AMERICAN GROWTH FUND, INC.
CODE OF ETHICS

American Growth Fund, Inc.'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 advisory and access persons have a duty at all times to place
the interests of shareholders first.
2.	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
3.	No advisory or access person will take inappropriate advantage of
their position.

A.  "Definitions"
1.	"Fund" means American Growth Fund, Inc.
2.	"Access person" means officer, or advisory person of the Fund.
3.	"Advisory person" means (a) any employee of the Fund or of any
company in a control relationship to the Fund, who, in connection with his
regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of a security by the Fund, 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 the Fund
who obtains information concerning recommendations made to the Fund 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.
4.	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.
5.	"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.
6.	"Control" shall have the same meaning as that set forth in Section
2(a)(9) of the Investment Company Act of 1940.
7.	"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.
8.	"Security" shall have the meaning set forth in Section 2(a)(36) of
the Investment Company Act, except that it shall not include shares of
registered open-end investment companies, securities issued by the Government
of the United States, short term debt securities which are "government
securities" within the meaning of Section 2(a)(16) of the Investment Company
Act, bankers' acceptances, bank certificates of deposit, commercial paper,
and such other money market instruments as designated by the Board of
Directors for the Fund.
9.	"Security held or to be acquired" by the Fund means any security as
defined herein which within the most recent 15 days, (i) is or has been held
by the Fund, or (ii) is being or has been considered by the Fund for purchase
by the Fund.
B.	Applicability of Restrictions and Procedures
American Growth Fund, Inc. 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 or sales which receive the prior approval of the Board of
Directors for the Fund or the CCO because:  (i) the potential harm to the
Fund 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 the Fund.
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 the Fund.  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 access persons are prohibited from executing
a securities transaction on a day during which the Fund has a pending "buy"
or "sell" order in that same security until that order is executed or
withdrawn.  In addition, the portfolio manager is prohibited from buying or
selling a security within at least seven calendar days before and after the
Fund 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 60
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 the Fund.  Prior written approval for any
gift must be obtained from the Fund.
6.	Service as a Director.  All access persons are prohibited from
serving on the boards of directors of publicly traded companies, absent prior
authorization based upon a determination that the board service would be
consistent with the interests of the Fund 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 excluding the dis-interested board
of directors must "preclear" all personal securities investments.  Written
approval must be obtained from the designated officer of the Fund prior to
the order being executed.
2.	Records of Securities Transactions.  All access persons must direct
their brokers to supply to a designated compliance official, on a timely
basis, duplicate copies of confirmations of all personal securities
transactions and copies of periodic statements for all securities accounts.
3.	Post-Trade Monitoring.  We will from time to time monitor personal
investment activity by access persons after pre-clearance has been granted.
4.	Disclosure of Personal Holdings.  All access persons are required to
disclose all personal securities holdings upon commencement of employment
and thereafter on a quarterly basis.
5.	Certification of Compliance With Codes of Ethics.  All access
persons are required to certify annually 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 annually that they have complied
with the requirements of the code of ethics and that they have disclosed or
reported all personal securities transactions required to be disclosed or
reported pursuant to the requirements of the code.
6.	Quarterly Transaction Reports. All access persons are required to
submit on a quarterly basis a dated Quarterly Transaction Report as provided
by the Fund. 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.
7.	Review by The Board of Directors.  The Fund'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;
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 Fund's experience under its code of ethics,
evolving industry practices, or developments in applicable laws or
regulations.
E.	Sanctions
Upon discovering a violation of this Code, the Board of Directors or CCO may
impose such sanctions as it deems appropriate, including, inter alia, a
letter of censure or suspension or termination of the employment of the
violator.
F.	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.