# EDGAR Filing Document

**Accession Number:** 0000005138
**File Stem:** 0000005138-23-000021
**Filing Date:** 2023-3
**Character Count:** 115715
**Document Hash:** a6491c0a0003aad75f78e48ce401570e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000005138-23-000021.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0000005138-23-000021

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN GROWTH FUND INC
- **CENTRAL INDEX KEY:** 0000005138
- **IRS NUMBER:** 846019291
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00825
- **FILM NUMBER:** 23787108

**BUSINESS ADDRESS:**
- **STREET 1:** 1636 LOGAN STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 3036260600

**MAIL ADDRESS:**
- **STREET 1:** 1636 LOGAN STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## Series and Classes Contracts Data

### AMERICAN GROWTH FUND Series One (Series ID: S000012125)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000033067 | SERIES ONE CLASS D | AMRGX           |
| C000033068 | SERIES ONE CLASS A | AMRAX           |
| C000033069 | SERIES ONE CLASS B | AMRBX           |
| C000033070 | SERIES ONE CLASS C | AMRCX           |
| C000110218 | c000033067         |  |
| C000110219 | c000033068         |  |
| C000110220 | c000033069         |  |
| C000110221 | c000033070         |  |

![](image_001.jpg)

**Table of Contents**

American Growth Fund, Inc Series One 3

President's Letter 4

American Growth Fund, Inc. Performance Charts 7

Statement of Investments 8

American Growth Fund, Inc. Financial Statements 14

Statement of Assets and Liabilities 14

Statement of Operations 16

Statement of Changes 18

American Growth Fund, Inc. Financial Highlights 19

American Growth Fund, Inc. Notes to Financial Statements 23

Summary of Significant Accounting Policies 23

Shares of Beneficial Interest 25

Realized and Unrealized Gain and Losses on Investments 25

Underwriting, Investment Advisory Contracts, Service Fees and Other Related Parties 26

Federal Income Tax Matters 26

Subsequent Events 27

COVID-19 Virus 27

Review of Affiliated Company's Expenses 27

Risk 27

Senior Derivative Rules 27

Fair vale determination and readily available market quotations 27

American Growth Fund, Inc. Analysis of Expenses 28

American Growth Fund, Inc. Hypothetical example for comparison purposes 29

American Growth Fund, Inc. Allocation of Portfolio Assets 30

American Growth Fund, Inc. Notice to Shareholders 31

American Growth Fund, Inc. How to Obtain a Copy of the Fund's Proxy Voting Records 31

American Growth Fund, Inc. Quarterly Filings on Form N-PORT 31

American Growth Fund, Inc. Information About Trustees and Officers 31

American Growth Fund, Inc. Board Approval of Investment Advisory Agreement 33

![](image_002.jpg)Dear Shareholders:

Your Investment Committee is pleased to deliver to you the American Growth Fund, Inc. Series One Semi-Annual Report for the six months ended January 31, 2023.

<br> News has a habit of making things seem worse than they really are. I know some of you are going to say "have you seen the price of eggs?" "Have you seen the price of gas?" We're not saying that there are not pains because there certainly are. We're just saying that when you look at the entire picture, you might have a different opinion.<br>The Bureau of Labor Statistics provides some very interesting data which I encourage all of you to look at. You can find them at https://www.bls.gov/charts/consumer-price-index/consumer-price-index-average-price-data.htm. For your convenience, we downloaded several charts for you and placed then to the right.<br>It is easy to see that Food was the big driver for inflation. However, consider the red bar (all items) at about the 6% rate and then the green bar (all items less food and energy) at about 5.5%. Removing the driver shows inflation trending down. The second chart, the light blue line is ground chuck (beef) and the red line is milk, both showing a fairly even growth if you draw straight lines from the beginning to end for each. Eggs however (black line) are different. They remained what we call "flat" until about February of 2022 and then took off.

<br> The bottom chart shows piped gas (tan line) being flat and the much more aggressive gasoline (black line) rising at a much quicker rate. Russia's war on Ukraine has affected oil prices around the world although that is easing.<sup>1</sup><br>However, if you look at the end of our two black lines in the middle and bottom charts, you can see decreases and decreases are what is needed to ease the inflation weight and burden on families.<br>Our optimistic outlook is shared. "At the end of last year, according to business surveys, manufacturing and services output were both shrinking around the world. Today manufacturing output is flat and services are rebounding. American consumers are spending freely. Both wages and prices continue to grow fast, even in places where they were long stagnant. Japan looks set for a round of bumper wage rises in the spring. In the euro zone the monthly rate of "core" inflation, which excludes food and energy prices, broke records in February. Labor markets are extraordinarily tight. As we report this week, in half of the members of the oecd (Country / Organization for Economic Co-operation and Development), a group of mostly rich countries, employment rates are currently at record highs."<sup>2</sup> China is showing growth as industrial production rose by 2.4%, up from December's 1.3% growth. Retail sales also increased from a negative 1.8% to a positive 3.5%.<sup>3</sup><br>How do you slow inflation rates? One way is for the Federal Reserve to increase interest rates, which they already started doing, but higher interest rates means the economy grows slower. A slight majority of economists think a recession is likely this year due to rising rates. Higher borrowing costs slow the economy by reducing consumer spending and business investment. The sudden meltdown of high-tech lender Silicon Valley Bank is unlikely to cramp the U.S. economy, analysts say, but it could raise the odds of a recession that many believe is inevitable later this year.<sup>4</sup> It is possible that the banking sector will remain volatile for some time but the U.S. Government is taking the steps it feels it needs to. The economy will work its way through this.<br>Recessions are a normal part of market life. It's not something to get too worried about and doesn't necessarily mean sell everything or stop investing. Selling off increases the risk that you will miss an upturn in the market which in turn extends the amount of time it takes to recover any losses you might have seen. A lot of people are surprised by the number of recessions there have been in their lifetime. In the 2000s there have already been three. The COVID-19 recession was short lived but saw an unemployment rate of 14.7%, the Great Recession from December 2007 through June 2019 and an early recession in 2001 that ran about 8 months. Going back to the 70s we can add 5 more. Go all the way back to the depression and you can add 6 more which means, in recent history we have endured 14.<br>Your investment committee remains bullish on the tech sector. In particular we have been keeping an eye on the trends revolving around electronic vehicles including quicker charging times for the new batteries.<br>**Investment Committee**

The Investment Committee that manages your Fund is made up of three individuals, two of which are veterans of the securities industry, Mr. Timothy Taggart and Mr. Robert Fleck. Mr. Taggart joined the securities industry in 1985 and is registered as a General Securities Principal, Financial and Operations Principal, Registered Options Principal and Municipal Securities Principal. Mr. Robert Fleck also joined the securities industry in 1985. He has held a General Securities license and currently is an Investment Advisor Representative. Mr. Matthew Taggart is the third member of your investment committee and brings valuable insight to committee meetings.<br>**Investment Strategy**

Your Investment Committee uses a fundamental top-down approach to manage your portfolio. First, we look at the general economic outlook, then we look at the industries that we feel have the biggest growth potential in the current and upcoming economies. From that, our objective is to choose the best companies in those industries. Many of these companies are established, large cap (defined as companies with a market capitalization of $5 billion or more) securities many of which are household names that you may easily recognize.<br>

**Performance Overview**

Series One is invested primarily in large cap, growth-oriented domestic common stocks. When you review the portfolio on the following pages you will note that the largest investment sector is Computer Software and Services at 14.00% of your portfolio, and the largest security in your portfolio is Fair Isaac & Company at $2,397,420 which provides decision-making solutions to clients in the financial services, telecommunications and retail industries.

Your American Growth Fund Series One Class A Shares delivered you a (13.71)% return (this number includes a sales load of 5.75% as well as Fund expenses and change in Market Value), since January 31, 2022 through close of business on January 31, 2023. The Dow Jones Industrial Average posted a loss of 0.92%

while the S&P 500 posted a loss of 8.22% for the same time period as listed above. A performance chart comparing all classes to the Standard and Poors 500 follows this letter.

On 3/1/96, Series One adopted a multi-class distribution arrangement to issue additional classes of shares, designated as Class A, Class B and Class C shares. Shares existing prior to 3/1/96 became Class D shares. Class A and Class D shares are subject to a maximum front-end sales charge of 5.75%, Class B shares are subject to a maximum contingent deferred sales charge of 5% and Class C shares are subject to a 1% contingent deferred sales charge within the first year of purchase. The Fund may incur 12b-1 expenses up to an annual maximum of .30 of 1% on its average daily net assets of its Class A shares, 1% of its average daily net assets of its Class B shares, and 1% of its average daily net assets of its Class C shares. Class D shares have no 12b-1 fees. Performance figures for Class D shares include the 5.75% initial sales charge and assume the reinvestment of income dividends and capital gain distributions.

Performance quoted for the period ending 1/31/2023 represents past performance and cannot be used to predict future results. 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. This material must be preceded or accompanied by a current prospectus. If you have not received, or need a current prospectus, please feel free to call for one at 1-800-525-2406. Please read the prospectus carefully before investing. For current performance figures please call 1-800-525-2406.

5 years 10 years

<u>Series One</u> 1 year annualized annualized

Class D without load (8.10)% 6.33)% 9.35)%

Class D with load\* (13.42)% 5.06)% 8.70)%

Class A without load (8.48)% 5.93)% 8.98)%

Class A with load\* (13.71)% 4.70)% 8.33)%

Class B without load (10.05)% 3.08)% 7.97)%<sup>1</sup>

Class C without load (9.43)% 5.06)% 8.40)%<sup>2</sup>

\*Includes a 5.75% sales charge based on a $10,000 initial purchase.

1 Includes the B Share to A Share conversion after 7 years.

2 Includes the C Share to A Share conversion after 7 years.

**<br> Top 3 Performing Investments (The three stocks that contributed positively to the return are)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment | &nbsp;&nbsp;Industry | &nbsp;&nbsp;Percent Contribution to the Loss on the Portfolio for the six months ended January 31, 2023 | &nbsp;&nbsp;Individual Investment performance for the six months ended January 31, 2023 |
| &nbsp;&nbsp;Fair Isaac & Co. | &nbsp;&nbsp;Computer Software and Services | &nbsp;&nbsp;4.32)% | &nbsp;&nbsp;44.55)% |
| &nbsp;&nbsp;Chemed Corp | &nbsp;&nbsp;Diversified Company | &nbsp;&nbsp;0.63)% | &nbsp;&nbsp;7.41)% |
| &nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;Farm & Construction Machinery | &nbsp;&nbsp;0.49)% | &nbsp;&nbsp;29.47)% |

---

**Bottom 3 Performing Investments (The three stocks that contributed positively to the return are)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Investment | &nbsp;&nbsp;Industry | &nbsp;&nbsp;Percent Contribution to the Loss the Portfolio for the six months ended January 31, 2023 | &nbsp;&nbsp;Individual Investment performance for the six months ended January 31, 2023 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Computer Hardware | &nbsp;&nbsp;(0.69)% | &nbsp;&nbsp;(10.66)% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;Application Software | &nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;(10.86)% |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;Online Media | &nbsp;&nbsp;(0.44)% | &nbsp;&nbsp;(13.95)% |

---

The investment sectors that had the most positive influence on your Series One portfolio were Computer Software and Services, Diversified Company, and Farm & Construction Machinery. The investment sectors that had the most adverse effect on your portfolio were Computer Hardware, Application Software, and Online Media.

The performance data quoted above is past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. An investment's return and principal value will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost.<br>**Liquidity** <br> 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.

As we look at these indicators of how our economy is doing, we generally continue to be cautiously optimistic. It is our hope that we will see continued growth in the upcoming months.

My staff and I are always available to discuss your account or answer any questions you may have. Please call our toll-free number, 800 525-2406 or, within Colorado, 303-626-0600. American Growth Fund wishes you <u>A G</u>ood <u>F</u>uture!

Sincerely,

Timothy E. Taggart<br> President<br> Investment Committee Member<br> American Growth Fund, Inc.

*1. https://apnews.com/article/russia-ukraine-war-economic-impact-ef6e4c4443743ccbf7740892fb0b4f3b<br> 2. https://www.economist.com/leaders/2023/03/08/a-stubbornly-strong-economy-complicates-the-fight-against-inflation<br> 3. https://www.cnn.com/2023/03/15/economy/china-economic-recovery-unemployment-intl-hnk/index.html<br> 4. https://www.morningstar.com/news/marketwatch/20230314506/svb-doom-not-seen-causing-big-ripple-effect-on-economy*

**<br> PERFORMANCE CHARTS (unaudited)**<br> The following chart compare the change in value of a $10,000 investment in the American Growth Fund versus the Standard and Poors 500. Returns reflect a sales load for Class A and D while Class B and C are without a sales load.<br> *Performance data quoted represents past performance and is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Indices are unmanaged and generally do not reflect deductions for management fees. You cannot invest directly in an index. Current performance data to the most recent month end can be obtained by calling 1-800-525-2406.*<br>

![](image_003.jpg)\*Includes a 5.75% sales charge based on a $10,000 initial purchase.

\*\*Includes conversion to A Shares after 7 years.

**Computer Software and Services Industry 14.00%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fair Isaac Corp\* ...…………………..……………………………...……………………………………...……….. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;$2397420**)** |
| &nbsp;&nbsp;*(Provides decision-making solutions to clients in the financial services, telecommunications and retail industries.)* |  |  |

---

**Diversified Company Industry 11.98%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Chemed Corp ...………………………………………………………………..…………………………………… | &nbsp;&nbsp;3115 | &nbsp;&nbsp;1573511**)** |
| &nbsp;&nbsp;*(Operates two wholly owned subsidiaries: VITAS Healthcare Corp., end of life hospice care, and Roto-Rooter, plumbing and drain cleaning services.)* |  |  |
| &nbsp;&nbsp;Honeywell International, Inc. ……………………………………………………………………………..……….. | &nbsp;&nbsp;2291 | &nbsp;&nbsp;477628**)** |
| &nbsp;&nbsp;*(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 chemicals, electronic and advanced materials, and process technology for refining and petrochemicals.)* |  |  |
|  |  | &nbsp;&nbsp;2051139**)** |

---

**Semiconductor Capital Equipment 8.97%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Teradyne, Inc ...……………………………………………………………………………………………..……… | &nbsp;&nbsp;15100 | &nbsp;&nbsp;1535670**)** |
| &nbsp;&nbsp;*(The world's largest producer of automated test equipment for semiconductors.)* |  |  |

---

**Railroad 7.14%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Canadian Pacific Railway, LTD. ......................…..………………..……………………………...…..………… | &nbsp;&nbsp;15100 | &nbsp;&nbsp;1221451**)** |
| &nbsp;&nbsp;*(A holding company that has railroad investments in the U.S., Mexico and Panama.)* |  |  |

---

**Computer Hardware 5.75%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Apple Inc. …………..………………………...............………………...……………… | &nbsp;&nbsp;6816 | &nbsp;&nbsp;983481**)** |
| &nbsp;&nbsp;*(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 & Peripherals Industry 4.69%**

---

| |
|:---|
| &nbsp;&nbsp;Cisco Systems .................................…..…………………………...…………………………………………..… |
| &nbsp;&nbsp;*(The leading supplier of high-performance inter-networking products.)* |

---

**Environmental Industry 4.56%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Waste Management ……………...............………………………………………………………..……………… | &nbsp;&nbsp;5050 | &nbsp;&nbsp;$781386**)** |
| &nbsp;&nbsp;*(The largest solid-waste disposal company in North America.)* |  |  |

---

**Application Software 4.50%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Microsoft Corporation …………..…………...............………………...………………………………………..… | &nbsp;&nbsp;3109 | &nbsp;&nbsp;770441**)** |
| &nbsp;&nbsp;*(Engaged in designing, manufacturing, selling devices, and online advertising. Its products include operating systems for computing devices, servers, phones and other devices.)* |  |  |

---

**Biotechnology Industry 4.42%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Amgen Inc. …....…………………………………………………………………………………………………….. | &nbsp;&nbsp;3.000 | &nbsp;&nbsp;757200**)** |
| &nbsp;&nbsp;*(Utilizes biotechnology to develop human pharmaceutical products.)* |  |  |

---

**Machinery Industry 4.39%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Middleby Corp\* ...……………….………………………………………………………………………...………… | &nbsp;&nbsp;4835 | &nbsp;&nbsp;751601**)** |
| &nbsp;&nbsp;*(Develops, manufactures, markets and services equipment used for commercial food cooking, preparation, and processing.)* |  |  |

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**Cable TV Industry 3.82%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Charter Communications, Inc \* ....…..……………………………...…………………………………..………… | &nbsp;&nbsp;1700 | &nbsp;&nbsp;653327**)** |
| &nbsp;&nbsp;*(Is a provider of cable services in the United States. The Company offers entertainment, information and communication solutions to residential and commercial customers.)* |  |  |

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**Transportation and Logistics 3.50%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Old Dominion Freight Line Inc. …………………………..……...………….……………………………..….….. | &nbsp;&nbsp;945 | &nbsp;&nbsp;314912**)** |
| &nbsp;&nbsp;*(Is the fourth-largest less-than-truckload carrier in the United States, with more than 225 service centers and 6,900-plus tractors.)* |  |  |
| &nbsp;&nbsp;Norfolk Southern Corp …………………….………..…..…………………………………………………….…… | &nbsp;&nbsp;620 | &nbsp;&nbsp;152402**)** |
| &nbsp;&nbsp;*(Is a $10.6 billion railroad operating in the Eastern United States. On 21,000 miles of track, Norfolk Southern hauls shipments of coal, intermodal traffic, and a diverse mix of automobile, agriculture, metal, chemical, and forest products.)* |  |  |
| &nbsp;&nbsp;JB Hunt Transportation ……..……………..…..……….…………….……………………………………………. | &nbsp;&nbsp;700 | &nbsp;&nbsp;132335**)** |
| &nbsp;&nbsp;*(Its primary operating segments are intermodal delivery, which uses the Class I rail carriers for the underlying line-haul movement; dedicated contract services that provide customer-specific fleet needs; and highway brokerage.)* |  |  |
|  |  | &nbsp;&nbsp;599649**)** |

---

**Retail – Apparel & Specialty 2.94%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Tractor Supply Company …………….………………..……………………………………………………...…… | &nbsp;&nbsp;1300 | &nbsp;&nbsp;$296387**)** |
| &nbsp;&nbsp;*(Is the largest operator of retail farm and ranch stores in the United States.)* |  |  |
| &nbsp;&nbsp;Amazon\* ………………………………………..……...………….…...……………………………………………. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;206260**)** |
| &nbsp;&nbsp;*(Is among the world's highest-grossing online retailers, with $281 billion in net sales and roughly $365 billion in estimated physical/digital gross merchandise volume in 2019)* |  |  |
|  |  | &nbsp;&nbsp;502647**)** |

---

**Online Media 2.71%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Alphabet Inc. Class A\* ……………..……...…….……………………………………………………….…………. | &nbsp;&nbsp;4700 | &nbsp;&nbsp;464548**)** |
| &nbsp;&nbsp;*(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 2.17%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Caterpillar Inc. ….………..……...…………...............………………...……………………………………..…… | &nbsp;&nbsp;1471 | &nbsp;&nbsp;371119**)** |
| &nbsp;&nbsp;*(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.)* |  |  |

---

**Home Improvement Stores 2.16%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Home Depot Inc. (The) ….………..……...…………...............……………………………………………..…… | &nbsp;&nbsp;1140 | &nbsp;&nbsp;369554**)** |
| &nbsp;&nbsp;*(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.)* |  |  |

---

**Restaurants 1.75%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Starbucks Corporation …..………..……...…………...............………………...........................................….. | &nbsp;&nbsp;2748 | &nbsp;&nbsp;299917**)** |
| &nbsp;&nbsp;*(A roaster, marketer, & retailer of specialty coffee in the world, operating globally. It sells a variety of coffee & tea products. It sells goods and services under brands including Teavana, Tazo, and Seattle's Best Coffee.)* |  |  |

---

**Insurance (Property and Causality) 1.38%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Markel Corp\* …………..……………..……...………….…………….…………………………………..……….. | &nbsp;&nbsp;100 | &nbsp;&nbsp;$140898**)** |
| &nbsp;&nbsp;*(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.)* |  |  |
| &nbsp;&nbsp;Selective Insurance Group Inc. ………….………………..………..…………………………………….….…… | &nbsp;&nbsp;1000 | &nbsp;&nbsp;95000**)** |
| &nbsp;&nbsp;*(Is a holding company that offers property and casualty insurance products and services in United States.)* |  |  |
|  |  | &nbsp;&nbsp;235898**)** |

---

**Telecommunication Services 1.31%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;T-Mobile US, Inc.\* ……..…………...............………………………..………………………….....……………… | &nbsp;&nbsp;1500 | &nbsp;&nbsp;223965**)** |
| &nbsp;&nbsp;*(The firm provided nationwide service in major markets but spottier coverage elsewhere.)* |  |  |

---

**Chemicals 1.20%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Balchem Corporation ……………..……...…….…………………….……………………………………..…….. | &nbsp;&nbsp;1575 | &nbsp;&nbsp;205742**)** |
| &nbsp;&nbsp;*(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.)* |  |  |

---

**Industrial Products 1.16%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Eaton Corp PLC …………………..……...………….…...……………………….……………………………….. | &nbsp;&nbsp;970 | &nbsp;&nbsp;157344**)** |
| &nbsp;&nbsp;*(Provides power-management solutions to diversified industrial customers, including electrical transmission systems, lighting, hydraulics, aerospace fuel systems, and truck and auto powertrain systems.)* |  |  |
| &nbsp;&nbsp;ABB LTD Sponsored ADR ……..……………..……...…………….…….……………………………………….. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;41820**)** |
| &nbsp;&nbsp;*(Is a global supplier of electrical equipment and automation products.)* |  |  |
|  |  | &nbsp;&nbsp;199164**)** |

---

**Business Services 1.12%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Paychex, Inc. .….………..……...…………...............………………...……………………………………..…… | &nbsp;&nbsp;1651 | &nbsp;&nbsp;191285**)** |
| &nbsp;&nbsp;*(Is a provider of integrated payroll, human resources, insurance, and benefits outsourcing solutions for small- to medium-sized business in the United States.)* |  |  |

---

**Health Care Plans 1.11%**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;UnitedHealth Group Inc. ....…..…………………..……...………………………………………………………… | &nbsp;&nbsp;380 | &nbsp;&nbsp;189692**)** |
| &nbsp;&nbsp;*(Is a diversified health care company in the United States.)* |  |  |

---

**Drug 0.76%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Johnson & Johnson ……………..……...…….…………………………………………………………….…….. | &nbsp;&nbsp;796 | &nbsp;&nbsp;$130082**)** |
| &nbsp;&nbsp;*(Engaged in the research and development, manufacture and sale of products in the health care field within its Consumer, Pharmaceutical and Medical Devices, and Diagnostic business segments.)* |  |  |

---

**Health Care Providers 0.75%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;HCA Healthcare Inc. …………….....……....………...............………………..........................................…… | &nbsp;&nbsp;505 | &nbsp;&nbsp;128810**)** |
| &nbsp;&nbsp;*(It operates general acute care hospitals, psychiatric hospitals, and rehabilitation hospitals.)* |  |  |

---

**Medical Diagnostics & Research 0.67%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Thermo Fisher Scientific Inc …..…..…………...............……..……………………………….....……………… | &nbsp;&nbsp;200 | &nbsp;&nbsp;114066**)** |
| &nbsp;&nbsp;*(Sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents.)* |  |  |

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**Banks 0.41%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;J P Morgan Chase ....…..…………………..……...………………………………………………………… | &nbsp;&nbsp;500 | &nbsp;&nbsp;69980**)** |
| &nbsp;&nbsp;*(Is a financial services firm and a banking institution. It is engaged in investment banking, commercial banking, treasury and securities services, asset management, retail financial services, and credit card businesses.)* |  |  |

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**Aerospace & Defense 0.12%**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Raytheon Technologies Corp…................…………………………………………………….....……………… | &nbsp;&nbsp;200 | &nbsp;&nbsp;19970**)** |
| &nbsp;&nbsp;*(Is a U.S. defense contractor with over $25 billion in sales. It operates through five segments: integrated defense systems, intelligence and information, missile systems, space and airborne systems, and a cybersecurity business branded Forcepoint.)* |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Common Stocks** *(cost $4,774,779) – 99.44%.……………………………………………………..…...* | &nbsp;&nbsp;**$17022259)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Total Investments, at Market Value (cost $4,774,779) ………………….........................................……..** | &nbsp;&nbsp;**99.44)%** | &nbsp;&nbsp;**17022259)** |
| &nbsp;&nbsp;**Other Assets, Less Liabilities ………………………………………………………………………………...…** | &nbsp;&nbsp;**0.56)%** | &nbsp;&nbsp;**96612)** |
| &nbsp;&nbsp;**Net Assets …………………………………………………………………………………………………………..** | &nbsp;&nbsp;**100.00)%** | &nbsp;&nbsp;**17118871)** |

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![](image_004.jpg)

Statement of Assets and Liabilities, January 31, 2023 (unaudited)

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| | |
|:---|:---|
|  | **Series One** |
| **Assets:** |  |
| Investments, at market value *………………………………………..……………………………………* | $17022259<sub>1</sub> |
| Cash………………..……………….............………………………………………………………………. | 94715) |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest sold...........………………………………………………………………. | 1690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold ……………………………………………………………………………………………. | -) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest ..........................……………………………………………………………….. | 4047) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid Insurance ..........................……………………………………………………………….. | 29721) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other …………...…………………………………………………………………………………………. | 36) |
| Total assets………………………….……………………………………………………………………… | 17152468) |
| **LIABILITIES:** |  |
| Shares of beneficial interest redeemed............................................................................................. | -) |
| Securities purchased payable ……………………………………………………………………………. | -) |
| 12b-1 fees......................................................................................................................................... | 18544) |
| Management fee............................................................................................................................... | 14603) |
| Other Payables …………………………………………………………………………………………….. | 450) |
| Total liabilities.......................................………………………………………………………………….. | 33597) |
| **NET ASSETS**………………………………………………………………………………………………. | $17118871) |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital………………………………………………………………….…………………………… | $3825431) |
| Distributable earnings (loss) ……………………………………………………………………………… | 13293440) |
| Net assets…………………………………………………………………………..………………………. | $17118871) |

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*1 Cost of Investments for Series One was $4,774,779.*

 

Statement of Assets and Liabilities, January 31, 2023 (unaudited) (continued)

 

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| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE:** |  |
| Series One - Class A Shares: |  |
| Net asset value and redemption price per share (based on net assets of<br> $8,949,243 and 1,509,080 shares of beneficial interest outstanding) | $5.93 |
| Maximum offering price per share (net asset value plus sales charge of 5.75% of<br> offering price) | $6.29 |
| Series One - Class B Shares: |  |
| Net asset value and redemption price per share (based on net assets of<br> $268,962 and 61,230 shares of beneficial interest outstanding) | $4.39 |
| Series One - Class C Shares: |  |
| Net asset value and redemption price per share (based on net assets of<br> $1,363,597 and 282,574 shares of beneficial interest outstanding) | $4.82 |
| Series One - Class D Shares: |  |
| Net asset value and redemption price per share (based on net assets of<br> $6,537,068 and 1,017,003 shares of beneficial interest outstanding) | $6.43 |
| Maximum offering price per share (net asset value plus sales charge of 5.75% of<br> offering price) | $6.82 |

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Statement of Operations for the Six Months Ending January 31, 2023 (unaudited)

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| | |
|:---|:---|
|  | **SERIES ONE** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends *(Net of Foreign tax withholding of $1,144 / $0 respectively)*……*…..…….…………….* | $85436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest …………………………………………….…...*……………….……………………..………..* | 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation ……………….………………………….…...*……………….……………………..………..* | -) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other ……………………………………………….…...*……………….……………..……………….* | 718) |
| Total investment income……………………………………..…………………………..……………….. | 86162) |
| **EXPENSES:** |  |
| Investment advisory fees (Note 4)…………………………………..………………………………….… | 82719) |
| Administration expenses (Note 4)……………………………………………………...………………… | 90241) |
| Transfer agent, shareholder servicing and data processing fees ………...………………………..… | 15133) |
| Accounting fees (Note 4)…………………………..……………………………………..……………….. | 14879) |
| Rent expense (Note 4)....………..………………………………………………………..……………… | 58780) |
| Custodian fees ..............…………………………………………………………………..……………… | 4093) |
| Professional fees………………………………………………………………………….………………… | 140075) |
| Registration and filing fees (Note 1):……………………………………………………………………… | 18600) |
| Shareholder reports………………………………………………………………………………………… | -) |
| Distribution and service fees (Note 4): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A……………………………………………………………………………….……………..…... | 12933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B……………………………………………………………………………….……………..…... | 1234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C……………………………………………………………………………….……………..…... | 6459) |
| Directors fees (Note 4).……………………………………………………………………………..……… | 21319) |
| D&O / E&O Insurance ……………………………………………………………………………………… | 21426) |
| Other expenses………………………………………………………………………………………...…… | 17336) |
| Total expenses…………………………………………………………………………………………...… | 505227) |
| Less fees waived and expenses reimbursed by Advisor ………………………………………………. | -) |
| Reclaimed Fee Waiver by Advisor ……………………………………………………………………….. | -) |
| Total fees waived and expenses reimbursed by Advisor | -) |
| Net Expenses……………………………………………………………………………………………….. | 505227) |

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---

| | |
|:---|:---|
| Net investment loss……………………………………………………….…………………………….… | (419065) |
| **REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS:** |  |
| Net realized gain on investments……………………………………………..……………….…..……… | $58750) |
| Net change in unrealized appreciation on investments…………..............................................…… | 630216) |
| Net gain on investments……………………………………………………………………………………. | 688966) |
| Net increase in net assets resulting from operations…………………………………………………… | $269901) |

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Statement of Changes in Net Assets

**Series One**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Six Months Ending<br> January 31, 2023<br> (unaudited) | &nbsp;&nbsp; Year Ended<br> July 31, 2022 |
| &nbsp;&nbsp;**INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| &nbsp;&nbsp;**OPERATIONS:** |  |  |
| &nbsp;&nbsp;Net investment loss .……..………………………………………………………..……………………………. | &nbsp;&nbsp;$(419065) | &nbsp;&nbsp;$(653048) |
| &nbsp;&nbsp;Net realized gain on investments………….....…………………………………..………………………….... | &nbsp;&nbsp;58750) | &nbsp;&nbsp;1382187) |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments ……………………………………... | &nbsp;&nbsp;630216) | &nbsp;&nbsp;(3449580) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations …........................................................ | &nbsp;&nbsp;269901) | &nbsp;&nbsp;(2720441) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;Net increase in net assets resulting from beneficial interest transactions (Note 2): |  |  |
| &nbsp;&nbsp; Class A ……………………………………………………………..………………………………………… | &nbsp;&nbsp;483989) | &nbsp;&nbsp;66509) |
| &nbsp;&nbsp; Class B ……………………………………………………………..………………………………………… | &nbsp;&nbsp;30437) | &nbsp;&nbsp;58019) |
| &nbsp;&nbsp; Class C ……………………………………………………………..………………………………………… | &nbsp;&nbsp;148663) | &nbsp;&nbsp;201574) |
| &nbsp;&nbsp; Class D ……………………………………………………………..………………………………………… | &nbsp;&nbsp;217262) | &nbsp;&nbsp;459265) |
| &nbsp;&nbsp;Net change in net assets derived from beneficial interest transactions…………………………………… | &nbsp;&nbsp;880351) | &nbsp;&nbsp;785367) |
| &nbsp;&nbsp;Distribution to shareholders from distributable earnings: |  |  |
| &nbsp;&nbsp; Class A ……………………………………………………………..………………………………………… | &nbsp;&nbsp;(621095) | &nbsp;&nbsp;(1300011) |
| &nbsp;&nbsp; Class B ……………………………………………………………..………………………………………… | &nbsp;&nbsp;(17855) | &nbsp;&nbsp;(28394) |
| &nbsp;&nbsp; Class C ……………………………………………………………..………………………………………… | &nbsp;&nbsp;(94143) | &nbsp;&nbsp;(167803) |
| &nbsp;&nbsp; Class D ……………………………………………………………..………………………………………… | &nbsp;&nbsp;(454671) | &nbsp;&nbsp;(900761) |
| &nbsp;&nbsp;Net change in net assets derived from distribution to shareholders ………………………………..…….. | &nbsp;&nbsp;(1187764) | &nbsp;&nbsp;(2396969) |
| &nbsp;&nbsp;Total increase (decrease) …………………………………………………………………………………….... | &nbsp;&nbsp;(37512) | &nbsp;&nbsp;(4332043) |
| &nbsp;&nbsp;Net Assets - Beginning of year…...….…………………………….…......................................................... | &nbsp;&nbsp;17156383) | &nbsp;&nbsp;21488426) |
| &nbsp;&nbsp;Net Assets - End of year<sup>1</sup>…....………………………………………...……………………………………….. | &nbsp;&nbsp;$17118871) | &nbsp;&nbsp;$17156383) |

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**Series One - Class A**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Six Months** | |  |  |  |  |  |
| &nbsp;&nbsp;**Ended** | |  |  |  |  |  |
|  | | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** |
| &nbsp;&nbsp;**January 31,** | | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** |
| &nbsp;&nbsp;**(unaudited)** | |  |  |  |  |  |
|  | &nbsp;&nbsp;**Six**<br>&nbsp;&nbsp;**Months**<br>&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;**January 31**<br>&nbsp;&nbsp;**(unaudited)**<br>&nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per Share Operating Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, |  |  |  |  |  |  |
| &nbsp;&nbsp; Beginning of Period ………………………….……..….. | &nbsp;&nbsp;$6.24) | &nbsp;&nbsp;$8.11) | &nbsp;&nbsp;$6.70) | &nbsp;&nbsp;$6.02) | &nbsp;&nbsp;$5.28) | &nbsp;&nbsp;$4.92) |
| &nbsp;&nbsp;Income gain (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> .………….……………………..…… | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) <sup>3</sup> ……………….. | &nbsp;&nbsp;0.28) | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;1.86) | &nbsp;&nbsp;0.92) | &nbsp;&nbsp;0.96) | &nbsp;&nbsp;0.57) |
| &nbsp;&nbsp;Total income gain (loss) from investment operations .… | &nbsp;&nbsp;0.13) | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;1.60) | &nbsp;&nbsp;0.68) | &nbsp;&nbsp;0.74) | &nbsp;&nbsp;0.36) |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;Long-term capital gains distributions …..……………….. | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Total distributions …………………………………………. | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Net Asset Value, End of Period ……………………….… | &nbsp;&nbsp;$5.93) | &nbsp;&nbsp;$6.24) | &nbsp;&nbsp;$8.11) | &nbsp;&nbsp;$6.70) | &nbsp;&nbsp;$6.02) | &nbsp;&nbsp;$5.28) |
| &nbsp;&nbsp;**Total Return at Net Asset Value**<sup>1</sup> **……………………...** | &nbsp;&nbsp;**1.6%)** | &nbsp;&nbsp;**(13.4)%** | &nbsp;&nbsp;**24.1**)**%** | &nbsp;&nbsp;**11.3**)**%** | &nbsp;&nbsp;**14.0**)**%** | &nbsp;&nbsp;**7.3**)**%** |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period (in thousands) ………………. | &nbsp;&nbsp;$8947) | &nbsp;&nbsp;$8951) | &nbsp;&nbsp;$11632) | &nbsp;&nbsp;$10614) | &nbsp;&nbsp;$10236) | &nbsp;&nbsp;$8431) |
| &nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> …...……………………………...…. | &nbsp;&nbsp;(5.12)% | &nbsp;&nbsp;(3.40)% | &nbsp;&nbsp;(3.46)% | &nbsp;&nbsp;(3.89)% | &nbsp;&nbsp;(4.10)% | &nbsp;&nbsp;(4.10)% |
| &nbsp;&nbsp;Expenses<sup>3</sup>. ……..……..…………………………………... | &nbsp;&nbsp;6.16)% | &nbsp;&nbsp;4.36)% | &nbsp;&nbsp;4.42)% | &nbsp;&nbsp;5.08)% | &nbsp;&nbsp;5.44)% | &nbsp;&nbsp;5.51)% |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>2</sup> ………………………………….. | &nbsp;&nbsp;0)% | &nbsp;&nbsp;3)% | &nbsp;&nbsp;4)% | &nbsp;&nbsp;0)% | &nbsp;&nbsp;7)% | &nbsp;&nbsp;11)% |

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**Series One - Class B**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Six Months** | |  |  |  |  |  |
| &nbsp;&nbsp;**Ended** | |  |  |  |  |  |
|  | | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** |
| &nbsp;&nbsp;**January 31,** | | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** |
| &nbsp;&nbsp;**(unaudited)** | |  |  |  |  |  |
|  | &nbsp;&nbsp;**Six**<br>&nbsp;&nbsp;**Months**<br>&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;**January 31**<br>&nbsp;&nbsp;**(unaudited)**<br>&nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per Share Operating Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, |  |  |  |  |  |  |
| &nbsp;&nbsp; Beginning of Period ………………………….……..….. | &nbsp;&nbsp;$4.68) | &nbsp;&nbsp;$6.21) | &nbsp;&nbsp;$5.31) | &nbsp;&nbsp;$4.94) | &nbsp;&nbsp;$4.48) | &nbsp;&nbsp;$4.22) |
| &nbsp;&nbsp;Income gain (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> .………….……………………..…… | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) <sup>3</sup> ……………….. | &nbsp;&nbsp;0.20) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;1.44) | &nbsp;&nbsp;0.74) | &nbsp;&nbsp;0.80) | &nbsp;&nbsp;0.59) |
| &nbsp;&nbsp;Total income gain (loss) from investment operations .… | &nbsp;&nbsp;0.03) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;1.09) | &nbsp;&nbsp;0.37) | &nbsp;&nbsp;0.46) | &nbsp;&nbsp;0.26) |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;Long-term capital gains distributions …..……………….. | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Total distributions …………………………………………. | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Net Asset Value, End of Period ……………………….… | &nbsp;&nbsp;$4.39) | &nbsp;&nbsp;$4.68) | &nbsp;&nbsp;$6.21) | &nbsp;&nbsp;$5.31) | &nbsp;&nbsp;$4.94) | &nbsp;&nbsp;$4.48) |
| &nbsp;&nbsp;**Total Return at Net Asset Value**<sup>1</sup> **……………………...** | &nbsp;&nbsp;**0.3%)** | &nbsp;&nbsp;**(15.1)%** | &nbsp;&nbsp;**20.7)%** | &nbsp;&nbsp;**7.5)%** | &nbsp;&nbsp;**10.3)%** | &nbsp;&nbsp;**6.2**)**%** |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period (in thousands) ………………. | &nbsp;&nbsp;$269) | &nbsp;&nbsp;$254) | &nbsp;&nbsp;$265) | &nbsp;&nbsp;$167) | &nbsp;&nbsp;$169) | &nbsp;&nbsp;$170) |
| &nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> …...……………………………...…. | &nbsp;&nbsp;(7.56)% | &nbsp;&nbsp;(5.56)% | &nbsp;&nbsp;(6.13)% | &nbsp;&nbsp;(7.49)% | &nbsp;&nbsp;(7.55)% | &nbsp;&nbsp;(7.60)% |
| &nbsp;&nbsp;Expenses<sup>3</sup>. ……..……..…………………………………... | &nbsp;&nbsp;8.60)% | &nbsp;&nbsp;6.52)% | &nbsp;&nbsp;7.09)% | &nbsp;&nbsp;8.68)% | &nbsp;&nbsp;8.89)% | &nbsp;&nbsp;8.95)% |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>2</sup> ………………………………….. | &nbsp;&nbsp;0)% | &nbsp;&nbsp;3)% | &nbsp;&nbsp;4)% | &nbsp;&nbsp;0)% | &nbsp;&nbsp;7)% | &nbsp;&nbsp;11)% |

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**Series One - Class C**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Six Months** | |  |  |  |  |  |
| &nbsp;&nbsp;**Ended** | |  |  |  |  |  |
|  | | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** |
| &nbsp;&nbsp;**January 31,** | | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** |
| &nbsp;&nbsp;**(unaudited)** | |  |  |  |  |  |
|  | &nbsp;&nbsp;**Six**<br>&nbsp;&nbsp;**Months**<br>&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;**January 31**<br>&nbsp;&nbsp;**(unaudited)**<br>&nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per Share Operating Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, |  |  |  |  |  |  |
| &nbsp;&nbsp; Beginning of Period ………………………….……..….. | &nbsp;&nbsp;$5.10) | &nbsp;&nbsp;$6.70) | &nbsp;&nbsp;$5.62) | &nbsp;&nbsp;$5.03) | &nbsp;&nbsp;$4.47) | &nbsp;&nbsp;$4.20) |
| &nbsp;&nbsp;Income gain (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> .………….……………………..…… | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) <sup>3</sup> ……………..… | &nbsp;&nbsp;0.23) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;1.54) | &nbsp;&nbsp;0.84) | &nbsp;&nbsp;0.79) | &nbsp;&nbsp;0.47**)** |
| &nbsp;&nbsp;Total income gain (loss) from investment operations .… | &nbsp;&nbsp;0.08) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;1.27**)** | &nbsp;&nbsp;0.59**)** | &nbsp;&nbsp;0.56**)** | &nbsp;&nbsp;0.27**)** |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;Long-term capital gains distributions …..……………….. | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Total distributions …………………………………………. | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Net Asset Value, End of Period ……………………….… | &nbsp;&nbsp;$4.82) | &nbsp;&nbsp;$5.10) | &nbsp;&nbsp;$6.70) | &nbsp;&nbsp;$5.62) | &nbsp;&nbsp;$5.03) | &nbsp;&nbsp;$4.47) |
| &nbsp;&nbsp;**Total Return at Net Asset Value**<sup>1</sup> **……………………...** | &nbsp;&nbsp;**1.0%)** | &nbsp;&nbsp;**(14.3)%** | &nbsp;&nbsp;**22.8)%** | &nbsp;&nbsp;**11.7)%** | &nbsp;&nbsp;**12.5)%** | &nbsp;&nbsp;**6.4)%** |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period (in thousands) ………………. | &nbsp;&nbsp;$1364) | &nbsp;&nbsp;$1296**)** | &nbsp;&nbsp;$1480**)** | &nbsp;&nbsp;$1589**)** | &nbsp;&nbsp;$1578**)** | &nbsp;&nbsp;$2593**)** |
| &nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> …...……………………………...…. | &nbsp;&nbsp;(6.13)% | &nbsp;&nbsp;(4.44)% | &nbsp;&nbsp;(4.41)% | &nbsp;&nbsp;(4.80)% | &nbsp;&nbsp;(5.05)% | &nbsp;&nbsp;(4.60)% |
| &nbsp;&nbsp;Expenses<sup>3</sup>. ……..……..…………………………………... | &nbsp;&nbsp;7.17)% | &nbsp;&nbsp;5.40)% | &nbsp;&nbsp;5.41)% | &nbsp;&nbsp;5.98)% | &nbsp;&nbsp;6.41)% | &nbsp;&nbsp;5.91)% |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>2</sup> ………………………………….. | &nbsp;&nbsp;0)% | &nbsp;&nbsp;3)% | &nbsp;&nbsp;4)% | &nbsp;&nbsp;0)% | &nbsp;&nbsp;7)% | &nbsp;&nbsp;11)% |

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**Series One - Class D**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Six Months** | |  |  |  |  |  |
| &nbsp;&nbsp;**Ended** | |  |  |  |  |  |
|  | | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** |
| &nbsp;&nbsp;**January 31,** | | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** | &nbsp;&nbsp;**July 31,** |
| &nbsp;&nbsp;**(unaudited)** | |  |  |  |  |  |
|  | &nbsp;&nbsp;**Six**<br>&nbsp;&nbsp;**Months**<br>&nbsp;&nbsp;**Ended**<br>&nbsp;&nbsp;**January 31**<br>&nbsp;&nbsp;**(unaudited)**<br>&nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2018** |
| &nbsp;&nbsp;**Per Share Operating Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net Asset Value, |  |  |  |  |  |  |
| &nbsp;&nbsp; Beginning of Period ………………………….……..….. | &nbsp;&nbsp;$6.74) | &nbsp;&nbsp;$8.73) | &nbsp;&nbsp;$7.18) | &nbsp;&nbsp;$6.42) | &nbsp;&nbsp;$5.61) | &nbsp;&nbsp;$5.21) |
| &nbsp;&nbsp;Income gain (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss .………….……………………..…… | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) <sup>3</sup> ……………….. | &nbsp;&nbsp;0.31) | &nbsp;&nbsp;(0.76) | &nbsp;&nbsp;1.99) | &nbsp;&nbsp;0.99) | &nbsp;&nbsp;1.02) | &nbsp;&nbsp;0.59**)** |
| &nbsp;&nbsp;Total income gain (loss) from investment operations .… | &nbsp;&nbsp;0.16) | &nbsp;&nbsp;(0.99) | &nbsp;&nbsp;1.74**)** | &nbsp;&nbsp;0.76**)** | &nbsp;&nbsp;0.81**)** | &nbsp;&nbsp;0.40**)** |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;Long-term capital gains distributions ..………………….. | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Total distributions …………………………………………. | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) | &nbsp;&nbsp;-) |
| &nbsp;&nbsp;Net Asset Value, End of Period ……………………….… | &nbsp;&nbsp;$6.43) | &nbsp;&nbsp;$6.74) | &nbsp;&nbsp;$8.73) | &nbsp;&nbsp;$7.18) | &nbsp;&nbsp;$6.42) | &nbsp;&nbsp;$5.61) |
| &nbsp;&nbsp;**Total Return at Net Asset Value**<sup>1</sup> **……………………...** | &nbsp;&nbsp;**2.0%)** | &nbsp;&nbsp;**(13.1)%** | &nbsp;&nbsp;**24.5)%** | &nbsp;&nbsp;**11.8)%** | &nbsp;&nbsp;**14.4)%** | &nbsp;&nbsp;**7.7)%** |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period (in thousands) ………………. | &nbsp;&nbsp;$6540) | &nbsp;&nbsp;$6656**)** | &nbsp;&nbsp;$8110**)** | &nbsp;&nbsp;$6989**)** | &nbsp;&nbsp;$6558**)** | &nbsp;&nbsp;$6153**)** |
| &nbsp;&nbsp;Ratio to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>3</sup> …...……………………………...…. | &nbsp;&nbsp;(4.68)% | &nbsp;&nbsp;(3.04)% | &nbsp;&nbsp;(3.11)% | &nbsp;&nbsp;(3.49)% | &nbsp;&nbsp;(3.75)% | &nbsp;&nbsp;(3.51)% |
| &nbsp;&nbsp;Expenses<sup>3</sup>. ……..………..………………………………... | &nbsp;&nbsp;5.72)% | &nbsp;&nbsp;4.00)% | &nbsp;&nbsp;4.07)% | &nbsp;&nbsp;4.68)% | &nbsp;&nbsp;5.09)% | &nbsp;&nbsp;4.83)% |
| &nbsp;&nbsp;Portfolio Turnover Rate<sup>2</sup> ………………………………….. | &nbsp;&nbsp;0)% | &nbsp;&nbsp;3)% | &nbsp;&nbsp;4)% | &nbsp;&nbsp;0)% | &nbsp;&nbsp;7)% | &nbsp;&nbsp;11)% |

---

 

**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%, 3rd & 4<sup>th</sup> years - 4%, 5th yr. - 3%, 6th yr. - 2%, 7th 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, 2022, the following reclassifications were made:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Series One** | &nbsp;&nbsp;**Series One** |
| &nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;Paid-In Capital |
| &nbsp;&nbsp;$653048 | &nbsp;&nbsp;$(653048) |

---

***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 determines 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 year 2019-2021 and expected to be taken in the Fund's 2022 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.

***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, 2023, in valuing the Fund's assets carried at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series One** |  |  |  |  |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Level 3 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;$17022259 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$17022259 |

---

The industry classifications of Level 1 investments are included in the Statement of Investments.

There were no transfers in to or out of Level 1 or Level 2 for the six months ended January 31, 2023. Transfers are recognized at the end of the reporting period.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six months ended* | &nbsp;&nbsp;*For the six months ended* | &nbsp;&nbsp;*For the year ended* | &nbsp;&nbsp;*For the year ended* |
|  | &nbsp;&nbsp;*January 31, 2023* | &nbsp;&nbsp;*January 31, 2023* | &nbsp;&nbsp;*July 31, 2022* | &nbsp;&nbsp;*July 31, 2022* |
|  | &nbsp;&nbsp;*(unaudited)* | &nbsp;&nbsp;*(unaudited)* |  |  |
|  | &nbsp;&nbsp;*Shares* | &nbsp;&nbsp;*Amount* | &nbsp;&nbsp;*Shares* | &nbsp;&nbsp;*Amount* |
| &nbsp;&nbsp;Series One - Class A: |  |  |  |  |
| &nbsp;&nbsp;Sold | &nbsp;&nbsp;60125) | &nbsp;&nbsp;$368365) | &nbsp;&nbsp;53262) | &nbsp;&nbsp;$387578) |
| &nbsp;&nbsp; Dividends and distributions<br> Reinvested | &nbsp;&nbsp; <br> 85655) | &nbsp;&nbsp; <br> 537917) | &nbsp;&nbsp; <br> 150465) | &nbsp;&nbsp; <br> 1102911) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;(70768) | &nbsp;&nbsp;(422293) | &nbsp;&nbsp;(203696) | &nbsp;&nbsp;(1423980) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;75012) | &nbsp;&nbsp;$483989) | &nbsp;&nbsp;31) | &nbsp;&nbsp;$66509) |
| &nbsp;&nbsp;Series One - Class B: |  |  |  |  |
| &nbsp;&nbsp;Sold | &nbsp;&nbsp;4486) | &nbsp;&nbsp;$19217) | &nbsp;&nbsp;13585) | &nbsp;&nbsp;$71165) |
| &nbsp;&nbsp; Dividends and distributions<br> Reinvested | &nbsp;&nbsp; <br> 3397) | &nbsp;&nbsp; <br> 15829) | &nbsp;&nbsp; <br> 4223) | &nbsp;&nbsp; <br> 23396) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;(1026) | &nbsp;&nbsp;(4609) | &nbsp;&nbsp;(6137) | &nbsp;&nbsp;(36542) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;6857) | &nbsp;&nbsp;$30437) | &nbsp;&nbsp;11671) | &nbsp;&nbsp;$58019) |
| &nbsp;&nbsp;Series One - Class C: |  |  |  |  |
| &nbsp;&nbsp;Sold | &nbsp;&nbsp;33954) | &nbsp;&nbsp;$166272) | &nbsp;&nbsp;38043) | &nbsp;&nbsp;$225600) |
| &nbsp;&nbsp; Dividends and distributions<br> Reinvested | &nbsp;&nbsp; <br> 17059) | &nbsp;&nbsp; <br> 87683) | &nbsp;&nbsp; <br> 25684) | &nbsp;&nbsp; <br> 154872) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;(22412) | &nbsp;&nbsp;(105292) | &nbsp;&nbsp;(30746) | &nbsp;&nbsp;(178898) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;28601) | &nbsp;&nbsp;$148663) | &nbsp;&nbsp;32981) | &nbsp;&nbsp;$201574) |
| &nbsp;&nbsp;Series One - Class D: |  |  |  |  |
| &nbsp;&nbsp;Sold | &nbsp;&nbsp;10515) | &nbsp;&nbsp;$71314) | &nbsp;&nbsp;6607) | &nbsp;&nbsp;$48810) |
| &nbsp;&nbsp; Dividends and distributions<br> Reinvested | &nbsp;&nbsp; <br> 63402) | &nbsp;&nbsp; <br> 436258) | &nbsp;&nbsp; <br> 107974) | &nbsp;&nbsp; <br> 852996) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;(43916) | &nbsp;&nbsp;(287810) | &nbsp;&nbsp;(56244) | &nbsp;&nbsp;(442541) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;30001) | &nbsp;&nbsp;$219762) | &nbsp;&nbsp;58337) | &nbsp;&nbsp;$459265) |

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***3. Realized and Unrealized Gains and Losses on Investments (unaudited)***

The identified tax cost basis of investments for Series One at January 31, 2023 was $4,916,703. Net unrealized appreciation (depreciation) on investments for Series One of $12,105,555, based on identified tax cost as of January 31, 2023, was comprised of gross appreciation of $12,119,378 and gross depreciation of $13,823.

***4. Underwriting, Investment Advisory Contracts, Service Fees and Other Related Parties (unaudited)***

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.

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, 2023 commissions and sales charges paid by investors on the purchase of Series One shares totaled $6,106, of which $45, 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 $2,431, of which $0, was retained by WCB. For the six months ended January 31, 2023, WCB received contingent deferred sales charges of $549 upon redemption of Class B and C shares, as reimbursement for sales commissions advanced by WCB upon the sale of such shares. No payments were made by 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, 2023, Series One paid directors' fees of $15,610, expenses of $5,709, and the audit chair $0 for review.

For the six months ended January 31, 2023, under an agreement with IRC, Series One was charged $90,241, for the costs and expenses related to employees of IRC who provided administrative, clerical and accounting services to the Fund and $14,879, to provide the daily fund accounting services. In addition, Series One was charged $58,780, 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, 2022, 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, 2022, Series One did not have any post-October losses.

Series One had a $2,396,969 long term capital gain distribution and $515,741 paid during the years ended July 31, 2022 and 2021, respectively.

As of July 31, 2022 the components of accumulated gains (loss) on a tax-basis for Series One was as follows:<br>

Undistributed income $-))

Long Capital Gains 1,187,762)

Unrealized appreciation (depreciation) 11,416,506)

Post-October loss <u>-)</u>

Total accumulated gain (loss) $<u>12,604,268</u>)

***6. Subsequent Events***

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued.

**7. COVID-19 Virus**

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. As a result, there have been various mandates from federal, state and local authorities which resulted in an overall decline in economic activity. Some mandates have been eased. The easing of these mandates has varied from state to state. The pandemic has not ended so the ultimate impact of COVID-19 on the financial performance of the Funds' investments has lessened but continues to not be non-foreseeable at this time. The Investment Committee continues to monitor this event. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.

**<br> 8. *Review of Affiliated Company's Expenses (unaudited) –*** The Trust's Audit Committee reviews, on a monthly and quarterly basis, the details of each expense incurred by the Trust in order to determine the appropriateness. These expenses are then presented to the Trust's Board of Directors for review and approval at the next quarterly Board Meeting.

For the year six months January 31, 2023 the Trust paid to its affiliated companies, World Capital Brokerage, Inc. $7,168, Investment Research Corporation $100,970, and AGF Properties, Inc. $71,227 for services they provided to the Trust and its shareholders. These payments resulted in these affiliated companies earning profit or losses totaling World Capital Brokerage, Inc. $(1,958), Investment Research Corporation $(23,745), and AGF Properties, Inc. $15,513.

**9. 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.

**10. 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.

**Analysis of Expenses (unaudited)** 

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end sales charges with respect to Class A and D shares or contingent deferred sales charges ("CDSC") with respect to Class B and C shares; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. The tables below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The tables below are based on an investment of $1,000 invested on August 1, 2021 and held for the year ended July 31, 2022.

**Actual expenses (unaudited)**

This table provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

For the six months ended January 31, 2023 (August 1, 2022 to January 31, 2023)

Actual Total

Return Beginning Ending Expenses

Without Account Account Paid Expenses

<u>Sales Charges Value Value The Period<sup>(2)</sup></u>

Class A 1.64)% $1,000.00 $1,016.36 $62.61

Class B 0.32)% $1,000.00 $1,003.22 $86.28

Class C 1.04)% $1,000.00 $1,010.43 $72.45

Class D 1.99)% $1,000.00 $1,019.89 $58.34

(1) Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charges with respect to Class A or D shares or the applicable Contingent Deferred Sales Charges ("CDSC") with respect to Class B or C Shares.

(2) Expenses are equal to the annualized expense ratio (after fee waivers) of 6.16%, 8.60%, 7.17% and 5.72% for the Fund's Class A, B, C and D shares, respectively, multiplied by the average account value over the period multiplied by 184/365 (to reflect a half a year period).

**Hypothetical example for comparison purposes (unaudited)**

The table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance nor expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. The example does not reflect the deduction of contingent deferred sales charges ("CDSC") with respect to Class B and C shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transaction costs were included, your costs would have been higher.

For the six months ended January 31, 2023 (August 1, 2022 to January 31, 2023)

Hypothetical

Annualized Beginning Ending Expenses

Total Account Account Paid Expenses

 <u>Return Value Value The Period(2)</u>

Class A 5.00% $1,000.00 $1,049.68 $64.66

Class B 5.00% $1,000.00 $1,049.14 $90.23

Class C 5.00% $1,000.00 $1,050.98 $75.36

Class D 5.00% $1,000.00 $1,050.45 $60.09

(2) Expenses are equal to the annualized expense ratio (after fee waivers) of 6.16%, 8.60%, 7.17% and 5.72% for the Fund's Class A, B, C and D shares, respectively, multiplied by the average account value over the period multiplied by 184/365 (to reflect a half year period).

**Allocation of Portfolio Assets (unaudited)**

(Calculated as a percentage of Net Assets)

January 31, 2023

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| | |
|:---|:---|
| &nbsp;&nbsp;**Series One** |  |
| &nbsp;&nbsp;Industry Breakdown |  |
| &nbsp;&nbsp;Computer Software and Services | &nbsp;&nbsp;14.00)% |
| &nbsp;&nbsp;Diversified Company | &nbsp;&nbsp;11.98)% |
| &nbsp;&nbsp;Semiconductor Capital Equipment | &nbsp;&nbsp;8.97)% |
| &nbsp;&nbsp;Railroad | &nbsp;&nbsp;7.14)% |
| &nbsp;&nbsp;Computer Hardware | &nbsp;&nbsp;5.75)% |
| &nbsp;&nbsp;Computer & Peripherals | &nbsp;&nbsp;4.69)% |
| &nbsp;&nbsp;Environmental | &nbsp;&nbsp;4.56)% |
| &nbsp;&nbsp;Application Software | &nbsp;&nbsp;4.50)% |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;4.42)% |
| &nbsp;&nbsp;Machinery | &nbsp;&nbsp;4.39)% |
| &nbsp;&nbsp;Cable TV | &nbsp;&nbsp;3.82)% |
| &nbsp;&nbsp;Transportation and Logistics | &nbsp;&nbsp;3.50)% |
| &nbsp;&nbsp;Retail - Apparel & Specialty | &nbsp;&nbsp;2.94)% |
| &nbsp;&nbsp;Online Media | &nbsp;&nbsp;2.71)% |
| &nbsp;&nbsp;Farm & Construction Machinery | &nbsp;&nbsp;2.17)% |
| &nbsp;&nbsp;Home Improvement Stores | &nbsp;&nbsp;2.16)% |
| &nbsp;&nbsp;Restaurants | &nbsp;&nbsp;1.75)% |
| &nbsp;&nbsp;Insurance (Property and Causality) | &nbsp;&nbsp;1.38)% |
| &nbsp;&nbsp;Telecommunication Services | &nbsp;&nbsp;1.31)% |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;1.20)% |
| &nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;1.16)% |
| &nbsp;&nbsp;Business Services | &nbsp;&nbsp;1.12)% |
| &nbsp;&nbsp;Health Care Plans | &nbsp;&nbsp;1.11)% |
| &nbsp;&nbsp;Drug | &nbsp;&nbsp;0.76)% |
| &nbsp;&nbsp;Health Care Providers | &nbsp;&nbsp;0.75)% |
| &nbsp;&nbsp;Medical Diagnostics & Research | &nbsp;&nbsp;0.67)% |
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;0.41)% |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;0.12)% |
| &nbsp;&nbsp;Total Investments …………………………………..…………..….. | &nbsp;&nbsp;99.44)% |
| &nbsp;&nbsp;Cash and Receivables, less Liabilities …………………………... | &nbsp;&nbsp;0.56)% |
| &nbsp;&nbsp;Total Net Assets ………………………………………..………..… | &nbsp;&nbsp;100.00)% |

---

**NOTICE TO SHAREHOLDERS AT JULY 31, 2022 (UNAUDITED)** 

**How to Obtain a Copy of the Fund's Proxy Voting Records for the 12-Month Period Ended June 30, 2022**

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge, upon request, by calling 1-800-525-2406. Furthermore, you can obtain the Fund's proxy voting records on the SEC's website at http://www.sec.gov.

**Quarterly Filings on Form N-PORT**

Each Fund files form N-PORT on a quarterly basis which contains information on each Fund's portfolio holdings. Each Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information included in each Fund's Forms N-PORT are also available by calling 1-800-525-2406.

**INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)**

The day-to-day operations of the Fund are managed by its officers, subject to the overall supervision and control of the board of directors. The Fund´s Audit Committee meets quarterly and is responsible for reviewing the financial statements of the Fund.<br> The following information about the interested directors<sub>2</sub> of the Fund includes their principal occupations for the past five years:<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address, and Age | Position(s) Held with Fund | Term of Office<sub>1</sub> and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director for the Past Five Years |
| <br> Timothy E. Taggart, 1636 Logan Street, Denver, CO<br> DOB: October 18, 1953 | President, Director and Treasurer | Since April 2004 | Principal financial and accounting officer, employee of Adviser since 1983. See below for affiliation with Distributor. | 1 | Director of World Capital Brokerage, Inc. and Investment Research Corporation |

---

The following information about the non-interested directors, officers and advisors of the Fund includes their principal occupations for the past five years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address, and Age | Position(s) Held with Fund | Term of Office<sub>1</sub> and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director for the Past Five Years |
| Eddie R. Bush, 1400 W. 122nd Ave., Suite 100, Westminster, CO <br> DOB: December 31, 1939 | Director, Audit Committee Chairman (financial expert), Lead Independent Director | Since September 1987 | Certified Public Accountant | 1 |  |
| Darrell E. Bush, 2714 West 118th Ave, Westminster, CO <br> DOB: February 19, 1971 | Director | Since September 2013 | Accountant | 1 |  |
| Michael L. Gaughan, 315 West 20<sup>th</sup> Street, Scottsbluff, NE <br> DOB: November 29, 1967 | Chief Compliance Officer and Secretary | Since September 2004 | Employee of the Fund since 1995. | N/A | World Capital Brokerage, Inc. and Investment Research Corporation |
| Patricia A. Blum, 1636 Logan Street, Denver, CO DOB: June 27, 1959 | Vice President | Since June 2013 | Employee of the Fund since 2001. | N/A | World Capital Brokerage, Inc. |

---

1. Trustees and officers of the fund serve until their resignation, removal or retirement.<br> 2. Timothy Taggart is an "interested person" of the Fund as defined by the Investment Company Act of 1940 because of the following position which he holds.<br>

Timothy Taggart is the sole shareholder, president and a director of Investment Research Corporation. He is also president and a director of World Capital Brokerage, Inc., the Distributor.<br> None of the above-named persons received any retirement benefits or other form of deferred compensation from the Fund. There are no other funds that together with the Fund constitute a Fund Complex.

The Fund's Statement of Additional Information includes additional information about the Fund's trustees and is available without charge upon request by calling 1-800-525-2406.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Meeting of the Board of Directors Held on November 17, 2022

At a regular meeting of the Board of Directors (the "Board") held via video conference on November 17, 2022 (the "meeting"), the Board, assisted by legal counsel representing the American Growth Fund, Inc. and the Independent Directors, including a majority of the Directors who are not interested persons of the Board (the "Independent Directors"), considered the approval for another year of the investment advisory agreement (the "Agreement") between Investment Research Corporation (the "Advisor") and the Trust for Series One.

In connection with its review and approval of the Agreement for another year at the Meeting, the Independent Directors participating considered materials furnished by the Advisor, including information about, but not limited to, the Advisor's personnel, operations and financial condition. The Independent Directors also submitted questions to the Advisor prior to the Meeting. At the Meeting, representatives from the Advisor, presented information to the Board regarding the Advisor and the Fund, discussed with the Independent Directors all information provided, and responded to questions from the Board.

Matters considered by the Board, including the Independent Directors, at the Meeting in connection with its re-approval of the Agreement included the following:

**Performance.** The Board reviewed the Fund's investment performance reports, which compared the performance of the Fund with several other mutual funds with generally similar investment strategies, at least in part, over various time periods, as well as with relevant benchmarks, and discussed these reports with representatives of the Advisor. The Board considered the Fund's comparative performance over short-term and longer-term time periods. The relative performance of the Series compared to peer funds and benchmarks over recent time periods comparable yet lagging returns on most data points but was deemed satisfactory given the nature of the Fund, did not reflect an unreasonable gap in performance and that the Advisor had presented substantive information which was discussed in length at the meeting including measures aimed at improving performance.

**Costs of Services and Profitability.** The Board reviewed and considered the contractual annual advisory fee paid by the Fund to the Advisor, in light of the extent and quality of the advisory services provided by the Advisor to the Fund. The Board received and considered information including a comparison of the Fund's contractual advisory fee rate with those of peer funds. The Board also reviewed and considered the total expense ratio for the Fund, alongside comparative total expense ratio information for peer funds. In doing so, the Board also considered the relative size of the Fund compared to the peer funds.

In addition, the Board, including the Independent Directors, specifically considered the profits realized by the Advisor and its affiliates, based in part on the Advisor financial information presented at the meeting and information regarding amounts paid to the Advisor and its affiliates. The Board also reviewed "fall out" benefits realized by the Advisor and its affiliates arising from its relationship with the Trust, and the profitability of the Fund to the Advisor and its affiliates.

**Nature, Extent, and Quality of the Services under the Investment Advisory Agreement.** The Board received and considered information regarding the nature, extent, and quality of services provided to the Fund under the Agreement. The Trustees reviewed certain background materials supplied by the Advisor in its presentation, including its Form ADVs.

The Board reviewed and considered the Advisor's investment advisory personnel, its history as an asset manager, and its performance and the amount of assets currently under management by the Advisor and its affiliated entities. The Board also reviewed the research and decision-making processes utilized by the Advisor, including the methods adopted to seek to achieve compliance with the investment objective, and policies of the Fund.

The Board considered the background and experience of the Advisor's management in connection with the Fund, including reviewing the qualifications, backgrounds, and responsibilities of the parties primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

**Economies of Scale.** After discussion, it was the consensus of the Board and the Independent Directors that the Fund had not reached an asset level where any material economies of scale were being realized by the Advisor that could be shared with the Fund. The Board discussed the economies of scale for the Fund and the fact that while economies of scale is not something that can be applied to the Fund now given the small asset bases, it would be revisited at a later date.

**Other Benefits to the Advisor.** The Board reviewed and considered any other incidental benefits derived or to be derived by the Advisor from its relationship with the Fund.

In reviewing the factors above, the Board concluded that no single factor was identified by the Directors to be determinative as the principal factor in whether to renew the Agreement. The Board concluded that:

(1) The nature and quality of services provided to the Fund and its shareholders by IRC were reasonable and adequate;

(2) The profitability of IRC and its affiliates from their relationships with the Fund was not unreasonable with respect to the Fund;

(3) There were no material economies of scale or other incidental benefits accruing to the Advisor in connection with its relationship with the Fund;

(4) Performance of the Fund, as addressed above; The Board considered substantive information which was discussed in length at the meeting regarding the lag in performance of the Fund, as well as, measures aimed at improving performance; and

(5) The Fund's contractual advisory fee rate was within an acceptable range of the median for peer funds; The Board noted that while the Fund's total expense ratio was generally greater than the median for peer funds, that is showed improvement and that higher expense ratios could be attributed in part to the disparities in relative fund sizes;

The Directors gave consideration to the circumstances, which positively affected its decision to reapprove the Investment Advisory Agreement.

Based on the Board's' deliberations and their evaluation of the information described above, the Directors, including all of the Independent Directors, concluded that the Advisor's compensation for investment advisory services is consistent with the best interests of its shareholders and accordingly approved continuation of the Investment Advisory Agreement for an additional period.

&nbsp;&nbsp; **TRANSFER AGENT:** Fund Services, Inc., 8730 Stony Point Parkway, Stony Point Bldg. III - Suite # 205, Richmond, Va. 23235<br> **CUSTODIAN:** UMB Bank NA Investment Services Group, 928 Grand Blvd, Fifth Floor, Kansas City, MO 64106<br> **RETIREMENT PLAN CUSTODIAN:** UMB Bank NA Investment Services Group, 928 Grand Blvd, Fifth Floor, Kansas City, MO 64106<br> **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:** Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia, PA 19102<br> **LEGAL COUNSEL:** K&L Gates LLP, 1601 K St NW, Washington, DC 20006<br> **UNDERWRITER/DISTRIBUTOR:** World Capital Brokerage, Inc., 1636 Logan Street, Denver, CO 80203<br>**OFFICERS AND DIRECTORS** <br> Timothy E Taggart President and Director<br> Eddie R Bush Director<br> Darrell E. Bush Director<br> Patricia A Blum Vice President<br> Michael L Gaughan Chief Compliance Officer<br> And Corporate Secretary<br>**INVESTMENT ADVISORS**<br> Investment Research Corporation<br> 1636 Logan Street<br> Denver, CO 80203<br> OFFICERS AND DIRECTORS<br> Timothy E. Taggart President, Treasurer, and<br> and Corporate Secretary<br> Director<br> Michael L. Gaughan Vice President, Secretary<br> and Director<br> Patricia A. Blum Vice President<br>

**2022-07-31(a) – Series 1**<br>ITEM 2 – Code of Ethics

The Fund has adopted a 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 800-525-2406 or to 1636 Logan Street, Denver, CO 80203.<br>ITEM 3 – Audit Committee Financial Expert<br>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 this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Fund's financial statements and condition.<br>ITEM 4 – Principal Accountant Fees and Services<br>Not Applicable for this filing.<br>ITEM 5 – Audit Committee of Listed Funds

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.<br>ITEM 6 – Schedule of Investments<br>Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.<br>ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed End Management Investment Companies<br>Not applicable to this Fund, insofar as the Fund is not a closed end management investment company.<br>ITEM 8 – Portfolio Managers of Closed End Management Investment Companies<br>

<br> Not applicable to this Fund, insofar as the Fund is not a closed end management investment company.<br>ITEM 9 – Purchases of Equity Securities by Closed End Management Investment Company and Affiliated Purchasers<br>Not applicable to this Fund, insofar as the Fund is not a closed end management investment company.<br>ITEM 10 – Submission of Matters to a Vote of Security Holders<br>There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Directors.<br>ITEM 11 – Controls and Procedures<br>(a) The Fund's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Fund'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.<br>(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<br> Fund's internal control over financial reporting.<br>ITEM 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.<br>Not applicable to this Fund, insofar as the Fund is not a closed end management investment company.<br>ITEM 13 – Exhibits<br>(a)(1) The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.<br>(a)(2) The certifications required by Rule 30a 2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes Oxley Act of 2002 are attached as exhibits hereto.<br>**SIGNATURES**<br>

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<u>/s/Timothy E. Taggart</u><br> Timothy E Taggart, President<br> Principal Executive and Principal Financial Officer<br> Date: 03/31/2023

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 <u>/s/Timothy E. Taggart</u><br> Timothy E. Taggart, President<br> Principal Executive and Principal Financial Officer<br> Date: 03/31/2023

## Ex-99.Code

**AMERICAN GROWTH FUND, INC.'S CODE OF ETHICS**

American Growth Fund ("AGF") associates are responsible for maintaining the highest ethical standards when conducting business, regardless of lesser standards that may be followed through business or community custom. In keeping with these standards, all associates must place the interests of clients and shareholders first.

AGF's Code of Ethics requires that all associates: (1) act with integrity, competence and in an ethical manner; (2) comply with applicable U.S. federal securities laws, as well as all other applicable laws, rules and regulations; and (3) promptly report violations of the Code of Ethics to the Chief Compliance Officer or officer of AGF. Individuals reporting suspected violations of this Code of Ethics will be protected against retribution.

AGF associates are reminded that trading on the basis of material, non-public information acquired directly or indirectly from a confidential source is a violation of Rule 10b-5 under Section 10(b) of the Exchange Act.

As part of the Code of Ethics, AGF has adopted the guidelines and policies below to address certain aspects of AGF's business. In the absence of specific guidelines and policies on a particular matter, associates must keep in mind and adhere to the requirements of the Code of Ethics set forth above.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Chief Compliance Officer.

AGF's code of ethics statement of general principles are listed below, and all advisory and access persons are expected to adhere to them at all times.

1. All personal securities transactions are to be conducted consistent with the code of ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

2. No advisory or access person will take inappropriate advantage of their position.

**A. "Definitions"**

1. "Access person" Rule 204A-1(c) of the 1940 Act defines "access person" as any supervised person of AGF (a) who has access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund; or (b) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. Due to the nature of AGF, all directors and officers are also presumed to be access persons.

2. "Advisory person" means (a) any employee of AGF or of any company in a control relationship to AGF, who, in connection with his regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by AGF, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (b) any natural person in a control relationship to AGF who obtains information concerning recommendations made to AGF with regard to the purchase or sale of a security. A person does not become an "advisory person" simply by virtue of the following: (i) normally assisting in the reports, but not receiving information about current recommendations or trading; or (ii) a single instance of obtaining knowledge of current recommendations or trading activity, or infrequently and inadvertently obtaining such knowledge.

3. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and is being acted upon.

4. "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities which an access person has or acquires.

5. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act of 1940.

6. "Purchase or sale of a security" includes, inter alia, the purchase or sale of an instrument defined below as a security and the writing of an option to purchase or sell a security.

7. "Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act, except that it shall not include;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Direct obligations of the United States Governments;

b. Bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Shares of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shares of open-end funds excluding the American Growth Fund;

e. Shares of unit investment trusts that are invested exclusively in unaffiliated open-end funds (UIT exchange-traded fund ARE reportable); and

f. Qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code of 1986.

8. "Security held or to be acquired" means any security as defined herein which within the most recent 15 days, (i) is or has been held, or (ii) is being or has been considered for purchase.

**B. Applicability of Restrictions and Procedures**

AGF applies the code of ethics equally to all access persons. The only exempted transactions are:

1. Purchases which are part of an automatic dividend reinvestment plan.

2. Purchases and sales of shares of a mutual fund or variable annuity.

3. Purchases or sales which receive the prior approval from the Board of Directors of AGF or AGF's CCO because: (i) the potential harm to AGF or a client is remote; (ii) because they would be very unlikely to affect a highly institutional market, or (iii) because they clearly are not related economically to the securities to be purchased, sold or held by AGF or a client.

4. Purchases or sales which receive approval from AGF's CCO after they have been effected because; (i) all profits earned on such purchases or sales are disgorged and given to a charity chosen by the access person in question; and (ii) AGF's CCO determines that such purchases or sales did not harm AGF or any AGF client.

**C. Substantive Restrictions on Personal Investing Activities**

The following restrictions apply to all access persons:

1. Initial Public Offerings. All access persons are prohibited from acquiring any securities in an initial public offering without receiving written prior approval from the Chief Compliance Officer.

2. Private Placements. All access persons must have, written, prior approval of any acquisition of securities in a private placement. This prior approval must take into account, among other factors, whether the investment opportunity should be reserved for an investment company and its shareholders, and whether the opportunity is being offered to the individual by virtue of his or her position with AGF. Anyone authorized to acquire securities in a private placement will be required to disclose that investment if or when they play a part in any subsequent considerations of an investment in the issuer. In such a circumstance, the investment company's decision to purchase securities of the issuer would be subject to an independent review by investment personnel with no personal interest in the issuer.

3. Blackout Periods. All portfolio managers or any other person that has current knowledge of a Fund or client portfolio is prohibited from executing a securities transaction on a day during which AGF or a client has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn. In addition, a portfolio manager or any other person that has current knowledge of a Fund or client portfolio is prohibited from buying or selling a security within at least seven calendar days before and after AGF or a client trades in that security. Any such trades generally will be unwound or, if that is impractical, all profits from the trading will be disgorged to the appropriate investment company (or, alternatively, to a charitable organization).

4. Ban on Short-Term Trading Profits. In addition to the blackout periods described above, all access persons, absent permission to engage in short term trading, are prohibited from profiting in the

purchase and sale, or sale and purchase, of the same (or equivalent) securities within 30 calendar days unless prior written approval is obtained from the Chief Compliance Officer ("CCO"). Any profits realized on such short-term, non CCO approved trades will be required to be disgorged.

5. Gifts. All access persons are prohibited from receiving any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of AGF. All gifts of any amount, other than of de minimis value, must be immediately reported in writing to the CCO.

6. Service as a Director. All access persons are prohibited from serving on the boards of directors of publicly traded companies, absent prior written authorization based upon a determination that the board service would be consistent with the interests of AGF and its shareholders. In the relatively small number of instances in which board service is authorized, persons serving as directors should be isolated from those making investment decision concerning the companies or company as which they serve as a director through "Chinese Wall" or other procedures

**D. Compliance Procedures.**

The following compliance procedures have been adopted in order to assure that the above restrictions are complied with by all access persons:

1. Preclearance. All access persons must "preclear" all personal securities investments. Written approval must be obtained from AGF's CCO prior to the order being executed. Preclearance approvals are only good for 24 hours. Subsequent purchase(s) are subject to Preclearance. AGF's CCO must have his trades precleared by another officer of AGF.

a. Securities Under Consideration. Preclearance cannot be granted to securities that AGF or an Access Person is recommending or considering recommending for client portfolios.

b. Allocation of Investment Opportunities. Investment opportunities may be offered to clients before AGF or its Associates may act on them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Exemptions from Preclearance of non-initial public offerings and non-private placements.

1. Members of the Board of Directors who qualify as disinterested persons under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases and sales of mutual funds and variable annuities.

3. Noting Quarterly Transaction Reports below, not exempting Substantive Restrictions on Personal Investing Activities above, access persons who are registered Investment Advisor Representatives are exempt from preclearance unless they wish to purchase or sell a security, that is not a mutual fund or variable annuity, that is also held in a client's portfolio.

2. Personal Accounts. All personal accounts held by Access Persons and their spouse, partner and children living at the same address are should be held at World Capital Brokerage, Inc. or Pershing. Access Persons and their spouse, partner and children living at the same address that hold accounts outside of World Capital Brokerage, Inc. or Pershing may incur additional administrative fees.

3. Post-Trade Monitoring. We may from time to time monitor personal investment activity by access persons after preclearance has been granted.

4. Disclosure of Personal Holdings. All access persons are required to disclose all personal securities holdings within 10 days of commencement of employment. Statement(s) provided must current as of a date not more than 45 days prior to the individual's commencement of employment.

5. Certification of Compliance with Codes of Ethics. All access persons are required to certify quarterly that they have read and understand the code of ethics and recognize that they are subject thereto. Further, all access persons are required to certify quarterly that they have complied with the requirements of the code of ethics.

6. Quarterly Transaction Reports. All access persons are required to submit on a quarterly basis a dated Quarterly Transaction Report as provided by AGF. Access persons are required to disclose all security transactions in detail including; transaction type, trade date, price, name of security, number of shares, name of broker and the dollar amount of transaction. Access persons must also provide copies of all statements for all accounts held regardless of whether there was a transaction in that quarter reported.

Access Persons are not required to submit:

a. Holdings reports and quarterly transaction reports for securities held in accounts over which the access person had no direct or indirect influence or control;

b. Quarterly transaction reports for transactions effected pursuant to an automatic investment plan; or

c. Quarterly transaction reports that would duplicate information included in account statements or confirmations.

7. Review by The Board of Directors. AGF's management will prepare an annual report to the board of directors that, at a minimum ---

a. Summarizes existing procedures concerning personal investing and any changes in the procedures made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Identifies any violations requiring significant remedial action during the past year; and

c. Identifies any recommended changes in existing restrictions or procedures based upon the investment company's experience under its code of ethics, evolving industry practices, or developments in applicable laws or regulations.

**E. Review Process**

All monthly reports will be reconciled back to their pre-approved list by a non-interested person. The CCO will perform an additional review.

**F. Record Keeping**

For a period of five years, AGF will retain;

1. A copy of and Code of Ethics ("Code") that is currently in effect or any Code that was in effect at any time within the prior five years, including any amendments thereto;

2. A record of any violation of the Code, and any actions taken in response to such violations;

3. A record of all written acknowledgements of receipt of the Code and any amendments for each person who is currently, or within the past five years was, a Supervised Person of AGF;

4. A record of all quarterly transaction reports made by Access Persons, including any account statements or trade confirmations provided in lieu of transaction reports;

5. A record of the names of all current Access Persons, any persons who were Access Persons during the preceding five years; and

6. A record of any decision, and the reason supporting the decision, to approve an Access Person's participant in an IPO or limited offering for a period of five years from the end of the fiscal year in which the approval is granted.

## Ex-99.Cert

CERTIFICATIONS

I, Timothy E. Taggart, certify that:

1. I have reviewed this report on Form N-CSRS of American Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:<br> (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<br> (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br> (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and<br> (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and<br> (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 03/31/2023<br> /s/ Timothy E. Taggart<br> Timothy E Taggart<br> Principal Executive Officer of American Growth Fund, Inc.<br> Principal Financial Officer of American Growth Fund, Inc.

## Exhibit 99.906

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Certification

In connection with the Series One Annual Report of American Growth Fund, Inc. (the Registrant) on Form N-CSRS for the 6 months ended July 31, 2022, as filed with the Securities and Exchange Commission on March 31, 2023 (the Report), I, Timothy E. Taggart, Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: 03/31/2023<br> /s/ Timothy E. Taggart<br> Timothy E Taggart<br> Principal Executive Officer of American Growth Fund, Inc.<br> Principal Financial Officer of American Growth Fund, Inc.