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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, 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS 446 4.05 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 11.97 8.68 11.09 Class A with load* 5.50 7.40 10.43 S&P 500 Index 16.35 14.99 15.57 Dow Jones Industrial Average 11.65 12.42 13.94 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. KEY FUND STATISTICS (as of January 31, 2026)

10592927

51569 27

0.1478 0.0882 0.0867 0.0610 0.0550 0.0503 0.0481 0.0473 0.0442 0.0439 0.0428 0.0398 0.0392 0.0364 0.0276 0.0250 0.0176 0.0175 0.0174 0.0172 0.0147 0.0119 0.0100 0.0083 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, 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS 583 5.32 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 10.94 6.99 9.42 S&P 500 Index 16.35 14.99 15.57 Dow Jones Industrial Average 11.65 12.42 13.94 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. KEY FUND STATISTICS (as of January 31, 2026)

264130

1296 27

0.1478 0.0882 0.0867 0.0610 0.0550 0.0503 0.0481 0.0473 0.0442 0.0439 0.0428 0.0398 0.0392 0.0364 0.0276 0.0250 0.0176 0.0175 0.0174 0.0172 0.0147 0.0119 0.0100 0.0083 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, 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS 533 4.87 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 11.14 7.74 10.46 S&P 500 Index 16.35 14.99 15.57 Dow Jones Industrial Average 11.65 12.42 13.94 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. KEY FUND STATISTICS (as of January 31, 2026)

1641511

7567 27

0.1478 0.0882 0.0867 0.0610 0.0550 0.0503 0.0481 0.0473 0.0442 0.0439 0.0428 0.0398 0.0392 0.0364 0.0276 0.0250 0.0176 0.0175 0.0174 0.0172 0.0147 0.0119 0.0100 0.0083 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, 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. 1-800-525-2406 WHAT WERE THE FUND'S COSTS FOR THE PAST PAST SIX MONTHS 406 3.68 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 12.53 9.16 11.51 Class D with load* 6.01 7.88 15.57 S&P 500 Index 16.35 14.99 15.57 Dow Jones Industrial Average 11.65 12.42 13.94 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. KEY FUND STATISTICS (as of January 31, 2026)

7897344

38863 27

0.1478 0.0882 0.0867 0.0610 0.0550 0.0503 0.0481 0.0473 0.0442 0.0439 0.0428 0.0398 0.0392 0.0364 0.0276 0.0250 0.0176 0.0175 0.0174 0.0172 0.0147 0.0119 0.0100 0.0083