logan Street, Denver, CO 80203______________________________________________________
(Address of principal executive offices)
(Zip code)
(Name and address of agent or service)

Registrant's telephone number, including area code: _1-800-525-2406_____________________________

Date of fiscal year end: _July 31, 2026______________________________________________________

Date of reporting period: _January 31, 2026_________________________________________________

Semi-Annual Shareholder Report

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Item 1 - Report to Stockholders.

(a) A copy of the report transmitted to shareholder pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended ("Act"), is filed herewith.

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	American Growth Fund, Inc.
	Series One | Class A| AMRAX
	Semi-Annual Shareholder Report | January 31, 2026

This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at http://www.americangrowthfund.com/agfs1/agflit_download.htm. You can also request this information by contacting us at 1-800-525-2406.

WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS (based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$446	4.05%

HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

For the 6-month period ended January 31, 2026, the Fund returned a 10.48% (this number includes a sales load of 5.75% as well as Fund expenses and change in Market Value) for Class A outperforming its benchmark, the S&P 500 Index. The Fund's primary objective is growth of capital. The S&P 500 posted a gain of 10.13% while the Dow Jones Industrial Average posted a gain of 11.72% during the reporting period. A performance chart comparing this class to the S&P 500 Index is further down in this report.

WHAT FACTORS INFLUENCED PERFORMANCE?

The Fund is invested primarily in large cap, growth-oriented domestic common stocks. The Fund's largest sector allocation is Semiconductor Capital Equipment at 14.78% of the portfolio, and the largest holding in the portfolio is Teradyne, Inc. (at 14.78% of the Total Net Assets), the world"s largest producer of automated test equipment for semiconductors. The table below shows how the top 3 and bottom 3 stocks performed and how they contribute to the performance of the portfolio. As of this report, as stated in our Key Fund Statistics, our portfolio contained 27 stocks. The S&P 500 Index is a broad index that contains 500 stocks whereas the Dow Jones Industrial Average is an Index that contains 30 stocks. As a diversified portfolio, we follow strict guidelines to maintain our diversification which in turn, can help protect your assets in case of a sudden downturn in a sector or multiple sectors. Sometimes performance can be affected negatively by diversification regulations. This year your Fund was required to sell some stock in order to meet the IRS's diversification standards which negatively affected the performance. Keep in mind, major indexes, such as the two mentioned above, may or may not have to follow the same set of standards on diversification to manage the product and, unlike the Fund, do not have any expenses or overhead.

Top 3 Contributors				Bottom 3 Contributors
Investment	Industry	Percent Contribution to the Gain on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026	Investment	Industry	Percent Contribution to the Loss on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026
Teradyne, Inc.	Semiconductor Capital Equipment	8.19)%	124.38)%	Microsoft Corporation	Application Software	(1.15)%	(19.35)%
Alphabet, Inc.	Online Media	3.12)%	71.38)%	T-Mobile US, Inc.	Telecommunication Services	(0.36)%	(17.28)%
Apple, Inc.	Computer Hardware	1.73)%	25.01)%	Paychex Inc.	Business Services	(0.33)%	(28.55)%

HOW DID THE FUND PERFORM THE PAST 10 YEARS?

TOTAL RETURN	AVERAGE ANNUAL TOTAL RETURN
(based on a $10,000 Investment)	(based on a $10,000 Investment)
			5 years	10 years
	Series One	1 year	annualized	annualized
	Class A without load	11.97)%	8.68)%	11.09)%2
	Class A with load*	5.50)%	7.40)%	10.43)%2
	S&P 500 Index	16.35)%	14.99)%	15.57)%2
	Dow Jones Industrial Average	11.65)%	12.42)%	13.94)%2
	*Includes a 5.75% sales charge.
	Performance quoted for the period ended January 31, 2026 represents past performance and cannot be used to predict future results. The graph and table do not reflect the reduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.The investment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more or less than their original cost. Visit http://www.americangrowthfund.com/agfs1/agflit_download.htm for more recent performance information.
*Includes a 5.75% sales charge based on a $10,000 initial purchase.

KEY FUND STATISTICS
(as of January 31, 2026)

Total Net Assets by Fund		$20,395,913		Total Net Assets by Class		$10,592,927
Total Advisory Fee paid by Fund		$99,296		Total Advisory Fee paid by Class		$51,569
Number of Holdings in the Portfolio		27
Portfolio Turnover		7%

WHAT DID THE FUND INVEST IN?
(as of January 31, 2026)

Allocation of Portfolio Assets					Allocation of Portfolio Assets(continued)
(Calculated as a percentage of Net Assets)					(Calculated as a percentage of Net Assets)
	Series One					Series One
	Industry Breakdown					Industry Breakdown
	Semiconductor Capital Equipment		14.78)%					)%
	Diversified Company		8.82)%					)%
	Computer Hardware		8.67)%
	Computer Software and Services		6.10)%			Total Investments		99.79)%
	Online Media		5.50)%			Cash and Receivables, less Liabilities		0.21)%
	Farm & Construction Machinery		5.03)%			Total Net Assets		100)%
	Application Software		4.81)%
	Semiconductor		4.73)%
	Retail - Apparel & Specialty		4.42)%
	Computer & Peripherals		4.39)%
	Biotechnology		4.28)%
	Environmental		3.98)%
	Machinery		3.92)%
	Railroad		3.64)%
	Aerospace & Defense		2.76)%
	Home Improvement Stores		2.50)%
	Health Care Providers		1.76)%
	Chemicals		1.75)%
	Telecommunication Services		1.74)%
	Industrial Products		1.72)%
	Drug		1.47)%
	Mining		1.19)%
	Insurance (Property and Causality)		1.00)%
	Business Services		0.83)%

AVAILABILITY OF ADDITIONAL INFORMATION

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please scan the QR code above or visit http://www.americangrowthfund.com/agfs1/agflit_download.htm.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your American Growth Fund, Inc. documents not be householded, please contact American Growth Fund, Inc. at 1-800-525-2406, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by American Growth Fund, Inc. or your financial intermediary.

	American Growth Fund, Inc.
	Series One | Class B| AMRBX
	Semi-Annual Shareholder Report | January 31, 2026

This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at http://www.americangrowthfund.com/agfs1/agflit_download.htm. You can also request this information by contacting us at 1-800-525-2406.

WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS (based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class B	$583	5.32%

HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

For the 6-month period ended January 31, 2026, the Fund returned a 16.50% for Class B outperforming its benchmark, the S&P 500 Index. The Fund's primary objective is growth of capital. The S&P 500 posted a gain of 10.13% while the Dow Jones Industrial Average posted a gain of 11.72% during the reporting period. A performance chart comparing this class to the S&P 500 Index is further down in this report.

WHAT FACTORS INFLUENCED PERFORMANCE?

The Fund is invested primarily in large cap, growth-oriented domestic common stocks. The Fund's largest sector allocation is Semiconductor Capital Equipment at 14.78% of the portfolio, and the largest holding in the portfolio is Teradyne, Inc. (at 14.78% of the Total Net Assets), the world"s largest producer of automated test equipment for semiconductors. The table below shows how the top 3 and bottom 3 stocks performed and how they contribute to the performance of the portfolio. As of this report, as stated in our Key Fund Statistics, our portfolio contained 27 stocks. The S&P 500 Index is a broad index that contains 500 stocks whereas the Dow Jones Industrial Average is an Index that contains 30 stocks. As a diversified portfolio, we follow strict guidelines to maintain our diversification which in turn, can help protect your assets in case of a sudden downturn in a sector or multiple sectors. Sometimes performance can be affected negatively by diversification regulations. This year your Fund was required to sell some stock in order to meet the IRS's diversification standards which negatively affected the performance. Keep in mind, major indexes, such as the two mentioned above, may or may not have to follow the same set of standards on diversification to manage the product and, unlike the Fund, do not have any expenses or overhead.

Top 3 Contributors				Bottom 3 Contributors
Investment	Industry	Percent Contribution to the Gain on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026	Investment	Industry	Percent Contribution to the Loss on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026
Teradyne, Inc.	Semiconductor Capital Equipment	8.19)%	124.38)%	Microsoft Corporation	Application Software	(1.15)%	(19.35)%
Alphabet, Inc.	Online Media	3.12)%	71.38)%	T-Mobile US, Inc.	Telecommunication Services	(0.36)%	(17.28)%
Apple, Inc.	Computer Hardware	1.73)%	25.01)%	Paychex Inc.	Business Services	(0.33)%	(28.55)%

HOW DID THE FUND PERFORM THE PAST 10 YEARS?

TOTAL RETURN	AVERAGE ANNUAL TOTAL RETURN
(based on a $10,000 Investment)	(based on a $10,000 Investment)
			5 years	10 years
	Series One	1 year	annualized	annualized
	Class B without load	10.94)%	6.99)%	9.42)%2
	S&P 500 Index	16.35)%	14.99)%	15.57)%2
	Dow Jones Industrial Average	11.65)%	12.42)%	13.94)%2
	Performance quoted for the period ended January 31, 2026 represents past performance and cannot be used to predict future results. The graph and table do not reflect the reduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.The investment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more or less than their original cost. Visit http://www.americangrowthfund.com/agfs1/agflit_download.htm for more recent performance information.

KEY FUND STATISTICS
(as of January 31, 2026)

Total Net Assets by Fund		$20,395,913		Total Net Assets by Class		$264,130
Total Advisory Fee paid by Fund		$99,296		Total Advisory Fee paid by Class		$1,296
Number of Holdings in the Portfolio		27
Portfolio Turnover		7%

WHAT DID THE FUND INVEST IN?
(as of January 31, 2026)

Allocation of Portfolio Assets					Allocation of Portfolio Assets(continued)
(Calculated as a percentage of Net Assets)					(Calculated as a percentage of Net Assets)
	Series One					Series One
	Industry Breakdown					Industry Breakdown
	Semiconductor Capital Equipment		14.78)%					)%
	Diversified Company		8.82)%					)%
	Computer Hardware		8.67)%
	Computer Software and Services		6.10)%			Total Investments		99.79)%
	Online Media		5.50)%			Cash and Receivables, less Liabilities		0.21)%
	Farm & Construction Machinery		5.03)%			Total Net Assets		100)%
	Application Software		4.81)%
	Semiconductor		4.73)%
	Retail - Apparel & Specialty		4.42)%
	Computer & Peripherals		4.39)%
	Biotechnology		4.28)%
	Environmental		3.98)%
	Machinery		3.92)%
	Railroad		3.64)%
	Aerospace & Defense		2.76)%
	Home Improvement Stores		2.50)%
	Health Care Providers		1.76)%
	Chemicals		1.75)%
	Telecommunication Services		1.74)%
	Industrial Products		1.72)%
	Drug		1.47)%
	Mining		1.19)%
	Insurance (Property and Causality)		1.00)%
	Business Services		0.83)%

AVAILABILITY OF ADDITIONAL INFORMATION

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please scan the QR code above or visit http://www.americangrowthfund.com/agfs1/agflit_download.htm.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your American Growth Fund, Inc. documents not be householded, please contact American Growth Fund, Inc. at 1-800-525-2406, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by American Growth Fund, Inc. or your financial intermediary.

	American Growth Fund, Inc.
	Series One | Class C| AMRCX
	Semi-Annual Shareholder Report | January 31, 2026

This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at http://www.americangrowthfund.com/agfs1/agflit_download.htm. You can also request this information by contacting us at 1-800-525-2406.

WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS (based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$533	4.87%

HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

For the 6-month period ended January 31, 2026, the Fund returned a 16.59% for Class C outperforming its benchmark, the S&P 500 Index. The Fund's primary objective is growth of capital. The S&P 500 posted a gain of 10.13% while the Dow Jones Industrial Average posted a gain of 11.72% during the reporting period. A performance chart comparing this class to the S&P 500 Index is further down in this report.

WHAT FACTORS INFLUENCED PERFORMANCE?

The Fund is invested primarily in large cap, growth-oriented domestic common stocks. The Fund's largest sector allocation is Semiconductor Capital Equipment at 14.78% of the portfolio, and the largest holding in the portfolio is Teradyne, Inc. (at 14.78% of the Total Net Assets), the world"s largest producer of automated test equipment for semiconductors. The table below shows how the top 3 and bottom 3 stocks performed and how they contribute to the performance of the portfolio. As of this report, as stated in our Key Fund Statistics, our portfolio contained 27 stocks. The S&P 500 Index is a broad index that contains 500 stocks whereas the Dow Jones Industrial Average is an Index that contains 30 stocks. As a diversified portfolio, we follow strict guidelines to maintain our diversification which in turn, can help protect your assets in case of a sudden downturn in a sector or multiple sectors. Sometimes performance can be affected negatively by diversification regulations. This year your Fund was required to sell some stock in order to meet the IRS's diversification standards which negatively affected the performance. Keep in mind, major indexes, such as the two mentioned above, may or may not have to follow the same set of standards on diversification to manage the product and, unlike the Fund, do not have any expenses or overhead.

Top 3 Contributors				Bottom 3 Contributors
Investment	Industry	Percent Contribution to the Gain on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026	Investment	Industry	Percent Contribution to the Loss on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026
Teradyne, Inc.	Semiconductor Capital Equipment	8.19)%	124.38)%	Microsoft Corporation	Application Software	(1.15)%	(19.35)%
Alphabet, Inc.	Online Media	3.12)%	71.38)%	T-Mobile US, Inc.	Telecommunication Services	(0.36)%	(17.28)%
Apple, Inc.	Computer Hardware	1.73)%	25.01)%	Paychex Inc.	Business Services	(0.33)%	(28.55)%

HOW DID THE FUND PERFORM THE PAST 10 YEARS?

TOTAL RETURN	AVERAGE ANNUAL TOTAL RETURN
(based on a $10,000 Investment)	(based on a $10,000 Investment)
			5 years	10 years
	Series One	1 year	annualized	annualized
	Class C without load	11.14)%	7.74)%	10.46)%2
	S&P 500 Index	16.35)%	14.99)%	15.57)%2
	Dow Jones Industrial Average	11.65)%	12.42)%	13.94)%2
	Performance quoted for the period ended January 31, 2026 represents past performance and cannot be used to predict future results. The graph and table do not reflect the reduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.The investment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more or less than their original cost. Visit http://www.americangrowthfund.com/agfs1/agflit_download.htm for more recent performance information.

KEY FUND STATISTICS
(as of January 31, 2026)

Total Net Assets by Fund		$20,395,913		Total Net Assets by Class		$1,641,511
Total Advisory Fee paid by Fund		$99,296		Total Advisory Fee paid by Class		$7,567
Number of Holdings in the Portfolio		27
Portfolio Turnover		7%

WHAT DID THE FUND INVEST IN?
(as of January 31, 2026)

Allocation of Portfolio Assets					Allocation of Portfolio Assets(continued)
(Calculated as a percentage of Net Assets)					(Calculated as a percentage of Net Assets)
	Series One					Series One
	Industry Breakdown					Industry Breakdown
	Semiconductor Capital Equipment		14.78)%					)%
	Diversified Company		8.82)%					)%
	Computer Hardware		8.67)%
	Computer Software and Services		6.10)%			Total Investments		99.79)%
	Online Media		5.50)%			Cash and Receivables, less Liabilities		0.21)%
	Farm & Construction Machinery		5.03)%			Total Net Assets		100)%
	Application Software		4.81)%
	Semiconductor		4.73)%
	Retail - Apparel & Specialty		4.42)%
	Computer & Peripherals		4.39)%
	Biotechnology		4.28)%
	Environmental		3.98)%
	Machinery		3.92)%
	Railroad		3.64)%
	Aerospace & Defense		2.76)%
	Home Improvement Stores		2.50)%
	Health Care Providers		1.76)%
	Chemicals		1.75)%
	Telecommunication Services		1.74)%
	Industrial Products		1.72)%
	Drug		1.47)%
	Mining		1.19)%
	Insurance (Property and Causality)		1.00)%
	Business Services		0.83)%

AVAILABILITY OF ADDITIONAL INFORMATION

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please scan the QR code above or visit http://www.americangrowthfund.com/agfs1/agflit_download.htm.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your American Growth Fund, Inc. documents not be householded, please contact American Growth Fund, Inc. at 1-800-525-2406, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by American Growth Fund, Inc. or your financial intermediary.

	American Growth Fund, Inc.
	Series One | Class D| AMRGX
	Semi-Annual Shareholder Report | January 31, 2026

This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at http://www.americangrowthfund.com/agfs1/agflit_download.htm. You can also request this information by contacting us at 1-800-525-2406.

WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS (based on a hypothetical $10,000 investment)
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class D	$406	3.68%

HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

For the 6-month period ended January 31, 2026, the Fund returned a 10.72% (this number includes a sales load of 5.75% as well as Fund expenses and change in Market Value) for Class D outperforming its benchmark, the S&P 500 Index. The Fund's primary objective is growth of capital. The S&P 500 posted a gain of 10.13% while the Dow Jones Industrial Average posted a gain of 11.72% during the reporting period. A performance chart comparing this class to the S&P 500 Index is further down in this report.

WHAT FACTORS INFLUENCED PERFORMANCE?

The Fund is invested primarily in large cap, growth-oriented domestic common stocks. The Fund's largest sector allocation is Semiconductor Capital Equipment at 14.78% of the portfolio, and the largest holding in the portfolio is Teradyne, Inc. (at 14.78% of the Total Net Assets), the world"s largest producer of automated test equipment for semiconductors. The table below shows how the top 3 and bottom 3 stocks performed and how they contribute to the performance of the portfolio. As of this report, as stated in our Key Fund Statistics, our portfolio contained 27 stocks. The S&P 500 Index is a broad index that contains 500 stocks whereas the Dow Jones Industrial Average is an Index that contains 30 stocks. As a diversified portfolio, we follow strict guidelines to maintain our diversification which in turn, can help protect your assets in case of a sudden downturn in a sector or multiple sectors. Sometimes performance can be affected negatively by diversification regulations. This year your Fund was required to sell some stock in order to meet the IRS's diversification standards which negatively affected the performance. Keep in mind, major indexes, such as the two mentioned above, may or may not have to follow the same set of standards on diversification to manage the product and, unlike the Fund, do not have any expenses or overhead.

Top 3 Contributors				Bottom 3 Contributors
Investment	Industry	Percent Contribution to the Gain on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026	Investment	Industry	Percent Contribution to the Loss on the Portfolio for the six month period ended January 31, 2026	Individual Investment performance for the six month period ended January 31, 2026
Teradyne, Inc.	Semiconductor Capital Equipment	8.19)%	124.38)%	Microsoft Corporation	Application Software	(1.15)%	(19.35)%
Alphabet, Inc.	Online Media	3.12)%	71.38)%	T-Mobile US, Inc.	Telecommunication Services	(0.36)%	(17.28)%
Apple, Inc.	Computer Hardware	1.73)%	25.01)%	Paychex Inc.	Business Services	(0.00)%	(28.55)%

HOW DID THE FUND PERFORM THE PAST 10 YEARS?

TOTAL RETURN	AVERAGE ANNUAL TOTAL RETURN
(based on a $10,000 Investment)	(based on a $10,000 Investment)
			5 years	10 years
	Series One	1 year	annualized	annualized
	Class D without load	12.53)%	9.16)%	11.51)%2
	Class D with load*	6.01)%	7.88)%	15.57)%2
	S&P 500 Index	16.35)%	14.99)%	15.57)%2
	Dow Jones Industrial Average	11.65)%	12.42)%	13.94)%2
	*Includes a 5.75% sales charge.
	Performance quoted for the period ended January 31, 2026 represents past performance and cannot be used to predict future results. The graph and table do not reflect the reduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.The investment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more or less than their original cost. Visit http://www.americangrowthfund.com/agfs1/agflit_download.htm for more recent performance information.
*Includes a 5.75% sales charge based on a $10,000 initial purchase.

KEY FUND STATISTICS
(as of January 31, 2026)

Total Net Assets by Fund		$20,395,913		Total Net Assets by Class		$7,897,344
Total Advisory Fee paid by Fund		$99,296		Total Advisory Fee paid by Class		$38,863
Number of Holdings in the Portfolio		27
Portfolio Turnover		7%

WHAT DID THE FUND INVEST IN?
(as of January 31, 2026)

Allocation of Portfolio Assets					Allocation of Portfolio Assets(continued)
(Calculated as a percentage of Net Assets)					(Calculated as a percentage of Net Assets)
	Series One					Series One
	Industry Breakdown					Industry Breakdown
	Semiconductor Capital Equipment		14.78)%					)%
	Diversified Company		8.82)%					)%
	Computer Hardware		8.67)%
	Computer Software and Services		6.10)%			Total Investments		99.79)%
	Online Media		5.50)%			Cash and Receivables, less Liabilities		0.21)%
	Farm & Construction Machinery		5.03)%			Total Net Assets		100)%
	Application Software		4.81)%
	Semiconductor		4.73)%
	Retail - Apparel & Specialty		4.42)%
	Computer & Peripherals		4.39)%
	Biotechnology		4.28)%
	Environmental		3.98)%
	Machinery		3.92)%
	Railroad		3.64)%
	Aerospace & Defense		2.76)%
	Home Improvement Stores		2.50)%
	Health Care Providers		1.76)%
	Chemicals		1.75)%
	Telecommunication Services		1.74)%
	Industrial Products		1.72)%
	Drug		1.47)%
	Mining		1.19)%
	Insurance (Property and Causality)		1.00)%
	Business Services		0.83)%

AVAILABILITY OF ADDITIONAL INFORMATION

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please scan the QR code above or visit http://www.americangrowthfund.com/agfs1/agflit_download.htm.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your American Growth Fund, Inc. documents not be householded, please contact American Growth Fund, Inc. at 1-800-525-2406, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by American Growth Fund, Inc. or your financial intermediary.

Item 2 - Code of Ethics.

(a) American Growth Fund, Inc. (the -registrant-) has adopted a Code of Ethics (the -Code of Ethics-) that applies to its Principal Executive Officer and Principal Financial Officer. The Fund undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made to American Growth Fund, Inc. at 1-800-525-2406 or to 1636 N Logan Street, Denver, CO 80203

(b) Not applicable.

(c) During the period covered by this report, no substantive amendments were made to the Code of Ethics.

(d) During the period covered by this report, there have been no waivers granted under the Code of Ethics.

(e) Not applicable.

(f) The registrant's Code of Ethics is filed herewith pursuant to Item 19(a)(1) of this Form.

Item 3 - Audit Committee Financial Expert.

The Fund's board has determined that Eddie R. Bush, CPA, a member of the Fund's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in Item 3 of Form N-CSRS.

Item 4 - Principal Accountant Fees and Services.

	2024	2025
Audit Fees (a)	$17,000	$17,000
Audit Related Fees (b)	0	0
Tax Fees (c)	2,500	2,500
All Other Fees (d)	0	0
Total	$19,500	$19,500

(a) Audit Fees: These fees relate to professional services rendered by the principal accountant for the audit of the registrant's annual financial statement or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the registrant and issuance of consents. Sanville & Company, P.C. was engaged as the independent registered public accountant to provide these services since the fiscal year ended July 31, 2023.

(b) Audit Related Fees: There were no fees billed for the fiscal years ended July 31, 2025 and July 31, for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds financial statements and are not reported under (a) of this Item.

(c) Tax Fees: These fees relate to professional services rendered by Sanville & Company, P.C. for tax compliance, tax advice and tax planning. The fees also include the review of all applicable Federal and State tax filing forms.

(d) All Other Fees: There were no other fees billed in each of the fiscal years ended July 31, 2024 and July 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Pre-Approval of Audit and Non Audit Services. The Audit Committee will pre-approve any engagement of the outside auditors, including fees and compensation to be paid to the outside auditors, to provide any audit and any non-audit services to the Fund and any non-audit services to the Fund's investment advisor and to any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund, as provided in Rule 2 01(c)(7)(ii) of Regulation S-X. The Audit Committee Chair shall have the authority to grant pre-approval and may delegate this authority to one or more Audit Committee members who are independent Directors as defined in Section 10A(i) of the Securities and Exchange Act of 1934, as amended. All such delegated pre-approvals shall be reported to the Audit Committee no later than the next Audit Committee meeting.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 under Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed by Investment Research Corp, the advisor for the fund, for non-audit services rendered to the registrant and to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended July 31, 2025 and July 31, were $30,000 and $30,000, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5 - Audit Committee of Listed Registrant.

(a) Not applicable to this Fund, insofar as the Fund is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

(b) Not applicable.

(b) Not applicable.

(b) Not applicable.

Item 6 - Investments.

(a) The registrant's Schedule of Investments are filed herewith.

(b) Not applicable.

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HTML CODE

Semiconductor Capital Equipment 14.78%

Teradyne, Inc.		12,500	3,013,125)
(The world's largest producer of automated test equipment for semiconductors.)

Diversified Company 8.82%

Chemed Corp		3,020	$1,289,963)
(The nation's leading provider of plumbing and drain services throughout North America.)
Honeywell Intl Inc.		2,240	509,645)
(A Diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes, and industry; turbocharges and automotive products; and specialty chemi
			1,799,608)

Computer Hardware 8.67%

Apple, Inc.		6,816	1,768,616)
(Designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music plays, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.)

Computer Software and Services 6.10%

Fair Isaac & Co.*		850	1,243,695)
(Provides decision-making solutions to clients in the financial services, telecommunications and retail industries.)

Online Media 5.50%

Alphabet, Inc.		3,320	1,122,160)
(Engaged in improving the ways people connect with information & products including Search, Android, YouTube, Apps, Maps & Ads. It also produces internet-connected home devices & provides internet services.)

Farm & Construction Machinery 5.03%

Caterpillar Inc.		1,560	1,025,482)
(Manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company is also a U.S. exporter.)

Application Software 4.81%

Microsoft Corporation		2,280	981,061)
(Engaged in designing, manufacturing, selling devices, and online advertising. Its products include operating systems for computing devices, servers, phones and other devices.)

Semiconductor 4.73%

Nvidia Corp		5,050	965,207)
(Is a developer of graphics processing unit.)

Retail - Apparel & Specialty 4.42%

Tractor Supply		6,300	$320,544)
(Is the largest operator of retail farm and ranch stores in the United States)
Amazon Com Inc*		2,430	581,499)
(is among the world's highest-grossing online retailers, with $233 billion in net sales and $408 billion in estimated global gross merchandise volume in 2018.)
			902,043)

Computer & Peripherals 4.39%

Cisco System		11,420	894,414)
(The leading supplier of high-performance inter-networking products.)

Biotechnology 4.28%

Amgen Inc.		2,550	871,794)
(Utilizes biotecnology to develop human pharmaceutical products.)

Environmental 3.98%

Waste Management		3,650	$811,176)
(The largest solid-waste disposal company in No. America.)

Machinery 3.92%

Middleby Corp*		5,435	799,869)
(Develops manufactures, markets and services equipment used for commercial food cooking, preparation, and processing.)

Railroad 3.64%

CANADIAN PACIFIC KANSAS CITY LTD		10,000	743,400)
(A holding company that has railroad investments in the U.S., Mexico and Panama.)

Aerospace & Defense 2.76%

General Dynamics Corp Com		900	315,981)
(Is a defense contractor and business jet manufacturer. The firm's segments include aerospace, combat systems, marine, and technologies.)
Lockheed Martin Corp		390	247,346)
(is the largest defense contractor globally and has dominated the Western market for high-end fighter aircraft since the F-35 program was awarded in 2001.)
			563,327)

Home Improvement Stores 2.50%

Home Depot Inc. (The)		1,360	509,442)
(Is a home improvement retailer. Its stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services.)

Health Care Providers 1.76%

HCA Healthcare Inc		735	$358,878)
(It operates general acute care hospitals, psychiatric hospitals, and rehabilitation hospitals.)

Chemicals 1.75%

Balchem Corp		2,095	356,506)
(Is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial markets.)

Telecommunication Services 1.74%

T-Mobile US, Inc.		1,800	354,978)
(The firm provided nationwide service in major markets but spottier coverage elsewhere.)

Industrial Products 1.72%

Eaton Corp Plc		1,000	351,420)
(Provides power-management solutions to diversified industrial customers, including electrical transmission systems, lighting, hydraulics, aerospace fuel systems, and truck and auto powertrain systems.)

Drug 1.47%

Johnson & Johnson		1,316	299,061)
(Engaged in the research and development, manufacture and sale of products in the health care field within its Consumer, Pharmaceutical and Medical Devices, and Diagnostics business segments.)

Mining 1.19%

Freeport-McMoran Inc, Cl B		4,030	$242,727)
(Operates geographically diverse assets with proven and probable mineral reserves of copper, gold and molybdenum.)

Insurance (Property and Causality) 1.00%

Markel Corp*		100	204,064)
(Markel Corp is engaged in the business of property and casualty insurance. It focuses primarily on specialty lines, such as executive liability to commercial equine insurance. It also invests in bakery equipment manufacturing and residential homebuilding

Business Services 0.83%

Paychex Inc.		1,651	170,268)
(Is a provider of integrated payroll, human resources, insurance, and benefits outsourcing solutions for small- to medium-sized business in the United States.)

Total Common Stocks(cost $5,088,703) - 99.79%			$ 20,352,320)
Total Investments, at Fair Value (cost $5,088,703)		99.79)%	$ 20,352,320)
Other Assets, Less Liabilities		0.21)%	$ 43,593)
Net Assets		100)%	$ 20,395,913)

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Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) The registrant's Financial Statements are filed herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under 7(a) of this form.

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		Series One
Assets:
Investments, at market value		$ 20,352,320)1
Cash and cash equivalents		62,357)0
Receivables:
Shares of beneficial interest sold		50)0
Dividends and interest		9,359)0
Prepaid Expense		24,400)0
Total assets		20,448,486)0

Liabilities:
Distribution fees		29,777)0
Due to Advisor (Note 4)		18,310)0
Other payables		4,486)0
Total liabilities		52,573)0
NET ASSETS		$ 20,395,913)0

COMPOSITION OF NET ASSETS:
Paid-in capital		1,771,993)0
Distributable earnings (loss)		18,623,920)0
NET ASSETS		$ 20,395,913)0

NET ASSET VALUE PER SHARE:
Series One - Class A Shares:
Net asset value and redemption price per share (based on net assets of $10,592,927 and 1,635,542 shares of beneficial interest outstanding)	$6.48
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$6.88
Series One - Class B Shares:
Net asset value and redemption price per share (based on net assets of $264,130 and 56,993 shares of beneficial interest outstanding)	$4.63
Series One - Class C Shares:
Net asset value and redemption price per share (based on net assets of $1,641,512 and 320,265 shares of beneficial interest outstanding)	$5.13
Series One - Class D Shares:
Net asset value and redemption price per share (based on net assets of $7,897,344 and 1,109,176 shares of beneficial interest outstanding)	$7.12
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)	$7.55

		SERIES ONE
INVESTMENT INCOME:
Dividends		$ 90,416)
Interest		10)
Litigation Income		25,613)
Total investment income		$ 116,039)

EXPENSES:
Investment advisory fees (Note 4)		$ 99,297)
Administration expense (Note 4)		84,563)
Transfer agent, shareholder servicing and data processing fees		20,627)
Accounting fees (Note 4)		44,044)
Rent expense (Note 4)		67,305)
Custodian fees		1,472)
Professional Fees		33,036)
Registration and filing fees (Note 1)		3,471)
Shareholder Servicing Fees		89)
Distribution and service fees (Note 4):		)
Class A		15,471)
Class B		1,296)
Class C		7,562)
Directors fees (Note 4)		18,712)
Insurance		0)
Other expenses		12,675)
Total expenses		$ 409,620)
Net investment loss		$ (293,581)

REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS:
Net realized gain on investments		$ 871,676)
Net change in unrealized appreciation on investments		2,528,033)
Net realized and unrealized gain on investments		$ 3,399,709)
Net increase in net assets resulting from operations		$ 3,106,128)

Series One

		Six Months Ended January 31, 2026	Year Ended July 31, 2025
INCREASE (DECREASE) NET ASSETS FROM OPERATIONS:
Net investment loss		$ (293,581)	$ (802,118)
Net realized gain on investments		871,676)	3,007,788)
Net change in unrealized appreciation (depreciation) on investments		2,528,033)	(2,503,754)
Net increase (decrease) in net assets resulting from operations		3,106,128)	(298,084)

BENEFICIAL INTEREST TRANSACTIONS:
Net increase (decrease) in net assets resulting from beneficial interest transactions (Note 2):
Class A		1,080,187)	460,340)
Class B		21,717)	18,541)
Class C		308,133)	32,736)
Class D		708,067)	208,565)
Net change in net assets derived from beneficial interest transactions		2,118,104)	720,182)
Distribution to shareholders from distributable earnings:
Class A		(1,617,029)	(1,153,939)
Class B		(39,994)	(29,631)
Class C		(243,066)	(170,293)
Class D		(1,205,898)	(889,357)
Net change in net assets derived from distribution to shareholders		(3,105,987)	(2,243,220)

Total increase (decrease)		2,118,245)	(1,821,122)
Net Assets - Beginning of period / year		18,277,668)	20,098,790)
Net Assets - End of period / year		$ 20,395,913)	$ 18,277,668)

Series One - Class A

Six Months Ending January 31, 2026		Years Ended
January 31, 2026		July 31,
(Unaudited)
	2026)	2025)	2024)	2023)	2022)	2021)
Per Share Operating Data:
Net Asset Value,
Beginning of Period ……………………………………………	$6.39)	$7.27)	$6.51)	$6.24)	$8.11)	$6.70)
Income gain (loss) from investment operations:	)	)	)	)	)	)
Net investment loss3….……………………………………………	(0.10)	(0.29)	(0.25)	(0.27)	(0.24)	(0.26)
Net realized and unrealized gain (loss) 3……………………	1.31)	0.24)	1.53)	0.98)	(0.71)	1.86)
Total income gain (loss) from investment operations .…	1.21)	(0.05)	1.28)	0.71)	(0.95)	1.60)
Distributions:	)	)	)	)	)	)
Long-term capital gains distributions ……………………………	(1.12)	(0.83)	(0.52)	(0.44)	(0.92)	(0.19)
Total distributions ……………………………………………	(1.12)	(0.83)	(0.52)	(0.44)	(0.92)	(0.19)
Net Asset Value, End of Period ……………………………	$6.48)	$6.39)	$7.27)	$6.51)	$6.24)	$8.11)
Total Return at Net Asset Value1 ……………………………	20.1)%	(1.8)%	21.1)%	11.4)%	(13.4)%	24.1)%
Ratios/Supplemental Data:	)	)	)	)	)	)
Net assets, end of period (in thousands) …………………	10,593)	9,521)	10,375)	9,381)	8,951)	11,632)
Ratio to average net assets:)	)	)	)	)	)	)
Net investment loss ……………………………………………………	(3.05)%	(4.22)%	(3.81)%	(4.56)%	(3.40)%	(3.46)%
Expenses. ……………………………………………………………	4.05)%	5.13)%	4.63)%	5.55)%	4.36)%	4.42)%
Portfolio Turnover Rate2 ………………………………………	7)%	8)%	4)%	3)%	3)%	4)%

Series One - Class B

Six Months Ending January 31, 2026		Years Ended
January 31, 2026		July 31,
(Unaudited)
	2026)	2025)	2024)	2023)	2022)	2021)
Per Share Operating Data:
Net Asset Value,
Beginning of Period ……………………………………………	$4.59)	$5.28)	$4.81)	$4.68)	$6.21)	$5.31)
Income gain (loss) from investment operations:	)	)	)	)	)	)
Net investment loss3….……………………………………………	(0.10)	(0.26)	(0.26)	(0.27)	(0.29)	(0.35)
Net realized and unrealized gain (loss) 3……………………	0.94)	0.17)	1.11)	0.72)	(0.55)	1.44)
Total income gain (loss) from investment operations .…	0.84)	(0.09)	0.85)	0.45)	(0.84)	1.09)
Distributions:	)	)	)	)	)	)
Long-term capital gains distributions ……………………………	(0.80)	(0.60)	(0.38)	(0.32)	(0.69)	(0.19)
Total distributions ……………………………………………	(0.80)	(0.60)	(0.38)	(0.32)	(0.69)	(0.19)
Net Asset Value, End of Period ……………………………	$4.63)	$4.59)	$5.28)	$4.81)	$4.68)	$6.21)
Total Return at Net Asset Value1 ……………………………	19.3)%	(2.9)%	19.1)%	9.6)%	(15.1)%	20.7)%
Ratios/Supplemental Data:	)	)	)	)	)	)
Net assets, end of period (in thousands) …………………	264)	243)	261)	271)	254)	265)
Ratio to average net assets:)	)	)	)	)	)	)
Net investment loss ……………………………………………………	(4.32)%	(5.37)%	(5.41)%	(5.77)%	(5.56)%	(6.13)%
Expenses. ……………………………………………………………	5.32)%	6.28)%	6.27)%	7.10)%	6.62)%	7.09)%
Portfolio Turnover Rate2 ………………………………………	7)%	8)%	4)%	3)%	3)%	4)%

Series One - Class C

Six Months Ending January 31, 2026		Years Ended
January 31, 2026		July 31,
(Unaudited)
	2026)	2025)	2024)	2023)	2022)	2021)
Per Share Operating Data:
Net Asset Value,
Beginning of Period ……………………………………………	$5.10)	$5.84)	$5.28)	$5.10)	$6.70)	$5.62)
Income gain (loss) from investment operations:	)	)	)	)	)	)
Net investment loss3….……………………………………………	(0.10)	(0.27)	(0.25)	(0.26)	(0.26)	(0.27)
Net realized and unrealized gain (loss) 3……………………	1.02)	0.19)	1.23)	0.80)	(0.58)	1.54)
Total income gain (loss) from investment operations .…	0.92)	(0.08)	0.98)	0.54)	(0.84)	1.27)
Distributions:	)	)	)	)	)	)
Long-term capital gains distributions ……………………………	(0.89)	(0.66)	(0.42)	(0.36)	(0.76)	(0.19)
Total distributions ……………………………………………	(0.89)	(0.66)	(0.42)	(0.36)	(0.76)	(0.19)
Net Asset Value, End of Period ……………………………	$5.13)	$5.10)	$5.84)	$5.28)	$5.10)	$6.70)
Total Return at Net Asset Value1 ……………………………	19.1)%	(2.5)%	20.0)%	10.6)%	(14.3)%	22.8)%
Ratios/Supplemental Data:	)	)	)	)	)	)
Net assets, end of period (in thousands) …………………	1,642)	1,347)	1,514)	1,299)	1,296)	1,480)
Ratio to average net assets:)	)	)	)	)	)	)
Net investment loss ……………………………………………………	(3.88)%	(4.92)%	(4.69)%	(5.43)%	(4.44)%	(4.41)%
Expenses. ……………………………………………………………	4.87)%	5.83)%	5.51)%	6.43)%	5.40)%	5.41)%
Portfolio Turnover Rate2 ………………………………………	7)%	8)%	4)%	3)%	3)%	4)%

Series One - Class D

Six Months Ending January 31, 2026		Years Ended
January 31, 2026		July 31,
(Unaudited)
	2026)	2025)	2024)	2023)	2022)	2021)
Per Share Operating Data:
Net Asset Value,
Beginning of Period ……………………………………………	$7.00)	$7.93)	$7.07)	$6.74)	$8.73)	$7.18)
Income gain (loss) from investment operations:	)	)	)	)	)	)
Net investment loss3….……………………………………………	(0.10)	(0.28)	(0.25)	(0.27)	(0.23)	(0.25)
Net realized and unrealized gain (loss) 3……………………	1.45)	0.25)	1.68)	1.07)	(0.76)	1.99)
Total income gain (loss) from investment operations .…	1.35)	(0.03)	1.43)	0.80)	(0.99)	1.74)
Distributions:	)	)	)	)	)	)
Long-term capital gains distributions ……………………………	(1.23)	(0.90)	(0.57)	(0.47)	(1.00)	(0.19)
Total distributions ……………………………………………	(1.23)	(0.90)	(0.57)	(0.47)	(1.00)	(0.19)
Net Asset Value, End of Period ……………………………	$7.12)	$7.00)	$7.93)	$7.07)	$6.74)	$8.73)
Total Return at Net Asset Value1 ……………………………	20.4)%	(1.5)%	21.5)%	11.9)%	(13.1)%	24.5)%
Ratios/Supplemental Data:	)	)	)	)	)	)
Net assets, end of period (in thousands) …………………	7,897)	7,166)	7,948)	7,107)	6,656)	8,110)
Ratio to average net assets:)	)	)	)	)	)	)
Net investment loss ……………………………………………………	(2.69)%	(3.75)%	(3.40)%	(4.14)%	(3.04)%	(3.11)%
Expenses. ……………………………………………………………	3.68)%	4.66)%	4.95)%	5.13)%	4.00)%	4.07)%
Portfolio Turnover Rate2 ………………………………………	7)%	8)%	4)%	3)%	3)%	4)%

1. Summary of Significant Accounting Policies

American Growth Fund, Inc. Series One ("Series One") is registered under the Investment Company Act of 1940, as amended. Series One is a diversified, open-end management investment company. Series One follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services - Investment Companies." Series One's primary investment objectives are growth of capital. Series One's investment advisor is Investment Research Corporation (IRC). Series One offers Class A, Class B, Class C, and Class D shares. Class D shares are available to shareholders of accounts established prior to March 1, 1996. Class A and Class D have a maximum sales charge (load) imposed on purchases (as a percentage of offering price) of 5.75%. Purchases of Class A and Class D shares in amounts of $1,000,000 or more which are not subject to an initial sales charge generally will be subject to a contingent deferred sales charge of 1.0% of amounts redeemed within the first year of purchase. Class B has a maximum deferred sales charge (Contingent Deferred Sales Charge) as a percentage of original purchase price or redemption proceeds, whichever is lower, for the first 2 years of 5%, 3^rd & 4^th years - 4%, 5^th yr. - 3%, 6^th yr. - 2%, 7^th yr. - 1%.Class C has a maximum deferred sales charge as a percentage of original purchase price or redemption proceeds, whichever is lower, of 1% for the first year. All classes of shares have identical rights to earnings, assets and voting privileges, except that each class has its own distribution and/or service plan and expenses directly attributable to that class and exclusive voting rights with respect to matters affecting that class.

Reclassifications - Accounting principles generally accepted in the United States of America require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets nor net asset value per share. For the year ended July 31, 2025, the following reclassifications were made:

Series One
Distributable earnings (loss)	Paid-In Capital
$802,118	$(802,118)

Cash and cash equivalents - During the ordinary course of business, the Fund holds cash balances at a major financial institution that are held to meet short-term liquidity requirements, rather than for investment purposes. The cash balances may exceed federally insured limits. The Fund has not experienced losses on these accounts, and management believes the Fund is not exposed to significant risks on such accounts.

Investment Valuation - Investment securities traded on the New York Stock Exchange or other stock exchange approved for this purpose by the Board of Directors will be valued on the basis of the closing sale thereof on such stock exchange, or, if such sale is lacking, at the mean between closing bid and asked prices on such day. If no bid and asked prices are quoted for such day or information as to New York or other approved exchange transactions is not readily available, the security will be valued by reference to recognized composite quotations or such other method as the Board of Directors in good faith deem will reflect its fair market value. Securities not traded on any stock exchange but for which market quotations are readily available are valued on the basis of the mean of the last bid and asked prices. Short-term securities are valued at the mean between the closing bid and asked prices or by such other method as the Board of Directors determine to reflect their fair market value. The Board of Directors in good faith determine the manner of ascertaining the fair market value of other securities and assets.

Allocation of Income, Expenses, Gains and Losses - Income, expenses (other than those attributable to a specific class), gains and losses are allocated daily to

each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Income Taxes - No provision for federal income nor excise taxes have been made because the Fund intends to comply with the provisions of subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on the open tax years 2023-2025 and expected to be taken in the Fund's 2026 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Colorado State and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management has evaluated the impact of ASU 2023-09 and determined that adoption will not have a material effect on the Fund's financial statements, as the Fund qualifies as a regulated investment company under Subchapter M and generally does not incur significant income tax expense.

Classification of Distributions to Shareholders - The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund.

Security Transactions and Related Investment Income - Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions and unrealized appreciation and depreciation of investments are reported on an identified cost basis which is the same basis used for federal income tax purposes.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Securities Valuations - As described in note 1, 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 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, represent 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 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 January 31, 2026, in valuing the Fund's assets carried at fair value:

Series One
Equity		Level 1	Level 2	Level 3	Total
Common Stock		$20,352,320	-	-	$20,352,320

The industry classifications of Level 1 investments are included in the Schedule of Investment (Item 6 - Investments of Form N-CSRS).

There were no transfers in to or out of Level 1, Level 2 or Level 3 for the six months ended January 31, 2026. Transfers are recognized at the end of the reporting period.

Segment Reporting - The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund operates as a single reportable segment, an investment company whose investment objective is included in Note 1. In connection with the adoption of ASU 2023-07, Timothy Taggart has been designated as the Fund's CODM, who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Financial Statements.

2. Shares of Beneficial Interest

Series One has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	For the six months ended		For the year ended
	January 31, 2026 (Unaudited)		January 31, 2025
	Shares	Amount	Shares	Amount
Series One - Class A
Sold	18,337)	$ 117,172)	33,063)	$ 219,738)
Dividends and distributions Reinvested	215,538)	1,541,097)	154,793)	1,095,933)
Redeemed	(87,583)	(578,082)	(125,561)	(855,331)
Net increase (decrease)	146,292)	$ 1,080,187)	62,295)	$ 460,340)
Series One - Class B
Sold	0)	$ 0)	1,424)	$ 6,865)
Dividends and distributions Reinvested	7,744)	39,959)	5,716)	29,264)
Redeemed	(3,737)	(18,242)	(3,657)	(17,588)
Net increase (decrease)	4,007)	$ 21,717)	3,483)	$ 18,541)
Series One - Class C
Sold	38,712)	$ 204,882)	15,462)	$ 83,530)
Dividends and distributions Reinvested	36,112)	201,506)	24,565)	139,283)
Redeemed	(18,732)	(98,255)	(35,187)	(190,077)
Net increase (decrease)	56,092)	$ 308,133)	4,840)	$ 32,736)
Series One - Class D
Sold	166)	$ 1,208)	33,790)	$ 273,288)
Dividends and distributions Reinvested	147,975)	1,164,567)	110,008)	850,364)
Redeemed	(62,379)	(457,707)	(123,087)	(915,087)
Net increase (decrease)	85,762)	$ 708,067)	20,711)	$ 208,565)

3. Realized and Unrealized Gains and Losses on Investments

The identified tax cost basis of investments for Series One at January 31, 2026 was $5,175,602. Net unrealized appreciation (depreciation) on investments for Series One of $15,176,718, based on identified tax cost as of January 31, 2026, was comprised of gross appreciation of $15,176,718 and gross depreciation of $0.

4. Underwriting, Investment Advisory Contracts, Service Fees and Other Related Parties

Under the investment advisory contract with IRC, the advisor receives annual compensation for investment advice, computed and paid monthly, for Series One equal to 1% of the first $30 million of the Fund's average annual net assets and 0.75% such assets in excess of $30 million. Series One pays their own operating expenses. For the six months ended January 31, 2026, the Fund accrued $99,297 of Investment advisory fees with $18,310 remaining payable.

Class B and Class C shares each are subject to annual service and distribution fees of 1.00% of average daily net assets. Class A shares are subject to annual service and distribution fees no greater than 0.30% of average daily net assets.

For the six months ended January 31, 2026 commissions and sales charges paid by investors on the purchase of Series One Class A and D shares totaled $7,899 of which $1,576, was retained by World Capital Brokerage, Inc. ("WCB"), an affiliated broker/dealer which serves as the underwriter and distributor of the Series One. Sales charges advanced to broker/dealers by WCB on sales of Series One Class B and C shares totaled $1,115, of which $0, was retained by WCB. For the six months ended January 31, 2026, WCB received contingent deferred sales charges of $162 upon redemption Series One to WCB for brokerage commission on securities transactions.

Certain officers of Series One are also officers of WCB and IRC.

For the six months ended January 31, 2026, under an agreement with IRC, Series One was charged $84,563, for the costs and expenses related to employees of IRC who provided administrative, clerical and accounting services to the Fund and $44,044, to provide the daily fund accounting services. In addition, Series One was charged $1,000, by an affiliated company of IRC for the rental of office space.

5. Federal Income Tax Matters

Dividends paid by Series One from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

Series One distributes net realized capital gains, if any, to its shareholders at least annually, if not offset by capital loss carryovers. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to the differing treatment of net operating losses, foreign currency and tax allocations. Accordingly, these permanent differences in the character of income and distributions between financial statements and tax basis have been reclassified to paid-in capital.

At July 31, 2025, Series One for federal income tax purposes had no available capital loss carryover.

Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first business day of Series One's next taxable year.

At July 31, 2025, Series One did not have any post-October losses.

Series One had $2,243,220 & $1,413,273 of long term capital gain distributions paid during the year ended July 31, 2025 and the year ended July 31, 2024, respectively.

As of July 31, 2025 the components of accumulated gains (loss) on a tax-basis for Series One was as follows:

	Long Capital Gains	$ 2,575,526)
	Unrealized appreciation	12,648,685)
	Total accumulated gain	$ 15,224,211)

6. Senior Derivative Rules

The Fund has adopted rules regarding the engagement of utilizing derivatives. Currently, the Fund does not utilize derivatives as an investment vehicle.

7. Fair value determination and readily available market quotations.

The Fund has adopted rules regarding the fair value determination and has determined in accordance with the Fund's Form N1-A these methodologies will be reviewed/tested in conjunction with the annual review of the Fund's Form N1-A. For purposes of section 2(a)(41) of the Act (15 U.S.C. 80a-2(a)(41)), a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

8. Liquidity

As you are aware, Series One invests primarily in common stocks and securities convertible into common stock. These securities are issued by large companies, and to a lesser extent, small and mid-sized companies. Your Fund generally does not invest in illiquid securities. There are times where the Fund has sold shares of stock in order to pay for certain required services such as the annual audit performed by an independent outside auditor or legal fees. The Fund may also sell shares of stock when orders are placed to redeem shares. When either of these situations happen, your Investment Committee generally will first sell those holdings that they believe are currently, or in the future may, underperform in the market or, alternatively, they may sell holdings in sectors that the committee believes may over-weight that sector when looking at the portfolio as a whole to maintain or improve diversification.

9. Subsequent Events

In preparing these financial statements, the Fund evaluated and found no events and transactions for potential recognition or disclosure through the date these financial statements were issued.

Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

(a) Not applicable.

Item 9 - Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

(1) For the six months ended January 31, 2026 , Series One all directors and all members of any advisory board received regular compensation as such. $13,400 for directors' fees and $5,312 for reimbursement of expenses.

(2) For the six months ended January 31, 2026, Series One each director and each member of an advisory board received special compensation as such. $0 for the audit chair to review expenses.

(3) For the six months ended January 31, 2026, Series One all officers received $0 in compensation.

(4) For the six months ended January 31, 2026, Series One any officer or director of the Fund, which is an affiliated person, received $0 in compensation.

Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13 - Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15 - Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Directors.

Item 16 - Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective, based on their evaluation of the registrant's disclosure controls and procedures as required of the filing date of this report.

(b) There were no changes in the Fund's internal controls over financial reporting (as defined in Rule 30a 3(d) under the Investment Company Act of 1940) that occurred during the Fund's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.

Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18 - Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19 - Exhibits.

(a)(1) The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(a)(2) The certifications required by Rule 30a 2 of the Investment Company Act of 1940 and Sections 302 are attached as exhibits hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications(b) The certifications required by Rule 30a-2(b) under the Act are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN GROWTH FUND, INC.

By/s/Timothy E. Taggart
Timothy E Taggart, President
Principal Executive and Principal Financial Officer
Date: 03/31/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated.

By/s/Timothy E. Taggart
Timothy E Taggart, President
Principal Executive and Principal Financial Officer
Date: 03/31/2026

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TRANSFER AGENT:	American Growth Fund, Inc.
Fund Services, Inc.,	1636 N. Logan Street
8730 Stony Point Parkway	Denver, CO 80203
Stony Point Bldg. III - Suite # 205
Richmond, Va. 23235	OFFICERS AND DIRECTORS
	Timothy E Taggart	President and Director
CUSTODIAN:	Eddie R Bush	Director
UMB Bank NA Investment Services Group	Darrell E. Bush	Director
928 Grand Blvd, Fifth Floor	Patricia A Blum	Vice President
Kansas City, MO 64106	Michael L Gaughan	Chief Compliance Officer and Corporate Secretary
RETIREMENT PLAN CUSTODIAN:	INVESTMENT ADVISORS:
UMB Bank NA Investment Services Group	Investment Research Corporation
928 Grand Blvd, Fifth Floor	1636 N. Logan Street
Kansas City, MO 64106	Denver, CO 80203
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:	OFFICERS AND DIRECTORS
Sanville& Company	Timothy E Taggart	President, Treasurer, Corporate Secretary, and Director
325 N. St. Paul Street, Suite 3100	Michael L Gaughan	Vice President, Secretary, and Director
Dallas, TX 75201	Patricia A Blum	Vice President
LEGAL COUNSEL:
K&L Gates LLP
1601 K St NW
Washington, DC 20006
UNDERWRITER/DISTRIBUTOR:
World Capital Brokerage, Inc.
1636 N. Logan Street
Denver, CO 80203