Monteagle Funds N-CSRCertified annual shareholder report (management investment company)

Annual Report | 1

                         TABLE OF CONTENTS

  August 31, 2023

MONTEAGLE SELECT VALUE FUND

A DISCUSSION OF FUND PERFORMANCE

AUGUST 31, 2023 (UNAUDITED)

How did the Fund perform?

For the year ended August 31, 2023, the Monteagle Select Value Fund (the “Fund”) had a return of 0.28%, which underperformed its value peers over the rolling 1-year period. The S&P 500 Index (“S&P 500” or “Index”) had a return of 15.92% for the same period, which significantly outperformed due to the growth component. The Fund’s net asset value per share as of August 31, 2023 was $9.62 versus $10.04 on August 31, 2022.

What is the Fund’s investment approach?

The Fund’s investment goal is long-term capital appreciation.  The Fund uses a “value investing” style by investing under normal circumstances at least 80 percent of its assets in common stock of domestic companies believed to be underpriced relative to comparable securities determined by price-to-earnings ratios, cash flows or other measures.  The Fund’s adviser predominately utilizes a reversion-to-the-mean strategy on stock selection in order to achieve its results rather than trying to time market fluctuations.  The adviser limits the pool of stocks to consider for purchase to only those equities in the S&P 500.  In selecting stocks, the Fund’s adviser establishes valuation parameters by using relative ratios or target prices to evaluate companies on several levels.  Additionally, the adviser will generally have the Fund hold between 20 and 60 equities and diversify its holdings across numerous industries.  The Fund seeks to maintain a minimum average weighted market capitalization of $5 billion.

Value stocks are broadly defined as equities which have a price-to-earnings ratio and a price-to-book ratio less than the relative market average with dividends tending to be higher than the relative market average.  Also, value stocks tend to have a beta (a measure of the stock’s price volatility relative to the overall market, i.e. the S&P 500) less than 1.0.  

What influenced the Fund’s performance?

Although the equity market at large boasted a strong recovery from 2022 lows, pressure from one of the steepest rate hiking cycles in history was felt across the economy, particularly in regional banks. KREIV (a regional bank Index) returned -33% from the start of March to the end of April. Unfortunately, the Fund held two regional banks that seemed to be hit the hardest and ultimately collapsed. As inflation has remained more willful than expected, the Federal Reserve ( the “Fed”) has increased rates to levels not seen since 2007. While future hikes seem unlikely, rate cuts are not expected until the second half of 2024. The domestic equity market will continue to watch the Fed as the economy is eventually expected to cool and monetary policy to ease. Strong labor markets and consumer spending have essentially “propped up” the economy through this high interest rate environment.

For the first quarter ending November 30, 2022, the portfolio holdings of the Fund outperformed the Index.  The Fund returned 5.99% for the quarter versus a return for the Index of -3.61%.  Value stocks are still favored over growth stocks, which continues to

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MONTEAGLE SELECT VALUE FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

affect the Fund’s return relative to the Index.  As of quarter-end, the cash balance of the portfolio was 7.08%, invested in a cash equivalent fund.

Broad sectors of the Index within the fund that performed the best during the quarter were the Healthcare, Consumer Discretionary, and Industrials sectors while the Real estate and Utilities sectors were the lowest performing within the Index.  The domestic equity market continued to be very volatile during the quarter, falling approximately 9% in September then climbing about 8% in October, and ending the fourth quarter up 3.62% from the third quarter.

The Fund’s holdings continued to be diversified across many sectors of the Index with less exposure to the Materials, Real Estate, and Information Technology sectors.  The largest sector allocations are the Health Care, Consumer Discretionary and Financials.  The largest positive performance impacts within the Fund during the quarter can be attributed to stock picks, specifically ABIOMED, Inc. (up 45.71% from the previous quarter-end), Dexcom, Inc. (up 41.44% from the previous quarter-end) and DuPont (up 26.73% during the quarter).  The Fund’s portfolio performance was most negatively affected by Newell Brands Inc., Signature Bank, Crown Castle, Inc., and First Republican Bank.  During the quarter, there was one disposal due to a mandatory cash merger.

For the second quarter ending February 28, 2023, the portfolio holdings of the Fund underperformed the  Index.  The Fund returned -2.63% for the quarter versus a return for the Index of -2.3%.  While value stocks performed better than growth stocks during the quarter, stock selection slightly impacted the Fund’s return relative to the Index.  As of quarter-end, the cash balance of the portfolio was 8.76%, invested in a cash equivalent fund.

Broad sectors of the Index within the Fund that performed the best during the quarter were the Information Technology, Consumer Discretionary, and Communication Services sectors while the Financials, Health Care, and Energy sectors were the lowest performing within the Index.  The domestic equity market continued to be very volatile during the quarter, falling approximately 5.77% in December, then climbing about 6.28% in January, followed by another 2.45% decline in February, for a quarterly return of -2.3%.

The Fund’s holdings continued to be diversified across many sectors of the Index with less exposure to the Materials, Real Estate, and Information Technology sectors.  The largest sector allocations are the Health Care, Consumer Discretionary and Financials.  The largest positive performance impacts within the Fund during the quarter can be attributed to stock picks, specifically IPG Photonics Corp. (up 35.38% from the previous quarter-end), PulteGroup, Inc. (up 22.09% from the previous quarter-end), and TransDigm Group, Inc. (up 18.36% during the quarter).  The Fund’s portfolio performance was most negatively affected by Baxter International, Inc., Nasdaq Inc, Signature Bank, and NextEra Energy, Inc.  During the quarter, there were two disposals and one purchase, which was a new security added to the portfolio.

For the third quarter ending May 31, 2023, the portfolio holdings of the Fund underperformed the Index due to growth stocks outperforming value stocks in general.  The Fund returned -5.22% for the quarter versus a return for the Index of 5.75%.  The

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MONTEAGLE SELECT VALUE FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

shift in favor between value and growth stocks continues to affect the Fund’s return relative to the Index.  As of quarter-end, the cash balance of the portfolio was 11.11%, invested in a cash equivalent fund.

Broad sectors of the Index within the fund that performed the best during the quarter were the Industrials, Consumer Discretionary, and Healthcare sectors while the Financials and Real Estate sectors were the lowest performing within the Index.  The domestic equity market rose steadily during the quarter, returning approximately 3.67% in March, 1.56% in April, and a slight gain of .43% in May, for a quarterly return of 5.75%.

The Fund’s holdings continued to be diversified across many sectors of the Index with less exposure to the Materials, Real Estate, and Energy sectors.  The largest sector allocations are Health Care, Consumer Discretionary and Industrials.  The largest positive performance impacts within the Fund during the quarter can be attributed to stock picks, specifically PulteGroup Inc., (up 20.87% from the previous quarter-end), Micron Technology Inc., (up 18.00% from the previous quarter-end), and D.R. Horton, Inc. (up 15.53% during the quarter). The Fund’s portfolio performance was most negatively affected by the collapse of Signature Bank and First Republic Bank. These securities realized losses of -$494,797 and -$598,394, respectively. Despite the substantial losses, positive performance from the Fund’s other holdings helped offset the bank failures’ impact on the overall fund performance. Additionally, during the quarter, there was one disposal, LKQ Corp. which realized a $60,327 gain.  

For the fourth quarter ending August 31, 2023, the portfolio holdings of the Fund underperformed the Index due to growth stocks outperforming value stocks in general.  The Fund returned 2.51% for the quarter versus a return for the Index of 8.28%.  The shift in favor between value and growth stocks continues to affect the Fund’s return relative to the Index.  As of quarter-end, the cash balance of the portfolio was 9.82%, invested in a cash equivalent fund.

Broad sectors of the Index within the Fund that performed the best during the quarter were the Industrials, Consumer Discretionary, and Information Technology sectors while the Health Care and Real Estate sectors were the lowest performing within the Index.  The domestic equity market rose steadily during the quarter, returning approximately 6.61% in June, 3.21% in July, and a slight loss of -1.59% in August, for a quarterly return of 8.28%.

The Fund’s holdings continued to be diversified across many sectors of the Index with less exposure to the Materials, Real Estate, and Energy sectors.  The largest sector allocations are Consumer Discretionary, Utilities, and Industrials.  The largest positive performance impacts within the Fund during the quarter can be attributed to stock picks, specifically Newell Brands, Inc., (up 27.32% from the previous quarter-end), Leidos Holdings, Inc., (up 24.92% from the previous quarter-end), and PulteGroup, Inc. (up 24.18% during the quarter). The Fund’s portfolio performance was most negatively affected by the performance of Dollar General Corp (down 31.13% during the quarter) and Resmed, Inc. (down 24.29% during the quarter).

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MONTEAGLE SELECT VALUE FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

What is the Fund’s strategy?

The Fund will continue to concentrate on equities contained in the S&P 500 which generally consists of large name brand corporations with good fundamentals and broad product diversification.  The Fund’s adviser will continue to be disciplined in the use of its predominate strategy of reversion-to-the-mean by applying its “value investing” approach valuation model; thereby, allowing the market’s volatility to identify those securities that become under-valued and are poised to be the next performers in the market.  Sector allocation in the Fund’s portfolio will primarily be determined by which companies are available for purchase pursuant to the Fund’s strategy.  It is anticipated that the Fund may hold higher levels of cash during extended periods of market uncertainty and will selectively invest the cash into equities identified by the primary investment strategy as opportunities present themselves or for dollar-cost-averaging into currently held positions. This strategy is executed with a long-term outlook and will have periods of under-performance and out-performance versus its Index.  Therefore, the Fund’s daily performance can and will vary dependent upon current market conditions.

Fund performance shown represents the performance of the Fund’s Class I shares. For complete performance information, please refer to the Average Annual Total Return table in the following performance report. Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month-end, are available by calling 1-888-263-5593.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please call 1-888-263-5593 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Fund is distributed by Mutual Shareholder Services, LLC.

Management’s Discussion of Fund Performance seeks to describe some of the Sub-Adviser’s current opinions and views of the financial markets. Although the Sub-Adviser believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed.

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MONTEAGLE OPPORTUNITY EQUITY FUND

A DISCUSSION OF FUND PERFORMANCE

AUGUST 31, 2023 (UNAUDITED)

How did the Fund perform?

The Monteagle Opportunity Equity Fund (the “Fund”) trailed its benchmark over the past 12 months and the most recent quarterly period. The high-quality investment selection process often leads to a low beta relative to our stated index. As the financial markets overall have rebounded from the 2022 drawdown, we have participated with a 0.90 beta measured monthly over a 3-Year period relative to the S&P 500. The S&P 500 gained 15.92% in the period from 8/31/22 through 8/31/23. We are comfortable with this situation as noted in our 2022 annual commentary as high quality lends stability in earnings and revenue which are an investor’s friend in times of volatility. The Investor Class of the Monteagle Opportunity Equity Fund (symbol: HEQFX) is currently rated 4 Stars overall according to Morningstar. The overall Morningstar Rating for the Institutional Class shares (symbol: HEQCX) is currently 4 Stars as well.

Investor Class shares have gained 9.00% in the past 12 months (8/31/22 to 8/31/23) including dividends while Institutional Class shares (HEQCX) gained 9.6% during the same 12-month period. We believe our relative performance during the inflation ravaged 2022 justifies our high-quality approach to investing which builds in risk management. Our lower risk benefits our investors when it matters most, but still allows participation in times of financial market gain.

What is the Fund’s investment approach?

The Monteagle Opportunity Equity Fund employs a mid-cap blend investment strategy with a goal of long-term capital appreciation. The portfolio is benchmarked to the S&P 500 Index and investments are selected using a high-quality screen on domestically traded company fundamentals such as earnings stability and debt management. Additional considerations of companies ultimately selected include valuation, free cash flow yield, return on equity and leverage, denoted by debt-to-equity. All companies passing the first high-quality screen are measured relative to their industry peers according to these final four metrics and the best companies according to these measures collectively are chosen for portfolio inclusion although there is some subjective selection by Henssler Financial analysts for determination of holdings in some industries. The portfolio is designed to approximately follow its benchmark sector weightings in the allocation process, but often takes active positions when warranted by market valuations and economic conditions. Most benefits for investors can be attributed to the active selection process used by the portfolio managers.

What influenced the Fund’s performance?

As the Fed continues to fight inflation, higher interest rates have weighed on asset valuations, but inflation has slowed recently. The obvious asset bubble seen in 2020 and 2021 allowed S&P 500 prices to run above 30 times earnings. The bubble burst in 2022 with valuations finally falling back near their 10-Year averages. However, prices have once again been pushed higher than we believe is justifiable given higher interest rates. Mid-Cap stocks followed large caps lower as well but have not rallied back to the level of large companies. With the Fed giving stern warnings of their intention to continue the work they

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MONTEAGLE OPPORTUNITY EQUITY FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

started until inflation is beaten, investors should expect the potential continued downward pressure on stock prices. Core inflation is the data point the Fed seems most focused on at this point. In 2022, they have stated conditions are likely to worsen for families and employment may begin to deteriorate as rates are managed higher and quantitative tightening (the selling of bond assets held by the Fed which are used to affect market interest rates) is likely to continue until the central bank is confident inflation is contained. However, the employment situation within our domestic economy has been resilient with unemployment stable at 3.7% in recent reports, which is near pre-pandemic levels.

Slowing economic conditions could exacerbate the declines recently seen in corporate earnings. This would make current stock valuations look bloated. In a scenario such as this, we believe the Monteagle Opportunity Equity fund is likely to continue providing relative asset protection, but of course, past performance is no indication of future results.

We believe high quality companies, the basis for our investment strategy, should continue to provide stable earnings to investors although they are not impervious to economic slowing. We will continue our management of this proven strategy and sector allocation as we have seen markets act irrationally in recent years, rewarding Growth strategies when valuations were abnormally high. We believe overweighting sectors believed to benefit from rising interest rates and inflation has merit, but low interest rates which benefit Growth strategies are unlikely to return soon. That being the case, we believe companies with stable earnings and growth are likely to be among the most beneficial for investors within the coming months. In our view, this could also force a significant revaluation of overpriced Growth stocks.

What is the Fund’s strategy?

The Monteagle Opportunity Equity Fund follows its stated investment approach selecting the most attractive high-quality mid-cap and small-cap securities according to the process derived from our years of research. The portfolio will continue with weightings to land the overall strategy in the mid-cap blend style and is likely to lean slightly toward value versus growth given our knowledge of the history of the process and outcomes. We believe a slightly value-leaning strategy is perfect given current valuation and recent performance conditions and we will continue to seek out and take advantage of market opportunities that will benefit our investors.

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MONTEAGLE ENHANCED EQUITY INCOME FUND

A DISCUSSION OF FUND PERFORMANCE

AUGUST 31, 2023 (UNAUDITED)

How did the Fund perform?

For the year ended August 31, 2023, the Monteagle Enhanced Equity Income Fund (the “Fund”) had a return of 5.21%, which is since inception as of January 23, 2023.  The Fund’s benchmark is the CBOE S&P 500 BuyWrite Monthly Index (the “Index”), which had 6.44% total return over the same period.  The Fund’s net asset value per share as of August 31, 2023 was $10.00 and $10.00 on January 23, 2023.

What is the Fund’s investment approach?

The Fund’s investment goal is a level of income not attainable through conventional methods, with a secondary goal of capital appreciation.  The Fund uses a “large cap core” style by investing under normal circumstances at least 80 percent of its assets in common stock of domestic companies believed to be underpriced relative to comparable securities determined by price-to-earnings ratios, cash flows or other measures.  The Fund’s manager predominately utilizes a “best of breed” strategy on stock selection in order to achieve its results rather than trying to time market fluctuations.  The manager focuses overwhelmingly on large cap stocks across all sectors of the Index.  In selecting stocks, the Fund’s manager establishes valuation parameters by using relative ratios or target prices to evaluate companies on several levels.  Additionally, the manager will generally have the Fund hold between 20 and 40 equities and diversify its holdings across numerous industry sectors.  The Fund seeks to maintain a style consisting of a core portfolio blending both growth and value styles.

Value stocks are broadly defined as equities which have a price-to-earnings ratio and price-to-book ratio less than the relative market average. Dividends will tend to be higher than the relative market average while also having a beta (a measure of the stock’s price volatility relative to the overall market, i.e. the S&P 500) less than 1.0.  Growth stocks are broadly defined as equities with a higher price-to-earnings ratio than relative market averages with lower than average to no dividends. Growth stocks can have a higher beta than the overall market, typically higher than 1.0.

What influenced the Fund’s performance?

The Monteagle Enhanced Equity Income Fund had an official launch date of January 23, 2023. There isn’t a true year-to-date available for the fund, so we are working through an odd time period in reporting annual performance discussion. In the year-to-date period prior to launch (1/1/2023-1/23/2023), the S&P 500 was up approximately 5% and ended the quarter up approx. 7.5%. By the end of the second quarter the S&P 500 had gained approximately 17% YTD. During this market rally, the Fed continued on their quest to reduce inflation by raising rates in February, March, May, and July. The Fed eventually paused in September which brought the campaign of eleven consecutive hikes to an end. As of this writing they have signaled that more rate hikes are on still on the table, with the market pricing in one more at the end of this year in December.

When the Fed’s rate hiking campaign began, the speed and magnitude of the hikes made expectations for the equity markets lower. The Fed began with seventy five basis point

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MONTEAGLE ENHANCED EQUITY INCOME FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

hikes and eventually trickled down to the twenty five basis point hikes that we have had most recently as they move toward the end of the hiking campaign. Higher rates compress margins and typically lead to lower earnings and lower stock prices. However, during this reporting period we have experienced abnormally low volatility as measured by the CBOE VIX Index. We saw one notable spike in volatility in March where the VIX surged up to a level of  approximately 27 for about a week. This was due to the failure of SVB bank and the subsequent smaller banks that followed. As we moved into the second and third quarter, the VIX returned to abnormally low levels and hovered under 14 for most of the summer months.  

The S&P 500 ended 2022 at approximately -18.1%, while the Fund benchmark CBOE S&P500 Buywrite ended -11.4%. At Fund launch we were trying to cautiously get the funds invested through dollar cost averaging, while watching the market have a steep rally as it tried to regain the losses of 2022. On the surface, the dramatic rally that we saw during the first half of 2023 would appear impressive. Looking under the hood, we found a market that had an incredibly narrow breadth. The S&P 500 is a market cap weighted index, thus the largest companies by market capitalization carry the largest weight. During this particular rally we saw essentially the top seven names, now known as the “magnificent seven”, in the index have overwhelming outsized gains. These gains combined with these particular companies making up approximately 27% of the index drove the entire S&P 500 index higher. The dispersion in performance across the rest of the constituents has been wide and much more muted.

Going forward the Fund will seek to maintain discipline in seeking and maintaining the companies in the portfolio. We will continue to be monitoring data and commentary coming out of the Fed. We will look to earnings season for direction on the strength of corporate earnings and use this as the basis for writing options. We will continue to be patient on position re-entry while using the abnormally high rates on market to earn interest in the interim.

What is the Fund’s strategy?

The Fund will continue to concentrate on equities mostly contained in the S&P 500 which generally consists of large name brand corporations with strong fundamentals and broad product diversification.  The Fund’s manager will continue to be disciplined in the use of its strategy of seeking quality companies driven by strong fundamentals and sustainable competitive advantages. We seek to identify companies with the ability to consistently produce free cash flow. When adding a new company to the portfolio we are looking for companies with a discount to intrinsic value. We seek a long-term investment horizon and companies that with a digestible beta. The portfolio uses a derivatives overlay strategy to achieve a level of cash flow unattainable through conventional investing. In the event a security rises above the option’s strike and is exercised or called away by the counterparty, the fund manager will either choose to re-enter the position based upon market conditions, or use put options to further generate cash flow while attempting to re-enter the position at a lower price. In the event one of the portfolio companies rises above the intrinsic value, we will seek out a more attractive opportunity.  Sector allocation will be diversified across all GICS sectors of the S&P 500. From time to

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MONTEAGLE ENHANCED EQUITY INCOME FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

time, the fund’s managers will over or under weight certain sectors based on market conditions.  It is anticipated that the Fund may hold higher levels of cash during extended periods of market uncertainty and will selectively invest the cash into equities identified by the primary investment strategy as opportunities present themselves or for dollar-cost-averaging into currently held positions. This strategy is executed with a long-term outlook and will have periods of under-performance and out-performance versus its Index.  Therefore, the Fund’s daily performance can and will vary dependent upon current market conditions.

Fund performance shown represents the performance of the Fund’s Class I shares. For complete performance information, please refer to the Average Annual Total Return table in the following performance report. Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month-end, are available by calling 1-888-263-5593.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please call 1-888-263-5593 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Fund is distributed by Mutual Shareholder Services, LLC.

Management’s Discussion of Fund Performance seeks to describe some of the Sub-Adviser’s current opinions and views of the financial markets. Although the Sub-Adviser believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed.  

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SMART DIVERSIFICATION FUND

A DISCUSSION OF FUND PERFORMANCE

AUGUST 31, 2023 (UNAUDITED)

How did the Fund Perform?

For the year ended August 31, 2023, the Smart Diversification Fund (the "Fund") had a total return of 1.07%. Compared to the MSCI ACWI Ex USA Net Total Return Index, the Fund underperformed. The Fund's net asset value per share as of August 31, 2023 was $11.92 versus $10 on the Fund's inception date, September 3, 2019.

What is the Fund's investment approach?

The Fund's investment goal is long-term capital appreciation. The Fund uses a quantitative investment approach to actively adjust the asset allocation. Index funds or ETFs are bought or sold based on mathematically applied technical signals. Because the Fund has an equity bias, under generally favorable economic conditions, the Fund may look closely akin to a global equity fund. However, unlike many funds that must stay within a particular investment "lane," the Smart Diversification Fund may switch lanes as the adviser reviews global asset classes. The Fund's subadviser uses proprietary indicators to gauge the trend, the strength of the trend, and the risk of each asset class to determine which equity asset classes may hold appropriate risk/reward trade-offs or which fixed income or alternative asset classes hold potential.

What influenced the Fund's performance?

Equity markets fell toward the end of 2022, negatively impacting performance. For the bulk of 2023, our quantitative process signaled the fund into an overweight in emerging markets. Emerging markets indices tend to have a large weighting in China, which did not help performance. Results were positively impacted by investments in India and other US positions such as the NASDAQ 100 and the S&P500. Due to increased redemptions, the fund has maintained larger than normal cash positions for several months.

What is the Fund's strategy?

The Fund seeks to meet its investment objective by investing under normal market conditions at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) measured at the time of purchase, in exchange-traded funds (“ETFs”) that invest in domestic and foreign (i) equity securities of all market capitalizations, (ii) fixed-income securities of any credit quality, (iii) commodities (e.g., gold), (iv) real estate investment trusts (“REITs”) and (iv) cash or cash equivalents. The foreign securities held by the underlying ETFs may include those in emerging markets.  While the percentage invested in each asset class will change over time, the Fund invests primarily in equity securities and fixed income securities. The Fund may invest in fixed income securities of any credit quality (including high yield or “junk” bonds) and any maturity duration.

Luken Investment Analytics, LLC, the Fund’s investment subadviser, uses the Smart Diversification® strategy, which is based on a proprietary quantitative model that uses trend analysis with a risk-management overlay to analyze each of the portfolio’s fixed income, equities, cash or cash equivalent, and commodities or REIT, asset classes in the

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SMART DIVERSIFICATION FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

portfolio. The model uses trend, strength, and risk indicators to determine the weighting of each asset class held in the portfolio. The subadviser ranks each investment type (asset class) using a proprietary system which considers medium to long-term price trends ranging from a few weeks (short-term) to several months (long-term). If equity markets are trending upward for the applicable period, assets are allocated into equity investments according to the proprietary model’s rules; and if equities are trending downward, the assets are primarily invested in fixed income securities, cash or alternatives as dictated by the applicable model. These decisions are made by pre-set rules. Proprietary indicators are used for strength and risk and may affect the portfolio’s asset class weightings.

The subadviser anticipates rebalancing the Fund’s portfolio based upon the subadviser’s proprietary indicators. A consequence of the subadviser’s strategy, under certain market conditions, is high turnover.  During protracted economic downturns, the subadviser may utilize defensive positioning, by increasing portfolio allocations to cash, fixed-income ETFs and alternative/specialty ETFs. Alternative or specialty ETFs are selected to provide positive returns and diversification. These may include ETFs linked to commodities, gold and managed futures. A consequence of the subadviser’s strategy, under certain market conditions, is high turnover.  The subadviser sees active trading as necessary to address market disturbances, volatility and the like.

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THE TEXAS FUND

A DISCUSSION OF FUND PERFORMANCE

AUGUST 31, 2023 (UNAUDITED)

How did the Fund perform?

At our fiscal year-end August 31, 2023, The Texas Fund (the “Fund”) was up 3.71% for the one-year trailing period while the S&P 500 was up 15.92%. The Fund’s underperformance for the previous 12 months came primarily from the outperformance of a few concentrated names in the S&P 500 (i.e. NVDA, META, TSLA, GOOGL, MSFT, AAPL) that have carried the majority of its performance. As we look forward, we believe the diversification in names and sector allocations that give us a lower correlation to the S&P 500 gives more opportunities to outperform.

What is the Fund’s investment approach?

The Fund’s investment goal is long-term capital appreciation.  The Fund invests in a broad market capitalization across the various sectors and sizes of the Texas economy keeping 80% or more of the fund invested in: 1) companies headquartered in Texas, 2) organized under Texas state laws, or 3) derive 50% of revenues or profits or have 50% of their assets in Texas.  The adviser limits the pool of stocks considered for purchase to only those equities with market capitalization greater than $500 million. The adviser also limits the amount in any one sector to less than 25% of the overall portfolio of companies.

In selecting stocks, the Fund’s adviser uses a formula ranking stocks in each sector.  Company rankings are determined by the Fund’s adviser after analyzing the financials, valuation, and growth prospects in comparison with their peers in the sector. The advisor considers the macro environment as well as sector opportunities to determine how heavily to weight a sector. The overall objective is to hold higher ranked companies for a long-term period to allow the capture of their growth within the Texas economy.

Since there are a number of small and mid-cap companies in Texas and the fund advisers do not give specific preference large caps the fund tends to have an average market capitalization between $4 billion to $6 billion. The Fund also maintains investments across the spectrum of Texas companies from those considered to be value companies to those considered growth companies.  

What influenced the Fund’s performance?

During the course of the investment year, we have experienced a large move in interest rates at the short end of the curve. Fundamentally, we know that this means adjustments to the economy are in the works. The broader stock market saw a large downturn in 2022 and 2023 saw a strong recovery. However, the S&P 500 remains below the level it was on December 31, 2021. Our greater exposure to energy and inflationary assets gave us better protection in the 2022 downturn. However, our lower allocation to large cap tech kept us from performing as well as the S&P 500 year to date through August 31, 2023.

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THE TEXAS FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

First Quarter (8/31/2022-11/30/22)

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Energy outperformed the broader market.

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Top performers during the period were: Texas Pacific Land +51.54%, Chapionx Corp 42.75%, RCI Hospitality 37.05%, Rent A Center 36.94%, Schlumberger 33.80%

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For the period 8/31/2022-11/30/2022 the Texas Fund was up 4.91% while the Russell 2000 was up 2.71% and the S&P 500 was up 3.63%.

Second Quarter (12/1/22-2/28/23)

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The Fund was overweight Industrials, Energy, and Financial Services.

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Energy underperformed while Technology outperformed during this period as compared to the overall market indices.

§

Top performers during the period were: Tidewater Inc +64.99%, Cirrus Logic Inc +44.80%, Daseke Inc +44.76%, Builders Firstsource Inc. +33.89, Encore Wire Corp +33.17%

§

For the period 11/30/2022-2/28/2023 the Texas Fund was down -2.96% while the Russell 2000 was up 0.89% and the S&P 500 was down -2.28%.

Third Quarter (3/1/23-5/31/23)

§

The Fund was overweight Technology, Financial Services, and Consumer Cyclical.

§

Top performers during the period were: Green Brick Partners +56.99%, Xbiotech Inc +51.64%, Builders Firstsource Inc. +41.91%, Open Lending Corp +39.86%, Crowdstrike +31.56%

§

Financials underperformed while Technology outperformed during this period as compared to the overall market indices.

§

For the period 2/28/2023-5/31/2023 the Texas Fund was down -8.80% while the Russell 2000 was down -7.32% and the S&P 400 Midcap was down -7.03%.

Fourth Quarter (6/1/23-8/31/23)

§

The Fund was overweight Energy, Industrials, and Consumer Discretionary, which aided outperformance during the quarter.

§

Energy led the sector performance during the quarter, with strong returns also coming from Consumer Discretionary, Industrials, and Materials, all of which returned over 10% during the quarter.  Utilities were the worst sector performer, falling 3.03% over the quarter.

§

Top performers during the period were: Uranium Energy Corp +73.49%, Cactus Inc. +63.91%, Par Pac Holdings +60.77%, IES Holdings +58.22%, Sabre Corp +57.23%

§

For the period 5/31/2023-8/31/2023 the Texas Fund was up 11.71% while the Russell 2000 was up 8.83% and the S&P 400 Midcap was up 10.22%.

Annual Report | 13

THE TEXAS FUND

A DISCUSSION OF FUND PERFORMANCE (CONTINUED)

AUGUST 31, 2023 (UNAUDITED)

What is the Fund’s strategy?

The Fund will continue to concentrate on Texas-based equities in order to take advantage of the Texas business climate and prospects for growth.  The Fund’s adviser will continue to evaluate and monitor the investment of the Fund to capture the growth in equities in the growing Texas economy.  At the current point in time, the sub-adviser believes the growth of Texas businesses will outpace the overall US and that difference will be passed on to investors.  Therefore, the sub-adviser seeks to maintain long term equity positions that grow in market cap with the Texas economy. The sub-advisor believes that investors are currently getting a very good value for average future earnings growth estimates when compared to the S&P 500 and sees no reason to change the investment approach.

Fund performance shown represents the performance of the Fund’s Class I shares. For complete performance information, please refer to the Average Annual Total Return table in the following performance report. Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month-end, are available by calling 1-888-263-5593.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please call 1-888-263-5593 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Fund is distributed by Matrix Capital Group, Inc.

Management’s Discussion of Fund Performance seeks to describe some of the Sub-Adviser’s current opinions and views of the financial markets. Although the Sub-Adviser believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed.

Annual Report | 14

MONTEAGLE SELECT VALUE FUND

PERFORMANCE ILLUSTRATION

AUGUST 31, 2023 (UNAUDITED)

  Comparison of the Change in Value of a $50,000 Investment
in Monteagle Select Value Fund - Institutional Class Shares and the S&P 500 Index

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of the Monteagle Select Value Fund - Institutional Class shares versus the S&P 500 Index. The S&P 500 Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index.

As with any fund, save an index fund, that commonly compares its performance to the S&P 500 Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the index; so too with the Monteagle Select Value Fund - Institutional Class, which will not invest in certain securities comprising this index.

Annual Report | 15

MONTEAGLE OPPORTUNITY EQUITY FUND

PERFORMANCE ILLUSTRATION

AUGUST 31, 2023 (UNAUDITED)

Comparison of the Change in Value of a $50,000 Investment in

Monteagle Opportunity Equity Fund - Investor Class Shares and the S&P 500 Index

You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  The Fund acquired all the assets and liabilities of The Henssler Equity Fund, a series of the Henssler Funds, (the “Predecessor Fund”) in a tax-free reorganization on or about May 27, 2019.  In connection with this acquisition, shares of the Predecessor Fund’s Investor Class Shares and Institutional Class Shares were exchanged for Investor Class Shares and Institutional Class Shares of the Fund, respectively.  The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth above reflects the historical performance of the Predecessor Fund shares.  The Predecessor Fund’s Investor Class shares commenced investment operations on June 10, 1998. The Predecessor Fund’s Institutional Class shares commenced investment operations on June 15, 2011.

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of Monteagle Opportunity Equity Fund - Investor Class shares versus the S&P 500 Index. The S&P 500 Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index.

As with any fund, save an index fund, that commonly compares its performance to the S&P 500 Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the index; so too with Monteagle Opportunity Equity Fund - Investor Class and Institutional Class, which will not invest in certain securities comprising this index.  

Annual Report | 16

MONTEAGLE ENHANCED EQUITY INCOME FUND

PERFORMANCE ILLUSTRATION

AUGUST 31, 2023 (UNAUDITED)

Comparison of the Change in Value of a $50,000 Investment
in Enhanced Equity Income Fund - Institutional Class Shares

and the CBOE S&P 500 BuyWrite Monthly Index

* Represents the period from the commencement of operations (January 23, 2023) through August 31, 2023.

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of the Enhanced Equity Income Fund - Institutional Class shares versus the CBOE S&P 500 BuyWrite Monthly Index (BXM). The BXM Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index®. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) "writing" (or selling) the near-term S&P 500 Index (SPXSM) "covered" call option, generally on the third Friday of each month. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index.

As with any fund, save an index fund, that commonly compares its performance to the CBOE S&P 500 BuyWrite Monthly Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the index; so too with the Enhanced Equity Income Fund - Institutional Class, which will not invest in certain securities comprising this index.

Annual Report | 17

SMART DIVERSIFICATION FUND

PERFORMANCE ILLUSTRATION

AUGUST 31, 2023 (UNAUDITED)

 Comparison of the Change in Value of a $50,000 Investment
in Smart Diversification Fund - Institutional Class Shares

and the S&P 500 Index

* Represents the period from the commencement of operations (September 3, 2019) through August 31, 2023.

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of the Smart Diversification Fund - Institutional Class shares versus the S&P 500 Index. The S&P 500 Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index.

As with any fund, save an index fund, that commonly compares its performance to the S&P 500 Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the index; so too with the Smart Diversification Fund - Institutional Class, which will not invest in certain securities comprising this index.

Annual Report | 18

THE TEXAS FUND

PERFORMANCE ILLUSTRATION

AUGUST 31, 2023 (UNAUDITED)

Comparison of the Change in Value of a $50,000 Investment
in The Texas Fund - Institutional Class Shares and the S&P 500 Index

* Represents the period from the commencement of operations (September 17, 2013) through August 31, 2023.

The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost.

The above graph depicts the performance of The Texas Fund - Institutional Class shares versus the S&P 500 Index. The S&P 500 Index by Standard and Poor’s Corp. is a capitalization-weighted index comprising 500 issues listed on various exchanges, representing the performance of the stock market generally. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track, and individuals cannot invest directly in any index.

As with any fund, save an index fund, that commonly compares its performance to the S&P 500 Index, such a comparison may be said to be inappropriate because of the dissimilarity between the Fund’s investments and the securities comprising the index; so too with The Texas Fund - Institutional Class, which will not invest in certain securities comprising this index.   

Annual Report | 19

MONTEAGLE SELECT VALUE FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

AUGUST 31, 2023 (UNAUDITED)

FUND PROFILE:

Annual Report | 20

MONTEAGLE OPPORTUNITY EQUITY FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

AUGUST 31, 2023 (UNAUDITED)

 FUND PROFILE:

Annual Report | 21

MONTEAGLE ENHANCED EQUITY INCOME FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

AUGUST 31, 2023 (UNAUDITED)

FUND PROFILE:

Annual Report | 22

SMART DIVERSIFICATION FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

AUGUST 31, 2023 (UNAUDITED)

  FUND PROFILE:

Annual Report | 23

THE TEXAS FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

AUGUST 31, 2023 (UNAUDITED)

  FUND PROFILE:

Annual Report | 24

MONTEAGLE SELECT VALUE FUND

SCHEDULE OF INVESTMENTS

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 25

MONTEAGLE SELECT VALUE FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

* Non-Income producing.

** 7-day yield as of August 31, 2023.

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

Annual Report | 26

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 27

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 28

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 29

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 30

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 31

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 32

MONTEAGLE OPPORTUNITY EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

* Non-Income producing.

** 7-day yield as of August 31, 2023.

NV - Naamloze Vennootschap, a Dutch term for public limited company.

The accompanying notes are an integral part of these financial statements.

Annual Report | 33

MONTEAGLE ENHANCED EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 34

MONTEAGLE ENHANCED EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

The accompanying notes are an integral part of these financial statements.

Annual Report | 35

MONTEAGLE ENHANCED EQUITY INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

AUGUST 31, 2023

(a) Subject to written option contracts.

* Non-Income producing.

** 7-day yield as of August 31, 2023.

*** All or a portion of this security is held as collateral for written options. Total value of collateral for written options is $43,391 representing 0.33% of net assets.

ETF - Exchange Traded Fund

NV - Naamloze Vennootschap, a Dutch term for public limited company.

The accompanying notes are an integral part of these financial statements.

Annual Report | 36

MONTEAGLE ENHANCED EQUITY INCOME FUND