AMERICAN GROWTH FUND Series Two

Risk Return Summary

Investment Objectives/Goals

The Fund´s primary objective is growth of capital.

Fee Table

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the American Growth Fund. More information about these and other discounts is available from your financial professional and in How to Reduce your Sales Charge, page 8 of the Fund´s prospectus and under Distribution of Fund Shares, Page 14 of the Fund´s statement of additional information.

SHAREHOLDER FEES: (fees paid directly from your investment)

Shareholder Fees - AMERICAN GROWTH FUND Series Two	Class E		Class F
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.75%		none
Maximum deferred sales charge (load) as a percentage of original purchase price or redemption proceeds, whichever is lower	1.00%	[1]	1.00%	[2]
Maximum sales charge (load) imposed on reinvested dividends	none		none
Redemption Fees	none		none
Exchange Fee	none		none
Maximum Account Fee	none		none

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) ended July 31, 2014:

Annual Fund Operating Expenses - AMERICAN GROWTH FUND Series Two		Class E	Class F
Management Fees		1.00%	1.00%
Distribution and Service (12b-1) fees		0.30%	1.00%
Other Expenses	[1]	5.57%	5.57%
Total Annual Fund Operating Expenses		6.87%	7.57%

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund´s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - AMERICAN GROWTH FUND Series Two - USD ($)	1 Year	3 Years
Class E	1,316	2,464
Class F	847	2,185

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption - AMERICAN GROWTH FUND Series Two - USD ($)	1 Year	3 Years
Class E	1,216	2,464
Class F	747	2,185

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund´s performance. During the most recent fiscal year, the Fund´s portfolio turnover rate was 25% of the average value of its portfolio.

Principal Investment Strategy

Investment Research Corporation (the "Adviser") manages the Fund using a growth style of investing. We use a consistent approach to build the Fund´s security portfolio which is made up primarily of 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. When a company´s fundamentals are strong, we believe earnings growth will follow.

Principal risks of investing in the Fund

The primary risks of investing in the Fund are:

• Stock Market Risk - the value of an investment may fluctuate,
• Industry and Security Risk - risks relating to an industry as a whole or a company´s prospects for business success,
• Management Risk - risks that the Adviser´s assessment of a company´s growth prospects may not be accurate,
• Liquidity Risk - a given security or asset may not be readily marketable,
• Small Cap Risk - small cap stocks tend to have a high exposure to market fluctuations and failure,
• Mid Cap Risk - mid cap stocks tend to have a greater exposure to market fluctuations and failure.
• Convertible Security Risk - risk of loss of principal at maturity.

Loss of some or all of the money you invest is a risk of investing in the Fund.

Risk/Return Bar Chart and Table

The bar chart and table are intended to provide you with an indication of the risks of investing in the Fund by showing changes in performance from year to year and by showing how the Fund´s average annual returns for 1 year and since inception (February 23, 2011) of Series Two compared to those of the Standard and Poors 500. Past performance, before and after taxes, is not predictive of future performance. Sales load and account fees are not reflected in the chart. If the sales load and account fees were included, the returns would be less than those that are shown. Updated performance information for the Fund is available at the Fund´s web site (www.americangrowthfund.com) or toll free telephone number (800) 525-2406.

Best calendar quarter 12/11 3.68%. Worst calendar quarter 09/11 -24.68%. Year to date performance for the period ended 09/30/2015 was -4.70%.

For the periods ended December 31, 2014

Average Annual Total Returns - AMERICAN GROWTH FUND Series Two	One Year	Since Inception	Inception Date
Class E	4.26%	3.69%	Feb. 23, 2011
Class E | Return after taxes on Distributions	3.61%	3.01%	Feb. 23, 2011
Class F	3.61%	3.01%	Feb. 23, 2011
Class F | Return after taxes on Distributions and Sale of Fund Shares	3.61%	3.01%	Feb. 23, 2011
Standard and Poors 500 (reflects no deduction for fees, expenses, or taxes)	13.69%	10.48%	Feb. 23, 2011

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes;
Actual after-tax returns depend on an investor´s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts;
After-tax returns are shown for only Class D and after-tax returns for other Classes will vary.

[1] Purchases of Class E 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.

[2] For one year.

[1] "Other Expenses" are based on estimated amounts for the current fiscal year.