American Growth Fund, Inc. Supplement dated March
22, 1996 to
Prospectus.
The following replaces page 3 of the American
Growth Fund Prospectus
dated March 1, 1996.
FINANCIAL HIGHLIGHTS
The following financial information for the
five years ended July 31, 1995 has been audited
by Smith, Brock & Gwinn, independent accountants, whose report with
respect thereto accompanies the
financial statements in the Statement of Additional Information.
The financial information for the six
months ended January 31, 1996 is unaudited. The per share data
covers the period from August 1, 1985
through January 31, 1996. Only financial information for Class D is
presented in the following financial
highlights table; Class A, Class B and Class C shares had not
commenced operations during the fiscal year
ended July 31, 1995 and accordingly no information is presented for
those classes.
(For a Class D share outstanding throughout the Fund's fiscal year)
<TABLE>
<CAPTION>
Six Months
Ended YEARS ENDED
JULY 31
January 31,
INCOME AND EXPENSES
1996 1995 1994 1993
1992 1991 1990 1989
1988 1987 1986
<S>
<C> <C> <C> <C>
<C> <C> <C> <C>
<C> <C> <C>
Net Asset Value,
Beginning of Period. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . $ 8.75 $ 9.34 $ 9.39 $ 8.50
$ 8.02 $ 7.59 $ 7.46 $ 6.71 $
9.62 $ 9.14 $ 8.60
Income From Investment Operations
Net Investment Income. . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .006 .210 .034 .105
.097 .157 .174 .376
.236 .162 .307
Net Gains or Losses on Securities
(both realized and unrealized) . . . . . . . . . . . . . . . . .
. . . . . . . . .444 .880 .996 1.515
.943 .533 .256 .714
(1.716) 1.698 .623
Total from Investment Operations . . . . . . . . . . . . . . . . .
. . . . . . . . .450 1.090 1.030 1.620
1.040 .690 .430 1.090
(1.480) 1.860 .930
Less Distributions
Dividends
(from net investment income) . . . . . . . . . . . . . . . . . . .
. . . . . . . . (.120) (.120) (.050) (.080)
(.060) (.260) (.300) (.340)
(.160) (.290) (.390)
Distributions
(from capital gains) . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . (.200) (1.560) (1.030) (.650)
(.500) ..... ..... .....
(1.270) (1.090) .....
Returns of Capital . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . ..... ..... ..... .....
..... ..... ..... .....
..... ..... .....
Total Distributions. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . (0.320) (1.680) (1.080) (.730)
(.560) (.260) (.300) (.340)
(1.430) (1.380) (.390)
Net Asset Value, End of Period . . . . . . . . . . . . . . . . . .
. . . . . . . . $8.88 $8.75 $9.34 $9.39
$8.50 $8.02 $7.59 $7.46
$6.71 $9.62 $9.14
Total Return*. . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . +5.2%**** +15.2% +11.1% +20.2%
+13.6% +9.6% +5.7% +17.0%
- -14.4% +23.1% +11.3%
Ratios/Supplemental Data
Net Assets, End of Period (millions) . . . . . . . . . . . . . . .
. . . . . . . . 107.2 90.5 68.2 62.2
55.5 55.7 58.6 63.9
64.2 81.3 69.3
Ratio of Expenses to
Average Net Assets*** . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 1.40%** 1.45% 1.34% 1.44%
1.46% 1.33% 1.33% 1.32%
1.29% 1.28% 1.29%
Ratio of Net Income to
Average Net Assets. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 0.36%** 1.91% 0.35% 0.59%
1.14% 2.02% 2.01% 5.15%
3.17% 1.99% 3.38%
Portfolio Turnover Rate. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 206.0%** 173.0% 87.2% 48.8%
39.8% 135.5% 92.3% 60.9%
241.7% 197.0% 165.6%
</TABLE>
*Sales load not reflected in total return.
**Annualized for the six months ended January 31, 1996.
***For the fiscal years ended July 31, 1994 and 1995, this amount
does not include transfer agent fees and certain other Fund
expenses which were paid on behalf
of the Fund by broker-dealers that affected portfolio transactions
for the Fund. If the Fund had paid these expenses, this amount
would have been 1.46% and
1.76% respectively.
****(1/31/96 return reflects six months, total return for twelve
months ending 3/31/96 is 24%).
<PAGE>
