Summary Prospectus

Class E Shares : AMREX


Effective November 30, 2018

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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Table of Contents

Account Minimum, 14
ADDITIONAL INVESTMENT INFORMATION, 5
AUTOMATIC CASH WITHDRAWAL PLAN, 16
BROKERAGE, 19
CALCULATION OF NET ASSET VALUE, 20
Chief Compliance Officer, 12
CLASSIFICATION, 2
CONTROL PERSONS AND PRINCIPAL HOLDERS OF
SECURITIES, 12
CUSTODIAN AND INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM, 25
DISCLOSURE OF PORTFOLIO HOLDINGS, 7
Distribution Arrangements, 15
DISTRIBUTION OF SHARES, 14
DISTRIBUTION PLANS, 17
Dividends and Distributions, 15
DIVIDENDS, DISTRIBUTIONS AND TAXES, 20
Fee Table, 4
Financial Highlights, 16
Frequent Purchases and Redemptions of Fund
Shares, 15
FUND HISTORY, 2
How does the Fund implement its principal
investment objective, 7
How is the Fund managed, 12
How to Redeem Shares, 14
INVESTMENT ADVISORY AGREEMENT, 12
Investment Objectives, Principal Investment
Strategies, Related Risks, and Disclosure of
Portfolio Holdings, 7
Investment Objectives/Goals, 4
INVESTMENT RISKS, 3
INVESTMENT STRATEGIES, 2
MANAGEMENT OF THE FUND, 8
Management, Organization, and Capital Structure,
11

OTHER SERVICE PROVIDERS, 13
Payments to Broker-Dealers and Other Financial
Intermediaries, 7
PERFORMANCE DATA, 23
Portfolio Holdings, 11
Portfolio Manager, 7, 12
PORTFOLIO MANAGERS, 14
Portfolio Turnover, 4
PORTFOLIO TURNOVER, 7
Pricing of Fund Shares, 12
Principal Investment Strategy, 4
Principal risks of investing in the Fund, 5
PRINCIPAL UNDERWRITER, 13
Proxy Voting, 17
PROXY VOTING POLICIES, 11
Purchase and Sale of Fund Shares, 7
Purchase of Fund Shares, 13
Retirement Plans, 13
RETIREMENT PLANS, 16
Risk Return Summary, 4
Risk/Return Bar Chart and Table, 6
Risks presented by the Fund’s Investing in
Companies Involved in the Legal Cannabis
Business, 8
Sales Charges, 15
SERVICE AGREEMENTS, 13
Shareholder Information, 12
Special Services Available when Purchasing Fund
Shares, 13
Tax Consequences, 7
TEMPORARY DEFENSIVE POSITION, 7
The Investment Adviser, 7, 11
TRANSFER AGENT, 25
Understanding the Financial Highlights, 17
What is the Fund’s investment objective, 7

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Risk/Return Summary
Investment Objectives/Goals
The Fund’s primary objective is growth of capital.

Fee Table

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the American Growth Fund. More information about these breakpoints can be found under “Distribution Arrangements” on page 15 of this prospectus.

  Class E  
SHAREHOLDER FEES: (fees paid directly from your investment)    
Maximum sales charge (load) imposed on purchases (as a percentage of offering 5.75 %
price)    
Maximum deferred sales charge (load) as a percentage of original purchase price or 1%  
redemption proceeds, whichever is lower (c)    
Maximum sales charge (load) imposed on reinvested dividends None  
Redemption Fees None  
Exchange Fee None  
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of  
your investment) ended July 31, 2018:    

 

Management Fees 1.00 %
Distribution and Service (12b-1) fees 0.30 %
Other Expenses 13.85 %
Acquired Fund fees and expenses (a) (b) 0.02 %
Total Annual Fund Operating Expenses 15.17 %

 

(a) The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets in the Financial Highlights Table below, which do not include acquired fund fees and expenses.

(b)      The acquired fund fees and expenses are based on estimated amounts for the current fiscal year.
(c)      Purchases of $1,000,000 or more or more may be subject to a contingent deferred sales charge of 1.00% if the shares are

redeemed within one year of the date of the purchase.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

    1 Year   3 Years   5 Years   10 Years
Class E $ 1,930   $ 4,243 $ 6,109 $ 9,350
You would pay the following expenses if you did not redeem your shares:    
Class E $ 1,930   $ 4,243 $ 6,109 $ 9,350

 

The Example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio.

Principal Investment Strategy

Investment Research Corporation (the "Adviser") manages the Fund by searching for

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companies/investments with growth potential that could show faster growth than markets indexes. The Adviser also looks for securities that are considered undervalued or out of favor with investors or are expected to increase in price over time. We use a consistent approach to build the Fund’s security portfolio which is made up primarily of common stocks involved, in at least some way, in the legal cannabis business. In addition to the principal investment strategy, we may also invest in securities convertible into common stock in companies involved, in at least some way, in the legal cannabis business. Examples of companies associated with the legal cannabis industry could include legally registered publicly traded companies in fields such as agriculture, pharmaceutical, hydroponic or tobacco companies or REITs. These securities may be issued by large companies and also small and mid-sized companies, Micro Cap and Real Estate Investment Trusts (“REITs”). Income through dividend payments is a secondary objective. Income also becomes a Fund objective when it is in a temporary, defensive position. The legal cannabis business does not need to be the sole focus point of a company for Series Two to invest in it nor does it need to account for a majority of its overall revenues. For example, Series Two may invest in Company XYZ, a pharmaceutical company developing uses for medical cannabis even if the revenues produced as a result of the sales of medical cannabis is responsible for less than 5% of XYZ’s overall revenue. The Fund may invest in securities of other investment companies, including exchange-traded funds, to obtain desired exposures.

Principal risks of investing in the Fund
The primary risks of investing in the Fund are:

~ General Risk - All investments are subject to inherent risk. Markets can trade in random or cyclical price
patterns and prices can fall over time. The value of Series Two can fluctuate as markets fluctuate over
long and short periods of time,
~ Political, Economic and Regulatory Risk - Changes in economic and tax policies, high inflation rates,
government instability, and other political or economic actions or factors that may have an adverse effect
on Series Two,
~ Cannabis Industry Risk – The cannabis industry is a very young, fast evolving industry with possible
increased exposure to rule changes, changes in laws, increasing regulations, increasing competition
which may cause businesses to suddenly close or businesses to shrink as well as the possibility that a
company currently operating legally may suddenly find itself exposed to illegal activities,
~ REITs Risk - REITs may be subject to certain risks associated with the direct ownership of real property
including declines in the value of real estate, risks related to general and local economic conditions, over
building and increased competition, increase in property taxes and operating expenses, and variations in
rental income,

~ Stock Market Risk - the value of an investment may fluctuate,
~ Industry and security risk - the risk that the value of securities in a particular industry or the value of an

individual stock or bond will decline because of changing expectations for the performance of that
industry or for the individual company issuing the stock or bond. The Fund may have significant holdings
in certain industries and thus may be more susceptible to volatility in those industries, and thus more
susceptible to losses.
~ Management Risk - risks that the Adviser’s assessment of a company’s growth prospects may not be
accurate,
~ REITs Risk – Real Estate Investment Trusts (“REITs”) includes declines in the value of real estate, risks
related to general and local economic conditions, over building and increased competition, increase in
property taxes and operating expenses, and variations in rental income,

~ Mid Cap Risk - mid cap stocks tend to have a greater exposure to market fluctuations and failure,
~ Small Cap Risk - small cap stocks tend to have a high exposure to market fluctuations and failure,
~ Micro Cap Risk - low-priced stocks issued by the smallest of companies. Many microcap companies do

not file financial reports with the SEC, so it's hard for investors to get the facts about the company's
management, products, services, and finances. Microcap stocks historically have been more volatile and
less liquid than the stock of larger companies,
~ Liquidity Risk - Series Two may face increased liquidity risk which is the risk that a given security or
asset may not be readily marketable,
~ New Issuer Risk - New Issuers have been in the business less than 3 years, may face increased
pressures from established companies, new unseasoned management, may be more volatile and may

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offer less liquidity then larger companies,

~ Convertible Security Risk - risk of loss of principal before maturity,
~ Large Cap Company Risk - slower response to competitors, technology and consumer tastes and

slower growth rates during periods of economic expansion,
~ Portfolio Turnover Risk - High portfolio turnover (generally, turnover in excess of 100% in any given
fiscal year) may result in increased transaction costs to the Fund, which may result in higher fund
expenses and lower total return.
~ Investments in Other Investment Companies Risk - the Fund’s investments in other investment
companies will be subject to the risks of the other investment companies’ portfolio securities and the Fund
will bear indirectly the fees and expenses of the other investment companies in which it invests.
~ Exchange-Traded Funds (“ETFs”) Risk - The Fund is subject to the risks associated with the securities
or other investments in which the ETFs invest. The Fund’s shareholders will indirectly bear fees and
expenses paid by the ETFs in which it invests, in addition to the Fund’s direct fees and expenses. An
index-based ETF’s performance may not match that of the index it seeks to track. An actively managed
ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to
achieving the ETF’s investment objective.

Loss of some or all of the money you invest is a risk of investing in Series Two.
Because of the nature of the Fund, you should consider the investment to be a long-term investment that
typically provides the best results when held for a number of years.
Please see the Statement of Additional Information for further discussion of risks.

Risk/Return Bar Chart and Table
The bar chart and table are intended to provide you with an indication of the risks of investing in the Fund
by showing changes in performance from year to year and by showing how the Fund’s average annual
returns for Class E shares for 1 year and since inception (February 23, 2011) of Series Two compared to
those of the Standard and Poor’s 500 Index total return. Past performance, before and after taxes, is not
predictive of future performance. Sales load and account fees are not reflected in the chart. If the sales
load and account fees were included, the returns would be less than those that are shown. Updated
performance information for the Fund is available at the Fund’s web site (www.americangrowthfund.com)
or toll free telephone number (800) 525-2406.

Best calendar quarter ended 12/11: 12.48%. Worst calendar quarter ended 09/11: -5.61%. Year to date performance for the period ended 09/30/2018 was -8.28%.

Average annual total returns         Since Inception**  
for the periods ended One Year   Five Year**      
December 31, 2017         (02/23/2011 )
Class E Return before taxes* -11.05 % 0.11 % -1.12 %
Class E Return after taxes on -11.05 % -2.32 % -2.86 %

 

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Distributions            
Class E Return after taxes on            
Distributions and Sale of Fund -11.05 % -1.62 % -2.11 %
Shares            
Standard and Poor’s 500 Index            
(reflects no deduction for fees, 21.83 % 15.79 % 13.13 %
expenses, or taxes)            

 

*Assumes redemption at end of time period.

** For the periods shown prior July 29, 2016, the Fund returns reflect the Fund's performance prior to the change in the Fund's investment strategy to focus on the cannabis business.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes; Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts; After-tax returns are shown for only Class E and after-tax returns for other Classes will vary.

The Investment Adviser

The investment adviser is Investment Research Corporation. The Investment Advisor and Underwriter are under common ownership and share many of the same employees.

Portfolio Manager

The Fund is managed by an Investment Committee made up of Timothy Taggart, the Fund´s President, and Robert Fleck, an employee of the Advisor, who has both acted in this capacity since April of 2011.

Purchase and Sale of Fund Shares

When purchasing Fund shares there is no minimum initial or subsequent amount required. You can purchase and sell your shares on any business day through your financial adviser, by mail by writing to: American Growth Fund, 1636 Logan Street, Denver, CO, 80203, by wire if the purchase or sale is over $1,000 or by calling 800-525-2406 if the purchase or sale is $5,000 or less. For more information please visit www.agfseries2.com.

Tax Consequences

Distributions from the Fund’s long-term capital gains are taxable as capital gains, while distributions from short-term capital gains and net investment income are generally taxable as ordinary income.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.