N-Q 1 nq043017s2.txt FORM NQ SERIES TWO UNITED STATES SECURITY AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company Investment Company Act File Number: 811-825 American Growth Fund, Inc. (exact name of registrant as specified in charter) 1636 Logan Street Denver, Colorado 80203 (address of principal executive offices) (zip code) Registrants telephone number, including area code (303) 626-0600 Date of Fiscal Year End: July 31 Date of reporting period: April 30, 2017 American Growth Fund, Inc. 1636 Logan Street Denver, CO 80203 (Name and Address of Agent for Service) Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (SS 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Pleasedirect comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. S 3507. --------------------------------------------------------------------------- ITEM 1 - Schedule of Investments American Growth Fund Series 2 April 30, 2017 (unaudited) Market Common Stocks 89.11% Shares Value Drug Manufacturers 23.62% GW Pharmaceuticals Plc* 520 61,740 Zynerba Pharmaceuticals Inc.* 1,490 31,260 Merck & Company Inc. (new) 420 26,179 AbbVie Inc. 270 17,804 Medical Marijuana Inc.* 30,000 3,540 CV Sciences Inc.* 9,730 3,113 OWC Pharmaceutical Inc.* 1,600 1,536 Valeant Pharmaceuticals* 140 1,295 ----------------------- 146,467 Biotechnologies 11.55% Cara Therapeutics Inc.* 1,505 23,915 Corbus Pharmaceutical Holdings* 2,730 19,656 GB Sciences* 50,630 13,113 Insys Therapeutics Inc.* 900 10,125 Nemus Bio Science Inc.* 18,515 4,812 ----------------------- 71,621 Agriculture 9.82% Scotts Miracle-Gro Compnay (The) 630 60,858 ----------------------- 60,858 Application Soaftware 8.55% Microsoft Corporation 450 30,807 MassRoot Inc.* 30,450 22,222 ----------------------- 53,029 Medical Devices 5.79% Abbot Laboratories 710 30,984 Canna Bix Technologies, Inc.* 9,100 4,914 ----------------------- 35,898 Business Services 3.81% Americann Inc.* 2,475 12,326 Canna Grow Holdings, Inc.* 7,110 8,034 Signal Bay, Inc.* 104,060 2,019 Medicine Man Technologies Inc.* 730 1,241 ----------------------- 23,620 Personal Services 3.71% Cannabis Sativa Inc.* 4,500 22,995 ----------------------- 22,995 Industrial Products 3.65% Vesta Wind Systems A/S ASRL 790 22,641 ----------------------- 22,641 Medical Diagnostics & Research 3.62% Cannabis Science Inc.* 303,300 22,444 ----------------------- 22,444 Computer Hardware 2.41% Solis Tele Inc.* 8,700 14,964 ----------------------- 14,964 Real Estate Services 2.93% Grow Condos Inc.* 12,845 11,689 Innovative Industrial Properties, Inc.* 360 6,480 ----------------------- 18,169 Farm and Constuction Equipment 2.65% American Cannabis Co Inc.* 10,030 5,618 Surna Inc.* 32,590 5,592 Terra Tech Corp* 23,825 5,242 ----------------------- 16,452 Packaging and Containers 1.87% Kush Bottles Inc.* 4,710 11,304 ----------------------- 11,304 Conglomerates 1.32% Axim Biotechnologies Inc.* 710 8,206 ----------------------- 8,206 Consumer Packaging Goods 1.31% Two Rivers Water & Farming Company* 15,000 8,100 ----------------------- 8,100 Retail - Apparel & Specialty 1.14% Aerogrow Intl Inc. 2,720 7,045 ----------------------- 7,045 Consulting & Outsourcing 0.68% Blue Line Protection Group Inc.* 141,000 4,230 ----------------------- 4,230 Tobacco 0.55% MCIG Inc.* 14,110 3,389 ----------------------- 3,389 Metals and Mining 0.18% Zoned Properties Inc.* 830 1,120 ----------------------- 1,120 Total Value Common Stocks (cost 522,257) 89.11% 552,552 Cash and Recevable, less liabilities 10.89% 67,492 ----------------------- Total Net Assets 100.00% 620,044 ======================= * Non-income producing security during last 12 months Gross Unrealized appreciation on investment securities 71,212 Gross Unrealized depreciation on investment securities (40,917) ------------- Net Unrealized depreciation on investment securities 30,295 Cost of investment securities for federal income tax purposes 522,257 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 April 30, 2017, in valuing the Fund's assets carried at fair value: Equity Level 1 Level 2 Level 3 Total Common Stock $552,552 $0 $0 $552,552 -------------------------------------------------------------------------- ITEM 2 - Controls and Procedures The Registrant's Principal Executive Officer/Principal Financial Officer has concluded, based on his evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. There were no changes in the Registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal controls over financial reporting. --------------------------------------------------------------------------- ITEM 3 - Exhibits The certifications required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached as exhibits hereto. --------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. American Growth Fund By /s/ Timothy E. Taggart President Chief Financial Officer June 15, 2017