# EDGAR Filing Document

**Accession Number:** 0001260667
**File Stem:** 0001162044-26-000241
**Filing Date:** 2026-3
**Character Count:** 286881
**Document Hash:** 4357d37707f53a8f650b15c768ff9e3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000241.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001162044-26-000241

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21418
- **FILM NUMBER:** 26714055

**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-CSR

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)

Bradley Zucker

c/o Ancora Trust

6060 Parkland Boulevard, Suite 200

<u>Cleveland, Ohio 44124</u>

(Name and Address of Agent for Service)

Copy to:

Andrew Davalla

Thompson Hine LLP

3900 Key Center,

127 Public Square

Cleveland, Ohio 44114

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 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.**

ANNUAL SHAREHOLDER REPORT

**December 31, 2025**

ANCORA INCOME FUND – CLASS I

***AAIIX***

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

This annual shareholder report contains important information about the Ancora Income Fund – Class I -AAIIX for the period January 1, 2025 to December 31, 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 year?**

(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;$88 | &nbsp;&nbsp;0.86% |

---

\*Annualized

**<u>management discussion of fund performance</u>**

The Ancora Income Fund returned 3.56% in 2025, underperforming the Bloomberg US Aggregate Index, which returned 7.30%. The underperformance was driven by retail preferred securities ($25 par) underperforming the broader fixed income market in 2025.

**Attribution**

Performance benefited from REIT (real estate investment trust) exposure, which outperformed. REITs were 16.6% of the Fund's total exposure at year-end and produced an average return of 6.5% during the year. Performance was led by Global Net Lease, returning 18.2%, and Rithm Capital, returning 11.8%, both REITs, as well as Atlanticus preferred stock (a diversified financial), returning 13.4%.

Performance was negatively impacted by exposure to preferred stock of the insurance sector, which accounted for 20.4% of the Fund at year-end. Insurance preferreds underperformed during 2025 due to rising climate-related losses and long-term interest rates remaining sticky. F&G Annuities was the Fund's worst performer, falling 5.8%, followed by Corbridge Financial declining 2.1% and Arch Capital falling 0.7%.

**Positioning**

We believe the Fund is positioned to garner above average income with the current yield of the portfolio standing at 6.7%. We maintain an up-in-quality bias to help ensure stability of income generation. The Fund should be positioned to adapt to various changes in interest rates, with 25% of the Fund invested in fixed-to-floating rate securities and the remaining in fixed rate securities.

Approximately 31% of the Fund is invested in banks, 28% in insurance companies and 13% in diversified financial services. Financials are the largest issuers of preferred securities and will typically be the largest sector allocation for the Fund. Non-financial related preferred securities are sought when market levels are attractive, but they tend to offer lower yields than financial preferreds due to the diversification benefits and scarcity of the securities.

**Strategy**

The Fund seeks to provide an above average level of income by investing in higher-yielding securities, including preferred stocks, subordinated debt securities, corporate bonds, baby bonds and higher-yielding equity securities. The Fund intends to sell securities if the yield level falls below levels the manager deems acceptable compared to other similar securities.

**<u>performance illustration</u>**

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FUND/INDEX</u>** | &nbsp;&nbsp;**ONE YEAR** | &nbsp;&nbsp;**FIVE YEARS** | &nbsp;&nbsp;**TEN YEARS** | &nbsp;&nbsp;**ENDING VALUE** |
| &nbsp;&nbsp;ANCORA INCOME FUND - I | &nbsp;&nbsp;3.56% | &nbsp;&nbsp;3.34% | &nbsp;&nbsp;4.31% | &nbsp;&nbsp;$15250 |
| &nbsp;&nbsp;BLOOMBERG US AGGREGATE INDEX | &nbsp;&nbsp;7.30% | &nbsp;&nbsp;-0.36% | &nbsp;&nbsp;2.01% | &nbsp;&nbsp;$12199 |

---

**Cumulative Performance Comparison of $10,000 Investment**![](image_001.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained at www.ancorafunds.com or by calling 1-866-6-ANCORA.

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$49951637 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;91 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;32.03% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND: |
| &nbsp;&nbsp;$224503 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;6.73% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Synchrony Financial, 5.625%, due 12/31/2099 | &nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Texas Capital Bancshares, Inc., 5.750%, due 06/15/2026 | &nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Merchants Bancorp, 7.625%, due 01/01/2030 | &nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Brookfield Infrastructure Finance ULC, 7.250%, due 05/31/2084 | &nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Carlyle Finance LLC., 4.625%, due 05/15/2061 | &nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Rithm Capital Corp., 8.750%, due 11/15/2030 | &nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;F&G Annuities & Life, Inc., 7.300%, due 01/15/2065 | &nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Fifth Third Bancorp, 7.994%, due 12/31/2099 | &nbsp;&nbsp;1.71% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;25.75% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Traditional Preferred Securities | &nbsp;&nbsp;73.89% |
| &nbsp;&nbsp;Bonds & Corporate Bond Trust Certificates | &nbsp;&nbsp;10.34% |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;7.30% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;6.73% |
| &nbsp;&nbsp;REIT Senior Securities | &nbsp;&nbsp;1.74% |
| &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.

![](ancoralogo.jpg)

ANNUAL SHAREHOLDER REPORT

**December 31, 2025** 

ANCORA/THELEN SMALL-MID CAP FUND – CLASS I

***AATIX***

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

This annual shareholder report contains important information about the Ancora/Thelen Small-Mid Cap Fund – Class I - AATIX for the period January 1, 2025 to December 31, 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 year?**

(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;$122 | &nbsp;&nbsp;1.20% |

---

\*Annualized

**<u>management discussion of fund performance</u>**

The Fund saw positive returns in 2025, though it lagged the Russell 2500 Index. Central to our investment philosophy is a rigorous evaluation of a company's fundamental intrinsic value against its prevailing market valuation. With performance exceptionally narrow in 2025, we saw a significant "value penalty" for strategies like ours focused on high-quality, cash-flow-generative businesses.

**Attribution**

Despite these market pressures, we maintained our discipline, and the Fund concluded 2025 with strong relative performance in December as the market began to refocus on earnings and as the seasonal pressure of tax-loss selling finally abated. Winning sectors in 2025 were Industrials, driven by the "reshoring" trend and infrastructure resurgence, and Utilities, fueled by a dovish shift in monetary policy and AI-driven consumption. Health Care, impacted by market rotation toward speculative non-earners, and Financials, which faced headwinds from loan write-offs and market fluctuations, were both detractors to performance during the year. The fourth quarter began with weak performance in October, followed by stabilization in November and a strong relative turnaround in December. This year-end strength was led by Industrials and a broader rotation back to quality fundamentals.

**Positioning**

We believe we are currently witnessing a meaningful shift in market leadership, and we enter 2026 with high conviction. The Fund is trading at historically attractive levels and is well-positioned to benefit from a broader market recovery. Historically, periods of temporary underperformance have provided the most attractive entry points for long-term capital appreciation. Consequently, I have used this period of relative weakness to add meaningfully to our holdings.

We maintain our focus on the spin-off pipeline, underfollowed opportunity tailwinds and attractive franchises. We see a robust calendar of upcoming spin-offs ahead, a focus reinforced by the strong December performance of our recent additions. Quality small-cap companies continue to trade at deep discounts, and conservative sectors, specifically Consumer Staples, REITs and Health Care, currently appear historically attractive from a valuation perspective. Furthermore, we observed a rise in "take-private" transactions in 2025 and expect this trend of private equity interest in undervalued franchises to accelerate throughout 2026.

**Strategy**

As we reflect on the performance of the fourth quarter and the full calendar year of 2025, we remain steadfast in our commitment to a disciplined, "three-bucket" investment framework: Franchise companies, Special Situations, and Underfollowed opportunities. While our quarterly results fell below our long-term trend, our optimism regarding our current holdings remains high. Our disciplined framework is specifically designed to provide a steady hand during periods of market volatility. We will continue to move diligently, making idiosyncratic investment decisions as risks and opportunities arise.

**<u>performance illustration</u>**

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FUND/INDEX</u>** | &nbsp;&nbsp;**ONE YEAR** | &nbsp;&nbsp;**FIVE YEARS** | &nbsp;&nbsp;**TEN YEARS** | &nbsp;&nbsp;**ENDING VALUE** |
| &nbsp;&nbsp;ANCORA/THELEN SMALL-MID CAP FUND - I | &nbsp;&nbsp;4.10% | &nbsp;&nbsp;8.95% | &nbsp;&nbsp;10.05% | &nbsp;&nbsp;$26051 |
| &nbsp;&nbsp;RUSSELL 2500 INDEX | &nbsp;&nbsp;11.91% | &nbsp;&nbsp;7.26% | &nbsp;&nbsp;10.41% | &nbsp;&nbsp;$26909 |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained at www.ancorafunds.com or by calling 1-866-6-ANCORA.

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$217100240 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;96 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;94.92% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$1885201 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;GCI Liberty, Inc. | &nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Amentum Holdings, Inc. | &nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;2.23% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;25.70% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;32.19% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;12.30% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.26% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;8.28% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;6.85% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;5.64% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2.37% |
| &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.

![](ancoralogo.jpg)

ANNUAL SHAREHOLDER REPORT

**December 31, 2025** 

ANCORA/THELEN SMALL-MID CAP FUND – CLASS S

***AATSX***

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

This annual shareholder report contains important information about the Ancora/Thelen Small-Mid Cap Fund – Class S - AATSX for the period January 1, 2025 to December 31, 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 year?**

(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;$102 | &nbsp;&nbsp;1.00% |

---

\*Annualized

**<u>management discussion of fund performance</u>**

The Fund saw positive returns in 2025, though it lagged the Russell 2500 Index. Central to our investment philosophy is a rigorous evaluation of a company's fundamental intrinsic value against its prevailing market valuation. With performance exceptionally narrow in 2025, we saw a significant "value penalty" for strategies like ours focused on high-quality, cash-flow-generative businesses.

**Attribution**

Despite these market pressures, we maintained our discipline, and the Fund concluded 2025 with strong relative performance in December as the market began to refocus on earnings and as the seasonal pressure of tax-loss selling finally abated. Winning sectors in 2025 were Industrials, driven by the "reshoring" trend and infrastructure resurgence, and Utilities, fueled by a dovish shift in monetary policy and AI-driven consumption. Health Care, impacted by market rotation toward speculative non-earners, and Financials, which faced headwinds from loan write-offs and market fluctuations, were both detractors to performance during the year. The fourth quarter began with weak performance in October, followed by stabilization in November and a strong relative turnaround in December. This year-end strength was led by Industrials and a broader rotation back to quality fundamentals.

**Positioning**

We believe we are currently witnessing a meaningful shift in market leadership, and we enter 2026 with high conviction. The Fund is trading at historically attractive levels and is well-positioned to benefit from a broader market recovery. Historically, periods of temporary underperformance have provided the most attractive entry points for long-term capital appreciation. Consequently, I have used this period of relative weakness to add meaningfully to our holdings.

We maintain our focus on the spin-off pipeline, underfollowed opportunity tailwinds and attractive franchises. We see a robust calendar of upcoming spin-offs ahead, a focus reinforced by the strong December performance of our recent additions. Quality small-cap companies continue to trade at deep discounts, and conservative sectors, specifically Consumer Staples, REITs and Health Care, currently appear historically attractive from a valuation perspective. Furthermore, we observed a rise in "take-private" transactions in 2025 and expect this trend of private equity interest in undervalued franchises to accelerate throughout 2026.

**Strategy**

As we reflect on the performance of the fourth quarter and the full calendar year of 2025, we remain steadfast in our commitment to a disciplined, "three-bucket" investment framework: Franchise companies, Special Situations, and Underfollowed opportunities. While our quarterly results fell below our long-term trend, our optimism regarding our current holdings remains high. Our disciplined framework is specifically designed to provide a steady hand during periods of market volatility. We will continue to move diligently, making idiosyncratic investment decisions as risks and opportunities arise.

**<u>performance illustration</u>**

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FUND/INDEX</u>** | &nbsp;&nbsp;**ONE YEAR** | &nbsp;&nbsp;**FIVE YEARS** | &nbsp;&nbsp;**TEN YEARS** | &nbsp;&nbsp;**ENDING VALUE** |
| &nbsp;&nbsp; ANCORA/THELEN SMALL-MID CAP<br> FUND - S | &nbsp;&nbsp;4.30% | &nbsp;&nbsp;9.20% | &nbsp;&nbsp;10.33% | &nbsp;&nbsp; <br> $26728 |
| &nbsp;&nbsp;RUSSELL 2500 INDEX | &nbsp;&nbsp;11.91% | &nbsp;&nbsp;7.26% | &nbsp;&nbsp;10.41% | &nbsp;&nbsp;$26909 |

---

**Cumulative Performance Comparison of $10,000 Investment Since Inception**

![](image_003.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained at www.ancorafunds.com or by calling 1-866-6-ANCORA.

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$217100240 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;96 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;94.92% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$1885201 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;GCI Liberty, Inc. | &nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Middleby Corp. | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Amentum Holdings, Inc. | &nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;2.23% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;25.70% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;32.19% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;12.30% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.26% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;8.28% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;6.85% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;5.64% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2.37% |
| &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.

![](ancoralogo.jpg)

ANNUAL SHAREHOLDER REPORT

**December 31, 2025**

ANCORA MICROCAP FUND – CLASS I

***ANCIX***

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

This annual shareholder report contains important information about the Ancora MicroCap Fund – Class I - ANCIX for the period January 1, 2025 to December 31, 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 year?**

(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;$160 | &nbsp;&nbsp;1.62% |

---

\*Annualized

**<u>management discussion of fund performance</u>**

The Fund saw positive returns for the 2025 calendar year, though it underperformed the Russell Microcap Index and the Russell 2000 Index. Both sector allocation and security selection detracted from the Fund's relative performance versus the benchmark during the year.

**Attribution**

The Fund's underweight to Health Care was the primary detractor to performance during the year. Overweights to Communication Services and Consumer Discretionary also detracted, while the overweight to Energy was a contributor.

Names that contributed most to performance included Allient, an industrial company, Nature's Sunshine, a nutrition company, and Perma-Fix, an environmental company. Names that detracted most from performance were CPI Card Group, a manufacturer of credit/debit cards, Thryv, a SAAS software company, and International Money Express, a payments company.

**Positioning**

CPI Card Group was hit with higher expenses due to tariffs, increased leverage due to an acquisition, and lowered guidance. We added a few times during the year into weakness. Thryv hash a somewhat leveraged balance sheet and made a recent acquisition which has underperformed expectations; growth was viewed as slowing and churn was higher than expected. The resulting ~50% plunge in the price was unexpected. We did not add to this position, but are also not considering a sale at these prices. International Money Express underperformed despite strong free cash flow, low valuation, and a buyout offer in the third quarter. The perceived competition from stablecoins and other remittance options in addition to a crackdown on immigration was too much to overcome. Allient, which has exposure to aerospace, medical, and data centers, saw improved operational metrics and sentiment, pushing the stock higher. Nature's Sunshine reported strong results across the board and increased guidance. The stock was up over 40% over two trading sessions in November after a strong Q3, so we trimmed into that strength. Perma-Fix was weak early in the year and we added to our position, trimming after a recovery.

**Strategy**

The Fund's philosophy is unchanged with a strategy focused on building a portfolio of companies that have been identified as likely to be trading at a significant discount to their true value. Screens are in place to identify deeply undervalued stocks with healthy balance sheets, quality business models, potential catalysts, and positive signals from insiders. This philosophy is executed with patience and discipline. Regardless of the broad market valuation, a core tenet of the strategy is that an inefficiently followed segment like microcap stocks can provide fertile ground for new ideas that may outperform the market.

**<u>performance illustration</u>**

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FUND/INDEX</u>** | &nbsp;&nbsp;**ONE YEAR** | &nbsp;&nbsp;**FIVE YEARS** | &nbsp;&nbsp;**TEN YEARS** | &nbsp;&nbsp;**ENDING VALUE** |
| &nbsp;&nbsp;ANCORA MICROCAP FUND - I | &nbsp;&nbsp;-2.35% | &nbsp;&nbsp;9.82% | &nbsp;&nbsp;7.10% | &nbsp;&nbsp;$19849 |
| &nbsp;&nbsp;RUSSELL 2000 INDEX | &nbsp;&nbsp;12.81% | &nbsp;&nbsp;6.09% | &nbsp;&nbsp;9.62% | &nbsp;&nbsp;$25041 |
| &nbsp;&nbsp;RUSSELL MICROCAP INDEX | &nbsp;&nbsp;22.98% | &nbsp;&nbsp;7.32% | &nbsp;&nbsp;9.58% | &nbsp;&nbsp;$24973 |

---

**Cumulative Performance Comparison of $10,000 Investment** 

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained at www.ancorafunds.com or by calling 1-866-6-ANCORA.

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$17544723 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;51 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;27.08% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$176831 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;11.72% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Aviat Networks, Inc. | &nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Crawford & Co. | &nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Pason Systems, Inc. | &nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Nature's Sunshine Products, Inc. | &nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Newtek Business Services Corp. | &nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Masterbrand, Inc. | &nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Perma-Fix Environmental Services, Inc. | &nbsp;&nbsp;2.65% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;41.55% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;21.89% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;18.75% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;14.58% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;11.71% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;10.48% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;7.31% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;3.63% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;1.91% |
| &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.

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ANNUAL SHAREHOLDER REPORT

**December 31, 2025**

ANCORA DIVIDEND VALUE EQUITY FUND – CLASS I

***ADEIX***

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

This annual shareholder report contains important information about the Ancora Dividend Value Equity Fund – Class I - ADEIX for the period January 1, 2025 to December 31, 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 year?**

(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;$104 | &nbsp;&nbsp;1.00% |

---

\*Annualized

**<u>management discussion of fund performance</u>**

The Fund had a positive return in 2025, though discouragingly it lagged the Russell 1000 Value Index and Russell 3000 Index. The narrower market leadership has carried into our value space for investing, creating a greater headwind. Only about one-third of Russell 1000 Value Index names had returns better than the cap-weighted index.

**Attribution**

In 2025, we failed to match the Russell 1000 Value Index returns in the first and fourth quarters, while outperforming in the second and third quarters. Absolute returns for the year, while positive, lagged due to a handful of stocks. Specific holdings, Kenvue, Accenture, Weyerhaeuser, Wyndham Hotels & Resorts, EOG Resources and American Tower, all contributed to lagging performance for the year. Individually, several of our laggards had favorable longer-term returns before their weaker results in 2025.

**Positioning**

Among our laggards, we have sold Kenvue and Weyerhaeuser, seeking better ideas for the portfolio. A recent addition at year-end, Salesforce, had an attractive valuation at the entry point when measured against its software peers and its own history. In addition, Salesforce's profit and cash flow margins, 16.4% and 32.8% respectively, are higher than the overall market, coupled with a discounted valuation.

The critical financial metrics for our portfolio holdings remain very healthy in our view as we begin 2026, consistent with our longer-term objectives. This includes robust dividend growth, ROE, free cash flow margin and a discounted valuation versus our value benchmark. Our experience as investors tells us these metrics prevail over long time periods. While it is early in the new calendar year, we are encouraged that many of last year's lagging portfolio holdings are witnessing favorable price gains.

**Strategy**

We will remain unwavering in seeking companies that demonstrate superior capital allocation for shareholder wealth creation. Despite short-term periods where we do not outperform our benchmark, our more consistent results have seen the Fund outperform the Russell 1000 Value Index in four of the last six years. We fully anticipate that to prevail, when rooted in a time-proven investment process.

We value the trust, responsibility and partnership you have placed in us to manage assets for you and are always happy to have a thorough conversation on our portfolio strategy.

**<u>performance illustration</u>**

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>FUND/INDEX</u>** | &nbsp;&nbsp;**ONE YEAR** | &nbsp;&nbsp;**FIVE YEARS** | &nbsp;&nbsp;**SINCE INCEPTION** | &nbsp;&nbsp;**ENDING VALUE** |
| &nbsp;&nbsp; ANCORA DIVIDEND VALUE<br> EQUITY - I | &nbsp;&nbsp;7.84% | &nbsp;&nbsp;10.05% | &nbsp;&nbsp;10.87% | &nbsp;&nbsp; <br> $19868 |
| &nbsp;&nbsp;RUSSELL 3000 INDEX | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.64% | &nbsp;&nbsp;$24831 |
| &nbsp;&nbsp;RUSSELL 1000 VALUE INDEX | &nbsp;&nbsp;15.91% | &nbsp;&nbsp;11.33% | &nbsp;&nbsp;10.39% | &nbsp;&nbsp;$19297 |

---

**Cumulative Performance Comparison of $10,000 Investment Since Inception**

![](image_005.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained at www.ancorafunds.com or by calling 1-866-6-ANCORA.

---

| |
|:---|
| &nbsp;&nbsp;NET ASSETS: |
| &nbsp;&nbsp;$46046938 |
| &nbsp;&nbsp;PORTFOLIO HOLDINGS: |
| &nbsp;&nbsp;29 |
| &nbsp;&nbsp;PORTFOLIO TURNOVER: |
| &nbsp;&nbsp;13.01% |
| &nbsp;&nbsp;ADVISORY FEES PAID BY FUND |
| &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$305405 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;7.64% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;7.31% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;5.98% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.95% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Eaton Corp. Plc. | &nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;3.81% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;52.98% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;25.36% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;20.81% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;13.40% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;9.93% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;4.94% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;0.30% |
| &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.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; As of the end of the period covered by this report, the registrant <u>has</u> adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) &nbsp;&nbsp;&nbsp;&nbsp; For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) &nbsp;&nbsp;&nbsp;&nbsp; Amendments:

<u>The Code of Ethics was updated in August 2008 to comply with updated Rule 17j-1.</u>

A copy of registrant's code of ethics will be provided to any person without charge, upon request. Please send requests to: Ancora Trust, Attn: Compliance, 2000 Auburn Drive, Suite 420, Cleveland, OH 44122

(d) &nbsp;&nbsp;&nbsp;&nbsp; Waivers:

During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert. This is because the experience provided by the members of the audit committee together offers adequate oversight for the registrants level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

(a) **<u>Audit Fees</u>**

<u>Registrant</u> <u>Ancora Securities</u>

FY 2025 $<u>51,400</u> $<u>N/A</u>

FY 2024 $<u>51,400</u> $<u>N/A</u>

(b) **<u>Audit-Related Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $<u>1,000</u> $<u>N/A</u>

FY 2024 $<u>1,000</u> $<u>N/A</u>

Nature of the fees: Consent estimate.

(c) **<u>Tax Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $<u>17,000</u> $<u>N/A</u>

FY 2024 $<u>11,000</u> $<u>N/A</u>

Nature of the fees: 1120-RIC estimate per engagement letter.

(d) **<u>All Other Fees</u>**

<u>Registrant</u> <u>Adviser</u>

FY 2025 $<u>N/A</u> $<u>N/A</u>

FY 2024 $<u>N/A</u> $<u>N/A</u>

(e) (1) **<u>Audit Committee's Pre-Approval Policies</u>**

<u>The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.</u>

(2) **<u>Percentages of Services Approved by the Audit Committee</u>**

<u>Registrant</u> <u>Adviser</u>

Audit-Related Fees: <u>N/A</u> % <u>N/A</u> %

Tax Fees: <u>N/A</u> % <u>N/A</u> %

All Other Fees: <u>N/A</u> % <u>N/A</u> %

(f)&nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant Adviser

FY 2025 $<u>N/A</u> $<u>N/A</u>

FY 2024 $<u>N/A</u> $<u>N/A</u>

(h) &nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 7.

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

![](ancoralogo001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>12/31/2025<br> **ANNUAL FINANCIAL STATEMENTS**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** | | |
| &nbsp;&nbsp;**Ancora Income Fund** | | |
| &nbsp;&nbsp;**Schedule of Investments** | | |
| &nbsp;&nbsp;**December 31, 2025** | | |
|  | <br>&nbsp;&nbsp;**Principal Amount** | <br>&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Bonds & Corporate Bond Trust Certificates - 10.33%** |  |  |
| &nbsp;&nbsp;**Trust Certificates - 2.04%** |  |  |
| &nbsp;&nbsp;Citigroup, Inc., 7.125%, due 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243257 |
| &nbsp;&nbsp;Corebridge Financial, Inc., 6.875%, due 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257209 |
| &nbsp;&nbsp;Dominion Energy, Inc., 6.625%, due 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257613 |
| &nbsp;&nbsp;Wells Fargo & Co., 6.850%, due 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019335 |
| &nbsp;&nbsp;**Traditional Corporate Bonds - 8.28%** |  |  |
| &nbsp;&nbsp;Citigroup, Inc., 7.625%, due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790922 |
| &nbsp;&nbsp;Energy Transfer LP, 7.125%, due 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358479 |
| &nbsp;&nbsp;Fifth Third Bancorp, 7.994%, due 03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855456 |
| &nbsp;&nbsp;The Allstate Corp., 8.507%, due 08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350073 |
| &nbsp;&nbsp;The Bank of Nova Scotia, 8.625%, due 10/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531025 |
| &nbsp;&nbsp;The Goldman Sachs Group, Inc., 7.500%, due 02/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531042 |
| &nbsp;&nbsp;The Toronto Dominion Bank, 8.125%, due 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526574 |
| &nbsp;&nbsp;USB Cap IX, 5.186%, due 03/04/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4138315 |
| &nbsp;&nbsp;**TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost $4,978,471)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5157650 |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Traditional Preferred Securities - 73.79%** |  |  |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 4.200%, 09/30/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110510 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 4.750%, due 09/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424000 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 5.875%, due 03/30/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174593 |
| &nbsp;&nbsp;Affiliated Managers Group, Inc., 6.750%, due 03/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631800 |
| &nbsp;&nbsp;AGNC Investment Corp., 6.125%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490800 |
| &nbsp;&nbsp;AGNC Investment Corp., 6.875%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563730 |
| &nbsp;&nbsp;American Financial Group, Inc., 4.500% due 09/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422750 |
| &nbsp;&nbsp;American Financial Group, Inc., 5.125%, due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284850 |
| &nbsp;&nbsp;American Financial Group, Inc., 5.625%, due 06/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414600 |
| &nbsp;&nbsp;Annaly Capital Management, Inc., 6.750%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383550 |
| &nbsp;&nbsp;Apollo Global Management, Inc., 7.625%, due 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526800 |
| &nbsp;&nbsp;Arbor Realty Trust, Inc., 6.375%, due 06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596750 |
| &nbsp;&nbsp;Arch Capital Group Ltd., 4.550%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177855 |
| &nbsp;&nbsp;Arch Capital Group Ltd., 5.450%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96870 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 5.625%, due 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352800 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 5.625%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791801 |
| &nbsp;&nbsp;Aspen Insurance Holdings Ltd., 7.000%, due 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572757 |
| &nbsp;&nbsp;Associated Banc-Corp., 5.625%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720650 |
| &nbsp;&nbsp;Assurant, Inc., 5.250%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583500 |
| &nbsp;&nbsp;Athene Holding Ltd., 4.875%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255450 |
| &nbsp;&nbsp;Athene Holding Ltd., 5.625%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808824 |
| &nbsp;&nbsp;Athene Holding Ltd., 6.350%, due 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492000 |
| &nbsp;&nbsp;Athene Holding Ltd., 7.250%, due 03/30/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108512 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Atlanticus Holdings Corp., 6.125%, due 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744975 |
| &nbsp;&nbsp;Atlanticus Holdings Corp., 9.250%, due 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568575 |
| &nbsp;&nbsp;Atlanticus Holdings Corp.,7.625%, 06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240213 |
| &nbsp;&nbsp;Axis Capital Holdings Ltd., 5.500%, due 12/31/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498500 |
| &nbsp;&nbsp;Bank OZK, 4.625%, due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660800 |
| &nbsp;&nbsp;Brookfield Infrastructure Finance ULC, 7.250%, due 05/31/2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062304 |
| &nbsp;&nbsp;Brookfield Infrastructure Partners LP, 5.125%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167500 |
| &nbsp;&nbsp;Brookfield Oaktree Holdings, LLC, 6.550%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227150 |
| &nbsp;&nbsp;Brunswick Corp., 6.375%, due 04/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354731 |
| &nbsp;&nbsp;Carlyle Finance LLC., 4.625%, due 05/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026000 |
| &nbsp;&nbsp;Comerica, Inc., 6.875%, due 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805185 |
| &nbsp;&nbsp;Corebridge Financial, Inc., 6.375%, due 12/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348750 |
| &nbsp;&nbsp;Enterprise Financial Services Corp., 5.000%, due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484275 |
| &nbsp;&nbsp;F&G Annuities & Life, Inc., 7.300%, due 01/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885200 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., 5.250%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812316 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., 5.750%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529250 |
| &nbsp;&nbsp;First Citizens Bancshares, Inc., 5.625%, due 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370825 |
| &nbsp;&nbsp;Global Net Lease, Inc., 6.875%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 |
| &nbsp;&nbsp;Globe Life, Inc., 4.250%, 06/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586250 |
| &nbsp;&nbsp;Green Brick Partners, Inc., 5.750%, due 12/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532125 |
| &nbsp;&nbsp;Huntington Bancshares, Inc., 6.875%, due 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445595 |
| &nbsp;&nbsp;Jackson Financial Inc., 8.000%, due 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599610 |
| &nbsp;&nbsp;KeyCorp, 5.650%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424400 |
| &nbsp;&nbsp;KeyCorp, 6.200%, due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634500 |
| &nbsp;&nbsp;KKR & Co., Inc., 6.250%, due 3/01/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388800 |
| &nbsp;&nbsp;Merchants Bancorp, 7.625%, due 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136500 |
| &nbsp;&nbsp;MFA Financial, Inc., 7.500%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394600 |
| &nbsp;&nbsp;MFA Financial, Inc., 8.875%, due 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252000 |
| &nbsp;&nbsp;Oaktree Capital Group, 6.625% Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419600 |
| &nbsp;&nbsp;Old National Bancorp, 7.000%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust, 6.750%, due 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424810 |
| &nbsp;&nbsp;Redwood Trust, Inc., 10.000%, Cumulative Perp., Call 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734346 |
| &nbsp;&nbsp;Redwood Trust, Inc., 9.000%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624747 |
| &nbsp;&nbsp;Redwood Trust, Inc., 9.125%, due 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247000 |
| &nbsp;&nbsp;Regions Financial Corp., 6.950%, due 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508200 |
| &nbsp;&nbsp;Reinsurance Group of America, Inc., 7.125%, due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473400 |
| &nbsp;&nbsp;Rithm Capital Corp., 11.020%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414762 |
| &nbsp;&nbsp;Rithm Capital Corp., 7.000%, due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369450 |
| &nbsp;&nbsp;Rithm Capital Corp., 8.750%, due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021600 |
| &nbsp;&nbsp;Stifel Financial Corp., 4.500%, due 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513000 |
| &nbsp;&nbsp;Summit Hotel Properties, Inc., 6.250%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362000 |
| &nbsp;&nbsp;Synchrony Financials, 5.625%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273350 |
| &nbsp;&nbsp;Synchrony Financials, 8.250%, due 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591525 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc., 5.750%, due 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204800 |
| &nbsp;&nbsp;TPG Operating Group II, LP, 6.950, due 03/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497000 |
| &nbsp;&nbsp;Webster Financial Corp., 5.250%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668500 |
| &nbsp;&nbsp;WesBanco, Inc., 7.375%, due 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36860954 |
| &nbsp;&nbsp;**TOTAL TRADITIONAL PREFERRED SECURITIES (Cost $37,805,470)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36860954 |
| &nbsp;&nbsp;**REIT Senior Securities - 1.74%** |  |  |
| &nbsp;&nbsp;Pebblebrook Hotel Trust, 6.300%, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476250 |
| &nbsp;&nbsp;UMH Properties, Inc., 6.375%, Series D, Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392760 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869010 |
| &nbsp;&nbsp;**TOTAL REIT SENIOR SECURITIES (Cost $977,016)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869010 |
| &nbsp;&nbsp;**Common Stocks - 7.28%** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Air Freight & Logistics - 1.59%** |  |  |
| &nbsp;&nbsp;United Parcel Service, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793520 |
| &nbsp;&nbsp;**Consumer Staples - 2.05%** |  |  |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026375 |
| &nbsp;&nbsp;**Media - 0.90%** |  |  |
| &nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449887 |
| &nbsp;&nbsp;**Pharmaceuticals - 1.25%** |  |  |
| &nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622500 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.50%** |  |  |
| &nbsp;&nbsp;Energy Transfer LP. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329800 |
| &nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746580 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $3,701,026)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3638862 |
| &nbsp;&nbsp;**Money Market Funds - 6.72%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 3.68% (a) | &nbsp;&nbsp;3357207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3357207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3357207 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $3,357,207)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3357207 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $50,819,190) - 99.86%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49883683 |
| &nbsp;&nbsp;**Other Assets In Excess of Liabilities - 0.14%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67954 |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 49951637 |
| &nbsp;&nbsp;REIT - Real Estate Investment Trust |  |  |
| &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. | &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. |  |
| &nbsp;&nbsp;(b) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates | &nbsp;&nbsp;(b) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates | &nbsp;&nbsp;(b) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates |
| &nbsp;&nbsp;and prepayments on the underlying pool of assets. |  |  |
| &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;**December 31, 2025** | | |
|  | <br>&nbsp;&nbsp;**Shares** | <br>&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Common Stocks - 97.70%** |  |  |
| &nbsp;&nbsp;**Aerospace & Defense - 1.22%** |  |  |
| &nbsp;&nbsp;Innovative Solutions & Support, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59940 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135264 |
| &nbsp;&nbsp;Vectrus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651863 |
| &nbsp;&nbsp;**Automobile Components - 2.25%** |  |  |
| &nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838414 |
| &nbsp;&nbsp;Stoneridge, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884317 |
| &nbsp;&nbsp;**Banks - 0.79%** |  |  |
| &nbsp;&nbsp;Bridgewater Bancshares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716713 |
| &nbsp;&nbsp;**Biotechnology - 0.29%** |  |  |
| &nbsp;&nbsp;Emergent BioSolutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619310 |
| &nbsp;&nbsp;**Building Products - 5.21%** |  |  |
| &nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385303 |
| &nbsp;&nbsp;Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162605 |
| &nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090746 |
| &nbsp;&nbsp;Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11303567 |
| &nbsp;&nbsp;**Capital Markets - 3.05%** |  |  |
| &nbsp;&nbsp;Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282785 |
| &nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459342 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618300 |
| &nbsp;&nbsp;**Chemicals - 3.64%** |  |  |
| &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605362 |
| &nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266748 |
| &nbsp;&nbsp;Solstice Advanced Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831505 |
| &nbsp;&nbsp;Tronox Holdings Plc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912115 |
| &nbsp;&nbsp;**Commercial Services & Supplies - 3.16%** |  |  |
| &nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272814 |
| &nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986783 |
| &nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861283 |
| &nbsp;&nbsp;**Communications Equipment - 0.59%** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Clearfield, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278490 |
| &nbsp;&nbsp;**Consumer Finance - 1.69%** |  |  |
| &nbsp;&nbsp;EZCORP, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514177 |
| &nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678448 |
| &nbsp;&nbsp;**Containers & Packaging - 0.55%** |  |  |
| &nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199744 |
| &nbsp;&nbsp;**Construction & Engineering - 7.64%** |  |  |
| &nbsp;&nbsp;Amrize Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787162 |
| &nbsp;&nbsp;APi Group Corp. (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811289 |
| &nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865218 |
| &nbsp;&nbsp;Centuri Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066560 |
| &nbsp;&nbsp;Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307835 |
| &nbsp;&nbsp;Orion Group Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16595432 |
| &nbsp;&nbsp;**Diversified Consumer Services - 1.28%** |  |  |
| &nbsp;&nbsp;Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769120 |
| &nbsp;&nbsp;**Diversified Financial Services - 0.73%** |  |  |
| &nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595377 |
| &nbsp;&nbsp;**Diversified Telecommunication Services, - 3.24%** |  |  |
| &nbsp;&nbsp;GCI Liberty, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619969 |
| &nbsp;&nbsp;GCI Liberty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031252 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 6.79%** |  |  |
| &nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042701 |
| &nbsp;&nbsp;PowerFleet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622068 |
| &nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376630 |
| &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14744899 |
| &nbsp;&nbsp;**Energy Equipment & Services - 1.68%** |  |  |
| &nbsp;&nbsp;NPK International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650500 |
| &nbsp;&nbsp;**Entertainment - 2.00%** |  |  |
| &nbsp;&nbsp;Atlanta Braves Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955791 |
| &nbsp;&nbsp;Starz Entertainment Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339737 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts - 3.26%** |  |  |
| &nbsp;&nbsp;Postal Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968852 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083197 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Food Products - 2.69%** |  |  |
| &nbsp;&nbsp;Nomad Foods Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074082 |
| &nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088838 |
| &nbsp;&nbsp;The Marzetti Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835398 |
| &nbsp;&nbsp;**Gas Utilities - 2.74%** |  |  |
| &nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201984 |
| &nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957729 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 1.65%** |  |  |
| &nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985208 |
| &nbsp;&nbsp;Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494797 |
| &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583247 |
| &nbsp;&nbsp;**Health Care Providers & Services - 2.61%** |  |  |
| &nbsp;&nbsp;Concentra Group Holdings Parent, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024482 |
| &nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916888 |
| &nbsp;&nbsp;Talkspace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878242 |
| &nbsp;&nbsp;The Pennant Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670924 |
| &nbsp;&nbsp;**Hotels, Restaurants, & Leisure - 2.32%** |  |  |
| &nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786985 |
| &nbsp;&nbsp;BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472406 |
| &nbsp;&nbsp;First Watch Restaurant Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023781 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045648 |
| &nbsp;&nbsp;**Household Products - 0.53%** |  |  |
| &nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150239 |
| &nbsp;&nbsp;**Household Durables - 0.29%** |  |  |
| &nbsp;&nbsp;Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635636 |
| &nbsp;&nbsp;**IT Services - 0.80%** |  |  |
| &nbsp;&nbsp;Kyndryl Holding, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735430 |
| &nbsp;&nbsp;**Interactive Media & Services - 0.42%** |  |  |
| &nbsp;&nbsp;Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909147 |
| &nbsp;&nbsp;**Insurance - 1.44%** |  |  |
| &nbsp;&nbsp;F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133157 |
| &nbsp;&nbsp;**Machinery - 12.88%** |  |  |
| &nbsp;&nbsp;Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628964 |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001315 |
| &nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920429 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&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; 112 |
| &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726528 |
| &nbsp;&nbsp;FreightCar America, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341706 |
| &nbsp;&nbsp;Middleby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393896 |
| &nbsp;&nbsp;Pentair Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27959327 |
| &nbsp;&nbsp;**Metals & Mining - 1.01%** |  |  |
| &nbsp;&nbsp;Royal Gold, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872126 |
| &nbsp;&nbsp;Vox Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189592 |
| &nbsp;&nbsp;**Multi-Utilities - 0.74%** |  |  |
| &nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616568 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.48%** |  |  |
| &nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365595 |
| &nbsp;&nbsp;Nacco Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850844 |
| &nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392274 |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.62%** |  |  |
| &nbsp;&nbsp;Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336865 |
| &nbsp;&nbsp;**Paper & Forest Products - 0.90%** |  |  |
| &nbsp;&nbsp;Magnera Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947171 |
| &nbsp;&nbsp;**Professional Services - 3.60%** |  |  |
| &nbsp;&nbsp;Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911527 |
| &nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821120 |
| &nbsp;&nbsp;RCM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351858 |
| &nbsp;&nbsp;Resolute Holdings Management, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7813356 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.59%** |  |  |
| &nbsp;&nbsp;Qnity Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288927 |
| &nbsp;&nbsp;**Software - 1.88%** |  |  |
| &nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072626 |
| &nbsp;&nbsp;**Specialty REITs - 2.99%** |  |  |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845850 |
| &nbsp;&nbsp;Millrose Properties, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227155 |
| &nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499004 |
| &nbsp;&nbsp;**Specialty Retail - 1.05%** |  |  |
| &nbsp;&nbsp;Bath and Body Works | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522666 |
| &nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274246 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral - 1.68%** |  |  |
| &nbsp;&nbsp;CompoSecure, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908060 |
| &nbsp;&nbsp;Diebold Nixdorf, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654375 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.18%** |  |  |
| &nbsp;&nbsp;Deckers Outdoor Corp (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2553392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553392 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.40%** |  |  |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864682 |
| &nbsp;&nbsp;**Utilities - 1.32%** |  |  |
| &nbsp;&nbsp;NorthWestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856540 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $175,288,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212509164 |
| &nbsp;&nbsp;**Money Market Funds - 2.38%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 3.68% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5170143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170143 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $5,170,143)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170143 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $180,458,603) - 100.27%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217679307 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.27)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (579067) |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 217100240 |
| &nbsp;&nbsp;REIT - Real Estate Investment Trust |  |  |
| &nbsp;&nbsp;(a) Non-income producing security |  |  |
| &nbsp;&nbsp;(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. | &nbsp;&nbsp;(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. |  |
| &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;**December 31, 2025** | | |
|  | <br>&nbsp;&nbsp; **Shares** | <br>&nbsp;&nbsp; **Value** |
| &nbsp;&nbsp;**Common Stocks - 88.31%** |  |  |
| &nbsp;&nbsp;**Aerospace & Defense - 1.84%** |  |  |
| &nbsp;&nbsp;AerSale Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45389 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322716 |
| &nbsp;&nbsp;**Air Freight & Logistics - 0.19%** |  |  |
| &nbsp;&nbsp;Freightos Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32960 |
| &nbsp;&nbsp;**Banks - 5.96%** |  |  |
| &nbsp;&nbsp;Farmers & Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354489 |
| &nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264924 |
| &nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045921 |
| &nbsp;&nbsp;**Building Products - 2.67%** |  |  |
| &nbsp;&nbsp;Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468913 |
| &nbsp;&nbsp;**Capital Markets - 6.72%** |  |  |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241154 |
| &nbsp;&nbsp;Newtek Business Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522917 |
| &nbsp;&nbsp;Silvercrest Asset Management Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178849 |
| &nbsp;&nbsp;**Commercial Services & Supplies - 2.65%** |  |  |
| &nbsp;&nbsp;Perma-Fix Environmental Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465276 |
| &nbsp;&nbsp;**Communication Equipment - 5.70%** |  |  |
| &nbsp;&nbsp;Aviat Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740475 |
| &nbsp;&nbsp;Ituran Location & Control Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999352 |
| &nbsp;&nbsp;**Construction & Engineering - 2.40%** |  |  |
| &nbsp;&nbsp;Concrete Pumping Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421925 |
| &nbsp;&nbsp;**Consumer Discretionary - 2.96%** |  |  |
| &nbsp;&nbsp;Gold.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321160 |
| &nbsp;&nbsp;Sturm, Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519019 |
| &nbsp;&nbsp;**Diversified Financial Services - 2.08%** |  |  |
| &nbsp;&nbsp;TIPTREE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364505 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.90%** |  |  |
| &nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309224 |
| &nbsp;&nbsp;Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507969 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts - 1.91%** |  |  |
| &nbsp;&nbsp;Postal Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334647 |
| &nbsp;&nbsp;**Financial Services - 0.63%** |  |  |
| &nbsp;&nbsp;Mount Logan Capital, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110476 |
| &nbsp;&nbsp;**Health Care Providers & Services - 2.63%** |  |  |
| &nbsp;&nbsp;Joint Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322309 |
| &nbsp;&nbsp;Viemed Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461904 |
| &nbsp;&nbsp;**Household Durables - 0.24%** |  |  |
| &nbsp;&nbsp;Lovesac Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41772 |
| &nbsp;&nbsp;**IT Services - 2.89%** |  |  |
| &nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108789 |
| &nbsp;&nbsp;International Money Express, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507028 |
| &nbsp;&nbsp;**Insurance - 7.03%** |  |  |
| &nbsp;&nbsp;American Coastal Insurance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540008 |
| &nbsp;&nbsp;Crawford & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232592 |
| &nbsp;&nbsp;**Leisure Products - 3.10%** |  |  |
| &nbsp;&nbsp;Johnson Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196119 |
| &nbsp;&nbsp;Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544609 |
| &nbsp;&nbsp;**Materials - 0.66%** |  |  |
| &nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115711 |
| &nbsp;&nbsp;**Machinery - 1.98%** |  |  |
| &nbsp;&nbsp;Hurco Companies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347810 |
| &nbsp;&nbsp;**Marine - 2.99%** |  |  |
| &nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525015 |
| &nbsp;&nbsp;**Media -2.08%** |  |  |
| &nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105279 |
| &nbsp;&nbsp;Thryv Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365102 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Metals & Mining -0.42%** |  |  |
| &nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73590 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 7.31%** |  |  |
| &nbsp;&nbsp;Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49995 |
| &nbsp;&nbsp;Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642609 |
| &nbsp;&nbsp;Teekay Tankers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212665 |
| &nbsp;&nbsp;Vaalco Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283217 |
| &nbsp;&nbsp;**Personal Products - 3.63%** |  |  |
| &nbsp;&nbsp;Nature's Sunshine Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637214 |
| &nbsp;&nbsp;**Professional Services - 1.23%** |  |  |
| &nbsp;&nbsp;Forrester Research. Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215480 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.17%** |  |  |
| &nbsp;&nbsp;Amtech Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141037 |
| &nbsp;&nbsp;Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380941 |
| &nbsp;&nbsp;**Software - 1.91%** |  |  |
| &nbsp;&nbsp;Rimini Street, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334770 |
| &nbsp;&nbsp;**Specialty Retail - 1.38%** |  |  |
| &nbsp;&nbsp;America's Car-Mart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241385 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral Total - 3.05%** |  |  |
| &nbsp;&nbsp;CPI Card Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403891 |
| &nbsp;&nbsp;Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535430 |
| &nbsp;&nbsp;**Textiles, Apparel, & Luxury Goods - 2.81%** |  |  |
| &nbsp;&nbsp;Lakeland Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137869 |
| &nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492780 |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.16%** |  |  |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204012 |
| &nbsp;&nbsp;**Trading Companies & Distributors - 1.03%** |  |  |
| &nbsp;&nbsp;Karat Packaging Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180244 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $14,827,925)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15493134 |
| &nbsp;&nbsp;**Money Market Funds - 11.72%** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 3.68% (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055706 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $2,055,706)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055706 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $16,883,631) - 100.02%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548840 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.02)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4117) |
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17544723 |
| &nbsp;&nbsp;(a) Non-income producing security |  |  |
| &nbsp;&nbsp;(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. | &nbsp;&nbsp;(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2025. |  |
| &nbsp;&nbsp;*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;**December 31, 2025** | | |
|  | <br>&nbsp;&nbsp; **Shares** | <br>&nbsp;&nbsp; **Value** |
| &nbsp;&nbsp;**Common Stocks - 99.73%** |  |  |
| &nbsp;&nbsp;**Banks - 11.37%** |  |  |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34050 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872750 |
| &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; 3364299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5237049 |
| &nbsp;&nbsp;**Capital Markets - 9.45%** |  |  |
| &nbsp;&nbsp;Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120096 |
| &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; 1838750 |
| &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; 1390568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4349414 |
| &nbsp;&nbsp;**Chemicals - 2.30%** |  |  |
| &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; 1060006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060006 |
| &nbsp;&nbsp;**Construction Materials - 3.08%** |  |  |
| &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; 1416605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416605 |
| &nbsp;&nbsp;**Electrical Equipment - 4.32%** |  |  |
| &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; 1987821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987821 |
| &nbsp;&nbsp;**Entertainment - 2.60%** |  |  |
| &nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195836 |
| &nbsp;&nbsp;**Health Care - 1.67%** |  |  |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769641 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 6.29%** |  |  |
| &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; 1093596 |
| &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; 1405898 |
| &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; 395934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895428 |
| &nbsp;&nbsp;**Household Products - 3.03%** |  |  |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395696 |
| &nbsp;&nbsp;**IT Services - 2.24%** |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; 1032955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032955 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Industrial Conglomerates - 2.97%** |  |  |
| &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; 1365630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365630 |
| &nbsp;&nbsp;**Industrials - 6.12%** |  |  |
| &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; 1773188 |
| &nbsp;&nbsp;Paccar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819885 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.94%** |  |  |
| &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;893123 |
| &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; 1383402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276525 |
| &nbsp;&nbsp;**Pharmaceuticals - 9.87%** |  |  |
| &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; 2791919 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4546648 |
| &nbsp;&nbsp;**Real Estate Investment Trusts - 2.72%** |  |  |
| &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; 1250585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250585 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 9.66%** |  |  |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518799 |
| &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; 927091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4445890 |
| &nbsp;&nbsp;**Software - 5.98%** |  |  |
| &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; 2751798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2751798 |
| &nbsp;&nbsp;**Specialty Retail - 3.64%** |  |  |
| &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; 1677487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1677487 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripheral - 7.49%** |  |  |
| &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; 2738989 |
| &nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449478 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $27,544,244)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45924377 |
| &nbsp;&nbsp;**Money Market Funds - 0.30%** |  |  |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class 3.68% (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139631 |
| &nbsp;&nbsp;**TOTAL MONEY MARKET FUNDS (Cost $139,631)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139631 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $27,683,875) - 100.04%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46064008 |
| &nbsp;&nbsp;**Liabilities In Excess of Other Assets - (0.04)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17070) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**TOTAL NET ASSETS - 100.00%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46046938 |
| &nbsp;&nbsp;(a) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 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;**As of December 31, 2025** | | | | |
|  | <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; 50819190 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 180458603 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 16883631 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 27683875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Fair Value | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 49883683 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 217679307 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17548840 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46064008 |
| &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;&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;&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; 285072 | &nbsp;&nbsp;117449 | &nbsp;&nbsp;30057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36554 |
| &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;- | &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; 3149 | &nbsp;&nbsp;588836 | &nbsp;&nbsp;3657 | &nbsp;&nbsp;8886 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;18559 | &nbsp;&nbsp;2991 | &nbsp;&nbsp;3493 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50174027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218404151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17586545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46112941 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161485 | &nbsp;&nbsp;849592 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shareholder redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13418 | &nbsp;&nbsp;234668 | &nbsp;&nbsp;- | &nbsp;&nbsp;12000 |
| &nbsp;&nbsp;Payable to advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20920 | &nbsp;&nbsp;172140 | &nbsp;&nbsp;14195 | &nbsp;&nbsp;27086 |
| &nbsp;&nbsp;Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| &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;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
| &nbsp;&nbsp;Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18201 | &nbsp;&nbsp;26386 | &nbsp;&nbsp;21945 | &nbsp;&nbsp;21010 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66003 |
| &nbsp;&nbsp;**Net Assets:** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 49951637 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 217100240 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17544723 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46046938 |
| &nbsp;&nbsp; (unlimited number of shares authorized, no par value) |  |  |  |  |
| &nbsp;&nbsp;**Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;54667182 | &nbsp;&nbsp;179676953 | &nbsp;&nbsp;17004105 | &nbsp;&nbsp;27326659 |
| &nbsp;&nbsp;Distributable Earnings (Accumulated Losses) | &nbsp;&nbsp;(4715545) | &nbsp;&nbsp;37423287 | &nbsp;&nbsp;540618 | &nbsp;&nbsp;18720279 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 49951637 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 217100240 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17544723 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46046938 |
| &nbsp;&nbsp;**Class I:** |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to Class I shares | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 49951637 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 128763408 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 17544723 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 46046938 |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares | &nbsp;&nbsp;7044052 | &nbsp;&nbsp;7138286 | &nbsp;&nbsp;1157616 | &nbsp;&nbsp;2654498 |
| &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;7.09 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.04 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.16 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.35 |
| &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;6.95 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.86 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.00 |
| &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; 88336832 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &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;4718983 | &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;18.72 | &nbsp;&nbsp; $&nbsp;&nbsp;&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;18.35 | &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 year ended December 31, 2025** | | | | |
|  | <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;$2681196 | &nbsp;&nbsp;$3057764 | &nbsp;&nbsp;$679199 | &nbsp;&nbsp;$932774 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp; 435523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; **Total Income** | &nbsp;&nbsp;3116719 | &nbsp;&nbsp;3057764 | &nbsp;&nbsp;679199 | &nbsp;&nbsp;932774 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisor fee | &nbsp;&nbsp;224503 | &nbsp;&nbsp;2028704 | &nbsp;&nbsp;181676 | &nbsp;&nbsp;343839 |
| &nbsp;&nbsp;Shareholder servicing account expenses |  |  |  |  |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp;4490 | &nbsp;&nbsp;12667 | &nbsp;&nbsp;1817 | &nbsp;&nbsp;4585 |
| &nbsp;&nbsp;Fund accounting expenses | &nbsp;&nbsp;33187 | &nbsp;&nbsp;66226 | &nbsp;&nbsp;23526 | &nbsp;&nbsp;33273 |
| &nbsp;&nbsp;Transfer agent expenses | &nbsp;&nbsp;9300 | &nbsp;&nbsp;9300 | &nbsp;&nbsp;9300 | &nbsp;&nbsp;9300 |
| &nbsp;&nbsp;Legal expenses | &nbsp;&nbsp;9508 | &nbsp;&nbsp;7903 | &nbsp;&nbsp;9646 | &nbsp;&nbsp;8711 |
| &nbsp;&nbsp;Administration expenses | &nbsp;&nbsp;44901 | &nbsp;&nbsp;202871 | &nbsp;&nbsp;18168 | &nbsp;&nbsp;45845 |
| &nbsp;&nbsp;Insurance expenses | &nbsp;&nbsp;1409 | &nbsp;&nbsp;2958 | &nbsp;&nbsp;1414 | &nbsp;&nbsp;1414 |
| &nbsp;&nbsp;Custodian expenses | &nbsp;&nbsp;6834 | &nbsp;&nbsp;23753 | &nbsp;&nbsp;2975 | &nbsp;&nbsp;4945 |
| &nbsp;&nbsp;Auditing expenses | &nbsp;&nbsp;15809 | &nbsp;&nbsp;15401 | &nbsp;&nbsp;15071 | &nbsp;&nbsp;15502 |
| &nbsp;&nbsp;Printing expenses | &nbsp;&nbsp;1533 | &nbsp;&nbsp;4089 | &nbsp;&nbsp;1443 | &nbsp;&nbsp;1508 |
| &nbsp;&nbsp;Trustees expenses | &nbsp;&nbsp;14758 | &nbsp;&nbsp;12041 | &nbsp;&nbsp;14698 | &nbsp;&nbsp;12162 |
| &nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;9631 | &nbsp;&nbsp;9757 | &nbsp;&nbsp;12127 | &nbsp;&nbsp;8725 |
| &nbsp;&nbsp;Registration expenses | &nbsp;&nbsp;10867 | &nbsp;&nbsp;28482 | &nbsp;&nbsp;7321 | &nbsp;&nbsp;7077 |
| &nbsp;&nbsp; **Total Expenses** | &nbsp;&nbsp;386730 | &nbsp;&nbsp;2424152 | &nbsp;&nbsp;299182 | &nbsp;&nbsp;496886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waived Fees | &nbsp;&nbsp;- | &nbsp;&nbsp;(143503) | &nbsp;&nbsp;(4845) | &nbsp;&nbsp;(38434) |
| &nbsp;&nbsp; **Net Expenses** | &nbsp;&nbsp;386730 | &nbsp;&nbsp;2280649 | &nbsp;&nbsp;294337 | &nbsp;&nbsp;458452 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;2729989 | &nbsp;&nbsp;777115 | &nbsp;&nbsp;384862 | &nbsp;&nbsp;474322 |
| &nbsp;&nbsp;**Net Realized & Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on unaffiliated investment securities | &nbsp;&nbsp; (341847) | &nbsp;&nbsp; 11690575 | &nbsp;&nbsp; (107550) | &nbsp;&nbsp; 1168293 |
| &nbsp;&nbsp;Net realized gain (loss) on affiliated investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;(1679005) | &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;536726 | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 17412 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; (789494) | &nbsp;&nbsp; (2884214) | &nbsp;&nbsp; (810202) | &nbsp;&nbsp; 1836174 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 561545 | &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;(1131341) | &nbsp;&nbsp;8225627 | &nbsp;&nbsp;(916336) | &nbsp;&nbsp;3021879 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;$1598648 | &nbsp;&nbsp;$9002742 | &nbsp;&nbsp;$(531474) | &nbsp;&nbsp;$3496201 |
| &nbsp;&nbsp;(a) Net of foreign taxes withheld $0, $6,843, $3,913, and $0, respectively | &nbsp;&nbsp;(a) Net of foreign taxes withheld $0, $6,843, $3,913, 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;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2025** | &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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2729989 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382687 |
| &nbsp;&nbsp; Net realized loss on investment securities | &nbsp;&nbsp;(341847) | &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;(789494) | &nbsp;&nbsp;1510011 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp;1598648 | &nbsp;&nbsp;3523808 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(2407258) | &nbsp;&nbsp;(1939754) |
| &nbsp;&nbsp; From return of capital - Class I | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(2407258) | &nbsp;&nbsp;(1939754) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;10629314 | &nbsp;&nbsp;9541259 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881261 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(4115198) | &nbsp;&nbsp;(6901737) |
| &nbsp;&nbsp;**Net increase in net assets resulting** | &nbsp;&nbsp;8851422 | &nbsp;&nbsp;4520787 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;8042812 | &nbsp;&nbsp;6104841 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of 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 year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49951637 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41908825 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;1489506 | &nbsp;&nbsp;1333312 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;327150 | &nbsp;&nbsp;262058 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(575997) | &nbsp;&nbsp;(966211) |
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;1240659 | &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;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2025** | &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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777115 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518980 |
| &nbsp;&nbsp; Net realized gain on unaffiliated investment securities | &nbsp;&nbsp;11690575 | &nbsp;&nbsp;20619300 |
| &nbsp;&nbsp; Net realized loss on affiliated investment securities | &nbsp;&nbsp;(1679005) | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;536726 | &nbsp;&nbsp;427441 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | &nbsp;&nbsp; (2884214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8767004 |
| &nbsp;&nbsp; Net change in net unrealized appreciation (depreciation) on affiliated investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561545 | &nbsp;&nbsp; (531102) |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp;9002742 | &nbsp;&nbsp;29801623 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(10435810) | &nbsp;&nbsp;(8989270) |
| &nbsp;&nbsp; From distribution to shareholders - Class S | &nbsp;&nbsp;(7071902) | &nbsp;&nbsp;(4268250) |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(17507712) | &nbsp;&nbsp;(13257520) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;11890486 | &nbsp;&nbsp;14596883 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp; 10059030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8733414 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(17643660) | &nbsp;&nbsp;(11463226) |
|  | &nbsp;&nbsp;4308794 | &nbsp;&nbsp;11868569 |
| &nbsp;&nbsp;**Capital Share Transactions - Class S** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;30961026 | &nbsp;&nbsp;4845419 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7071283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267699 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(8534517) | &nbsp;&nbsp;(4851147) |
|  | &nbsp;&nbsp;29497792 | &nbsp;&nbsp;4261971 |
| &nbsp;&nbsp;**Net increase in net assets resulting** |  |  |
| &nbsp;&nbsp; **from capital share transactions** | &nbsp;&nbsp;33806586 | &nbsp;&nbsp;16130540 |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;25301616 | &nbsp;&nbsp;32674643 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 191798624 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 159123981 |
| &nbsp;&nbsp; End of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 217100240 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 191798624 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;634598 | &nbsp;&nbsp;782270 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;550275 | &nbsp;&nbsp;462820 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(956450) | &nbsp;&nbsp;(605612) |
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;228423 | &nbsp;&nbsp;639478 |
| &nbsp;&nbsp;**Capital Share Transactions - S Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;1627038 | &nbsp;&nbsp;248885 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;372761 | &nbsp;&nbsp;218744 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(450453) | &nbsp;&nbsp;(238790) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Net increase from capital share transactions** | &nbsp;&nbsp;1549346 | &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;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2025** | &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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384862 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154403 |
| &nbsp;&nbsp; Net realized gain (loss) on investment securities | &nbsp;&nbsp;(107550) | &nbsp;&nbsp;1040041 |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;1416 | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Net change in unrealized depreciation on investment securities | &nbsp;&nbsp;(810202) | &nbsp;&nbsp;(580377) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;(531474) | &nbsp;&nbsp;614067 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(553864) | &nbsp;&nbsp;(1030336) |
| &nbsp;&nbsp; From return of capital - Class I | &nbsp;&nbsp;(171902) | &nbsp;&nbsp;- |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(725766) | &nbsp;&nbsp;(1030336) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp; 1164805 | &nbsp;&nbsp; 2303058 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp; 721062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022830 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (2248764) | &nbsp;&nbsp; (1334634) |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting** | &nbsp;&nbsp;(360349) | &nbsp;&nbsp;1991608 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | &nbsp;&nbsp;(1617589) | &nbsp;&nbsp;1575339 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19162312 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17586973 |
| &nbsp;&nbsp; End of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17544723 | &nbsp;&nbsp;$&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;74226 | &nbsp;&nbsp; 137014 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp; 47376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63490 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147727) | &nbsp;&nbsp; (80507) |
| &nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | &nbsp;&nbsp;(26125) | &nbsp;&nbsp;119997 |
| &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.* |  |

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| | | |
|:---|:---|:---|
| &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;**Year Ended**<br>&nbsp;&nbsp;**December 31, 2025** | &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;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474322 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480981 |
| &nbsp;&nbsp; Net realized gain on unaffiliated investment securities | &nbsp;&nbsp;1168293 | &nbsp;&nbsp;1788790 |
| &nbsp;&nbsp; Net capital gain distributions from underlying investment companies | &nbsp;&nbsp;17412 | &nbsp;&nbsp;33749 |
| &nbsp;&nbsp; Net change in unrealized appreciation on investment securities | &nbsp;&nbsp;1836174 | &nbsp;&nbsp;4045395 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp;3496201 | &nbsp;&nbsp;6348915 |
| &nbsp;&nbsp;**Distributions** |  |  |
| &nbsp;&nbsp; From distribution to shareholders - Class I | &nbsp;&nbsp;(1615162) | &nbsp;&nbsp;(1722413) |
| &nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;(1615162) | &nbsp;&nbsp;(1722413) |
| &nbsp;&nbsp;**Capital Share Transactions - Class I** |  |  |
| &nbsp;&nbsp; Proceeds from sale of shares | &nbsp;&nbsp;3237145 | &nbsp;&nbsp;2189910 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560432 | &nbsp;&nbsp; 1668783 |
| &nbsp;&nbsp; Redemption fees | &nbsp;&nbsp; 695 | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;(5030218) | &nbsp;&nbsp;(3224670) |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting** | &nbsp;&nbsp;(231946) | &nbsp;&nbsp;634023 |
| &nbsp;&nbsp; **from capital share transactions** |  |  |
| &nbsp;&nbsp;**Total increase in net assets** | &nbsp;&nbsp;1649093 | &nbsp;&nbsp;5260525 |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44397845 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39137320 |
| &nbsp;&nbsp; End of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46046938 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44397845 |
| &nbsp;&nbsp;**Capital Share Transactions - I Shares** |  |  |
| &nbsp;&nbsp; Shares sold | &nbsp;&nbsp;188175 | &nbsp;&nbsp;137661 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;89511 | &nbsp;&nbsp;99767 |
| &nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;(288413) | &nbsp;&nbsp;(201769) |
| &nbsp;&nbsp; **Net increase (decrease) from capital share transactions** | &nbsp;&nbsp;(10727) | &nbsp;&nbsp;35659 |
| &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.* |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each year)**<br>&nbsp;&nbsp;**Ancora Income Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2025** | <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** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$7.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;7.74 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 0.35 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; 0.35 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp; 0.70 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.35) |
| &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; From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.36) |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp; - &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$7.09 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 9.69% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp;(13.59)% | &nbsp;&nbsp; 9.22% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (000) | &nbsp;&nbsp;$49952 | &nbsp;&nbsp;$41909 | &nbsp;&nbsp;$35804 | &nbsp;&nbsp;$32047 | &nbsp;&nbsp;$36588 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;0.86% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.93% | &nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;6.15% | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;6.15% | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;5.31% | &nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;32.03% | &nbsp;&nbsp;24.32% | &nbsp;&nbsp;51.19% | &nbsp;&nbsp;41.39% | &nbsp;&nbsp;40.56% |
| &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;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &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;(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;(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;(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;(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;(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;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;**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 year)**<br>&nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2025** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2024** | <br>&nbsp;&nbsp;**Year Ended**<br>&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** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;$14.37 | &nbsp;&nbsp;$17.77 |  | &nbsp;&nbsp;$17.59 |  |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; 0.08 |  | &nbsp;&nbsp; 0.04 |  |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.73 | &nbsp;&nbsp; 3.08 | &nbsp;&nbsp; 2.98 | &nbsp;&nbsp; (3.16) |  | &nbsp;&nbsp; 4.24 |  |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp; 3.12 | &nbsp;&nbsp; 3.05 | &nbsp;&nbsp; (3.08) |  | &nbsp;&nbsp; 4.28 |  |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; - |  | &nbsp;&nbsp; (0.08) |  |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (1.53) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.32) |  | &nbsp;&nbsp; (4.02) |  |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) |  | &nbsp;&nbsp; (4.10) |  |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp; - &nbsp;&nbsp;(e) | &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;Net asset value, end of year | &nbsp;&nbsp;$18.04 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$17.10 | &nbsp;&nbsp;$14.37 |  | &nbsp;&nbsp;$17.77 |  |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 18.23% | &nbsp;&nbsp; 21.22% | &nbsp;&nbsp; (17.32)% |  | &nbsp;&nbsp; 24.43% |  |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (000) | &nbsp;&nbsp;$128763 | &nbsp;&nbsp;$130101 | &nbsp;&nbsp;$107246 | &nbsp;&nbsp;$92409 |  | &nbsp;&nbsp;$114458 |  |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.25% |  | &nbsp;&nbsp;1.22% |  |
| &nbsp;&nbsp;Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp; before waiver & reimbursement (c) | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.25% |  | &nbsp;&nbsp;1.22% |  |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.51% |  | &nbsp;&nbsp; 0.17% |  |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.51% |  | &nbsp;&nbsp; 0.17% |  |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;94.92% | &nbsp;&nbsp;83.19% | &nbsp;&nbsp;85.30% | &nbsp;&nbsp;86.41% |  | &nbsp;&nbsp;85.44% |  |
| &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;(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;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &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;(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;(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;(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;(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;(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;(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;(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;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** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each year)**<br>&nbsp;&nbsp;**Ancora/Thelen Small-Mid Cap Fund**<br>&nbsp;&nbsp;**CLASS S SHARES** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2025** | <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** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$19.47 | &nbsp;&nbsp;$17.64 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$18.26 | &nbsp;&nbsp;$17.97 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 0.09 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.76 | &nbsp;&nbsp; 3.19 | &nbsp;&nbsp; 3.08 | &nbsp;&nbsp; (3.24) | &nbsp;&nbsp; 4.34 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; 0.86 | &nbsp;&nbsp; 3.27 | &nbsp;&nbsp; 3.19 | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; 4.43 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (1.53) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (4.02) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (4.14) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$18.72 | &nbsp;&nbsp;$19.47 | &nbsp;&nbsp;$17.64 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$18.26 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 18.49% | &nbsp;&nbsp;21.53% | &nbsp;&nbsp;(17.13)% | &nbsp;&nbsp;24.75% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (000) | &nbsp;&nbsp;$88337 | &nbsp;&nbsp;$61697 | &nbsp;&nbsp;$51878 | &nbsp;&nbsp;$42794 | &nbsp;&nbsp;$63491 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &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;1.20% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;0.31% | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;0.46% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.19% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;94.92% | &nbsp;&nbsp;83.19% | &nbsp;&nbsp;85.30% | &nbsp;&nbsp;86.41% | &nbsp;&nbsp;85.44% |
| &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;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &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;(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;(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;(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;(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;(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;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** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each year)**<br>&nbsp;&nbsp;**Ancora MicroCap Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2025** | <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** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;$13.83 | &nbsp;&nbsp;$15.02 | &nbsp;&nbsp;$10.93 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) (a) | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; 3.28 | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; 4.14 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp; 3.46 | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; 4.09 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; - | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; From return of capital | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; - | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; - |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp; - &nbsp;&nbsp;(c) | &nbsp;&nbsp; - &nbsp;&nbsp;(c) | &nbsp;&nbsp; - &nbsp;&nbsp;(c) | &nbsp;&nbsp; - | &nbsp;&nbsp; - &nbsp;&nbsp;(c) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$15.16 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;$13.83 | &nbsp;&nbsp;$15.02 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp;(2.35)% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp;24.90% | &nbsp;&nbsp;(7.92)% | &nbsp;&nbsp;37.42% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (000) | &nbsp;&nbsp;$17545 | &nbsp;&nbsp;$19162 | &nbsp;&nbsp;$17587 | &nbsp;&nbsp;$13518 | &nbsp;&nbsp;$14748 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.62% | &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;1.63% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;1.85% | &nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp;(0.36)% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;0.37% | &nbsp;&nbsp;(0.61)% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;27.08% | &nbsp;&nbsp;28.97% | &nbsp;&nbsp;42.13% | &nbsp;&nbsp;45.19% | &nbsp;&nbsp;41.73% |
| &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. |  |  |  |
| &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) Amount is less than $0.005. |  |  |  |  |  |
| &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. |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ancora Trust** <br>&nbsp;&nbsp;**Financial Highlights**<br>&nbsp;&nbsp;**(For a Fund share outstanding throughout each year)**<br>&nbsp;&nbsp;**Ancora Dividend Value Equity Fund**<br>&nbsp;&nbsp;**CLASS I SHARES** | <br>&nbsp;&nbsp;**Year Ended**<br>&nbsp;&nbsp;**12/31/2025** | <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** |
| &nbsp;&nbsp;**Selected Per Share Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$16.66 | &nbsp;&nbsp;$14.88 | &nbsp;&nbsp;$13.24 | &nbsp;&nbsp;$15.16 | &nbsp;&nbsp;$12.04 |
| &nbsp;&nbsp;**Income from investment operations** |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income (a) | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; 0.14 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1.13 | &nbsp;&nbsp; 2.26 | &nbsp;&nbsp; 1.62 | &nbsp;&nbsp; (1.92) | &nbsp;&nbsp; 3.14 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp; 2.44 | &nbsp;&nbsp; 1.83 | &nbsp;&nbsp; (1.73) | &nbsp;&nbsp; 3.28 |
| &nbsp;&nbsp;**Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.14) |
| &nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; - | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.16) |
| &nbsp;&nbsp;Paid in capital from redemption fees | &nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp; - | &nbsp;&nbsp; - &nbsp;&nbsp;(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;(e) | &nbsp;&nbsp; - &nbsp;&nbsp;(e) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$17.35 | &nbsp;&nbsp;$16.66 | &nbsp;&nbsp;$14.88 | &nbsp;&nbsp;$13.24 | &nbsp;&nbsp;$15.16 |
| &nbsp;&nbsp;**Total Return** (b) | &nbsp;&nbsp; 7.84% | &nbsp;&nbsp;16.44% | &nbsp;&nbsp;13.93% | &nbsp;&nbsp;(11.41)% | &nbsp;&nbsp;27.36% |
| &nbsp;&nbsp;**Ratios and Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (000) | &nbsp;&nbsp;$46047 | &nbsp;&nbsp;$44398 | &nbsp;&nbsp;$39137 | &nbsp;&nbsp;$36935 | &nbsp;&nbsp;$37670 |
| &nbsp;&nbsp;Ratio of expenses to average net assets (c) | &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;1.08% | &nbsp;&nbsp;1.11% | &nbsp;&nbsp;1.16% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets (c) (d) | &nbsp;&nbsp;1.03% | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |
| &nbsp;&nbsp; average net assets before waiver & reimbursement (c) (d) | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;13.01% | &nbsp;&nbsp;16.86% | &nbsp;&nbsp;16.02% | &nbsp;&nbsp;13.28% | &nbsp;&nbsp;11.90% |
| &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;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &nbsp;&nbsp;(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments. | &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;(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;(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;(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;(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;(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;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. |  |  |  |  |

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements

December 31, 2025

**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. As of December 18, 2025, the MicroCap Fund is no longer offering any shares. 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 year ended December 31, 2025, the Income Fund – Class I collected $1,748 in redemption fees. For the year ended December 31, 2025, the Small-Mid Cap Fund – Class I collected $2,938 in redemption fees and Class S did not collect any redemption fees. For the year ended December 31, 2025, the MicroCap Fund – Class I collected $2,548 in redemption fees. For the year ended December 31, 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 year ended December 31, 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 year ended December 31, 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, investments in partnerships, net operating loss forfeiture and the utilization of earnings and profits distributed to shareholders on redemption of shares.

Due to permanent book to tax differences, the following reclassifications were made:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Distributable<br>&nbsp;&nbsp;Earnings | &nbsp;&nbsp;Paid<br>&nbsp;&nbsp;In Capital |
| &nbsp;&nbsp;Income Fund | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Small-Mid Cap Fund | &nbsp;&nbsp;$(567785) | &nbsp;&nbsp;$567785 |
| &nbsp;&nbsp;MicroCap Fund | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4894 | &nbsp;&nbsp;$(4894) |
| &nbsp;&nbsp;Dividend Value Equity Fund | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (665) |

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*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 is as 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 December 31, 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;$5157650 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$5157650 |
| &nbsp;&nbsp;Traditional Preferred Securities | &nbsp;&nbsp;36860954 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;36860954 |
| REIT Senior Securities | &nbsp;&nbsp;869010 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;869010 |
| Common Stocks | &nbsp;&nbsp;3638862 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3638862 |
| Money Market Funds | &nbsp;&nbsp;3357207 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3357207 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$44726033 | &nbsp;&nbsp;$5157650 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$49883683 |
| &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;$212509164 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$212509164 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;5170143 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;5170143 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$217679307 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$217679307 |

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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;$15493134 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$15493134 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;2055706 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2055706 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$17548840 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$17548840 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &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;$45924377 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$45924377 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;139631 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;139631 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$46064008 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$46064008 |

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\* The Funds did not hold any material Level 3 assets during the year ended December 31, 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 year ended December 31, 2025.

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 year ended December 31, 2025:

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| | |
|:---|:---|
| &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;(1679005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investment Securities | &nbsp;&nbsp;561545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;777659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; (2091816) |
| &nbsp;&nbsp;Balance End at December 31, 2025 | &nbsp;&nbsp;<u>$1947171</u> |
| &nbsp;&nbsp;Shares Outstanding at December 31, 2025 | &nbsp;&nbsp;128611 |
| &nbsp;&nbsp;Dividend Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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\* Security is no longer affiliated as of December 31, 2025.

**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 year ended December 31, 2025, the Advisor earned fees of $224,503 from the Income Fund, $2,028,704 from the Small-Mid Cap Fund, $181,676 from the MicroCap Fund, and $343,839 from the Dividend Value Equity Fund. At December 31, 2025, payables to the Advisor were $20,920, $172,140, $14,195, and $27,086 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, 2027, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 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, 2027, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2025, the Advisor waived management fees of $143,503 for the Small-Mid Cap Fund Class S shares. For the year ended December 31, 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, 2027, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2025, the Advisor waived management fees of $4,845 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, 2027, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2025, the Advisor waived management fees of $38,434 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 year ended December 31, 2025, the Funds paid $44,901 from the Income Fund, $202,871 from the Small-Mid Cap Fund, $18,168 from the MicroCap Fund, and $45,845 from the Dividend Value Equity Fund. As of December 31, 2025, The Ancora Group, LLC was owed $4,184, $18,575, $1,496, and $4,005 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.

**NOTE 5. INVESTMENTS** 

For the year ended December 31, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp;**MicroCap Fund** | &nbsp;&nbsp; **Dividend Value**<br> **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; Other | &nbsp;&nbsp;$20877407 | &nbsp;&nbsp;$206634651 | &nbsp;&nbsp;$4685755 | &nbsp;&nbsp;$5807067 |
| &nbsp;&nbsp;**Sales** |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Obligations | &nbsp;&nbsp;$&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;$13686844 | &nbsp;&nbsp;$188093823 | &nbsp;&nbsp;$6207138 | &nbsp;&nbsp;$6885554 |

---

**NOTE 6. TAX MATTERS**

At December 31, 2025, the costs of securities for federal income tax purposes were $50,650,200, $182,247,620, $16,904,867, and $27,676,136 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

As of December 31, 2025, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Income Fund** | &nbsp;&nbsp;**Small-Mid Cap Fund** | &nbsp;&nbsp;**MicroCap Fund** | &nbsp;&nbsp;**Dividend Value Equity Fund** |
| Gross Appreciation | &nbsp;&nbsp;$1515718 | &nbsp;&nbsp;$42049477 | &nbsp;&nbsp;$2821616 | &nbsp;&nbsp;$19034357 |
| Gross (Depreciation) | &nbsp;&nbsp;(2282235) | &nbsp;&nbsp;(6617790) | &nbsp;&nbsp;(2177643) | &nbsp;&nbsp;(646485) |
| &nbsp;&nbsp; Net Appreciation (Depreciation)<br> on Investments | &nbsp;&nbsp;$(766517) | &nbsp;&nbsp;$35431687 | &nbsp;&nbsp;$643973 | &nbsp;&nbsp;$18387872 |

---

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 year ended December 31, 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;$2407258 | &nbsp;&nbsp;$2477540 | &nbsp;&nbsp;$544159 | &nbsp;&nbsp;$474555 |
| &nbsp;&nbsp;Long-term capital gain | &nbsp;&nbsp;- | &nbsp;&nbsp;15030172 | &nbsp;&nbsp;9705 | &nbsp;&nbsp;1140607 |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;171902 | &nbsp;&nbsp;- |
|  | &nbsp;&nbsp;$2407258 | &nbsp;&nbsp;$17507712 | &nbsp;&nbsp;$725766 | &nbsp;&nbsp;$1615162 |

---

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;$462341 | &nbsp;&nbsp;$&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, 2025, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$(2215693) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$(103355) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Long-Term Capital<br> Loss Carry Forward | &nbsp;&nbsp;(2839718) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Total Capital Loss<br> Carry Forward | &nbsp;&nbsp;$(5055411) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$(103355) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

Under current law, capital losses and specified gains realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the current period, the Small-Mid Cap Fund, elected to defer post-October losses of $1,784,830.

As of December 31, 2025, 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;$1106383 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 163467 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&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;3612963 | &nbsp;&nbsp;- | &nbsp;&nbsp;332407 |
| Other accumulated losses | &nbsp;&nbsp;(5055411) | &nbsp;&nbsp;(1784830) | &nbsp;&nbsp;(103355) | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Unrealized appreciation<br> (depreciation) | &nbsp;&nbsp;(766517) | &nbsp;&nbsp;35431687 | &nbsp;&nbsp;643973 | &nbsp;&nbsp;18387872 |
|  | &nbsp;&nbsp;$(4715545) | &nbsp;&nbsp;$37423287 | &nbsp;&nbsp;$540618 | &nbsp;&nbsp;$18720279 |

---

**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.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**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 December 31, 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;84.63% |
| &nbsp;&nbsp;Small-Mid Cap Fund | &nbsp;&nbsp;51.72% |
| &nbsp;&nbsp;MicroCap Fund | &nbsp;&nbsp;64.31% |
| &nbsp;&nbsp;Dividend Value Equity Fund | &nbsp;&nbsp;71.10% |

---

**NOTE 9. SUBSEQUENT EVENTS**

The Board has determined based on the recommendation of the investment adviser of the MicroCap Fund, that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on February 27, 2026.

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 additional events requiring accounting or disclosure.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of Ancora Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Ancora Trust comprising Ancora Income Fund, Ancora/Thelen Small-Mid Cap Fund, Ancora MicroCap Fund and Ancora Dividend Value Equity Fund (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

<u>Emphasis of a Matter</u>

As described in Note 9 to the financial statements, the Board of Trustees approved a Plan of Liquidation (the "Plan") relating to the Ancora MicroCap Fund. In accordance with the Plan, the Ancora MicroCap Fund will be liquidated on February 27, 2026. Our opinion is not modified with respect to this matter.

We have served as the Funds' auditor since 2004.

![](image_006.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio February 27, 2026

FINANCIAL REVIEW

Ancora Trust

Additional Information

December 31, 2025 (Unaudited)

**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>

**ADVISORY RENEWAL AGREEMENT (UNAUDITED)**

*Approval of Investment Advisory Agreements.*

At a Board meeting held on May 29, 2025, an Advisory Agreement (the "Advisory Agreements") between Ancora Trust, on behalf of the Funds and Ancora Advisors, LLC (the "Adviser") was approved.

Mr. Davalla referred the Trustees to a memorandum from Thompson Hine, included in the Meeting Materials, regarding the Trustees' duties and responsibilities with respect to approving or renewing advisory agreements. He noted that while neither Section 15(c) nor Section 36(b) of the 1940 Act stated the specific factors that the Trustees should consider in evaluating an investment advisory agreement, the types of information that typically were requested and provided, and the factors considered, had been relatively standardized as a result of a number of court decisions brought by fund shareholders as plaintiffs alleging excessive advisory fees. He noted that these factors included, but were not limited to, the following: the nature, extent and quality of the services provided by the investment adviser to the fund; the investment performance of the fund and the investment adviser; the proposed advisory fees and total expense ratios to be incurred by the fund; the profits to be realized by the adviser and its affiliates from the relationship with the fund; and the extent to which economies of scale benefit shareholders. Mr. Davalla added that rules adopted by the SEC required disclosure in certain proxies and shareholder reports of the material factors considered, and conclusions reached, by the Trustees in deciding to approve or renew an investment advisory agreement. He remarked that there was special emphasis on the disinterested trustees to exercise good faith business judgment when deciding on whether to enter into or renew an investment advisory agreement.

The Trustees reviewed the responses to the 15(c) questionnaires and the investment advisory agreement prior to the Meeting.

 

<u>Nature, Extent, and Quality of Services</u>. The Trustees reviewed the background information of the key investment personnel responsible for servicing the Funds, noting the experience and the extended tenure of its personnel. The Trustees noted that Ancora provided skilled portfolio managers as well as operational, compliance and distribution resources in managing the Funds. The Trustees reviewed Ancora's insurance coverage and found it to be satisfactory. The Trustees concluded that they expected Ancora to continue providing quality service to the Funds for the benefit of their respective shareholders.

<u>Performance</u>.

 

*Income Fund*. The Trustees noted that the Income Fund's returns were in line with the benchmark for the 1-year period. They discussed that the Fund's returns for the 5-year, 10-year and since inception periods had significantly outperformed the benchmark. The Trustees agreed that the Fund's performance was reasonable.

*Small-Mid Cap Fund*. The Trustees observed the Small-Mid Cap Fund's performance had materially outperformed its benchmark for the 1-year and 5-year periods. They noted that the Fund's since inception performance was approximately in line with the returns of the benchmark. After a discussion, the Trustees agreed that the Fund's performance was not unreasonable.

*MicroCap Fund*. The Trustees observed that the returns of the MicroCap Fund had lagged the performance of the benchmark for the 1-year period but had materially outperformed its primary benchmark, the Russell Microcap Index, for the 5-year, 10-year and since inception periods. The Trustees agreed that the Fund's performance was reasonable.

*Dividend Value Equity Fund*. The Trustees noted that the Dividend Value Equity Fund's returns had slightly lagged the performance of its benchmark, the Russell 1000 Value Index, for the 1-year and 5-year periods. The Trustees discussed that the Fund had outperformed the benchmark for the since inception period. After a discussion, the Trustees agreed that the Fund's performance was not unreasonable.

<u>Fees and Expenses</u>.

*Income Fund*. The Trustees noted that Ancora charged the Income Fund an annual advisory fee of 0.50%, which was above the peer group average but within the range of the peer group. The Trustees noted that most of the funds in the peer group had significantly greater assets than the Fund and/or were part of a much larger fund family complex. The Trustees discussed Adviser's intensive investment process, noting that it was driven by fundamental research and well-resourced. The Trustees thanked Mr. Geers for his efforts in constructing the peer group. In response to a question from the Trustees, Mr. Micklitsch indicated that the adviser charged a similar fee for separately managed accounts for the same strategy. The Trustees acknowledged that there was an expense limitation agreement in place with respect to the Fund and the adviser's expectation that the Fund's net expenses would become more competitive relative to the peer group and category to the extent that the Fund's assets grew. The Trustees agreed that the Fund's advisory fee was not unreasonable.

*Small-Mid Cap*. The Trustees noted that Ancora charged the Small-Mid Cap Fund an annual advisory fee of 1.00%, which was at the high-end of the peer group. The Trustees noted that most of the funds in the peer group had significantly greater assets than the Fund and/or were part of a much larger fund family complex. The Trustees discussed Adviser's intensive investment process, noting that it was driven by fundamental research and well-resourced. The Trustees noted the difficulty in constructing a peer group, based on the Fund's strategy and the Adviser's investment process. In response to a question from the Trustees, Mr. Micklitsch indicated that the adviser charged a similar fee for separately managed accounts for the same strategy. The Trustees acknowledged that there was an expense limitation agreement in place with respect to the Fund and the adviser's expectation that the Fund's net expenses would become more competitive relative to the peer group and category to the extent that the Fund's assets grew. The Trustees agreed that the Fund's advisory fee was not unreasonable.

*MicroCap Fund*. The Trustees noted that Ancora charged the MicroCap Fund an annual advisory fee of 1.00%, which was above the peer group average but within the range of the peer group. The Trustees noted that most of the funds in the peer group had significantly greater assets than the Fund and/or were part of a much larger fund family complex. The Trustees discussed Adviser's intensive investment process, noting that it was driven by fundamental research and well-resourced. In response to a question from the Trustees, Mr. Micklitsch indicated that the adviser charged a similar fee for separately managed accounts for the same strategy. The Trustees noted Mr. Geers's efforts in constructing the peer group. The Trustees acknowledged that there was an expense limitation agreement in place with respect to the Fund and the adviser's expectation that the Fund's net expenses would become more competitive relative to the peer group and category to the extent that the Fund's assets grew. The Trustees agreed that the Fund's advisory fee was not unreasonable.

*Dividend Value Equity Fund.* The Trustees noted that Ancora charged the Dividend Value Equity Fund an annual advisory fee of 0.75%, which was slightly above the peer group average but within the range of the peer group. The Trustees noted that most of the funds in the peer group had significantly greater assets than the Fund and/or were part of a much larger fund family complex. The Trustees discussed Adviser's intensive investment process, noting that it was driven by fundamental research and well-resourced. The Trustees thanked Mr. Geers for his efforts in constructing the peer group. In response to a question from the Trustees, Mr. Micklitsch indicated that the adviser charged a similar fee for separately managed accounts for the same strategy. The Trustees acknowledged that there was an expense limitation agreement in place with respect to the Fund and the adviser's expectation that the Fund's net expenses would become more competitive relative to the peer group and category to the extent that the Fund's assets grew. The Trustees agreed that the Fund's advisory fee was not unreasonable.

 

<u>Economies of Scale</u>. The Trustees considered whether Ancora had achieved economies of scale in connection with the advisory services provided to each Fund. The Trustees acknowledged that, with respect to each Fund, there was an expense limitation agreement in place with respect to such Fund and that Adviser had indicated its willingness to discuss breakpoints in the future, depending on Fund asset levels. The Trustees agreed that economies of scale had not yet been achieved and that the absence of breakpoints was currently appropriate.

<u>Profitability</u>. The Trustees considered whether the advisory relationships between Ancora and each of the Funds was excessively profitable. Upon review of the profitability analyses provided by Ancora, the Trustees considered the reasonableness of such profit in terms of absolute dollars and as a percentage of revenue with respect to each Fund. The Trustees agreed that Ancora's advisory relationship with each Fund was not excessively profitable.

<u>Conclusion</u>. Having requested and received such information from Ancora as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreements, and as assisted by the advice of counsel, the Trustees concluded that the approval of the advisory agreement between Ancora and each of the Funds, was in the best interests of each of the Funds and their respective shareholders.

---

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|:---|:---|:---|:---|:---|
| &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 Proxy Voting Policies and Procedures for Closed-End Funds.** 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.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(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.

(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.CODE ETH. Not applicable.

(a)(2)

EX-99.CERT. Filed herewith.

(a)(3)

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) 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>

&nbsp;&nbsp;&nbsp;&nbsp; Bradley Zucker

&nbsp;&nbsp;&nbsp;&nbsp; President, Treasurer and Secretary

Date: March 3, 2026

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>

&nbsp;&nbsp;&nbsp;&nbsp; Bradley Zucker

&nbsp;&nbsp;&nbsp;&nbsp; President, Treasurer and Secretary

Date: March 3, 2026

## 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>March 3, 2026</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 December 31, 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>March 3, 2026</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.

## Ex-99.Code

**CODE OF ETHICS**

**ANCORA FAMILY OF INVESTMENT COMPANIES**

1. <u>Definitions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access person" means any director, trustee, officer, general partner or advisory person of the Fund or its investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Advisory person" means (i) any director, officer, general partner or employee of the Fund or its investment adviser (or of any company in a control relationship to the Fund or its investment adviser), who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of covered securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund who obtain information concerning recommendations made to the Fund with regard to the purchase or sale of covered securities by an investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Beneficial ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of security for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Covered security" means a security as defined in Section 2(a)(36) of the Investment Company Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares issued by UNAFFILIATED open-end registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Family of investment companies" mean any two or more registered investment companies that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Fund" means each mutual fund contained with in the Ancora family of investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Independent trustee" means a trustee of the Fund who is not an "interested" person" of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required to make a report under section 5 of this Code solely by reason of being a trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Investment company personnel" means any employees, officers and directors of investment companies, investment advisers, and principal underwriters who are subject to the requirements of SEC Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Investment personnel" of the Fund means: (i) any employee of the Fund (or of any company in a control relationship to the Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund; and (ii) any natural person who controls the Fund and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Portfolio manager" means the person (or one of the persons) primarily responsible for the day-to-day management of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Purchase or sale of a covered security" includes, among other things, the writing of an option to purchase or sell a covered security.

2. <u>Standard of Conduct and Statement of General Fiduciary Principles</u>

The following general fiduciary principles shall govern personal investment activities and the interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The interests of Fund shareholders must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment company personnel should conduct themselves with honesty, integrity, professionalism and not take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment company personnel are expected to conduct themselves in compliance with federal and state securities laws and in compliance with firm policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information concerning the identity of security holdings, and financial circumstances of clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The principle that independence in the investment decision-making process is paramount.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield investment company personnel from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Protecting Inside Information</u>

The Ancora Family of Funds has a policy related to the misuse of inside information. In addition, under this Code, "Investment company personnel" and "Investment personnel" are to prevent access to material non-public information about the Fund recommendations, Fund client holdings and transactions, and restrict access to this information only to those persons on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Substantive Restrictions on Personnel Investing Activities -- Blackout Periods and Pre-Clearance Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Investment Company Purchase/Sale Blackouts* - No access person shall execute a securities transaction in the underlying securities of a Fund on a day during which, to his knowledge, any investment company managing the Fund has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Pre-Clearance of Mutual Fund Transactions of the Funds* - "Investment company personnel" and "Investment personnel" are required to pre-clear transactions in the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Pre-Clearance of IPO and Private Placements* – Any investment in an IPO or Private Placement must be pre-approved through the Ancora Personal Securities Transaction Pre-Clearance Process.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting Personal Securities Transactions, and Accounts</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every access person shall report to the Fund, no later than 10 days after the person becomes an access person, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 title, number of shares (for equity securities) and principal amount (for debt securities) of each covered security in which the access person had any direct or indirect beneficial ownership when the person became an access person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The name of any broker, dealer or bank with whom the access person maintained an account in which any securities were held for the direct or indirect benefit of the access person as of the date the person became an access person; 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;(C) The date that the report is submitted by the access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Holding Reports must be current as of a date no more that 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An independent trustee of the Fund need not make an initial holdings report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Transaction Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as otherwise provided below, every access person shall report to the Fund Chief Compliance Officer, no later than 30 days after the end of each calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) With respect to transactions in any covered security in which such access person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the covered security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title, the interest rate and maturity date (if applicable) and the number of shares (for equity securities) and the principal amount (for debt securities) of each covered security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the covered security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; 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;(v) The date that the report is submitted by the access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to any account established by the access person in which any securities were held during the quarter for the direct or indirect benefit of the access person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The name of the broker, dealer or bank with whom the access person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date the account was established; 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;(iii) The date that the report is submitted by the access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An independent trustee of the Fund need only report a transaction in a covered security in a quarterly transaction report if such trustee, at the time of the transaction knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that , during the 15 day period immediately before or after the date of the transaction by the trustee, such covered security was purchased or sold by the Fund or was being considered by the Fund or its investment adviser for purchase or sale by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) An access person need not make a quarterly transaction report under this section if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund with respect to the access person during the applicable time period, provided that all of the information required by Section 4(b)(1) is contained in the broker trade confirmations or account statements, or in the records of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Holdings Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except as otherwise provided below, every access person shall report to the Fund annually the following information (which must be current as of a date no more than 45 days before the report is submitted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 title, number of shares (for equity securities) and principal amount (for debt securities) of each covered security in which the access person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The name of any broker, dealer or bank with whom the access person maintains an account in which any securities are held for the direct or indirect benefit of the access person; 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;(C) (C) The date that the report is submitted by the access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Holding Reports must be current as of a date no more that 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An independent trustee of the Fund need not make an annual holdings report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Monitoring Personal Securities Transactions</u>

Personal Securities Transaction Reports and Holding Reports will be reviewed on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exception</u>

A person need not make a report under this section with respect to transactions effected for, and covered securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Disclaimer</u>

Any report under this section may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Administration of Code of Ethics and Violations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting Violations</u>

This Code of Ethic requires that any "Investment company personnel", "Investment personnel", and "Independent trustees" that observe a violation of this Code of Ethics promptly report violations or self report violations the Chief Compliance Officer or a member of the Board of Directors in the absence of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>General Rule</u>

The Fund must use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Written Report to Investment Company Board of Trustees</u>

No less frequently than annually, the Chief Compliance Officer must furnish to the board of trustees of the investment company a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes any issues arising under the Code or procedures since the last report to the board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Fund has adopted procedures reasonably necessary to prevent access persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Sanctions</u>

Upon discovering a violation of this Code, the Fund may impose such sanctions as it deems appropriate, including, among other things: verbal warning, written warning, disgorgement of profits, a letter of censure, suspension or termination of the employment of the violator.

**ANCORA FAMILY OF INVESTMENT COMPANIES**

**<u>Code of Ethics Acknowledgement Form</u>**

I have received a copy of the Ancora Family of Investment Companies "Code of Ethics". I understand that it is my responsibility to review this document, understand this document and abide by the provisions of this document including the provision to report violations.

Print Name

Signature

_______________________________________________

Date

Acknowledgement Received by Compliance:

Chief Compliance Officer

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