UNITED STATES
SECURITY AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Company

Investment Company Act File Number: 811-825

American Growth Fund, Inc.
(exact name of registrant as specified in charter)

1917 Market Street
Denver, Colorado 80202
(address of principal executive offices) (zip code)

Registrants telephone number, including area code (303) 626-0600

Date of Fiscal Year End: July 31

Date of reporting period: October 31, 2012

Robert Brody
1917 Market Street
Denver, CO 80202
(Name and Address of Agent for Service)

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (SS 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Pleasedirect comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. S 3507. 

ITEM 1 - Schedule of Investments

American Growth Fund Series 2
October 31, 2012
(unaudited)

                                                                Market
Common Stocks 99.20%                            Shares          Value


Intergrated Petroleum 7.51%


Chevron Corp                                      900           99,189
Petrole Brasileiro                              3,000           63,630
                                                ----------------------
                                                               162,819


Chemical (specialty) 6.25%

New Market Corp.                                  500          135,655
                                                ----------------------
                                                               135,655


Retail/Wholesale Food 5.24%

Whole Foods Mkt Inc.                            1,200          113,676
                                                ----------------------
                                                               113,676


Drug 5.17%

Novo Nordisk                                      700          112,203
                                                ----------------------
                                                               112,203


Bank 4.80%

M & T Bank Corp.                                1,000          104,100
                                                ----------------------
                                                               104,100


Internet Information 4.70%

Google Inc *                                      150          101,966
                                                ----------------------
                                                               101,966


Biotechnology 4.64%

Gilead Sciences Inc. *                          1,500          100,740
                                                ----------------------
                                                               100,740


Phamacy Services 4.25%

Express Scripts Inc. *                          1,500           92,310
                                                ----------------------
                                                                92,310


Beverage 4.21%

Diageo Plc ADR                                    800           91,392
                                                ----------------------
                                                                91,392


Farm & Construction Machinery 3.94%

Deere & Co.                                     1,000           85,440
                                                ----------------------
                                                                85,440


Restaurant 3.88%

YUM! Brands Inc.                                1,200           84,132
                                                ----------------------
                                                                84,132


Credit Services 3.76%

Credit Acceptance Corp. *                       1,000           81,650
                                                ----------------------
                                                                81,650


Bank (Canadian) 3.75%

Toronto Dominion Bank                           1,000           81,340
                                                ----------------------
                                                                81,340


Hotel/Gaming 3.73%

Penn Natl Gaming *                              2,000           80,860
                                                ----------------------
                                                                80,860


Chemical (Basic) 3.72%

Potash Corp.                                    2,000           80,740
                                                ----------------------
                                                                80,740


Agricultural Chemicals 3.62%

Mosaic Co                                       1,500           78,510
                                                ----------------------
                                                                78,510


Auto 3.60%

Ford Motor                                      7,000           78,120
                                                ----------------------
                                                                78,120


Houshold Product 3.51%

Church & Dwight Co. Inc.                        1,500           76,140
                                                ----------------------
                                                                76,140


Telecom Equipment 3.24%

Qualcomm Inc.                                   1,200           70,290
                                                ----------------------
                                                                70,290


Jewelry Stores 2.91%

Tiffany & Co.                                   1,000           63,220
                                                ----------------------
                                                                63,220


Diversified Machniery 2.83%

3M Com                                            700           61,320
                                                ----------------------
                                                                61,320


Independent Oil & Gas 2.78%

Canadian Natural Resources                      2,000           60,400
                                                ----------------------
                                                                60,400


Personal Computer 2.74%

Apple Inc Com                                     100           59,510
                                                ----------------------
                                                                59,510


Steel 2.51%

Cliffs Natural  Resources                       1,500           54,405
                                                ----------------------
                                                                54,405


Petroleum (Producing) 1.91%

Apache Corp.                                      500           41,375
                                                ----------------------
                                                                41,375



Total Value Common Stocks                        99.20%      2,152,313





Cash and Receivable, less liabilities             0.80%         17,272

                                                ----------------------

Total Net Assets                                100.00%      2,169,585
                                                ======================

* Non-income producing security during last 12 months

Gross Unrealized appreciation on investment securities         303,409

Gross Unrealized deppreicaition on investment securities      (238,857)

Net Unrealized deppreciation on investment securities           64,552

Cost of investment securities for federal income tax
purposes                                                     2,087,761

ITEM 2 - Controls and Procedures

The Registrants Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrants 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.

There were no changes in the Registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal controls over financial reporting.

ITEM 3 - Exhibits

The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

American Growth Fund 

By /s/ Robert Brody
President
November 26, 2012

By /s/ Timothy E. Taggart
Executive Vice President
November 26, 2012

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