# EDGAR Filing Document

**Accession Number:** 0001260667
**File Stem:** 0001162044-25-000947
**Filing Date:** 2025-9
**Character Count:** 221775
**Document Hash:** 32716e0d27f98807b2a26fd5918deb15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000947.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001162044-25-000947

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANCORA TRUST
- **CENTRAL INDEX KEY:** 0001260667

**ORGANIZATION NAME:**
- **EIN:** 020712385
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21418
- **FILM NUMBER:** 251296285

**BUSINESS ADDRESS:**
- **STREET 1:** 6060 PARKLAND BOULEVARD, SUITE 200
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124
- **BUSINESS PHONE:** 216-825-4000

**MAIL ADDRESS:**
- **STREET 1:** 6060 PARKLAND BOULEVARD, SUITE 200
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124

## Series and Classes Contracts Data

### Ancora Income Fund (Series ID: S000004758)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012949 | Class I      | AAIIX           |

### Ancora Microcap Fund (Series ID: S000023080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000067250 | Class I      | ANCIX           |

### Ancora/Thelen Small-Mid Cap (Series ID: S000039307)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121113 | Class I      | AATIX           |
| C000144725 | Class S      | AATSX           |

### Ancora Dividend Value Equity Fund (Series ID: S000065262)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000211280 | Class I      |  |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 **FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21418</u>

<u>Ancora Trust</u>

(Exact name of registrant as specified in charter)

6060 Parkland Boulevard, Suite 200

<u>Cleveland, Ohio 44124</u>

(Address of principal executive offices)(Zip code)

Bradley Zucker

c/o Ancora Trust

6060 Parkland Boulevard, Suite 200

<u>Cleveland, Ohio 44124</u>

(Name and address of agent for service)

Copies to:

Andrew Davalla

Thomson Hine LLP

3900 Key Center,

127 Public Square

Cleveland, Ohio 44114

Registrant's telephone number, including area code: (216) 825-4000

Date of fiscal year end: <u>December 31</u>

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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. § 3507.

**Item 1. Reports to Stockholders.**

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

ANCORA INCOME FUND – CLASS I

***AAIIX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Ancora Income Fund – Class I -AAIIX for the period January 1, 2025 to June 30, 2025, as well as certain changes to the fund.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at www.ancorafunds.com. You can also request this information by contacting us at 1-866-6-ANCORA.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ancora Income Fund – Class I | &nbsp;&nbsp;$44 | &nbsp;&nbsp;0.88% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$44186372 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;86 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;20.69% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND: |
| &nbsp;&nbsp;$104611 |

---

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund<br> - Institutional Class | &nbsp;&nbsp;8.72% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Synchrony Financial, 5.625%, due 11/15/2024 | &nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Apollo Global Management, Inc., 7.625%, due 09/15/2053 | &nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Brookfield Infrastructure Finance ULC, 7.250%, due 05/31/2084 | &nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Fifth Third Bancorp, 7.994%, due 09/30/2025 | &nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp., 5.250%, due 10/17/2025 | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Athene Holding Ltd., 5.625%, due 09/30/2024 | &nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Citigroup, Inc., 7.625%, due 11/15/2028 | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Citizens Financial Group, Inc., 7.375, due 07/06/2029 | &nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Redwood Trust, Inc., 10.00%, Cumulative Perp due 04/15/2028 | &nbsp;&nbsp;1.72% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;26.85% |

---

**<u>SECTOR DIVERSIFICATIONS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Bonds & Corporate Bond Trust Certificated | &nbsp;&nbsp;10.99% |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;REIT Senior Securities | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;Traditional Preferred | &nbsp;&nbsp;73.23% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;8.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total Investments | &nbsp;&nbsp;100.00% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund's documents not be householded, please contact Ancora Funds at 1-866-6-ANCORA, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ancora Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.ancorafunds.com or contact us at 1-866-6-ANCORA.

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

ANCORA/THELEN SMALL-MID CAP FUND – CLASS I

***AATIX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Ancora/Thelen Small-Mid Cap Fund – Class I - AATIX for the period January 1, 2025 to June 30, 2025, as well as certain changes to the fund.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at www.ancorafunds.com. You can also request this information by contacting us at 1-866-6-ANCORA.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ancora/Thelen Small-Mid Cap Fund – Class I | &nbsp;&nbsp;$60 | &nbsp;&nbsp;1.21% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$198557025 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;94 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;34.92% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$885597 |

---

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Kyndryl Holding, Inc. | &nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;IAC/InterActive Corp. | &nbsp;&nbsp;2.02% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;24.85% |

---

**<u>SECTOR DIVERSIFICATIONS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;10.58% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;7.76% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;31.88% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total Investments | &nbsp;&nbsp;100.00% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund's documents not be householded, please contact Ancora Funds at 1-866-6-ANCORA, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ancora Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.ancorafunds.com or contact us at 1-866-6-ANCORA.

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

ANCORA/THELEN SMALL-MID CAP FUND – CLASS S

***AATSX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Ancora/Thelen Small-Mid Cap Fund – Class S - AATSX for the period January 1, 2025 to June 30, 2025, as well as certain changes to the fund.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at www.ancorafunds.com. You can also request this information by contacting us at 1-866-6-ANCORA.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ancora/Thelen Small-Mid Cap Fund – Class S | &nbsp;&nbsp;$49 | &nbsp;&nbsp;1.00% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$198557025 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;94 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;34.92% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$885597 |

---

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Aramark | &nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Kyndryl Holding, Inc. | &nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;IAC/InterActive Corp. | &nbsp;&nbsp;2.02% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;24.85% |

---

**<u>SECTOR DIVERSIFICATIONS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;10.58% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;7.76% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;31.88% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total Investments | &nbsp;&nbsp;100.00% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund's documents not be householded, please contact Ancora Funds at 1-866-6-ANCORA, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ancora Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.ancorafunds.com or contact us at 1-866-6-ANCORA.

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

ANCORA MICROCAP FUND – CLASS I

***ANCIX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Ancora MicroCap Fund – Class I - ANCIX for the period January 1, 2025 to June 30, 2025, as well as certain changes to the fund.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at www.ancorafunds.com. You can also request this information by contacting us at 1-866-6-ANCORA.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ancora MicroCap Fund – Class I | &nbsp;&nbsp;$78 | &nbsp;&nbsp;1.60% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$18244684 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;52 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;13.84% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$85542 |

---

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Aviat Networks, Inc. | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Silvercrest Asset Management Group, Inc. | &nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Pason Systems, Inc. | &nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Crawford & Co. | &nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;TIPTREE, Inc. | &nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Perma-Fix Environmental Services, Inc. | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;BGSF, Inc. | &nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;International Money Express, Inc. | &nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Newtek Business Services Corp. | &nbsp;&nbsp;2.85% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;34.43% |

---

**<u>SECTOR DIVERSIFICATIONS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;4.37% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.31% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;8.61% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;25.49% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;23.62% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;18.74% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total Investments | &nbsp;&nbsp;100.00% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund's documents not be householded, please contact Ancora Funds at 1-866-6-ANCORA, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ancora Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.ancorafunds.com or contact us at 1-866-6-ANCORA.

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

ANCORA DIVIDEND VALUE EQUITY FUND – CLASS I

***ADEIX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Ancora Dividend Value Equity Fund – Class I - ADEIX for the period January 1, 2025 to June 30, 2025, as well as certain changes to the fund.

You can find additional information about the fund including its prospectus, financial information, holdings and proxy voting information, at www.ancorafunds.com. You can also request this information by contacting us at 1-866-6-ANCORA.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ancora Dividend Value Equity Fund – Class I | &nbsp;&nbsp;$51 | &nbsp;&nbsp;1.00% |

---

\*Annualized

**<u>Fund statistics</u>**

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$46085812 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;29 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;5.66% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$143606 |

---

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;6.57% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;6.54% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.14% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Eaton Corp. Plc. | &nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;The Home Depot, Inc. | &nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;3.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;49.71% |

---

**<u>SECTOR DIVERSIFICATIONS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.80% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;6.91% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;18.74% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;7.40% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;12.92% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;21.53% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Total Investments | &nbsp;&nbsp;100.00% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund's documents not be householded, please contact Ancora Funds at 1-866-6-ANCORA, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ancora Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.ancorafunds.com or contact us at 1-866-6-ANCORA.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity. Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Schedule is included under Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![A black screen with white text AI-generated content may be incorrect.](newlogo.jpg)

6/30/2025

SEMI-ANNUAL FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | |
| &nbsp;&nbsp;**Ancora Income Fund** | | |
| &nbsp;&nbsp;**Schedule of Investments** | | |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | | |
|  | <br>&nbsp;&nbsp;**Principal Amount** | <br>&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Bonds & Corporate Bond Trust Certificates - 11.08%** |  |  |
| &nbsp;&nbsp;**Trust Certificates - 1.72%** |  |  |
| &nbsp;&nbsp;Citigroup, Inc., 7.125%, due 08/15/2029 | &nbsp;&nbsp; $236000 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 243249 |
| &nbsp;&nbsp;Dominion Energy, Inc., 6.625%, due 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253722 |
| &nbsp;&nbsp;Wells Fargo & Co., 6.850%, due 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759246 |
| &nbsp;&nbsp;**Traditional Corporate Bonds - 9.36%** |  |  |
| &nbsp;&nbsp;Citigroup, Inc., 7.625%, due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789360 |
| &nbsp;&nbsp;Energy Transfer LP, 7.125%, due 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356497 |
| &nbsp;&nbsp;Fifth Third Bancorp, 7.994%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849366 |
| &nbsp;&nbsp;The Allstate Corp., 8.507%, due 08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350146 |
| &nbsp;&nbsp;The Bank of Nova Scotia, 8.625%, due 10/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530663 |
| &nbsp;&nbsp;The Goldman Sachs Group, Inc., 7.500%, due 02/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530618 |
| &nbsp;&nbsp;The Toronto Dominion Bank, 8.125%, due 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522203 |
| &nbsp;&nbsp;USB Float, 5.938%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4136091 |
| &nbsp;&nbsp;**TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost $4,725,585)** | &nbsp;&nbsp;**TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost $4,725,585)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4895337 |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Traditional Preferred Securities - 73.84%** |  |  |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 4.200%, due 09/30/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108569 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 6.750%, due 03/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604760 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 4.750%, due 09/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423250 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 5.875%, due 03/30/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168942 |
| &nbsp;&nbsp;AGNC Investment Corp., 6.125%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502200 |
| &nbsp;&nbsp;AGNC Investment Corp., 6.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571550 |
| &nbsp;&nbsp;American Financial Group, Inc., 4.500% due 09/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424500 |
| &nbsp;&nbsp;American Financial Group, Inc., 5.125%, due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285000 |
| &nbsp;&nbsp;American Financial Group, Inc., 5.625%, due 06/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75181 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Annaly Capital Management, Inc., 6.750%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377850 |
| &nbsp;&nbsp;Apollo Global Management, Inc., 7.625%, due 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041200 |
| &nbsp;&nbsp;Arbor Realty Trust, Inc., 6.375%, due 06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598150 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 5.625%, due 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353700 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600015 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 7.000%, due 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548015 |
| &nbsp;&nbsp;Associated Banc-Corp., 5.625%, due 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19414 |
| &nbsp;&nbsp;Assurant, Inc., 5.250%, due 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643500 |
| &nbsp;&nbsp;Athene Holding Ltd., 4.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256500 |
| &nbsp;&nbsp;Athene Holding Ltd., 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803190 |
| &nbsp;&nbsp;Athene Holding Ltd., 6.350%, due 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483400 |
| &nbsp;&nbsp;Athene Holding Ltd., 7.250%, due 03/30/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107991 |
| &nbsp;&nbsp;Atlanticus Holdings Corp., 6.125%, due 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723002 |
| &nbsp;&nbsp;Atlanticus Holdings Corp., 9.250%, due 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562500 |
| &nbsp;&nbsp;Atlanticus Holdings Corp.,7.625%, 06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220500 |
| &nbsp;&nbsp;Axis Capital Holdings Ltd., 5.500%, due 12/31/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496000 |
| &nbsp;&nbsp;Brighthouse Financial, Inc., 5.375%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147900 |
| &nbsp;&nbsp;Brookfield Infrastructure Finance ULC, 7.250%, due 05/31/2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968725 |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Traditional Preferred Securities - 72.76% (Continued)** |  |  |
| &nbsp;&nbsp;Brookfield Infrastructure Partners LP, 5.125%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 167300 |
| &nbsp;&nbsp;Brookfield Oaktree Holdings, LLC, 6.550%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240020 |
| &nbsp;&nbsp;Brunswick Corp., 6.375%, due 04/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362400 |
| &nbsp;&nbsp;Brunswick Corp., 6.500%, due 10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487800 |
| &nbsp;&nbsp;Carlyle Finance LLC., 4.625%, due 05/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005001 |
| &nbsp;&nbsp;Citizens Financial Group, Inc., 7.375, due 07/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778200 |
| &nbsp;&nbsp;Corebridge Financial, Inc., 6.375%, due 12/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345000 |
| &nbsp;&nbsp;Enterprise Financial Services Corp., 5.000%, due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492500 |
| &nbsp;&nbsp;F&G Annuities & Life, Inc., 7.300%, due 01/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487200 |
| &nbsp;&nbsp;F&G Annuities & Life, Inc., 7.950%, due 12/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363730 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., 5.250%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820655 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., 5.750%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539238 |
| &nbsp;&nbsp;First Citizens Bancshares, Inc., 5.625%, due 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402150 |
| &nbsp;&nbsp;Global Net Lease, Inc., 6.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523250 |
| &nbsp;&nbsp;Globe Life, Inc., 4.250%, 06/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563500 |
| &nbsp;&nbsp;Green Brick Partners, Inc., 5.750%, due 12/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529875 |
| &nbsp;&nbsp;Huntington Bancshares, Inc., 6.875%, due 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433661 |
| &nbsp;&nbsp;Jackson Financial Inc., 8.000%, due 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582360 |
| &nbsp;&nbsp;KeyCorp, 5.650%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423000 |
| &nbsp;&nbsp;KeyCorp, 6.200%, due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604750 |
| &nbsp;&nbsp;M&T Bank Corp., 7.500%, due 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524000 |
| &nbsp;&nbsp;Merchants Bancorp, 7.625%, due 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 |
| &nbsp;&nbsp;MFA Financial, Inc., 8.875%, due 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248500 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Oaktree Capital Group, 6.625% Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459800 |
| &nbsp;&nbsp;OFS Credit Co., 6.125%, due 04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519797 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust, 6.750%, due 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428950 |
| &nbsp;&nbsp;Ready Capital Corp., 6.500%, due 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222323 |
| &nbsp;&nbsp;Redwood Trust, Inc., 10.000%, Cumulative Perp due 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759300 |
| &nbsp;&nbsp;Redwood Trust, Inc., 9.000%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368250 |
| &nbsp;&nbsp;Redwood Trust, Inc., 9.125%, due 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241000 |
| &nbsp;&nbsp;Regions Financial Corp., 6.950%, due 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497000 |
| &nbsp;&nbsp;Reinsurance Group of America, Inc., 7.125%, due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254400 |
| &nbsp;&nbsp;RenaissanceRe Holding Ltd., 4.200%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466500 |
| &nbsp;&nbsp;Rithm Capital Corp., 11.020%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408920 |
| &nbsp;&nbsp;Rithm Capital Corp., 7.000%, due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359100 |
| &nbsp;&nbsp;Steel Partners Holding LP., 6.000%, due 02/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488800 |
| &nbsp;&nbsp;Stifel Financial Corp., 4.500%, due 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507900 |
| &nbsp;&nbsp;Summit Hotel Properties, Inc., 6.250%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352800 |
| &nbsp;&nbsp;Synchrony Financial, 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1196000 |
| &nbsp;&nbsp;Synchrony Financials, 8.250%, due 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558900 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc., 5.750%, due 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531250 |
| &nbsp;&nbsp;TPG Operating Group II, LP, 6.950, due 03/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32625184 |
| &nbsp;&nbsp;**TOTAL TRADITIONAL PREFERRED SECURITIES (Cost $33,978,748)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32625184 |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**REIT Senior Securities - 1.88%** |  |  |
| &nbsp;&nbsp;Pebblebrook Hotel Trust, 6.300%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 438750 |
| &nbsp;&nbsp;UMH Properties, Inc., 6.375%, Series D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830970 |
| &nbsp;&nbsp;**TOTAL REIT SENIOR SECURITIES (Cost $984,156)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830970 |
| &nbsp;&nbsp;**Common Stocks - 5.31%** |  |  |
| &nbsp;&nbsp;**Air Freight & Logistics - 1.03%** |  |  |
| &nbsp;&nbsp;United Parcel Service, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454230 |
| &nbsp;&nbsp;**Capital Markets - 0.39%** |  |  |
| &nbsp;&nbsp;AllianceBernstein Holding LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171486 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Chemicals - 1.31%** |  |  |
| &nbsp;&nbsp;LyondellBasell Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578600 |
| &nbsp;&nbsp;**Household Durables - 0.57%** |  |  |
| &nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253550 |
| &nbsp;&nbsp;**Pharmaceuticals - 1.10%** |  |  |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484800 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.91%** |  |  |
| &nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403130 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $2,529,480)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345796 |
| &nbsp;&nbsp;**Money Market Funds - 8.72%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 4.30% (a) | &nbsp;&nbsp;3853353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853353 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $3,853,353)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853353 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $46,071,322) - 100.82%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44550640 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.82)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364268) |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $44186372 |
| &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. | &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. |  |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | |
| &nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund** | | |
| &nbsp;&nbsp;**Schedule of Investments** | | |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | | |
|  | <br>&nbsp;&nbsp; **Shares** | <br>&nbsp;&nbsp; **Value** |
| &nbsp;&nbsp;**Common Stocks - 97.42%** |  |  |
| &nbsp;&nbsp;**Aerospace & Defense - 0.51%** |  |  |
| &nbsp;&nbsp;Vectrus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20712 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005568 |
| &nbsp;&nbsp;**Automobile Components - 1.52%** |  |  |
| &nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018646 |
| &nbsp;&nbsp;**Beverages - 0.84%** |  |  |
| &nbsp;&nbsp;Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658927 |
| &nbsp;&nbsp;**Building Products - 6.33%** |  |  |
| &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550728 |
| &nbsp;&nbsp;Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512869 |
| &nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159333 |
| &nbsp;&nbsp;Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12570781 |
| &nbsp;&nbsp;**Capital Markets - 3.02%** |  |  |
| &nbsp;&nbsp;Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576164 |
| &nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638174 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006160 |
| &nbsp;&nbsp;**Chemicals - 1.13%** |  |  |
| &nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591314 |
| &nbsp;&nbsp;The Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248276 |
| &nbsp;&nbsp;**Commercial Services & Supplies - 1.81%** |  |  |
| &nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865758 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598441 |
| &nbsp;&nbsp;**Consumer Finance - 0.91%** |  |  |
| &nbsp;&nbsp;EZCORP, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012824 |
| &nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802045 |
| &nbsp;&nbsp;**Containers & Packaging - 2.41%** |  |  |
| &nbsp;&nbsp;Amcor Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798434 |
| &nbsp;&nbsp;Trimis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776610 |
| &nbsp;&nbsp;**Containers & Packaging - 0.44%** |  |  |
| &nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872227 |
| &nbsp;&nbsp;**Construction & Engineering - 6.78%** |  |  |
| &nbsp;&nbsp;APi Group Corp. (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61597 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3144527 |
| &nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416521 |
| &nbsp;&nbsp;Centuri Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010114 |
| &nbsp;&nbsp;Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881073 |
| &nbsp;&nbsp;Orion Group Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13461929 |
| &nbsp;&nbsp;**Diversified Consumer Services - 1.18%** |  |  |
| &nbsp;&nbsp;Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338739 |
| &nbsp;&nbsp;**Diversified Financial Services - 2.19%** |  |  |
| &nbsp;&nbsp;Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728048 |
| &nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348152 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.59%** |  |  |
| &nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454357 |
| &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9105612 |
| &nbsp;&nbsp;**Energy Equipment & Services - 1.71%** |  |  |
| &nbsp;&nbsp;NPK International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390809 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Entertainment - 1.79%** |  |  |
| &nbsp;&nbsp;Atlanta Braves Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558963 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts - 3.02%** |  |  |
| &nbsp;&nbsp;CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988618 |
| &nbsp;&nbsp;Postal Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884212 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000828 |
| &nbsp;&nbsp;**Food Products - 3.60%** |  |  |
| &nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031792 |
| &nbsp;&nbsp;Nomad Foods Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506656 |
| &nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156019 |
| &nbsp;&nbsp;**Gas Utilities - 3.80%** |  |  |
| &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6515174 |
| &nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539171 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 1.50%** |  |  |
| &nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713378 |
| &nbsp;&nbsp;Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257191 |
| &nbsp;&nbsp;ZimVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987653 |
| &nbsp;&nbsp;**Health Care Providers & Services - 1.91%** |  |  |
| &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18060 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214698 |
| &nbsp;&nbsp;Talkspace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672593 |
| &nbsp;&nbsp;The Pennant Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790015 |
| &nbsp;&nbsp;**Hotels, Restaurants, & Leisure - 5.45%** |  |  |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243799 |
| &nbsp;&nbsp;Papa Johns International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388330 |
| &nbsp;&nbsp;Potbelly Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105281 |
| &nbsp;&nbsp;Travel N Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415766 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10811565 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Household Durables - 0.58%** |  |  |
| &nbsp;&nbsp;Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149502 |
| &nbsp;&nbsp;**IT Services - 2.46%** |  |  |
| &nbsp;&nbsp;Kyndryl Holding, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893795 |
| &nbsp;&nbsp;**Interactive Media & Services - 3.68%** |  |  |
| &nbsp;&nbsp;Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310749 |
| &nbsp;&nbsp;IAC/InterActive Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313261 |
| &nbsp;&nbsp;**Insurance - 0.70%** |  |  |
| &nbsp;&nbsp;F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391802 |
| &nbsp;&nbsp;**Machinery - 9.96%** |  |  |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210516 |
| &nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964334 |
| &nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;FreightCar America, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029150 |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871614 |
| &nbsp;&nbsp;Mayville Engineering Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996436 |
| &nbsp;&nbsp;Middleby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029760 |
| &nbsp;&nbsp;Pentair Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918715 |
| &nbsp;&nbsp;Shyft Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19771007 |
| &nbsp;&nbsp;**Marine Transportation - 0.47%** |  |  |
| &nbsp;&nbsp;Costamare Bulkers Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934132 |
| &nbsp;&nbsp;**Measurement Instruments - 0.28%** |  |  |
| &nbsp;&nbsp;Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549877 |
| &nbsp;&nbsp;**Metals & Mining - 0.91%** |  |  |
| &nbsp;&nbsp;Vox Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66976 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211644 |
| &nbsp;&nbsp;Sandstorm Gold Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815284 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Media - 0.79%** |  |  |
| &nbsp;&nbsp;National CineMedia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575914 |
| &nbsp;&nbsp;**Multi-Utilities - 1.54%** |  |  |
| &nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065880 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.29%** |  |  |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172481 |
| &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453523 |
| &nbsp;&nbsp;Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551501 |
| &nbsp;&nbsp;**Real Estate Management & Development - 1.68%** |  |  |
| &nbsp;&nbsp;Seaport Entertainment Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565654 |
| &nbsp;&nbsp;Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339094 |
| &nbsp;&nbsp;**Paper & Forest Products - 1.48%** |  |  |
| &nbsp;&nbsp;Clearwater Paper Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998782 |
| &nbsp;&nbsp;Magnera Corp. (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943408 |
| &nbsp;&nbsp;**Professional Services - 4.68%** |  |  |
| &nbsp;&nbsp;Alight, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929412 |
| &nbsp;&nbsp;Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623187 |
| &nbsp;&nbsp;Conduent, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855957 |
| &nbsp;&nbsp;Resolute Holdings Management, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277110 |
| &nbsp;&nbsp;RCM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307404 |
| &nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284244 |
| &nbsp;&nbsp;**Software - 0.49%** |  |  |
| &nbsp;&nbsp;NCR Voyix Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980159 |
| &nbsp;&nbsp;**Specialty REITs - 3.17%** |  |  |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494849 |
| &nbsp;&nbsp;Millrose Properties, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688932 |
| &nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294372 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Specialty Retail - 0.41%** |  |  |
| &nbsp;&nbsp;Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813118 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral - 1.66%** |  |  |
| &nbsp;&nbsp;CompoSecure, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133213 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876971 |
| &nbsp;&nbsp;Diebold Nixdorf, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298701 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.98%** |  |  |
| &nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944631 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.93%** |  |  |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852460 |
| &nbsp;&nbsp;**Trading Companies & Distributors - 0.21%** |  |  |
| &nbsp;&nbsp;Distribution Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424659 |
| &nbsp;&nbsp;**Utilities - 1.89%** |  |  |
| &nbsp;&nbsp;NorthWestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760290 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $162,025,468)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193994227 |
| &nbsp;&nbsp;**Money Market Funds - 2.24%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 4.30% (b) | &nbsp;&nbsp; 4438654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438654 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $4,438,654)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438654 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $166,464,122) - 99.94%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198432881 |
| &nbsp;&nbsp;**Other Assets In Excess of Liabilities - 0.06%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124144 |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 198557025 |

---

---

| |
|:---|
| &nbsp;&nbsp;(a) Non-income producing security |
| &nbsp;&nbsp;(b) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. |
| &nbsp;&nbsp;(c) ADR - American Depository Receipt |
| &nbsp;&nbsp;(d) Adviser and advisor affiliates own more than 5% of the outstanding voting shares of the company |
| &nbsp;&nbsp;and is considered an affiliated security. |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | |
| &nbsp;&nbsp;**Ancora MicroCap Fund** | | |
| &nbsp;&nbsp;**Schedule of Investments** | | |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | | |
|  | <br>&nbsp;&nbsp; **Shares** | <br>&nbsp;&nbsp; **Value** |
| &nbsp;&nbsp;**Common Stocks - 94.13%** |  |  |
| &nbsp;&nbsp;**Aerospace & Defense - 1.88%** |  |  |
| &nbsp;&nbsp;AerSale Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57124 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 343315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343315 |
| &nbsp;&nbsp;**Banks - 5.51%** |  |  |
| &nbsp;&nbsp;Farmers & Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290070 |
| &nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341469 |
| &nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004561 |
| &nbsp;&nbsp;**Building Products - 2.31%** |  |  |
| &nbsp;&nbsp;Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420794 |
| &nbsp;&nbsp;**Capital Markets - 10.64%** |  |  |
| &nbsp;&nbsp;180 Degree Capital Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93908 |
| &nbsp;&nbsp;Diamond Hill Investment Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272311 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318422 |
| &nbsp;&nbsp;Newtek Business Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519692 |
| &nbsp;&nbsp;Silvercrest Asset Management Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940411 |
| &nbsp;&nbsp;**Commercial Services & Supplies - 3.41%** |  |  |
| &nbsp;&nbsp;Perma-Fix Environmental Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622363 |
| &nbsp;&nbsp;**Communication Equipment - 6.11%** |  |  |
| &nbsp;&nbsp;Aviat Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832948 |
| &nbsp;&nbsp;Ituran Location & Control Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75407 |
| &nbsp;&nbsp;Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114448 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Construction & Engineering - 2.12%** |  |  |
| &nbsp;&nbsp;Concrete Pumping Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386712 |
| &nbsp;&nbsp;**Consumer Discretionary - 1.19%** |  |  |
| &nbsp;&nbsp;Sturm, Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217554 |
| &nbsp;&nbsp;**Distributors - 1.15%** |  |  |
| &nbsp;&nbsp;A-Mark Precious Metals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209202 |
| &nbsp;&nbsp;**Diversified Financial Services - 3.50%** |  |  |
| &nbsp;&nbsp;TIPTREE, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637886 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.71%** |  |  |
| &nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14764 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 536081 |
| &nbsp;&nbsp;Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859047 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts - 1.95%** |  |  |
| &nbsp;&nbsp;Postal Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356672 |
| &nbsp;&nbsp;**Health Care Providers & Services - 2.34%** |  |  |
| &nbsp;&nbsp;Joint Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426541 |
| &nbsp;&nbsp;**IT Services - 4.43%** |  |  |
| &nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284679 |
| &nbsp;&nbsp;International Money Express, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807492 |
| &nbsp;&nbsp;**Insurance - 6.18%** |  |  |
| &nbsp;&nbsp;American Coastal Insurance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475447 |
| &nbsp;&nbsp;Crawford & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126784 |
| &nbsp;&nbsp;**Leisure Products - 2.45%** |  |  |
| &nbsp;&nbsp;Johnson Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139847 |
| &nbsp;&nbsp;Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306473 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446320 |
| &nbsp;&nbsp;**Machinery - 2.33%** |  |  |
| &nbsp;&nbsp;Hurco Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425477 |
| &nbsp;&nbsp;**Marine - 2.90%** |  |  |
| &nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372325 |
| &nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528403 |
| &nbsp;&nbsp;**Media -3.24%** |  |  |
| &nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104508 |
| &nbsp;&nbsp;Thryv Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591054 |
| &nbsp;&nbsp;**Metals & Mining -0.31%** |  |  |
| &nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 8.62%** |  |  |
| &nbsp;&nbsp;Alto Ingredients, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14123 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66378 |
| &nbsp;&nbsp;Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658049 |
| &nbsp;&nbsp;Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166087 |
| &nbsp;&nbsp;Teekay Tankers Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307289 |
| &nbsp;&nbsp;Unit Corp. | &nbsp;&nbsp; 103832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572637 |
| &nbsp;&nbsp;**Personal Products - 2.72%** |  |  |
| &nbsp;&nbsp;Nature's Sunshine Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495702 |
| &nbsp;&nbsp;**Professional Services - 4.52%** |  |  |
| &nbsp;&nbsp;BG Staffing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562739 |
| &nbsp;&nbsp;Forrester Research. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825455 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.66%** |  |  |
| &nbsp;&nbsp;Amtech Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161043 |
| &nbsp;&nbsp;Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302211 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Software - 1.78%** |  |  |
| &nbsp;&nbsp;Rimini Street, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325279 |
| &nbsp;&nbsp;**Specialty Retail - 1.93%** |  |  |
| &nbsp;&nbsp;America's Car-Mart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352155 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral Total - 3.44%** |  |  |
| &nbsp;&nbsp;CPI Card Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474993 |
| &nbsp;&nbsp;Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627424 |
| &nbsp;&nbsp;**Textiles, Apparel, & Luxury Goods - 2.60%** |  |  |
| &nbsp;&nbsp;Lakeland Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212262 |
| &nbsp;&nbsp;Movado Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474745 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.41%** |  |  |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74409 |
| &nbsp;&nbsp;**Trading Companies & Distributors - 1.23%** |  |  |
| &nbsp;&nbsp;Karat Packaging Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224886 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $17,478,218)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17795994 |
| &nbsp;&nbsp;**Money Market Funds - 2.55%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 4.30% (b) | &nbsp;&nbsp; 464872 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 464872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464872 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $464,872)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464872 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $17,943,090) - 100.09%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18260866 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.09)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16182) |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $18244684 |

---

(a) Non-income producing security <br> (b) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. <br> *See accompanying notes which are an integral part of the financial statements.*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | |
| &nbsp;&nbsp;**Ancora Dividend Value Equity Fund** | | |
| &nbsp;&nbsp;**Schedule of Investments** | | |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | | |
|  | <br>&nbsp;&nbsp; **Shares** | <br>&nbsp;&nbsp; **Value** |
| &nbsp;&nbsp;**Common Stocks - 93.08%** |  |  |
| &nbsp;&nbsp;**Banks - 10.06%** |  |  |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34050 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1611246 |
| &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3026950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4638196 |
| &nbsp;&nbsp;**Capital Markets - 8.68%** |  |  |
| &nbsp;&nbsp;Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947404 |
| &nbsp;&nbsp;Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1899552 |
| &nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999433 |
| &nbsp;&nbsp;**Chemicals - 2.53%** |  |  |
| &nbsp;&nbsp;Linde Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166382 |
| &nbsp;&nbsp;**Construction Materials - 2.26%** |  |  |
| &nbsp;&nbsp;CRH Public Ltd. Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042022 |
| &nbsp;&nbsp;**Consumer Defensive - 2.53%** |  |  |
| &nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165341 |
| &nbsp;&nbsp;**Electrical Equipment - 4.83%** |  |  |
| &nbsp;&nbsp;Eaton Corp. Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2227975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2227975 |
| &nbsp;&nbsp;**Entertainment - 2.26%** |  |  |
| &nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043668 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts - 2.31%** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065005 |
| &nbsp;&nbsp;**Food Products - 2.11%** |  |  |
| &nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971379 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 5.93%** |  |  |
| &nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963065 |
| &nbsp;&nbsp;McDonalds Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343982 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2732587 |
| &nbsp;&nbsp;**Household Products - 2.27%** |  |  |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047051 |
| &nbsp;&nbsp;**IT Services - 2.50%** |  |  |
| &nbsp;&nbsp;Accenture Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1150727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150727 |
| &nbsp;&nbsp;**Industrial Conglomerates - 3.54%** |  |  |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630160 |
| &nbsp;&nbsp;**Industrials - 4.55%** |  |  |
| &nbsp;&nbsp;Paccar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560854 |
| &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2097027 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.24%** |  |  |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839093 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414835 |
| &nbsp;&nbsp;**Pharmaceuticals - 7.41%** |  |  |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2268091 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3412952 |
| &nbsp;&nbsp;**Real Estate Investment Trusts - 3.42%** |  |  |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1574325 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1574325 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 8.41%** |  |  |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012579 |
| &nbsp;&nbsp;Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3875768 |
| &nbsp;&nbsp;**Software - 6.14%** |  |  |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830263 |
| &nbsp;&nbsp;**Specialty Retail - 3.88%** |  |  |
| &nbsp;&nbsp;The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787370 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral - 4.49%** |  |  |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067088 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $27,629,879)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43939554 |
| &nbsp;&nbsp;**Money Market Funds - 4.68%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 4.30% (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157212 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 2157212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157212 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $2,157,212)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157212 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $29,787,091) - 100.02%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46096766 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.02)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10954) |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46085812 |
| &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. | &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of June 30, 2025. |  |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | | | |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | | | | |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | | | | |
|  | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**Income**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora/Thelen**<br>&nbsp;&nbsp;**Small-Mid Cap**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**MicroCap**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**Dividend**<br>&nbsp;&nbsp;**Value Equity**<br>&nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Cost | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46071322 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 163279013 | &nbsp;&nbsp; $17943090 | &nbsp;&nbsp; $29787091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Fair Value | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44550640 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 196488255 | &nbsp;&nbsp; $18260866 | &nbsp;&nbsp; $46096766 |
| &nbsp;&nbsp;Investments in Affiliated Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Cost | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3185109 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Fair Value | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1944626 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137094 | &nbsp;&nbsp;159612 | &nbsp;&nbsp;8060 | &nbsp;&nbsp; 24855 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;824894 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shareholder subscription receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 | &nbsp;&nbsp;345702 | &nbsp;&nbsp;4310 | &nbsp;&nbsp;3227 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9706 | &nbsp;&nbsp;17918 | &nbsp;&nbsp;6364 | &nbsp;&nbsp;6922 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44698471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199781007 | &nbsp;&nbsp;18280600 | &nbsp;&nbsp; 46131770 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473504 | &nbsp;&nbsp;831657 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shareholder redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;204640 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Payable to advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17862 | &nbsp;&nbsp;148858 | &nbsp;&nbsp;13488 | &nbsp;&nbsp;24236 |
| &nbsp;&nbsp;Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16075 | &nbsp;&nbsp;1459 | &nbsp;&nbsp; 3701 |
| &nbsp;&nbsp;Shareholder servicing fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp; 146 | &nbsp;&nbsp;370 |
| &nbsp;&nbsp;Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4167 | &nbsp;&nbsp; 6893 | &nbsp;&nbsp; 4167 |
| &nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;17596 | &nbsp;&nbsp;13930 | &nbsp;&nbsp;13484 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223982 | &nbsp;&nbsp;35916 | &nbsp;&nbsp; 45958 |
| &nbsp;&nbsp;**Net Assets:** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44186372 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 198557025 | &nbsp;&nbsp; $18244684 | &nbsp;&nbsp; $46085812 |
| &nbsp;&nbsp; (unlimited number of shares authorized, no par value) |  |  |  |  |
| &nbsp;&nbsp;**Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;49257394 | &nbsp;&nbsp;156689189 | &nbsp;&nbsp;17635815 | &nbsp;&nbsp;28250631 |
| &nbsp;&nbsp;Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;(5071022) | &nbsp;&nbsp;41867836 | &nbsp;&nbsp;608869 | &nbsp;&nbsp;17835181 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44186372 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 198557025 | &nbsp;&nbsp; $18244684 | &nbsp;&nbsp; $46085812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class I:** |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to Class I shares | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44186372 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 122217884 | &nbsp;&nbsp; $18244684 | &nbsp;&nbsp; $46085812 |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares | &nbsp;&nbsp;6292905 | &nbsp;&nbsp;6666793 | &nbsp;&nbsp;1186907 | &nbsp;&nbsp;2705927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized, no par value) |  |  |  |  |
| &nbsp;&nbsp;Net asset value, offering price, and | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 15.37 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption price per share |  |  |  |  |
| &nbsp;&nbsp;Minimum Redemption Price Per Share (a) (NAV \* 98%) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.69 |
| &nbsp;&nbsp;**Class S:** |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to Class S shares | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 76339141 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares | &nbsp;&nbsp;- | &nbsp;&nbsp;4024103 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized, no par value) |  |  |  |  |
| &nbsp;&nbsp;Net asset value, offering price, and | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.97 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption price per share |  |  |  |  |
| &nbsp;&nbsp;Minimum Redemption Price Per Share (a) (NAV \* 98%) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase. |  |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* | &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* | &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | | | |
| &nbsp;&nbsp;**Statements of Operations** | | | | |
| &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** | | | | |
|  | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**Income**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora/Thelen**<br>&nbsp;&nbsp;**Small-Mid Cap**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**MicroCap**<br>&nbsp;&nbsp;**Fund** | <br>&nbsp;&nbsp;**Ancora**<br>&nbsp;&nbsp;**Dividend**<br>&nbsp;&nbsp;**Value Equity**<br>&nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;**Investment Income** |  |  |  |  |
| &nbsp;&nbsp;Dividend income (a) | &nbsp;&nbsp;$1197973 | &nbsp;&nbsp; $2024083 | &nbsp;&nbsp; $282679 | &nbsp;&nbsp; $467731 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp; 250079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; **Total Income** | &nbsp;&nbsp;1448052 | &nbsp;&nbsp;2024083 | &nbsp;&nbsp;282679 | &nbsp;&nbsp;467731 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisor fee | &nbsp;&nbsp;104611 | &nbsp;&nbsp;949894 | &nbsp;&nbsp;89974 | &nbsp;&nbsp;163966 |
| &nbsp;&nbsp;Shareholder servicing account expenses |  |  |  |  |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp;2092 | &nbsp;&nbsp;6202 | &nbsp;&nbsp;900 | &nbsp;&nbsp;2186 |
| &nbsp;&nbsp;Fund accounting expenses | &nbsp;&nbsp;16547 | &nbsp;&nbsp;32779 | &nbsp;&nbsp;11664 | &nbsp;&nbsp;16590 |
| &nbsp;&nbsp;Transfer agent expenses | &nbsp;&nbsp;4612 | &nbsp;&nbsp;4637 | &nbsp;&nbsp;4637 | &nbsp;&nbsp;4637 |
| &nbsp;&nbsp;Legal expenses | &nbsp;&nbsp;4352 | &nbsp;&nbsp;3514 | &nbsp;&nbsp;4743 | &nbsp;&nbsp;4451 |
| &nbsp;&nbsp;Administration expenses | &nbsp;&nbsp;20922 | &nbsp;&nbsp;94989 | &nbsp;&nbsp;8998 | &nbsp;&nbsp;21862 |
| &nbsp;&nbsp;Insurance expenses | &nbsp;&nbsp;602 | &nbsp;&nbsp;605 | &nbsp;&nbsp;605 | &nbsp;&nbsp;604 |
| &nbsp;&nbsp;Custodian expenses | &nbsp;&nbsp;2767 | &nbsp;&nbsp;10438 | &nbsp;&nbsp;815 | &nbsp;&nbsp;1785 |
| &nbsp;&nbsp;Auditing expenses | &nbsp;&nbsp;7999 | &nbsp;&nbsp;7439 | &nbsp;&nbsp;7439 | &nbsp;&nbsp;7439 |
| &nbsp;&nbsp;Printing expenses | &nbsp;&nbsp;816 | &nbsp;&nbsp;2572 | &nbsp;&nbsp;726 | &nbsp;&nbsp;791 |
| &nbsp;&nbsp;Trustees expenses | &nbsp;&nbsp;10056 | &nbsp;&nbsp;7258 | &nbsp;&nbsp;10055 | &nbsp;&nbsp;7328 |
| &nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;3792 | &nbsp;&nbsp;5973 | &nbsp;&nbsp;4355 | &nbsp;&nbsp;3952 |
| &nbsp;&nbsp;Registration expenses | &nbsp;&nbsp;5019 | &nbsp;&nbsp;14872 | &nbsp;&nbsp;3480 | &nbsp;&nbsp;3390 |
| &nbsp;&nbsp; **Total Expenses** | &nbsp;&nbsp;184187 | &nbsp;&nbsp;1141172 | &nbsp;&nbsp;148391 | &nbsp;&nbsp;238981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived Fees | &nbsp;&nbsp;- | &nbsp;&nbsp;(64297) | &nbsp;&nbsp;(4432) | &nbsp;&nbsp;(20360) |
| &nbsp;&nbsp; **Net Expenses** | &nbsp;&nbsp;184187 | &nbsp;&nbsp;1076875 | &nbsp;&nbsp;143959 | &nbsp;&nbsp;218621 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;1263865 | &nbsp;&nbsp;947208 | &nbsp;&nbsp;138720 | &nbsp;&nbsp;249110 |
| &nbsp;&nbsp;**Net Realized & Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain on unaffliated investment securities | &nbsp;&nbsp; 15928 | &nbsp;&nbsp; 2718631 | &nbsp;&nbsp; 6722 | &nbsp;&nbsp; 1143370 |
| &nbsp;&nbsp;Net realized gain on affiliated investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;(731497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; 12066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; (1374669) | &nbsp;&nbsp; (6865233) | &nbsp;&nbsp; (1157635) | &nbsp;&nbsp; (234284) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; (709381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investment securities | &nbsp;&nbsp;(1358741) | &nbsp;&nbsp;(5575414) | &nbsp;&nbsp;(1150913) | &nbsp;&nbsp;909086 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $(94876) | &nbsp;&nbsp; $(4628206) | &nbsp;&nbsp; $(1012193) | &nbsp;&nbsp; $1158196 |
| &nbsp;&nbsp;(a) Net of foreign taxes withheld $0, $22,513, $1,920, and $0, respectively | &nbsp;&nbsp;(a) Net of foreign taxes withheld $0, $22,513, $1,920, and $0, respectively |  |  |  |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* | &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** |  |  |
| &nbsp;&nbsp;**Statements of Changes In Net Assets** |  |  |
|  | &nbsp;&nbsp;**Ancora Income Fund** | &nbsp;&nbsp;**Ancora Income Fund** |
|  | &nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**June 30, 2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Increase in Net Assets from Operations** |  |  |
| &nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263865 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382687 |
| &nbsp;&nbsp; Net realized gain (loss) on investment securities | &nbsp;&nbsp;15928 | &nbsp;&nbsp;(368890) |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;(1374669) | &nbsp;&nbsp;1510011 |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;(94876) | &nbsp;&nbsp;3523808 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(1069211) | &nbsp;&nbsp;(1939754) |
| &nbsp;&nbsp; From return of capital - Class I | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(1069211) | &nbsp;&nbsp;(1939754) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;4782423 | &nbsp;&nbsp;9541259 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;1035899 | &nbsp;&nbsp; 1881261 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(2377416) | &nbsp;&nbsp;(6901737) |
| &nbsp;&nbsp;**Net increase in net assets resulting** | &nbsp;&nbsp;3441634 | &nbsp;&nbsp;4520787 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;2277547 | &nbsp;&nbsp;6104841 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41908825 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35803984 |
| &nbsp;&nbsp; End of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44186372 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41908825 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;676976 | &nbsp;&nbsp;1333312 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;145827 | &nbsp;&nbsp;262058 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(333291) | &nbsp;&nbsp;(966211) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;489512 | &nbsp;&nbsp;629159 |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* | &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** |  |  |
| &nbsp;&nbsp;**Statements of Changes In Net Assets** |  |  |
|  | &nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund** | &nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund** |
|  | &nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**June 30, 2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Increase in Net Assets from Operations** |  |  |
| &nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947208 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518980 |
| &nbsp;&nbsp; Net realized gain on unaffiliated investment securities | &nbsp;&nbsp;2718631 | &nbsp;&nbsp;20619300 |
| &nbsp;&nbsp; Net realized gain on affiliated investment securities | &nbsp;&nbsp;(731497) | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;12066 | &nbsp;&nbsp;427441 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; (6865233) | &nbsp;&nbsp; 8767004 |
| &nbsp;&nbsp; Net change in net unrealized depreciation on affiliated investment securities | &nbsp;&nbsp; (709381) | &nbsp;&nbsp; (531102) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;(4628206) | &nbsp;&nbsp;29801623 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;- | &nbsp;&nbsp;(8989270) |
| &nbsp;&nbsp; From distribution to shareholders - Class S | &nbsp;&nbsp;- | &nbsp;&nbsp;(4268250) |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;- | &nbsp;&nbsp;(13257520) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;6703837 | &nbsp;&nbsp;14596883 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; 8733414 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp; 1498 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(11077274) | &nbsp;&nbsp;(11463226) |
|  | &nbsp;&nbsp;(4371298) | &nbsp;&nbsp;11868569 |
| &nbsp;&nbsp;**Capital Share Transactions - Class S** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;19073500 | &nbsp;&nbsp;4845419 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; 4267699 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(3315595) | &nbsp;&nbsp;(4851147) |
|  | &nbsp;&nbsp;15757905 | &nbsp;&nbsp;4261971 |
| &nbsp;&nbsp;**Net increase in net assets resulting** |  |  |
| &nbsp;&nbsp; **from capital share transactions** | &nbsp;&nbsp;11386607 | &nbsp;&nbsp;16130540 |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;6758401 | &nbsp;&nbsp;32674643 |
| &nbsp;&nbsp;**Net Assets** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 191798624 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 159123981 |
| &nbsp;&nbsp; End of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 198557025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 191798624 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;365369 | &nbsp;&nbsp;782270 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;- | &nbsp;&nbsp;462820 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(608439) | &nbsp;&nbsp;(605612) |
| &nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | &nbsp;&nbsp;(243070) | &nbsp;&nbsp;639478 |
| &nbsp;&nbsp;**Capital Share Transactions - S Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;1029924 | &nbsp;&nbsp;248885 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;- | &nbsp;&nbsp;218744 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(175458) | &nbsp;&nbsp;(238790) |
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;854466 | &nbsp;&nbsp;228839 |
| &nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.* |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** |  |  |
| &nbsp;&nbsp;**Statements of Changes In Net Assets** |  |  |
|  | &nbsp;&nbsp;**Ancora MicroCap Fund** | &nbsp;&nbsp;**Ancora MicroCap Fund** |
|  | &nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**June 30, 2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Increase in Net Assets from Operations** |  |  |
| &nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138720 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154403 |
| &nbsp;&nbsp; Net realized gain on investment securities | &nbsp;&nbsp;6722 | &nbsp;&nbsp;1040041 |
| &nbsp;&nbsp; Net change in unrealized depreciation on investment securities | &nbsp;&nbsp;(1157635) | &nbsp;&nbsp;(580377) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;(1012193) | &nbsp;&nbsp;614067 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;- | &nbsp;&nbsp;(1030336) |
| &nbsp;&nbsp; From return of capital - Class I | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;- | &nbsp;&nbsp;(1030336) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp; 854016 | &nbsp;&nbsp; 2303058 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 1022830 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (759990) | &nbsp;&nbsp; (1334634) |
| &nbsp;&nbsp;**Net increase in net assets resulting** | &nbsp;&nbsp;94565 | &nbsp;&nbsp;1991608 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;(917628) | &nbsp;&nbsp;1575339 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 19162312 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17586973 |
| &nbsp;&nbsp; End of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 18244684 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19162312 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54567 | &nbsp;&nbsp; 137014 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63490 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (51401) | &nbsp;&nbsp; (80507) |
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;3166 | &nbsp;&nbsp;119997 |

---

<br>*See accompanying notes which are an integral part of the financial statements.*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** |  |  |
| &nbsp;&nbsp;**Statements of Changes In Net Assets** |  |  |
|  | &nbsp;&nbsp;**Ancora Dividend Value Equity Fund** | &nbsp;&nbsp;**Ancora Dividend Value Equity Fund** |
|  | &nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**June 30, 2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2024** |
| &nbsp;&nbsp;**Increase in Net Assets from Operations** |  |  |
| &nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249110 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480981 |
| &nbsp;&nbsp; Net realized gain on unaffiliated investment securities | &nbsp;&nbsp;1143370 | &nbsp;&nbsp;1788790 |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;- | &nbsp;&nbsp;33749 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investment securities | &nbsp;&nbsp;(234284) | &nbsp;&nbsp;4045395 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp;1158196 | &nbsp;&nbsp;6348915 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(161590) | &nbsp;&nbsp;(1722413) |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(161590) | &nbsp;&nbsp;(1722413) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;1744657 | &nbsp;&nbsp;2189910 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp; 156680 | &nbsp;&nbsp; 1668783 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(1210671) | &nbsp;&nbsp;(3224670) |
| &nbsp;&nbsp;**Net increase in net assets resulting** | &nbsp;&nbsp;691361 | &nbsp;&nbsp;634023 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;1687967 | &nbsp;&nbsp;5260525 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44397845 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 39137320 |
| &nbsp;&nbsp; End of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46085812 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 44397845 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;104617 | &nbsp;&nbsp;137661 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;9447 | &nbsp;&nbsp;99767 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(73362) | &nbsp;&nbsp;(201769) |
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;40702 | &nbsp;&nbsp;35659 |

---

&nbsp;&nbsp;*See accompanying notes which are an integral part of the financial statements.*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;**Year Ended** | |
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)**<br>&nbsp;&nbsp;**Ancora Income Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**6/30/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**12/31/2022** | &nbsp;&nbsp;**12/31/2022** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2021** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $6.64 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp; $7.74 | &nbsp;&nbsp; $7.74 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $7.92 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; 0.25 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 &nbsp;&nbsp;(f) |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; 0.26 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.23) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.21) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.44) |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net asset value, end of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.02 | &nbsp;&nbsp; $7.22 | &nbsp;&nbsp; $6.92 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $7.74 | &nbsp;&nbsp; $7.74 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; (0.28)% &nbsp;&nbsp;(h) | &nbsp;&nbsp; 9.69% | &nbsp;&nbsp;9.95% | &nbsp;&nbsp;(13.59)% | &nbsp;&nbsp;(13.59)% | &nbsp;&nbsp; 9.22% | &nbsp;&nbsp; 9.22% | &nbsp;&nbsp;3.72% | &nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period/year (000) | &nbsp;&nbsp; $44186 | &nbsp;&nbsp; $41909 | &nbsp;&nbsp; $35804 | &nbsp;&nbsp; $32047 | &nbsp;&nbsp; $32047 | &nbsp;&nbsp; $36588 | &nbsp;&nbsp; $36588 | &nbsp;&nbsp; $20071 | &nbsp;&nbsp; $20071 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;0.88% &nbsp;&nbsp;(g) | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;0.88% &nbsp;&nbsp;(g) | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;6.04% &nbsp;&nbsp;(g) | &nbsp;&nbsp;6.15% | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;4.43% | &nbsp;&nbsp;4.43% | &nbsp;&nbsp;3.39% | &nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;6.04% &nbsp;&nbsp;(g) | &nbsp;&nbsp;6.15% | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;4.43% | &nbsp;&nbsp;4.43% | &nbsp;&nbsp;3.13% | &nbsp;&nbsp;3.13% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;20.69% &nbsp;&nbsp;(h) | &nbsp;&nbsp;24.32% | &nbsp;&nbsp;51.19% | &nbsp;&nbsp;41.39% | &nbsp;&nbsp;41.39% | &nbsp;&nbsp;40.56% | &nbsp;&nbsp;40.56% | &nbsp;&nbsp;84.20% | &nbsp;&nbsp;84.20% |

---

---

| |
|:---|
| &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. |
| &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. |
| &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. |
| &nbsp;&nbsp;(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment |
| &nbsp;&nbsp;companies in which the Fund invests. |
| &nbsp;&nbsp;(e) Amount is less than $0.005. |
| &nbsp;&nbsp;(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value |
| &nbsp;&nbsp;per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| &nbsp;&nbsp;(g) Annualized |
| &nbsp;&nbsp;(h) Not Annualized |
| &nbsp;&nbsp;See accompanying notes which are an integral part of the financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)**<br>&nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**6/30/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2023** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2022** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2021** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 18.83 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17.10 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 14.37 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;17.77 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17.59 | &nbsp;&nbsp; $15.73 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net asset value, end of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 18.33 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 18.83 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17.10 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17.77 | &nbsp;&nbsp; $17.59 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.66)% &nbsp;&nbsp;(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.22% | &nbsp;&nbsp; (17.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.43% | &nbsp;&nbsp; 12.13% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period/year (000) | &nbsp;&nbsp; $122209 | &nbsp;&nbsp; $130101 | &nbsp;&nbsp; $107246 | &nbsp;&nbsp; $92409 | &nbsp;&nbsp; $114458 | &nbsp;&nbsp; $94483 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;1.21% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;1.21% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% &nbsp;&nbsp;(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% &nbsp;&nbsp;(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;34.92% &nbsp;&nbsp;(g) | &nbsp;&nbsp;83.19% | &nbsp;&nbsp;85.30% | &nbsp;&nbsp;86.41% | &nbsp;&nbsp;85.44% | &nbsp;&nbsp;77.21% |
| &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. | &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. |  |  |  |  |  |
| &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. |
| &nbsp;&nbsp;(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment |
| &nbsp;&nbsp;companies in which the Fund invests. |
| &nbsp;&nbsp;(e) Amount is less than $0.005. |
| &nbsp;&nbsp;(f) Annualized |
| &nbsp;&nbsp;(g) Not Annualized |
| &nbsp;&nbsp;See accompanying notes which are an integral part of the financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)**<br>&nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund**<br>&nbsp;&nbsp;**CLASS S SHARES** | <br>&nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**6/30/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2023** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2022** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2021** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 19.47 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $16.06 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; 0.11 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; 3.19 | &nbsp;&nbsp; 3.08 | &nbsp;&nbsp; (3.24) | &nbsp;&nbsp; 4.34 | &nbsp;&nbsp; 1.89 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; 3.27 | &nbsp;&nbsp; 3.19 | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; 4.43 | &nbsp;&nbsp; 2.00 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp; (4.14) | &nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp;Net asset value, end of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 18.97 | &nbsp;&nbsp; $19.47 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.97 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; (2.57)% &nbsp;&nbsp;(f) | &nbsp;&nbsp; 18.49% | &nbsp;&nbsp; 21.53% | &nbsp;&nbsp; (17.13)% | &nbsp;&nbsp; 24.75% | &nbsp;&nbsp;12.46% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period/year (000) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 76334 | &nbsp;&nbsp; $61697 | &nbsp;&nbsp; $51878 | &nbsp;&nbsp; $42794 | &nbsp;&nbsp; $63491 | &nbsp;&nbsp; $50281 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;1.00% &nbsp;&nbsp;(e) | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;1.19% &nbsp;&nbsp;(e) | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;1.19% &nbsp;&nbsp;(e) | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;0.99% &nbsp;&nbsp;(e) | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;0.46% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;34.92% &nbsp;&nbsp;(f) | &nbsp;&nbsp;83.19% | &nbsp;&nbsp;85.30% | &nbsp;&nbsp;86.41% | &nbsp;&nbsp;85.44% | &nbsp;&nbsp;77.21% |
| &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. | &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. |  |  |  |  |  |
| &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. | &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. |
| &nbsp;&nbsp;(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment |
| &nbsp;&nbsp;companies in which the Fund invests. |
| &nbsp;&nbsp;(e) Annualized |
| &nbsp;&nbsp;(f) Not Annualized |
| &nbsp;&nbsp;See accompanying notes which are an integral part of the financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** |  | | | | | |
| &nbsp;&nbsp;**Financial Highlights** |  | | | | | |
| &nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)** | &nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)** | | | | | |
| &nbsp;&nbsp;**Ancora MicroCap Fund** |  | | | | | |
|  | &nbsp;&nbsp;**(Unaudited)** | | | | | |
|  | &nbsp;&nbsp;**Six Months Ended** | | | | | |
| &nbsp;&nbsp;**CLASS I SHARES** | &nbsp;&nbsp;**6/30/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2023** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2022** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2021** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period/year | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $13.83 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $10.45 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net asset value, end of period/year | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $13.83 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp; $10.93 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; (5.06)% &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp; 24.90% | &nbsp;&nbsp; (7.92)% | &nbsp;&nbsp; 37.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period/year (000) | &nbsp;&nbsp; $18245 | &nbsp;&nbsp; $19162 | &nbsp;&nbsp; $17587 | &nbsp;&nbsp; $13518 | &nbsp;&nbsp; $14748 | &nbsp;&nbsp; $10646 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.60% &nbsp;&nbsp;(d) | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement | &nbsp;&nbsp;1.65% &nbsp;&nbsp;(d) | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% &nbsp;&nbsp;(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.54)% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% &nbsp;&nbsp;(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp; (0.61)% | &nbsp;&nbsp; (0.91)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;13.84% &nbsp;&nbsp;(e) | &nbsp;&nbsp;28.97% | &nbsp;&nbsp;42.13% | &nbsp;&nbsp;45.19% | &nbsp;&nbsp;41.73% | &nbsp;&nbsp;19.95% |
| &nbsp;&nbsp;(a) Net investment income (loss) per share is based on average shares outstanding. | &nbsp;&nbsp;(a) Net investment income (loss) per share is based on average shares outstanding. | &nbsp;&nbsp;(a) Net investment income (loss) per share is based on average shares outstanding. |  |  |  |  |

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| |
|:---|
| &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. |
| &nbsp;&nbsp;(c) Amount is less than $0.005. |
| &nbsp;&nbsp;(d) Annualized |
| &nbsp;&nbsp;(e) Not Annualized |
| &nbsp;&nbsp;See accompanying notes which are an integral part of the financial statements. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each period/year)**<br>&nbsp;&nbsp;**Ancora Dividend Value Equity Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**(Unaudited)**<br>&nbsp;&nbsp;**Six Months Ended**<br>&nbsp;&nbsp;**6/30/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2023** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2022** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2021** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2020** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 16.66 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;15.16 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;11.21 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net asset value, end of period/year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17.03 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;15.16 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;12.04 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% &nbsp;&nbsp;(g) | &nbsp;&nbsp; 16.44% | &nbsp;&nbsp; 13.93% | &nbsp;&nbsp; (11.41)% | &nbsp;&nbsp; 27.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of period/year (000) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46086 | &nbsp;&nbsp; $44398 | &nbsp;&nbsp; $39137 | &nbsp;&nbsp; $36935 | &nbsp;&nbsp; $37670 | &nbsp;&nbsp; $28838 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;1.00% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;1.09% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.11% | &nbsp;&nbsp;1.16% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;1.14% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;1.05% &nbsp;&nbsp;(f) | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;5.66% &nbsp;&nbsp;(g) | &nbsp;&nbsp;16.86% | &nbsp;&nbsp;16.02% | &nbsp;&nbsp;13.28% | &nbsp;&nbsp;11.90% | &nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. | &nbsp;&nbsp;(a) Net investment income per share is based on average shares outstanding. |  |  |  |  |  |

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| |
|:---|
| &nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. |
| &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. |
| &nbsp;&nbsp;(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment |
| &nbsp;&nbsp;companies in which the Fund invests. |
| &nbsp;&nbsp;(e) Amount is less than $0.005. |
| &nbsp;&nbsp;(f) Annualized |
| &nbsp;&nbsp;(g) Not Annualized |
| &nbsp;&nbsp;See accompanying notes which are an integral part of the financial statements. |

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements

June 30, 2025 (Unaudited)

**NOTE 1. ORGANIZATION**

Ancora Income Fund (the "Income Fund"), Ancora/Thelen Small-Mid Cap Fund (the "Small-Mid Cap Fund"), Ancora MicroCap Fund (the "MicroCap Fund"), and Ancora Dividend Value Equity Fund (the "Dividend Value Equity Fund"), (each, a "Fund" and collectively, the "Funds") are each a separate series of Ancora Trust (the "Trust"), an Ohio business trust under a Declaration of Trust dated August 20, 2003. The Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest representing interests in separate funds of securities, and it permits the Trust to offer separate classes of each such series. The Income Fund's investment objective is to obtain a high level of income, with a secondary objective of capital appreciation. The Small-Mid Cap Fund's investment objective is to obtain capital appreciation in the value of its shares. The MicroCap Fund's investment objective is to obtain capital appreciation in the value of its shares. The Dividend Value Equity Fund's investment objective is to provide growth of income and long-term capital appreciation. Each Fund is an "open-end" management investment company as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund is a "diversified" company as defined in the 1940 Act. The Board of Trustees (the "Board") of the Trust has authorized that shares of the Funds may be offered in two classes: Class I and Class S. Class S shares are currently offered in the Small-Mid Cap Fund only. Class I and Class S shares are identical, except as to minimum investment requirements and the services offered to and expenses borne by each class. Class S and Class I shares are offered continuously at net asset value ("NAV"). Class I shares are subject to shareholder service fees. Class I and Class S shares are subject to a contractual limit on total operating expenses. Income and realized/unrealized gains or losses are allocated to each class based on relative net assets. Each class is subject to different expenses on the basis of the daily net assets of each class. The investment advisor of the Funds is Ancora Advisors LLC (the "Advisor").

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

The Funds will deduct a 2% redemption fee from redemption proceeds if shares are purchased and then redeemed within 90 days. For the six months ended June 30, 2025, the Income Fund – Class I collected $728 in redemption fees. For the six months ended June 30, 2025, the Small-Mid Cap Fund – Class I collected $2,139 in redemption fees and Class S did not collect any redemption fees. For the six months ended June 30, 2025, the MicroCap Fund – Class I collected $539 in redemption fees. For the six months ended June 30, 2025, the Dividend Value Equity Fund – Class I collected $695 in redemption fees.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the U.S. ("GAAP").

*Security Valuation -* All investments in securities are recorded at their estimated fair value, as described in Note 3.

*Use Of Estimates -* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting year. Actual results could differ from those estimates.

 

*Federal Income Taxes -* The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed. Funds identify their major tax jurisdiction as U.S. Federal; however the Funds' are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

As of and during the six months ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to recognized tax benefits or income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

*Distributions To Shareholders* – The Income Fund intends to distribute substantially all of its net investment income, if any, as dividends to its shareholders on a monthly basis. The MicroCap Fund, Small-Mid Cap Fund, and Dividend Value Equity Fund intend to distribute substantially all of their net investment income, if any, as dividends to their shareholders on at least an annual basis. Distributions to shareholders are recorded on the ex-dividend date. All of the Funds intend to distribute their net realized long term capital gains and net realized short term capital gains, if any, at least once a year. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused by differences in the timing and recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, the results of operations, or net asset value per share of a fund. The permanent reclassifications were mainly due to prior year tax return true-ups and investments in partnerships.

*Security Transactions and Related Income* - The Funds follow industry practice and record security transactions based on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the appropriate country's rules and tax rates.

The Funds may hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

*Expenses* – Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund's relative net assets or other appropriate basis as determined by the Board.

*Indemnification* – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**NOTE 3. SECURITIES VALUATIONS**

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

*Fair Value Measurements* - A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows.

Money market funds are generally priced at the ending NAV provided by the service agent of the fund. The money market funds will be categorized as Level 1 within the fair value hierarchy.

Equity securities (common stocks including real estate investment trust senior securities, traditional preferred securities, and investment companies) - are valued by using market quotations furnished by a pricing service when the Advisor believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are valued by the pricing service at the NASDAQ Official Closing Price. When market quotations are not readily available, when the Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value or when restricted or illiquid securities are being valued, such securities are valued at a fair price as determined by the Advisor in good faith, in accordance with guidelines adopted by and subject to review of the Board. Manually priced securities held by the Funds (if any) are reviewed by the Board on a quarterly basis. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 within the fair value hierarchy.

Fixed income securities (including corporate bond trust certificates) - Fixed income securities are valued by a pricing service when the Advisor believes such prices are accurate and reflect the fair value of such securities. If the Advisor decides that a price provided by the pricing services does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation. Generally, fixed income securities are categorized as Level 2 within the fair value hierarchy.

The following table summarizes the inputs used to value each Fund's assets measured at fair value as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Income Fund**<br> **Valuation Inputs of Assets \*** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Bonds & Corporate Bond Trust Certs. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$4895337 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4895337 |
| &nbsp;&nbsp;Traditional Preferred Securities | &nbsp;&nbsp;32625184 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;32625184 |
| REIT Senior Securities | &nbsp;&nbsp;830970 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;830970 |
| Common Stocks | &nbsp;&nbsp;2345796 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2345796 |
| Money Market Funds | &nbsp;&nbsp;3853353 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3853353 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$39655303 | &nbsp;&nbsp;$4895337 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$44550640 |
| &nbsp;&nbsp; **Small-Mid Cap Fund**<br> **Valuation Inputs of Assets \*** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$193994227 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$193994227 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;4438654 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;4438654 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$198432881 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$198432881 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **MicroCap Fund**<br> **Valuation Inputs of Assets \*** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$17795994 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$17795994 |
| &nbsp;&nbsp;Warrant \*\* | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;464872 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;464872 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$18260866 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$18260866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Dividend Value Equity Fund**<br> **Valuation Inputs of Assets \*** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$43939554 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$43939554 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2157212 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2157212 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$46096766 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$46096766 |

---

\* The Funds did not hold any material Level 3 assets during the six months ended June 30, 2025. For more detail on the investments in securities please refer to the Schedules of Investments. The Funds did not hold any derivative investments at any time during the six months ended June 30, 2025.

\*\* Fair valued Level 3 security at $0.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

Ancora is part of the Focus Financial Partners, LLC ("Focus") partnership, a leading partnership of independent wealth management and financial services firms located throughout the United States and abroad. The Ancora Group LLC is the parent company of the Advisor. The Ancora Group LLC is a wholly owned subsidiary of Ancora Holdings Group, LLC. Ancora Holdings Group, LLC is a wholly owned subsidiary of Focus Operating, LLC, which is a wholly owned subsidiary of Focus LLC. Focus Financial Partners, LLC ("Focus Inc.") is the sole managing member of Focus LLC. Focus Inc. is majority-owned, indirectly, and collectively, by funds affiliated with Clayton, Dubilier & Rice, LLC ("CD&R"). Funds affiliated with Stone Point Capital LLC ("Stone Point") are indirect owners of Focus Inc.

Ancora Advisors LLC is managed by certain individuals ("Principals"), pursuant to a management agreement between Terza Partners, LLC and Ancora Advisors LLC. The Ancora Advisors LLC Principals serve as officers and leaders of Ancora Advisors LLC and, in that capacity, are responsible for the management, supervision and oversight of Ancora Advisors LLC. The Trust retains Ancora Advisors LLC to manage the Funds' investments. Under the terms of the Investment Advisory Agreement, (the "Agreement"), the Advisor manages the Funds' investments in accordance with the stated policies of the Funds, subject to approval of the Board. The Advisor makes investment decisions for each Fund and places the purchase and sale orders for portfolio transactions.

As compensation for management services, Small-Mid Cap Fund and MicroCap Fund are obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 1.00% of the average daily net assets of each Fund. As compensation for management services, the Income Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.50% of the average daily net assets. As compensation for management services, the Dividend Value Equity Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.75% of the average daily net assets of the Fund. For the six months ended June 30, 2025, the Advisor earned fees of $104,611 from the Income Fund, $949,894 from the Small-Mid Cap Fund, $89,974 from the MicroCap Fund, and $163,966 from the Dividend Value Equity Fund. At June 30, 2025, payables to the Advisor were $17,862, $148,858, $13,488, and $24,236 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

The Advisor has contractually agreed to waive management fees in order to limit total annual operating expenses (excluding dividend expenses relating to short sales, interest, taxes, brokerage commissions and the cost of acquired fund fees and expenses) for the Income Fund to 1.285% for Class I shares until April 30, 2026, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the six months ended June 30, 2025, the Advisor did not waive any management fees for the Income Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Small-Mid Cap Fund to 1.39% for Class I shares and 1.00% for Class S shares until April 30, 2026, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the six months ended June 30, 2025, the Advisor waived management fees of $64,297 for the Small-Mid Cap Fund Class S shares. For the six months ended June 30, 2025, the Advisor did not waive any management fees for the Small-Mid Cap Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the MicroCap Fund to 1.60% for Class I shares until April 30, 2026, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the six months ended June 30, 2025, the Advisor waived management fees of $4,432 for the MicroCap Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Dividend Value Equity Fund to 1.00% for Class I shares until April 30, 2026, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the six months ended June 30, 2025, the Advisor waived management fees of $20,360 for the Dividend Value Equity Fund Class I shares. The Advisor is entitled to recover such waived amounts within the same fiscal year in which the Advisor reduced its fee. No recoupment will occur except to the extent that the Funds' expenses, together with the amount recovered, do not exceed the applicable expense limitation within the same fiscal year.

The Funds have entered into an Administration Agreement with The Ancora Group, LLC, an affiliate of the Advisor. Pursuant to the Administration Agreement, each of the Funds will pay an administration fee equal to 0.10% of average net assets of each Fund monthly. Under the Administration Agreement, The Ancora Group, LLC will assist in maintaining office facilities, furnish clerical services, prepare and file documents with the Securities and Exchange Commission, coordinate the filing of tax returns, assist with the preparation of the Funds' Annual and Semi-Annual Reports to shareholders, monitor the Funds' expense accruals and pay all expenses, monitor the Funds' sub-chapter M status, maintain the Funds' fidelity bond, monitor each Fund's compliance with such Funds' policies and limitations as set forth in the Prospectus and Statement of Additional Information and generally assist in the Funds' operations. For the six months ended June 30, 2025, the Funds paid $20,922 from the Income Fund, $94,989 from the Small-Mid Cap Fund, $8,998 from the MicroCap Fund, and $21,862 from the Dividend Value Equity Fund. As of June 30, 2025, The Ancora Group, LLC was owed $3,573, $16,075, $1,459, and $3,701 by the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively, for administrative services.

The Trust retained Arbor Court Capital LLC (the "Distributor"), to act as the principal distributor of its shares. The Distributor charges $8,000 per year for its services which is paid by the Advisor. The Distributor is an affiliated entity to the Trust's transfer agent and fund accountant. Pursuant to the Shareholder Services Agreement with The Ancora Group, LLC, each of the Funds will pay a shareholder service fee equal to 0.01% of average net assets of the Class I Shares.

Ancora Insurance Solutions LLC, a wholly owned subsidiary of Ancora Holdings Group, LLC, is the licensed insurance broker that assists the Trust in obtaining the required fidelity bond to the Funds. Annual premiums are less than $10,000 per year, with most being remitted to the insurance carrier.

Certain officers of the Trust are also officers or employees of the Advisor or its affiliates. They receive no fee for serving as officers of the Trust.

The following table sets forth a summary of the changes in the fair value of each Fund's investments in affiliated issuers, as noted in the Schedule of Investments, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Small-Mid Cap Fund</u>**<br>&nbsp;&nbsp;**Magnera Corp.** |  |
| &nbsp;&nbsp;Balance Beginning at December 31, 2024 | &nbsp;&nbsp;$4378788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Sale of Investments | &nbsp;&nbsp;(731497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investment Securities | &nbsp;&nbsp;(709380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; (993285) |
| &nbsp;&nbsp;Balance End at June 30, 2025 | &nbsp;&nbsp;<u>$1944626</u> |
| &nbsp;&nbsp;Shares Outstanding at June 30, 2025 | &nbsp;&nbsp;160979 |
| &nbsp;&nbsp;Dividend Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**NOTE 5. INVESTMENTS** 

For the six months ended June 30, 2025, purchases and sales of investment securities, other than short-term investments, in-kind purchases and sales, and short-term U.S. Government obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Income Fund** | &nbsp;&nbsp; <br> **Small-Mid Cap Fund** | &nbsp;&nbsp; <br> **MicroCap Fund** | &nbsp;&nbsp;**Dividend Value Equity Fund** |
| &nbsp;&nbsp;**Purchases** |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Other | &nbsp;&nbsp;$9868335 | &nbsp;&nbsp;$79148468 | &nbsp;&nbsp;$3416109 | &nbsp;&nbsp;$2444282 |
| &nbsp;&nbsp;**Sales** |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Other | &nbsp;&nbsp;$8379364 | &nbsp;&nbsp;$65886891 | &nbsp;&nbsp;$2410677 | &nbsp;&nbsp;$3412211 |

---

**NOTE 6. TAX MATTERS**

At December 31, 2024, the costs of securities for federal income tax purposes were $41,610,962, $154,543,211, $17,719,019, and $27,863,140 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

As of December 31, 2024, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp;**MicroCap Fund** | &nbsp;&nbsp;**Dividend Value Equity Fund** |
| Gross Appreciation | &nbsp;&nbsp;$1920124 | &nbsp;&nbsp;$43269626 | &nbsp;&nbsp;$3301080 | &nbsp;&nbsp;$17057851 |
| Gross (Depreciation) | &nbsp;&nbsp;(1851824) | &nbsp;&nbsp;(4994392) | &nbsp;&nbsp;(1844126) | &nbsp;&nbsp;(506153) |
| &nbsp;&nbsp; Net Appreciation (Depreciation)<br> on Investments | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;$38275234 | &nbsp;&nbsp;$1456954 | &nbsp;&nbsp;$16551698 |

---

The difference between book and tax unrealized is mainly attributable to the tax deferral of wash sales, return of capital from underlying investments, and partnership investments.

The tax character of distributions paid during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp; **MicroCap**<br> **Fund** | &nbsp;&nbsp; **Dividend Value Equity**<br> **Fund** |
| &nbsp;&nbsp;Ordinary income | &nbsp;&nbsp;$1069211 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$161590 |
| &nbsp;&nbsp;Long-term capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;$1069211 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$161590 |

---

The tax character of distributions paid during the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp; **MicroCap**<br> **Fund** | &nbsp;&nbsp; **Dividend Value Equity**<br> **Fund** |
| &nbsp;&nbsp;Ordinary income | &nbsp;&nbsp;$1939754 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 462341 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;553799 |
| &nbsp;&nbsp;Long-term capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;12795179 | &nbsp;&nbsp;1030336 | &nbsp;&nbsp;1168614 |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;$1939754 | &nbsp;&nbsp;$13257520 | &nbsp;&nbsp;$1030336 | &nbsp;&nbsp;$1722413 |

---

As of December 31, 2024, the following Funds had the following capital loss carryforwards for federal income tax purposes. These capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders and may be carried forward indefinitely retaining their character as short-term and/or long-term. The Dividend Value Equity Fund utilized $367,048 of its capital loss carryforward during the year ended December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp; **MicroCap**<br> **Fund** | &nbsp;&nbsp; **Dividend Value Equity**<br> **Fund** |
| &nbsp;&nbsp; Short-Term Capital<br> Loss Carry Forward | &nbsp;&nbsp;$(1991256) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Long-Term Capital<br> Loss Carry Forward | &nbsp;&nbsp;(2724721) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Total Capital Loss<br> Carry Forward | &nbsp;&nbsp;$(4715977) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

As of December 31, 2024, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Income**<br> **Fund** | &nbsp;&nbsp; <br> **Small-Mid Cap Fund** | &nbsp;&nbsp; <br> **MicroCap** <br> **Fund** | &nbsp;&nbsp; **Dividend Value Equity**<br> **Fund** |
| &nbsp;&nbsp; Accumulated undistributed<br> ordinary income (loss) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 740742 | &nbsp;&nbsp;$1863884 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;154403 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Accumulated undistributed <br> capital gain (loss)  | &nbsp;&nbsp;- | &nbsp;&nbsp;6356924 | &nbsp;&nbsp;9705 | &nbsp;&nbsp;286877 |
| Other accumulated losses | &nbsp;&nbsp;(4715977) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Unrealized appreciation<br> (depreciation) | &nbsp;&nbsp;68300 | &nbsp;&nbsp;38275234 | &nbsp;&nbsp;1456954 | &nbsp;&nbsp;16551698 |
|  | &nbsp;&nbsp;$(3906935) | &nbsp;&nbsp;$46496042 | &nbsp;&nbsp;$1621062 | &nbsp;&nbsp;$16838575 |

---

**NOTE 7. NEW ACCOUNTING PRONOUNCEMENTS**

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective on April 9, 2024. The compliance date is June 11, 2026 for Funds with more than $1 billion in assets and December 11, 2026 for Funds with less than $1 billion in assets. Management is currently evaluating the impact of the new rule.

**NOTE 8. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2025, National Financial Services, LLC owned, for the benefit of its customers, the following percentages of the outstanding shares:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Income Fund | &nbsp;&nbsp;83.39% |
| &nbsp;&nbsp;Small-Mid Cap Fund | &nbsp;&nbsp;51.15% |
| &nbsp;&nbsp;MicroCap Fund | &nbsp;&nbsp;64.44% |
| &nbsp;&nbsp;Dividend Value Equity Fund | &nbsp;&nbsp;69.29% |

---

**NOTE 9. SUBSEQUENT EVENTS**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring accounting or disclosure.

**PORTFOLIO HOLDINGS DISCLOSURE POLICY (UNAUDITED)**

The Funds disclose their portfolio holdings in the following manner: (i) the Funds file complete schedules of portfolio holdings with the Commission for the first and third quarter each year on Form N-PORT; (ii) the Funds' Form N-PORT are available on the Commission website at http:www.sec.gov and in annual and semi-annual reports to shareholders' (iii) the Funds' Form N-PORT may be reviewed and copied at the Commission Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; (iv) on the Funds' internet site www.ancorafunds.com approximately 10 days after the end of each fiscal quarter, which information is current as of the end of such fiscal quarter' and (v) is available upon request by contacting the Funds in writing or by phone.

**PROXY VOTING (UNAUDITED)**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent 12 month period ended June 30, is available without charge upon request by (1) calling the Funds at (866) 626-2672; and (2) from the Funds' documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>www.sec.gov.</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**WHY?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**WHAT?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br> Social security number  Account Numbers<br>  Risk tolerance  Wire transfer instructions<br>  Income  Contact Information<br>  Transaction history  Investment Experience<br>  Assets  Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br> Social security number  Account Numbers<br>  Risk tolerance  Wire transfer instructions<br>  Income  Contact Information<br>  Transaction history  Investment Experience<br>  Assets  Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br> Social security number  Account Numbers<br>  Risk tolerance  Wire transfer instructions<br>  Income  Contact Information<br>  Transaction history  Investment Experience<br>  Assets  Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br> Social security number  Account Numbers<br>  Risk tolerance  Wire transfer instructions<br>  Income  Contact Information<br>  Transaction history  Investment Experience<br>  Assets  Account Balances |
| &nbsp;&nbsp;**HOW?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. |
| &nbsp;&nbsp; <br> **Reasons we can share your personal information** | &nbsp;&nbsp; <br> **Reasons we can share your personal information** | &nbsp;&nbsp; <br> **Reasons we can share your personal information** | &nbsp;&nbsp;**Does Ancora Share?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | &nbsp;&nbsp;**For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | &nbsp;&nbsp;**For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes** - to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes** - to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes** - to offer our products and services to you | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** - information about your transactions and experiences | &nbsp;&nbsp;**For our affiliates' everyday business purposes** - information about your transactions and experiences | &nbsp;&nbsp;**For our affiliates' everyday business purposes** - information about your transactions and experiences | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp; **For our affiliates' everyday business purposes** –<br> information about your creditworthiness | &nbsp;&nbsp; **For our affiliates' everyday business purposes** –<br> information about your creditworthiness | &nbsp;&nbsp; **For our affiliates' everyday business purposes** –<br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**Pandemic response** | &nbsp;&nbsp;**Pandemic response** | &nbsp;&nbsp; <br> All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. | &nbsp;&nbsp; <br> All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. | &nbsp;&nbsp; <br> All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp; <br> Call Jason Geers at (216) 593-5020 | &nbsp;&nbsp; <br> Call Jason Geers at (216) 593-5020 | &nbsp;&nbsp; <br> Call Jason Geers at (216) 593-5020 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Page 2 Privacy Policy** | &nbsp;&nbsp;**Page 2 Privacy Policy** |
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Ancora Holdings Group LLC.** | &nbsp;&nbsp; Ancora Holdings, Group LLC, is a Cleveland, Ohio based holding company which wholly owns four separate and distinct SEC Registered Investment Advisers, an insurance company, and a broker dealer.<br>Ancora Advisors LLC specializes in customized portfolio management for individual investors, high net worth investors, investment companies, institutions such as pension/profit sharing plans, corporations, non-profits, and unions.<br>Ancora Family Wealth Advisors, LLC is a leading, regional investment and wealth advisor managing assets on behalf families and high net-worth individuals.<br>Ancora Alternatives LLC specializes in pooled investments (private funds LPs).<br>Ancora Retirement Plan Advisors, LLC. specializes in providing non-discretionary investment guidance for small and midsize employer sponsored retirement plans.<br>Ancora Insurance Solutions LLC provides property and casualty services as well as personal line solutions and health coverage for small and large corporations.<br>Inverness Securities, LLC is a FINRA registered Broker Dealer.<br>Ancora Trust is the Trust of the Ancora Mutual Funds. |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does Ancora protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;**How does Ancora collect my personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you<br>▪ Enter into an investment advisory contract<br> ▪ Seek financial advice<br> ▪ Make deposits or withdrawals from your account<br> ▪ Tell us about your investment or retirement portfolio |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only<br>▪ sharing for affiliates' everyday business purposes—information about your creditworthiness<br> ▪ affiliates from using your information to market to you<br> ▪ sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ▪ *Ancora does share with our affiliates which may include Focus Operating, LLC* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ▪ *Ancora does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint Marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ▪ *Ancora does not jointly market.*  |

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**TRUSTEES**

Frank J. Roddy

Jennifer A. Rasmussen

Cindy Flynn

Frank DeFino

**OFFICERS**

Bradley Zucker, President, Treasurer, & Secretary

Jason Geers, Chief Compliance Officer

**INVESTMENT ADVISOR**

Ancora Advisors LLC

6060 Parkland Boulevard, Suite 200

Cleveland, Ohio 44124

**DISTRIBUTOR**

Arbor Court Capital LLC

8000 Town Center Drive, Suite 400

Broadview Heights, Ohio 44147

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**LEGAL COUNSEL**

Thompson Hine LLP

3900 Key Center,

127 Public Square,

Cleveland, Ohio 44114

**CUSTODIAN**

Huntington National Bank

41 South High Street

Columbus, Ohio 43216

**TRANSFER AGENT**

**AND FUND ACCOUNTANT**

Mutual Shareholder Services, LLC.

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

This report is intended only for the information of shareholders or those who have received the Funds' prospectus which contains information about the Funds' management fee and expenses. Please read the prospectus carefully before investing.

The Funds' Statement of Additional Information includes additional information about the Funds and is available upon request at no charge by calling the Fund.

Distributed by Arbor Court Capital LLC Member FINRA/SIPC

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Closed End fund Proxy Voting Policies/Procedures.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls & Procedures. Principal executive and financial officers have concluded
that Registrant's disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the
filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Controls. There were no significant changes in Registrant's internal controls of in other
factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) EX-99.CERT. Filed herewith.

(a)(2) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; EX-99.906CERT. Filed herewith.

**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.

**<u>Ancora Trust</u>**

By <u>/s/Bradley Zucker</u>

\* Bradley Zucker

President, Treasurer and Secretary

Date: September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/Bradley Zucker</u>

\* Bradley Zucker

President, Treasurer and Secretary

Date: September 4, 2025

\*Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Bradley Zucker, certify that:

1. I have reviewed this report on Form N-CSR of Ancora Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 4, 2025</u>

<u>/s/ Bradley Zucker</u>

Bradley Zucker

President, Treasurer and Secretary

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

I, Bradley Zucker, President, Treasurer and Secretary of Ancora Trust (the "Registrant"), does certify to the best of her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President, Treasurer & Secretary

Ancora Trust

<u>/s/ Bradley Zucker</u>

Bradley Zucker

Date: <u>September 4, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Ancora Trust and will be retained by Ancora Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

<br>