Dear Shareholders:

I am pleased to deliver to you the American Growth Fund Series Two Annual Report for the twelve months ending July 31, 2015.

Investment Strategy
We use 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 economy. From that, our objective is to choose the best companies in those industries. Many of the stocks in your portfolio are household names that you will easily recognize.

Performance Overview
Your American Growth Fund Series Two Class E Shares delivered you a 8.87% return since August 1, 2014 through close of business on July 31, 2015. The Dow Jones Industrial Average posted a gain of 6.80% since August 1, 2014 through close of business on July 31, 2015 while the S&P 500 posted a gain of 8.97% since August 1, 2014 through close of business on July 31, 2015. Additional data, including long term performance data, can be found on page 18 of this report. Past performance is no guarantee of future results.

Manager’s Discussion
The American economy continues to improve, evidenced by the gross domestic product (GDP) increase of 3.7% from the second quarter of 2015. This is according to the second estimate released by the Bureau of Economic Analysis1. “The increase in Real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, state and local government spending, nonresidential fixed investment, residential fixed investment, and private inventory investment, Imports, which are a subtraction in the calculation of GDP increased. The acceleration in real GDP in the second quarter reflected an upturn in exports, an acceleration in OCE, a deceleration in imports, an upturn in state and local government spending, and an acceleration in nonresidential fixed investment that were partly offset by decelerations in private inventory investment, in federal government spending, and in residential fixed investment.”1 Additionally, we have seen a decrease in unemployment to 5.1%2 in August of 2015 as compared to the August 2014 rate of 6.1%2. This is an improvement of 16%. The Federal Reserve Bank continues to keep policy in place that will stimulate the growth of the economy. As the economy continues to improves, the FED in the past has helped to control inflationary rates so that the US economy will continue its path of recovery. There are still challenges ahead which may dampen our growth rate:

• dollar value against the world currency
• price of oil and how it effects the world economy
• the upcoming elections
• the European economy
• the Chinese economy

As we look at these indicators of how our economy is doing, we are bullish that we have seen the worst. It is my hope that we will see continued growth in the gross domestic product in the upcoming months.
While there are still problems that need to be addressed and dealt with, we are confident that the economic issues that present themselves will be correctly managed by our government as well as those of other countries. We feel that problems in the global markets are being managed effectively; nevertheless, we are monitoring these areas closely. World economies, and how they are managed by the governments involved, will help to shape our economy in both the short and long term. I believe that the United States economy is not only recovering but may lead and outperform the overall world economy. There have been some short term corrections in the markets since the first of the year. From January 1, 2015 through the end of day July 31, 2015 the Dow Jones Industrial Average posted loss of (0.75)% while the S&P 500 posted gains of 2.18%. and adjustments in the overall economy yet to come and the markets may react. Accordingly, in the next 6 months, we may see the markets move to compensate for the world economic environment.
The position of your portfolio should take advantage of the current economic outlook as well as changes in our domestic policy. Of course this may be adjusted as economic trends emerge. The top three Industries that have attributed the most to the Fund are:

• Diversity Machinery
• Biotechnology
• Drug

My staff and I are always available to discuss your account or answer any question you might have. Please call our toll free number, 800 525-2406 or, within Colorado, 303-626-0600.

American Growth Fund wishes you A Good Future!

Sincerely,
Timothy Taggart

1. http://bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
2. http://data.bls.gov/timeseries/LNS14000000

Underwriter: World Capital Brokerage, Inc.

American Growth Fund Returns
On 2/23/2011, the Fund introduced a new Series consisting of Class E and Class F shares. Class E shares are subject to a maximum front-end sales charge of 5.75%, Class F shares are subject to a maximum contingent deferred sales charge of 5%. 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 E shares and 1% of its average daily net assets of its Class F shares. The total annual fund operating expense ratios for Class E is 6.38% and for Class F is 7.14%. 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. Current performance may be lower or higher than the performance data quoted. 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. Period ending 07/31/2015.
For current month-end performance figures please call 1-800-525-2406.

Since Inception (February 23, 2011)
4.76%
3.37%
4.06%