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Class A AMRAX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2024 to January 31, 2025. 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS 450 0.0493 HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE? WHAT FACTORS INFLUENCED PERFORMANCE? TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN 16.02 9.03 9.59 Class A with load* 9.40 7.73 8.96 S&P 500 Index 26.38 15.17 13.76 Dow Jones Industrial Average 18.93 11.79 12.50 Performance quoted for the period ended 1/31/2025 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. KEY FUND STATISTICS (as of January 31, 2025)

19864325

10207026

55012 30

18.86 0.61 10.62 0.51 8.51 8.10 4.93 4.76 4.52 4.17 4.17 4.01 3.66 3.05 3.02 2.43 2.37 2.17 1.76 1.27 1.23 1.18 1.04 0.92 0.84 0.74 American Growth Fund, Inc. Class B AMRBX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at http://www.americangrowthfund.com/agfs1/agflit_download.htm 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS (based on a hypothetical $10,000 investment) 638 6.32 HOW DID THE FUND PERFORM FOR THE SIX MONTH PERIOD AND WHAT AFFECTED ITS PERFORMANCE? WHAT FACTORS INFLUENCED PERFORMANCE? TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN 14.07 6.76 8.07 S&P 500 Index 26.38 15.17 13.76 Dow Jones Industrial Average 18.93 11.79 12.50 Performance quoted for the period ended 1/31/2025 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. KEY FUND STATISTICS (as of January 31, 2025) 106804 1402 30

18.86 0.61 10.62 0.51 8.51 8.10 4.93 4.76 4.52 4.17 4.17 4.01 3.66 3.05 3.02 2.43 2.37 2.17 1.76 1.27 1.23 1.18 1.04 0.92 0.84 0.74 American Growth Fund, Inc. Class C AMRCX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2024 to January 31, 2025. 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS (based on a hypothetical $10,000 investment) 593 5.86 HOW DID THE FUND PERFORM FOR THESIX MONTH PEROD AND WHAT AFFECTED ITS PERFORMANCE? WHAT FACTORS INFLUENCED PERFORMANCE? HOW DID THE FUND PERFORM THE PAST 10 YEARS? TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN 14.92 8.19 9.04 S&P 500 Index 26.38 15.17 13.76 Dow Jones Industrial Average 18.93 11.79 12.50 Performance quoted for the period ended 1/31/2025 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. KEY FUND STATISTICS (as of January 31, 2025)

19864325

1476158

106804 8070 30

18.86 0.61 10.62 0.51 8.51 8.10 4.93 4.76 4.52 4.17 4.17 4.01 3.66 3.05 3.02 2.43 2.37 2.17 1.76 1.27 1.23 1.18 1.04 0.92 0.84 0.74 American Growth Fund, Inc. Class D AMRGX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the American Growth Fund, Inc. - Series One for the period of August 1, 2024 to January 31, 2025. 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR (based on a hypothetical $10,000 investment) 457 4.50 HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? WHAT FACTORS INFLUENCED PERFORMANCE? HOW DID THE FUND PERFORM THE PAST 10 YEARS? TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN 16.47 9.44 9.99 Class D with load 9.74 8.16 9.33 S&P 500 Index 26.38 15.17 13.76 Dow Jones Industrial Average 18.93 11.79 12.50 Performance quoted for the period ended 1/31/2025 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. KEY FUND STATISTICS (as of January 31, 2025)

19864325

106804 30

18.86 0.61 10.62 0.51 8.51 8.10 4.93 4.76 4.52 4.17 4.17 4.01 3.66 3.05 3.02 2.43 2.37 2.17 1.76 1.27 1.23 1.18 1.04 0.92 0.84 0.74