# EDGAR Filing Document

**Accession Number:** 0001045701
**File Stem:** 0001162044-25-001145
**Filing Date:** 2025-11
**Character Count:** 252067
**Document Hash:** 92d708edd56e16d1ce42fa25b5431892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001145.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001162044-25-001145

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monteagle Funds
- **CENTRAL INDEX KEY:** 0001045701

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08529
- **FILM NUMBER:** 251456762

**BUSINESS ADDRESS:**
- **STREET 1:** 2728 19TH PLACE SOUTH
- **STREET 2:** SUITE 160
- **CITY:** HOMEWOOD
- **STATE:** AL
- **ZIP:** 35209
- **BUSINESS PHONE:** 888-263-5593

**MAIL ADDRESS:**
- **STREET 1:** 2728 19TH PLACE SOUTH
- **STREET 2:** SUITE 160
- **CITY:** HOMEWOOD
- **STATE:** AL
- **ZIP:** 35209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Memorial Funds
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Monteagle Funds
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMORIAL FUNDS
- **DATE OF NAME CHANGE:** 19971208

## Series and Classes Contracts Data

### Monteagle Select Value Fund (Series ID: S000001612)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000004359 | Institutional Class | MVEIX           |

### The Texas Fund (Series ID: S000041935)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000130230 | Class I      | BIGTX           |

### Monteagle Opportunity Equity Fund (Series ID: S000065162)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000210931 | Investor Class      | HEQFX           |
| C000210932 | Institutional Class | HEQCX           |

### Monteagle Enhanced Equity Income Fund (Series ID: S000075200)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234043 | Institutional Class |  |

?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>811-08529</u>

<u>MONTEAGLE FUNDS</u>

(Exact name of registrant as specified in charter)

<u>2728 19<sup>th</sup> Place South, Homewood, AL 35209</u>

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

<u>Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801</u>

(Name and address of agent for service)

With copies to:

C. Richard Ropka, Esq.

Law Office of C. Richard Ropka

215 Fries Mill Road

Turnersville, NJ 08012

Registrant's telephone number, including area code: (800) 238-7701

Date of fiscal year end: August 31

Date of reporting period: August 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.**

![](image_003.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

MONTEAGLE SELECT VALUE FUND – INSTITUTIONAL CLASS

***MVEIX***

This annual shareholder report contains important information about the Monteagle Select Value Fund – MVEIX (the "Fund") for the period September 1, 2024 to August 31, 2025.

**<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;Monteagle Select Value Fund - Institutional Class | &nbsp;&nbsp;$149 | &nbsp;&nbsp;1.45% |

---

**<u>managment's discussion of fund performance</u>**

The Fund enjoyed positive returns for the year ending August 31, 2025 due to strong equity performance and stock selection within the Fund. As growth stocks outperformed value, returns were below the S&P 500's return of 15.88%, yet still returned 6.17% during the fiscal year. However, this return was slightly higher than the S&P 500 Value Index (SVX) return of 6.07%.

**Strategy**

The Fund's investment goal is long-term capital appreciation. The Fund uses a "value investing" style by investing at least 80 percent of its assets in common stock of domestic companies believed to be underpriced while utilizing a reversion-to-the-mean strategy. The adviser will generally hold between 20 and 60 equities and diversify its holdings across numerous industries. Value stocks are broadly defined as equities which have a price-to-earnings ratio and a price-to-book ratio less than the relative market average, a higher dividend yield and a beta of less than 1.0.

**Techniques**

The Fund concentrates on equities contained in the S&P 500. The Fund's adviser will use a predominate strategy of reversion-to-the-mean with a value tilt. More specifically, stocks whose one-year returns are in the bottom quartile of the index are targeted for purchase in anticipation of a reversal and subsequent appreciation in price, given favorable valuations and favorable forward-looking metrics. Some of the specific traditional value metrics that are used to determine relative value are Forward P/E Ratios, Price to Book Ratios and Price to Sales Ratios. Forward P/E ratios are utilized over traditional P/E ratios to avoid "value traps," where the price may appear attractive at current earnings, but potentially overvalued when factoring in future earnings. Given current elevated interest rates, companies with lower levels of leverage are prioritized. Metrics used for this analysis include ratios such as Return on Equity, Debt to Equity and Free Cash Flow. When choosing specific stocks, the various metrics used for selection are compared against other companies within the same sector in effort to seek the best relative value within each sector. The overall sector allocation considers the S&P 500's sector allocation weighting to reduce return volatility relative to the index, but can deviate based on stocks available for purchase. The strategy focuses on stock selection to drive returns compared to sector rotation or market timing. It is anticipated that the Fund may hold higher levels of cash during periods of market uncertainty. This strategy is executed with a long-term outlook and will have periods of under-performance and out-performance versus its Index.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

(for the periods ended August 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** | **Dollar Value** |
| **Monteagle Select Value Fund - Institutional Class** | &nbsp;&nbsp;6.17% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;8.57% | $113791 |
| **S&P 500 Index** | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.60% | $195236 |

---

**Cumulative Performance Comparison of $50,000 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 by calling 1-888-263-5593.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;FEES PAID TO |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE ADVISER |
| &nbsp;&nbsp;$17529150 | &nbsp;&nbsp;42 | &nbsp;&nbsp;54% | &nbsp;&nbsp;$82448 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_003.gif)

Sectors are categorized using Global Industry Classification Standard

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;13.95% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;2.83% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;43.06% |

---

**<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 documents not be householded, please contact Monteagle Funds at 1-888-263-5593, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://monteaglefunds.com or contact us at 1-888-263-5593.

![](image_003.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

MONTEAGLE OPPORTUNITY EQUITY FUND – INVESTOR CLASS

***HEQFX***

This annual shareholder report contains important information about the Monteagle Opportunity Equity Fund – Investor Class – HEQFX (the "Fund") for the period September 1, 2024 to August 31, 2025.

**<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;Monteagle Opportunity Equity Fund - Investor Class | &nbsp;&nbsp;$188 | &nbsp;&nbsp;1.81% |

---

**<u>managment's discussion of fund performance</u>**

**Performance**

In the most recent three months ending August 31st, 2025, The Monteagle Opportunity Equity Fund – Investor Class returned 9.92% compared to 9.62% for the S&P 500 and 8.83% for the S&P Mid 400. Given that the Fund relies largely on security selection and not taking on large sector bets relative to the S&P 400 Mid Cap index, it's no surprise that outperformance relative to the S&P 400 was driven by selection. The largest positive contributors for the quarter and their respective contributions were Visteon Corp. (+0.30%), Sterling Infrastructure (+0.30%), and Incyte Corp. (+0.29) while the largest detractors and their respective affects were Molina Healthcare Inc. (-0.30%), Check Point Software (-0.22%), and LKQ Corp. (-0.22%).

Year to date through August 31st, The Monteagle Opportunity Equity Fund – Investor Class returned 8.09% compared to 10.78% for the S&P 500 and 5.27% for the S&P 400. The Fund has participated less in the downside relative to most Small and Mid-cap focused funds due to its high-quality selection process. Take the "tariff tantrum" period for example. From April 2, 2025 to April 8, 2025, the Fund returned -12.93% while the S&P 500 returned -12.12% and the S&P Mid 400 returned -14.10%. After bottoming on the 8th of April, the S&P 500 index rallied 30.31% through August 31, and the S&P Mid 400 index rallied 27.78%, while the Fund gained 25.97%. On a one-year lookback the Fund returned 7.43% against a 15.88% gain for the S&P 500 and a 6.84% gain for the S&P Mid 400. We continue to believe in our process through market cycles and believe the Fund is well positioned for the current level of uncertainty in markets.

**Investment Strategy**

The Monteagle Opportunity Equity Fund employs a mid-cap blend investment strategy with a goal of long-term capital appreciation. The portfolio investments are selected using a high-quality screen on domestically traded mid-cap and small-cap company fundamentals such as earnings stability and debt management. Additional considerations of companies ultimately selected include valuation, free cash flow yield, return on equity and leverage, denoted by debt-to-equity. All companies passing the first high-quality screen are compared to industry peers and the highest-quality companies are collectively chosen for portfolio inclusion. The portfolio is designed to approximately follow its benchmark sector weightings in the allocation process, but often takes active positions when warranted by market valuations and economic conditions. Most benefits for investors can be attributed to the active selection process used by the portfolio managers.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

(for the periods ended August 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** | **Dollar Value** |
| **Monteagle Opportunity Equity Fund – Investor Class** | &nbsp;&nbsp;7.43% | &nbsp;&nbsp;11.64% | &nbsp;&nbsp;9.06% | $119055 |
| **S&P 500 Index** | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.60% | $195242 |

---

**Cumulative Performance Comparison of $50,000 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 by calling 1-888-263-5593.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;FEES PAID TO |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE ADVISER |
| &nbsp;&nbsp;$15766237 | &nbsp;&nbsp;119 | &nbsp;&nbsp;69% | &nbsp;&nbsp;$39257 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_006.gif)

Sectors are categorized using Global Industry Classification Standard.

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;NextTracker, Inc. Class A | &nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Fluor Corp. | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;1.13% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;12.23% |

---

**<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 documents not be householded, please contact Monteagle Funds at 1-888-263-5593, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://monteaglefunds.com or contact us at 1-888-263-5593.

![](image_003.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

MONTEAGLE OPPORTUNITY EQUITY FUND – INSTITUTIONAL CLASS

***HEQCX***

This annual shareholder report contains important information about the Monteagle Opportunity Equity Fund – Institutional Class – HEQCX (the "Fund") for the period September 1, 2024 to August 31, 2025.

**<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;Monteagle Opportunity Equity Fund - Institutional Class | &nbsp;&nbsp;$136 | &nbsp;&nbsp;1.31% |

---

**<u>managment's discussion of fund performance</u>**

**Performance**

In the most recent three months ending August 31st, 2025, The Monteagle Opportunity Equity Fund – Institutional Class returned 10.19% compared to 9.62% for the S&P 500 and 8.83% for the S&P Mid 400. Given that the Fund relies largely on security selection and not taking on large sector bets relative to the S&P 400 Mid Cap index, it's no surprise that outperformance relative to the S&P 400 was driven by selection. The largest positive contributors for the quarter and their respective contributions were Visteon Corp. (+0.30%), Sterling Infrastructure (+0.30%), and Incyte Corp. (+0.29) while the largest detractors and their respective affects were Molina Healthcare Inc. (-0.30%), Check Point Software (-0.22%), and LKQ Corp. (-0.22%).

Year to date through August 31st, The Monteagle Opportunity Equity Fund – Institutional Class returned 8.52% compared to 10.78% for the S&P 500 and 5.27% for the S&P 400. The Fund has participated less in the downside relative to most Small and Mid-cap focused funds due to its high-quality selection process. Take the "tariff tantrum" period for example. From April 2, 2025 to April 8, 2025, the Fund returned -12.81% while the S&P 500 returned -12.12% and the S&P Mid 400 returned -14.10%. After bottoming on the 8th of April, the S&P 500 index rallied 30.31% through August 31, and the S&P Mid 400 index rallied 27.78%, while the Fund gained 26.13%. On a one-year lookback the Fund returned 8.06% against a 15.88% gain for the S&P 500 and a 6.84% gain for the S&P Mid 400. We continue to believe in our process through market cycles and believe the Fund is well positioned for the current level of uncertainty in markets.

**Investment Strategy**

The Monteagle Opportunity Equity Fund employs a mid-cap blend investment strategy with a goal of long-term capital appreciation. The portfolio investments are selected using a high-quality screen on domestically traded mid-cap and small-cap company fundamentals such as earnings stability and debt management. Additional considerations of companies ultimately selected include valuation, free cash flow yield, return on equity and leverage, denoted by debt-to-equity. All companies passing the first high-quality screen are compared to industry peers and the highest-quality companies are collectively chosen for portfolio inclusion. The portfolio is designed to approximately follow its benchmark sector weightings in the allocation process, but often takes active positions when warranted by market valuations and economic conditions. Most benefits for investors can be attributed to the active selection process used by the portfolio managers.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

(for the periods ended August 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** | **Dollar Value** |
| **Monteagle Opportunity Equity Fund - Institutional Class** | &nbsp;&nbsp;8.06% | &nbsp;&nbsp;12.17% | &nbsp;&nbsp;9.59% | $124965 |
| **S&P 500 Index** | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.60% | $195236 |

---

**Cumulative Performance Comparison of $50,000 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 by calling 1-888-263-5593.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;FEES PAID TO |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE ADVISER |
| &nbsp;&nbsp;$15766237 | &nbsp;&nbsp;119 | &nbsp;&nbsp;69% | &nbsp;&nbsp;$39257 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_006.gif)

Sectors are categorized using Global Industry Classification Standard.

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;NextTracker, Inc. Class A | &nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Fluor Corp. | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;1.13% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;12.23% |

---

**<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 documents not be householded, please contact Monteagle Funds at 1-888-263-5593, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://monteaglefunds.com or contact us at 1-888-263-5593.

![](image_003.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

MONTEAGLE ENHANCED EQUITY INCOME FUND – INSTITUTIONAL CLASS

***EEIFX***

This annual shareholder report contains important information about the Monteagle Enhanced Equity Income Fund – Institutional Class - EEIFX (the "Fund") for the period September 1, 2024 to August 31, 2025.

**<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;Monteagle Enhanced Equity Income Fund - Institutional Class | &nbsp;&nbsp;$151 | &nbsp;&nbsp;1.45% |

---

**<u>managment's discussion of fund performance</u>**

The Fund enjoyed positive returns for the year ended August 31, 2025. The 12-month total return was 8.41% for the period vs 7.72% for the respective index. The trailing 12-month period was a volatile one for stocks. After underperforming early in 2025 as the market sold off, the Fund began to pull ahead of its index coming out of the "Liberation Day" announcement. This favorable relative performance was achieved as a result of the Fund renewing its focus on income-producing securities, rebalancing into names less sensitive to tariffs, and writing calls for additional income generation. The return was further buoyed as the Federal Reserve resumed easing monetary policy.

**Strategy**

The strategy is to maintain long positions in quality equity securities expected to appreciate over the long term. The Fund then writes covered call options above the purchase price in an effort to boost income and total return. The targeted securities typically will not have a beta to the overall market that will make it too difficult to keep in the portfolio. In the event the security has risen above the strike price on the option contract expiration date, the securities will be called away and the Fund will reinvest proceeds in a prudent manner. The Fund also seeks to capture the dividend income on portfolio securities and factors this into derivative selection.

**Techniques**

Tactically, the Fund moved towards overweights in the Financial Services, Energy, and Utilities sectors. Financials stand to benefit as the expectation is for the Federal Reserve to continue easing monetary policy heading into 2026 and the overall economy is anticipated to remain resilient. The Energy and Utilities sectors look to be key beneficiaries from the continuing data center build-out for artificial intelligence infrastructure. In addition to those overweights, the Fund moved towards a neutral weighting in the Technology sector through what has proven to be well-timed purchases during the market sell-off following the tariff announcements in the Spring. These tactical weightings combined with a renewed focus on income generation and free cash flow at the security level led the Fund to take on more of a value tilt as the year went on. Still, the Fund aims to be a blend over the long-term. Additionally, the Fund used an allocation to the SPY indexed exchange-traded fund to maintain market exposure, especially during times of funds awaiting reinvestment into the primary portfolio.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

(for the periods ended August 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Since Inception** | **Dollar Value** |
| **Monteagle Enhanced Equity Income Fund –** <br> **Institutional Class** | &nbsp;&nbsp;8.41% | &nbsp;&nbsp;12.61% | $68114 |
| **CBOE S&P 500 BuyWrite Monthly Index** | &nbsp;&nbsp;7.72% | &nbsp;&nbsp;10.68% | $65103 |
| **S&P 500 Index** | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;21.79% | $83470 |

---

**Cumulative Performance Comparison of $50,000 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 by calling 1-888-263-5593.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;FEES PAID TO |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE ADVISER |
| &nbsp;&nbsp;$13717226 | &nbsp;&nbsp;48 | &nbsp;&nbsp;171% | &nbsp;&nbsp;$40191 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_012.gif)

Sectors are categorized using Global Industry Classification Standard.

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;3.55% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;2.68% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;30.88% |

---

**<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 documents not be householded, please contact Monteagle Funds at 1-888-263-5593, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://monteaglefunds.com or contact us at 1-888-263-5593.

![](image_003.jpg)

ANNUAL SHAREHOLDER REPORT

**August 31, 2025**

THE TEXAS FUND – INSTITUTIONAL CLASS

***BIGTX***

This annual shareholder report contains important information about The Texas Fund – Institutional Class – BIGTX (the "Fund") for the period September 1, 2024 to August 31, 2025.

**<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;The Texas Fund - Institutional Class | &nbsp;&nbsp;$179 | &nbsp;&nbsp;1.69% |

---

**<u>managment's discussion of fund performance</u>**

The Fund enjoyed positive returns for the year ended August 31, 2025, in part due to favorable stock market conditions. BIGTX outperformed the S&P 400 Mid Cap Index and S&P 500 Equal Weight Index, with returns of 6.86%, and 9.16%, respectively, compared to the Fund's 11.44% return, but lagged the S&P 500 Index's 15.88% return. The positive performance of the Fund was primarily attributable to select outperforming stocks and sector weightings from a tactical allocation strategy. Specifically, the Fund is currently overweight Energy, Consumer Discretionary, and Info Tech, which were top performing sectors within the S&P. The Fund outperforms the Russell 2000 for the rolling one-year, three-year, and five-year period and is top-ranked among peers on a one-year and five-year rolling period.

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

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

Since there are a number of small and mid-cap companies in Texas, the fund does not target a specific market capitalization but includes a broad range. The Fund also maintains investments across the spectrum of Texas companies from those considered to be value companies to those considered growth companies.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

(for the periods ended August 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Ten Year** | **Dollar Value** |
| **The Texas Fund – Institutional Class** | &nbsp;&nbsp;11.44% | &nbsp;&nbsp;13.65% | &nbsp;&nbsp;7.79% | $105913 |
| **S&P 500 Index** | &nbsp;&nbsp;15.88% | &nbsp;&nbsp;14.75% | &nbsp;&nbsp;14.60% | $195236 |

---

**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 by calling 1-888-263-5593.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;NET | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;FEES PAID TO |
| &nbsp;&nbsp;ASSETS: | &nbsp;&nbsp;HOLDINGS | &nbsp;&nbsp;TURNOVER | &nbsp;&nbsp;THE ADVISER |
| &nbsp;&nbsp;$15266157 | &nbsp;&nbsp;89 | &nbsp;&nbsp;59% | &nbsp;&nbsp;$50990 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_015.gif)

Sectors are categorized using Global Industry Classification Standard.

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Toyota Motor Corp. ADR | &nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;The Charles Schwab Corp. | &nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class | &nbsp;&nbsp;2.67% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;29.51% |

---

**<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 documents not be householded, please contact Monteagle Funds at 1-888-263-5593, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

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

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://monteaglefunds.com or contact us at 1-888-263-5593.

**ITEM 2. CODE OF ETHICS.**

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

&nbsp;&nbsp;&nbsp;&nbsp;b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;c) During the period covered by this report, there were no waivers or implicit waivers of a provision of
the code of ethics.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Larry J. Anderson. Mr. Anderson is "independent" for purposes of this item.

**ITEM 4. PRINICPAL ACCOUNTANT FEES AND SERVICES.**

&nbsp;&nbsp;&nbsp;&nbsp;a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for
the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection
with statutory and regulatory filings or engagements were $50,000 and $46,000 with respect to the registrant's fiscal years ended
August 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;b) Audit-Related Fees. The aggregate fees billed for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
under paragraph (a) of this Item were $1,500 and $1,500 with respect to the registrant's fiscal years ended August 31, 2025 and
2024, respectively. The services comprising these fees are for consents and review of the registrant's dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered
by the principal accountant for tax compliance, tax advice and tax planning were $16,000 and $16,000 with respect to the registrant's
fiscal years ended August 31, 2025 and 2024, respectively. The services comprising these fees are the preparation of the registrant's
federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and
services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this
item were $0 and $0 for the fiscal years ended August 31, 2025 and 2024, respectively. The services comprising these fees were for the
review of the Funds' semi annual financial report.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of regulation S-X.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;g) All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant
for the fiscal years ended August 31, 2025 and 2024, respectively, are disclosed in (b)-(d) above. There were no audit or non-audit services
performed by the registrant's principal accountant for the registrant's adviser or sub-advisers.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has not 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable

**ITEM 6. SCHEDULE OF INVESTMENTS.**

Included in annual report to shareholders filed under Item 7 of this Form.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT COMPANIES.**

![A green landscape with a few words AI-generated content may be incorrect.](frontcover.jpg)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Monteagle Select Value Fund**<br>&nbsp;&nbsp;**Schedule of Investments**<br>&nbsp;&nbsp;**August 31, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 84.88%** | &nbsp;&nbsp;**COMMON STOCKS - 84.88%** |  |
| &nbsp;&nbsp;**Automobiles & Components - 2.89%** | &nbsp;&nbsp;**Automobiles & Components - 2.89%** |  |
| &nbsp;&nbsp;11847 | &nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506578 |
| &nbsp;&nbsp;**Banks - 0.72%** | &nbsp;&nbsp;**Banks - 0.72%** |  |
| &nbsp;&nbsp;2600 | &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126958 |
| &nbsp;&nbsp;**Capital Goods - 6.89%** | &nbsp;&nbsp;**Capital Goods - 6.89%** |  |
| &nbsp;&nbsp;1400 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586656 |
| &nbsp;&nbsp;650 | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208277 |
| &nbsp;&nbsp;**Chemicals - 3.55%** | &nbsp;&nbsp;**Chemicals - 3.55%** |  |
| &nbsp;&nbsp;8100 | &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623052 |
| &nbsp;&nbsp;**Commercial & Professional Services - 3.10%** | &nbsp;&nbsp;**Commercial & Professional Services - 3.10%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;542760 |
| &nbsp;&nbsp;**Consumer Durables & Apparel - 4.30%** | &nbsp;&nbsp;**Consumer Durables & Apparel - 4.30%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;406752 |
| &nbsp;&nbsp;2900 | &nbsp;&nbsp;Deckers Outdoor Corp. \* | &nbsp;&nbsp;346927 |
|  |  | &nbsp;&nbsp;753679 |
| &nbsp;&nbsp;**Consumer Services - 1.30%** | &nbsp;&nbsp;**Consumer Services - 1.30%** |  |
| &nbsp;&nbsp;5400 | &nbsp;&nbsp;Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227556 |
| &nbsp;&nbsp;**Containers & Packaging - 1.23%** | &nbsp;&nbsp;**Containers & Packaging - 1.23%** |  |
| &nbsp;&nbsp;4100 | &nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215824 |
| &nbsp;&nbsp;**Diversified Financials - 3.32%** | &nbsp;&nbsp;**Diversified Financials - 3.32%** |  |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42283 |
| &nbsp;&nbsp;5700 | &nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540018 |
|  |  | &nbsp;&nbsp;582301 |
| &nbsp;&nbsp;**Financial Services - 2.44%** | &nbsp;&nbsp;**Financial Services - 2.44%** |  |
| &nbsp;&nbsp;3980 | &nbsp;&nbsp;T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428328 |
| &nbsp;&nbsp;**Food, Beverage & Tobacco - 7.20%** | &nbsp;&nbsp;**Food, Beverage & Tobacco - 7.20%** |  |
| &nbsp;&nbsp;6556 | &nbsp;&nbsp;Archer-Daniels Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410668 |
| &nbsp;&nbsp;3584 | &nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396068 |
| &nbsp;&nbsp;7900 | &nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261223 |
| &nbsp;&nbsp;**Healthcare Equipment & Services - 6.03%** | &nbsp;&nbsp;**Healthcare Equipment & Services - 6.03%** |  |
| &nbsp;&nbsp;3800 | &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;93822 |
| &nbsp;&nbsp;6840 | &nbsp;&nbsp;Centene Corp. \* | &nbsp;&nbsp;198634 |
| &nbsp;&nbsp;930 | &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;296344 |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;212562 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;255348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056710 |
| &nbsp;&nbsp;**Integrated Oil & Gas - 2.40%** | &nbsp;&nbsp;**Integrated Oil & Gas - 2.40%** |  |
| &nbsp;&nbsp;8830 | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420396 |
| &nbsp;&nbsp;**Media & Entertainment - 1.94%** | &nbsp;&nbsp;**Media & Entertainment - 1.94%** |  |
| &nbsp;&nbsp;12680 | &nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;340331 |
| &nbsp;&nbsp;**Oil & Gas Refining & Marketing - 2.82%** | &nbsp;&nbsp;**Oil & Gas Refining & Marketing - 2.82%** |  |
| &nbsp;&nbsp;3250 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;494032 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.80%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.80%** |  |
| &nbsp;&nbsp;13612 | &nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;316071 |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Science - 1.61%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Science - 1.61%** |  |
| &nbsp;&nbsp;485 | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;281639 |
| &nbsp;&nbsp;**Retailing - 1.75%** | &nbsp;&nbsp;**Retailing - 1.75%** |  |
| &nbsp;&nbsp;9391 | &nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;306334 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 8.96%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 8.96%** |  |
| &nbsp;&nbsp;3400 | &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;404634 |
| &nbsp;&nbsp;680 | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568317 |
| &nbsp;&nbsp;5550 | &nbsp;&nbsp;ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275224 |
| &nbsp;&nbsp;4296 | &nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570117 |
| &nbsp;&nbsp;**Software & Services - 3.57%** | &nbsp;&nbsp;**Software & Services - 3.57%** |  |
| &nbsp;&nbsp;3220 | &nbsp;&nbsp;Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254799 |
| &nbsp;&nbsp;2103 | &nbsp;&nbsp;EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625684 |
| &nbsp;&nbsp;**Technology Hardware & Equipment - 3.91%** | &nbsp;&nbsp;**Technology Hardware & Equipment - 3.91%** |  |
| &nbsp;&nbsp;5800 | &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400722 |
| &nbsp;&nbsp;900 | &nbsp;&nbsp;Zebra Technologies Corp. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686103 |
| &nbsp;&nbsp;**Transportation - 5.70%** | &nbsp;&nbsp;**Transportation - 5.70%** |  |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617800 |
| &nbsp;&nbsp;1650 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999066 |
| &nbsp;&nbsp;**Utilities - 7.45%** | &nbsp;&nbsp;**Utilities - 7.45%** |  |
| &nbsp;&nbsp;36600 | &nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495564 |
| &nbsp;&nbsp;5900 | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378013 |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305877 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $14,404,644) - 84.88% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $14,404,644) - 84.88% | &nbsp;&nbsp;14878896 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 1.13%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 1.13%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198280 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $376,340) - 1.13% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $376,340) - 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198280 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 13.95%** | &nbsp;&nbsp;**MONEY MARKET FUND - 13.95%** |  |
| &nbsp;&nbsp;2445136 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class, 4.17% \*\* | &nbsp;&nbsp;2445136 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $2,445,136) - 13.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445136 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $17,226,120) - 99.96%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17522312 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 0.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6838 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$17529150 |
| &nbsp;&nbsp;\* Non-Income producing. |  |
| &nbsp;&nbsp;\*\* 7-day yield as of August 31, 2025. |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund**<br>&nbsp;&nbsp;**Schedule of Investments**<br>&nbsp;&nbsp;**August 31, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 94.06%** | &nbsp;&nbsp;**COMMON STOCKS - 94.06%** |  |
| &nbsp;&nbsp;**Agricultural Products-Livestock & Animal Specialties - 1.01%** | &nbsp;&nbsp;**Agricultural Products-Livestock & Animal Specialties - 1.01%** |  |
| &nbsp;&nbsp;1379 | &nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159468 |
| &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 1.26%** | &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 1.26%** |  |
| &nbsp;&nbsp;1544 | &nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;198713 |
| &nbsp;&nbsp;**Automobiles & Components - 1.06%** | &nbsp;&nbsp;**Automobiles & Components - 1.06%** |  |
| &nbsp;&nbsp;1342 | &nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166354 |
| &nbsp;&nbsp;**Banks - 4.38%** | &nbsp;&nbsp;**Banks - 4.38%** |  |
| &nbsp;&nbsp;2633 | &nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138154 |
| &nbsp;&nbsp;1040 | &nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134191 |
| &nbsp;&nbsp;3049 | &nbsp;&nbsp;Fifth Third Bancorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139553 |
| &nbsp;&nbsp;676 | &nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140229 |
| &nbsp;&nbsp;2824 | &nbsp;&nbsp;U.S. Bancorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137896 |
|  |  | &nbsp;&nbsp;690023 |
| &nbsp;&nbsp;**Capital Goods - 10.67%** | &nbsp;&nbsp;**Capital Goods - 10.67%** |  |
| &nbsp;&nbsp;2626 | &nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;187208 |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;4633 | &nbsp;&nbsp;Fluor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190046 |
| &nbsp;&nbsp;3151 | &nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150807 |
| &nbsp;&nbsp;1760 | &nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150286 |
| &nbsp;&nbsp;351 | &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151277 |
| &nbsp;&nbsp;2038 | &nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149569 |
| &nbsp;&nbsp;2873 | &nbsp;&nbsp;Nextracker, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193238 |
| &nbsp;&nbsp;3692 | &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196451 |
| &nbsp;&nbsp;1945 | &nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;157662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1681544 |
| &nbsp;&nbsp;**Chemicals - 1.61%** | &nbsp;&nbsp;**Chemicals - 1.61%** |  |
| &nbsp;&nbsp;1820 | &nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;128019 |
| &nbsp;&nbsp;5811 | &nbsp;&nbsp;Torm PLC Class A | &nbsp;&nbsp;126389 |
|  |  | &nbsp;&nbsp;254408 |
| &nbsp;&nbsp;**Commercial & Professional Services - 3.86%** | &nbsp;&nbsp;**Commercial & Professional Services - 3.86%** |  |
| &nbsp;&nbsp;3174 | &nbsp;&nbsp;Copart, Inc. \* | &nbsp;&nbsp;154923 |
| &nbsp;&nbsp;849 | &nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;153601 |
| &nbsp;&nbsp;560 | &nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;150147 |
| &nbsp;&nbsp;815 | &nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;150620 |
|  |  | &nbsp;&nbsp;609291 |
| &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail - 3.72%** | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail - 3.72%** |  |
| &nbsp;&nbsp;1727 | &nbsp;&nbsp;Abercrombie & Fitch Co. \* | &nbsp;&nbsp;161526 |
| &nbsp;&nbsp;4577 | &nbsp;&nbsp;Coupang, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130811 |
| &nbsp;&nbsp;5247 | &nbsp;&nbsp;JD.Com, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163024 |
| &nbsp;&nbsp;893 | &nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131414 |

---

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586775 |
| &nbsp;&nbsp;**Consumer Durables & Apparel - 4.51%** | &nbsp;&nbsp;**Consumer Durables & Apparel - 4.51%** |  |
| &nbsp;&nbsp;1666 | &nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127699 |
| &nbsp;&nbsp;1237 | &nbsp;&nbsp;Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147982 |
| &nbsp;&nbsp;559 | &nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135177 |
| &nbsp;&nbsp;1013 | &nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133736 |
| &nbsp;&nbsp;4744 | &nbsp;&nbsp;Yeti Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711393 |
| &nbsp;&nbsp;**Consumer Services - 1.66%** | &nbsp;&nbsp;**Consumer Services - 1.66%** |  |
| &nbsp;&nbsp;3053 | &nbsp;&nbsp;Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;128653 |
| &nbsp;&nbsp;2966 | &nbsp;&nbsp;Yum China Holdings, Inc. (China) | &nbsp;&nbsp;132640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261293 |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.74%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail - 0.74%** |  |
| &nbsp;&nbsp;825 | &nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;115946 |
| &nbsp;&nbsp;**Containers & Packaging - 0.75%** | &nbsp;&nbsp;**Containers & Packaging - 0.75%** |  |
| &nbsp;&nbsp;693 | &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118953 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 0.81%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 0.81%** |  |
| &nbsp;&nbsp;3033 | &nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;127750 |
| &nbsp;&nbsp;**Diversified Financials - 0.79%** | &nbsp;&nbsp;**Diversified Financials - 0.79%** |  |
| &nbsp;&nbsp;530 | &nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;125054 |
| &nbsp;&nbsp;**Electric Services - 0.84%** | &nbsp;&nbsp;**Electric Services - 0.84%** |  |
| &nbsp;&nbsp;2219 | &nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;132718 |
| &nbsp;&nbsp;**Electric Utilities - 1.91%** | &nbsp;&nbsp;**Electric Utilities - 1.91%** |  |
| &nbsp;&nbsp;2995 | &nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;133757 |
| &nbsp;&nbsp;1995 | &nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;167560 |
|  |  | &nbsp;&nbsp;301317 |
| &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.91%** | &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.91%** |  |
| &nbsp;&nbsp;9632 | &nbsp;&nbsp;InMode Ltd. \* | &nbsp;&nbsp;143902 |
| &nbsp;&nbsp;**Energy Equipment & Services - 1.43%** | &nbsp;&nbsp;**Energy Equipment & Services - 1.43%** |  |
| &nbsp;&nbsp;3901 | &nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;96589 |
| &nbsp;&nbsp;3505 | &nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129124 |
|  |  | &nbsp;&nbsp;225713 |
| &nbsp;&nbsp;**Financial Services - 5.68%** | &nbsp;&nbsp;**Financial Services - 5.68%** |  |
| &nbsp;&nbsp;1962 | &nbsp;&nbsp;Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;122115 |
| &nbsp;&nbsp;2298 | &nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;165709 |
| &nbsp;&nbsp;2374 | &nbsp;&nbsp;Paypal Holdings, Inc. \* | &nbsp;&nbsp;166631 |
| &nbsp;&nbsp;1542 | &nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;165950 |
| &nbsp;&nbsp;2086 | &nbsp;&nbsp;The Carlyle Group, Inc. | &nbsp;&nbsp;134672 |
| &nbsp;&nbsp;3107 | &nbsp;&nbsp;Toast, Inc. Class A | &nbsp;&nbsp;140126 |
|  |  | &nbsp;&nbsp;895203 |
| &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 2.10%** | &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 2.10%** |  |
| &nbsp;&nbsp;1699 | &nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;167487 |
| &nbsp;&nbsp;673 | &nbsp;&nbsp;Renaissancere Holdings Ltd. | &nbsp;&nbsp;163532 |
|  |  | &nbsp;&nbsp;331019 |
| &nbsp;&nbsp;**Food, Beverage & Tobacco - 2.53%** | &nbsp;&nbsp;**Food, Beverage & Tobacco - 2.53%** |  |
| &nbsp;&nbsp;1204 | &nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;155966 |
| &nbsp;&nbsp;2355 | &nbsp;&nbsp;Molson Coors Beverage Co. Class B | &nbsp;&nbsp;118904 |
| &nbsp;&nbsp;1249 | &nbsp;&nbsp;Turning Point Brands, Inc. Class A | &nbsp;&nbsp;124276 |
|  |  | &nbsp;&nbsp;399146 |
| &nbsp;&nbsp;**Health Care Equipment & Services - 4.64%** | &nbsp;&nbsp;**Health Care Equipment & Services - 4.64%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;438 | &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139569 |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;Idexx Laboratories, Inc. \* | &nbsp;&nbsp;111299 |
| &nbsp;&nbsp;382 | &nbsp;&nbsp;Resmed, Inc. | &nbsp;&nbsp;104863 |
| &nbsp;&nbsp;452 | &nbsp;&nbsp;The Cigna Group | &nbsp;&nbsp;135993 |
| &nbsp;&nbsp;748 | &nbsp;&nbsp;Universal Health Services, Inc. Class B | &nbsp;&nbsp;135822 |
| &nbsp;&nbsp;384 | &nbsp;&nbsp;Veeva Systems, Inc. Class A \* | &nbsp;&nbsp;103373 |
|  |  | &nbsp;&nbsp;730919 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.87%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.87%** |  |
| &nbsp;&nbsp;635 | &nbsp;&nbsp;Expedia Group, Inc. Class A | &nbsp;&nbsp;136398 |
| &nbsp;&nbsp;**Household & Personal Products - 0.79%** | &nbsp;&nbsp;**Household & Personal Products - 0.79%** |  |
| &nbsp;&nbsp;1083 | &nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124480 |
| &nbsp;&nbsp;**Insurance - 2.09%** | &nbsp;&nbsp;**Insurance - 2.09%** |  |
| &nbsp;&nbsp;1243 | &nbsp;&nbsp;The Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164461 |
| &nbsp;&nbsp;610 | &nbsp;&nbsp;The Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330082 |
| &nbsp;&nbsp;**Investment Advice - 0.88%** | &nbsp;&nbsp;**Investment Advice - 0.88%** |  |
| &nbsp;&nbsp;432 | &nbsp;&nbsp;Evercore, Inc. Class A | &nbsp;&nbsp;138910 |
| &nbsp;&nbsp;**Media & Entertainment - 0.67%** | &nbsp;&nbsp;**Media & Entertainment - 0.67%** |  |
| &nbsp;&nbsp;2494 | &nbsp;&nbsp;Everquote, Inc. Class A \* | &nbsp;&nbsp;57986 |
| &nbsp;&nbsp;1412 | &nbsp;&nbsp;Warner Music Group Corp. Class A | &nbsp;&nbsp;47090 |
|  |  | &nbsp;&nbsp;105076 |
| &nbsp;&nbsp;**Metals & Mining - 2.68%** | &nbsp;&nbsp;**Metals & Mining - 2.68%** |  |
| &nbsp;&nbsp;932 | &nbsp;&nbsp;Agnico Eagle Mines Ltd. (Canada) | &nbsp;&nbsp;134366 |
| &nbsp;&nbsp;728 | &nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;130734 |
| &nbsp;&nbsp;4720 | &nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;157176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422276 |
| &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 1.29%** | &nbsp;&nbsp;**Miscellaneous Manufacturing Industries - 1.29%** |  |
| &nbsp;&nbsp;2608 | &nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;203633 |
| &nbsp;&nbsp;**Natural Gas Distribution - 0.86%** | &nbsp;&nbsp;**Natural Gas Distribution - 0.86%** |  |
| &nbsp;&nbsp;1568 | &nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136008 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.58%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 1.58%** |  |
| &nbsp;&nbsp;4900 | &nbsp;&nbsp;Equinor ASA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120589 |
| &nbsp;&nbsp;8948 | &nbsp;&nbsp;Permian Resources Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127867 |
|  |  | &nbsp;&nbsp;248456 |
| &nbsp;&nbsp;**Operative Builders - 0.26%** | &nbsp;&nbsp;**Operative Builders - 0.26%** |  |
| &nbsp;&nbsp;530 | &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;41176 |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Science - 1.71%** | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Science - 1.71%** |  |
| &nbsp;&nbsp;4734 | &nbsp;&nbsp;Alkermes PLC \* | &nbsp;&nbsp;137144 |
| &nbsp;&nbsp;436 | &nbsp;&nbsp;United Therapeutics Corp. \* | &nbsp;&nbsp;132875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270019 |
| &nbsp;&nbsp;**Radio Telephone Communications - 0.29%** | &nbsp;&nbsp;**Radio Telephone Communications - 0.29%** |  |
| &nbsp;&nbsp;2761 | &nbsp;&nbsp;TELUS Corp. | &nbsp;&nbsp;45529 |
| &nbsp;&nbsp;**Real Estate - 0.77%** | &nbsp;&nbsp;**Real Estate - 0.77%** |  |
| &nbsp;&nbsp;2132 | &nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;120799 |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.91%** | &nbsp;&nbsp;**Real Estate Management & Development - 0.91%** |  |
| &nbsp;&nbsp;472 | &nbsp;&nbsp;Jones Lang Lasalle, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144229 |
| &nbsp;&nbsp;**Retail-Eating Places - 1.04%** | &nbsp;&nbsp;**Retail-Eating Places - 1.04%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;789 | &nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;163276 |
| &nbsp;&nbsp;**Retail-Jewelry Stores - 1.13%** | &nbsp;&nbsp;**Retail-Jewelry Stores - 1.13%** |  |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;Signet Jewelers Ltd. (Bermuda) | &nbsp;&nbsp;177597 |
| &nbsp;&nbsp;**Retailing - 0.77%** | &nbsp;&nbsp;**Retailing - 0.77%** |  |
| &nbsp;&nbsp;644 | &nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;121194 |
| &nbsp;&nbsp;**Rolling Drawing & Extruding Of Nonferrous Metals - 1.26%** | &nbsp;&nbsp;**Rolling Drawing & Extruding Of Nonferrous Metals - 1.26%** |  |
| &nbsp;&nbsp;2065 | &nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;198116 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.54%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.54%** |  |
| &nbsp;&nbsp;671 | &nbsp;&nbsp;Cirrus Logic, Inc. \* | &nbsp;&nbsp;76621 |
| &nbsp;&nbsp;2094 | &nbsp;&nbsp;Enphase Energy, Inc. | &nbsp;&nbsp;78944 |
| &nbsp;&nbsp;1525 | &nbsp;&nbsp;On Semiconductor Corp. \* | &nbsp;&nbsp;75625 |
| &nbsp;&nbsp;686 | &nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;81113 |
| &nbsp;&nbsp;1508 | &nbsp;&nbsp;Tower Semiconductor Ltd. (Israel) \* | &nbsp;&nbsp;88701 |
|  |  | &nbsp;&nbsp;401004 |
| &nbsp;&nbsp;**Software & Services - 7.33%** | &nbsp;&nbsp;**Software & Services - 7.33%** |  |
| &nbsp;&nbsp;5515 | &nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;97671 |
| &nbsp;&nbsp;868 | &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;74275 |
| &nbsp;&nbsp;1327 | &nbsp;&nbsp;Docusign, Inc. \* | &nbsp;&nbsp;101728 |
| &nbsp;&nbsp;1275 | &nbsp;&nbsp;Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;91392 |
| &nbsp;&nbsp;972 | &nbsp;&nbsp;Fortinet, Inc. \* | &nbsp;&nbsp;76564 |
| &nbsp;&nbsp;682 | &nbsp;&nbsp;Nice Ltd. \* | &nbsp;&nbsp;96401 |
| &nbsp;&nbsp;6769 | &nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;102381 |
| &nbsp;&nbsp;15159 | &nbsp;&nbsp;PagSeguro Digital Ltd. Class A (Brazil) | &nbsp;&nbsp;135825 |
| &nbsp;&nbsp;1161 | &nbsp;&nbsp;Procore Technologies, Inc. \* | &nbsp;&nbsp;80701 |
| &nbsp;&nbsp;11269 | &nbsp;&nbsp;Sprinklr, Inc. Class A \* | &nbsp;&nbsp;97364 |
| &nbsp;&nbsp;4599 | &nbsp;&nbsp;The Hackett Group, Inc. | &nbsp;&nbsp;95751 |
| &nbsp;&nbsp;1303 | &nbsp;&nbsp;Zoom Video Communications, Inc. Class A \* | &nbsp;&nbsp;106090 |
|  |  | &nbsp;&nbsp;1156143 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.88%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.88%** |  |
| &nbsp;&nbsp;1099 | &nbsp;&nbsp;TeleFlex, Inc. | &nbsp;&nbsp;138925 |
| &nbsp;&nbsp;**Technology Hardware & Equipment - 2.35%** | &nbsp;&nbsp;**Technology Hardware & Equipment - 2.35%** |  |
| &nbsp;&nbsp;411 | &nbsp;&nbsp;Celestica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80042 |
| &nbsp;&nbsp;2261 | &nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96070 |
| &nbsp;&nbsp;22350 | &nbsp;&nbsp;Nokia Corp. | &nbsp;&nbsp;96105 |
| &nbsp;&nbsp;718 | &nbsp;&nbsp;Plexus Corp. \* | &nbsp;&nbsp;98373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370590 |
| &nbsp;&nbsp;**Transportation - 3.39%** | &nbsp;&nbsp;**Transportation - 3.39%** |  |
| &nbsp;&nbsp;1812 | &nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188539 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154513 |
| &nbsp;&nbsp;1443 | &nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190952 |
|  |  | &nbsp;&nbsp;534004 |
| &nbsp;&nbsp;**Utilities - 0.85%** | &nbsp;&nbsp;**Utilities - 0.85%** |  |
| &nbsp;&nbsp;1799 | &nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;134079 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $13,673,242) - 94.06% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $13,673,242) - 94.06% | &nbsp;&nbsp;14828901 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 5.35%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 5.35%** |  |
| &nbsp;&nbsp;3532 | &nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144529 |
| &nbsp;&nbsp;3005 | &nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144270 |
| &nbsp;&nbsp;3608 | &nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150057 |
| &nbsp;&nbsp;789 | &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115052 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;3391 | &nbsp;&nbsp;NNN Reit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145508 |
| &nbsp;&nbsp;2153 | &nbsp;&nbsp;W.P. Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144466 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $786,772) - 5.35% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $786,772) - 5.35% | &nbsp;&nbsp;843882 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 0.68%** | &nbsp;&nbsp;**MONEY MARKET FUND - 0.68%** |  |
| &nbsp;&nbsp;107552 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class, 4.17% \*\* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107552 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $107,552) - 0.68% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $107,552) - 0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107552 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $14,567,566) - 100.09%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $14,567,566) - 100.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15780335 |
| &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS - (0.09)%** | &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS - (0.09)%** | &nbsp;&nbsp;(14098) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$15766237 |
| &nbsp;&nbsp;\* Non-Income producing. | &nbsp;&nbsp;\* Non-Income producing. |  |
| &nbsp;&nbsp;\*\* 7-day yield as of August 31, 2025. | &nbsp;&nbsp;\*\* 7-day yield as of August 31, 2025. |  |
| &nbsp;&nbsp;NV - Naamloze Vennootschap, a Dutch term for public limited company. | &nbsp;&nbsp;NV - Naamloze Vennootschap, a Dutch term for public limited company. |  |
| &nbsp;&nbsp;PLC - Public Limited Company | &nbsp;&nbsp;PLC - Public Limited Company |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

---

**Banks - 7.93%** 

**Capital Goods - 3.08%** 

**Computer Peripheral Equipment - 3.47%** 

**Consumer Discretionary Distribution & Retail - 3.34%** 

**Consumer Durables & Apparel - 2.43%** 

**Consumer Staples Distribution & Retail - 2.06%** 

**Data & Transaction Processing- 2.52%** 

**Energy Equipment & Services - 1.88%** 

**Financial Services - 2.86%** 

**Food, Beverage & Tobacco - 2.26%** 

**Healthcare Equipment & Services - 4.45%** 

**Insurance - 1.98%** 

**Materials - 3.14%** 

**Media & Entertainment - 3.88%** 

**Medical Instruments & Equipment - 2.51%** 

**Metal & Mining - 1.09%** 

**Oil, Gas & Consumable Fuels - 6.65%** 

**Pharmaceuticals, Biotechnology & Life Sciences - 3.89%** 

**Retail-Variety Stores - 1.71%** 

**Semiconductors & Semiconductor Equipment - 7.10%** 

**Software & Services - 9.52%** 

**Technology Hardware & Equipment - 3.22%** 

**Transportation - 1.91%** 

**Utilities - 2.99%** 

TOTAL FOR COMMON STOCKS (Cost $11,813,023) - 85.87% 11,778,858

TOTAL FOR EXCHANGE TRADED FUND (Cost $322,122) - 2.35% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322,525

TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $344,484) - 1.94% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266,305

TOTAL FOR MONEY MARKET FUND (Cost $560,239) - 4.08% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560,239

(a) Subject to written option contracts. 

\* Non-Income producing. 

\*\* 7-day yield as of August 31, 2025. 

● All or a portion of this security is held as collateral for written options. 

Total value of collateral for written options is $4,370,022 representing 31.86% of net assets. 

ADR - American Depositary Receipt 

ETF - Exchange Traded Fund 

PLC - Public Limited Company 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** |
| &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** | &nbsp;&nbsp;**Schedule of Written Options** |
| &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** | &nbsp;&nbsp;**August 31, 2025** |
| &nbsp;&nbsp;**WRITTEN OPTIONS - (0.05)%** |  |  |  |  |  |  |
| &nbsp;&nbsp;**CALL OPTIONS - (0.05)% \*** |  |  |  |  |  |  |
| &nbsp;&nbsp;**<u>Underlying Security</u>** | &nbsp;&nbsp;**<u>Counterparty</u>** | &nbsp;&nbsp;**<u>Contracts +</u>** | &nbsp;&nbsp;**<u>Notional Amount\*\*</u>** | &nbsp;&nbsp;**<u>Exercise Price</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;Qualcomm, Inc. | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;(289000) | &nbsp;&nbsp;170.00 | &nbsp;&nbsp;9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1955) |
| &nbsp;&nbsp;Linde PLC (United Kingdom) | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;(441000) | &nbsp;&nbsp;490.00 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2592) |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;(276000) | &nbsp;&nbsp;115.00 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192) |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp;(470250) | &nbsp;&nbsp;82.50 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285) |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;(371000) | &nbsp;&nbsp;530.00 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1316) |
| &nbsp;&nbsp;United Parcel Service Class B | &nbsp;&nbsp;Interactive Brokers, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;(294000) | &nbsp;&nbsp;98.00 | &nbsp;&nbsp;9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (750) |
| &nbsp;&nbsp;Total Call Options (Premiums Received $15,703) - (0.05)% | &nbsp;&nbsp;Total Call Options (Premiums Received $15,703) - (0.05)% |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7090) |
| &nbsp;&nbsp;**TOTAL WRITEN OPTIONS (Premiums Received $15,703) - (0.05)%** | &nbsp;&nbsp;**TOTAL WRITEN OPTIONS (Premiums Received $15,703) - (0.05)%** | &nbsp;&nbsp;**TOTAL WRITEN OPTIONS (Premiums Received $15,703) - (0.05)%** |  |  |  | &nbsp;&nbsp; **$(7090)** |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |  |  |  |  |
| &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. | &nbsp;&nbsp;\*\*The notional amount is calculated by multiplying outstanding contracts by the exercise price by 100 at August 31, 2025. |
| &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. | &nbsp;&nbsp;+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Texas Fund**<br>&nbsp;&nbsp;**Schedule of Investments**<br>&nbsp;&nbsp;**August 31, 2025** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 97.31%** | &nbsp;&nbsp;**COMMON STOCKS - 97.31%** |  |
| &nbsp;&nbsp;**Automobiles & Components - 5.99%** | &nbsp;&nbsp;**Automobiles & Components - 5.99%** |  |
| &nbsp;&nbsp;1388 | &nbsp;&nbsp;Tesla, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463412 |
| &nbsp;&nbsp;2315 | &nbsp;&nbsp;Toyota Motor Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450430 |
|  |  | &nbsp;&nbsp;913842 |
| &nbsp;&nbsp;**Banks - 3.79%** | &nbsp;&nbsp;**Banks - 3.79%** |  |
| &nbsp;&nbsp;2310 | &nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165257 |
| &nbsp;&nbsp;1488 | &nbsp;&nbsp;Mr. Cooper Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280533 |
| &nbsp;&nbsp;3260 | &nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132454 |
|  |  | &nbsp;&nbsp;578244 |
| &nbsp;&nbsp;**Capital Goods - 10.84%** | &nbsp;&nbsp;**Capital Goods - 10.84%** |  |
| &nbsp;&nbsp;1075 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450468 |
| &nbsp;&nbsp;228 | &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160371 |
| &nbsp;&nbsp;11072 | &nbsp;&nbsp;DNOW, Inc. \* | &nbsp;&nbsp;177152 |
| &nbsp;&nbsp;364 | &nbsp;&nbsp;IES Holdings, Inc. \* | &nbsp;&nbsp;127149 |
| &nbsp;&nbsp;540 | &nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;78964 |
| &nbsp;&nbsp;2242 | &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. \* | &nbsp;&nbsp;147613 |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;70290 |
| &nbsp;&nbsp;444 | &nbsp;&nbsp;Powell Industries, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118175 |
| &nbsp;&nbsp;470 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177641 |
| &nbsp;&nbsp;2550 | &nbsp;&nbsp;Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1654193 |
| &nbsp;&nbsp;**Chemicals - 0.59%** | &nbsp;&nbsp;**Chemicals - 0.59%** |  |
| &nbsp;&nbsp;1031 | &nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;90542 |
| &nbsp;&nbsp;**Commercial & Professional Services - 2.53%** | &nbsp;&nbsp;**Commercial & Professional Services - 2.53%** |  |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Amentum Holding, Inc. \* | &nbsp;&nbsp;798 |
| &nbsp;&nbsp;3460 | &nbsp;&nbsp;CECO Environmental Corp. \* | &nbsp;&nbsp;157741 |
| &nbsp;&nbsp;1340 | &nbsp;&nbsp;Copart, Inc. \* | &nbsp;&nbsp;65405 |
| &nbsp;&nbsp;720 | &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163001 |
|  |  | &nbsp;&nbsp;386945 |
| &nbsp;&nbsp;**Construction & Engineering - 1.14%** | &nbsp;&nbsp;**Construction & Engineering - 1.14%** |  |
| &nbsp;&nbsp;1399 | &nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174721 |
| &nbsp;&nbsp;**Construction Materials - 3.28%** | &nbsp;&nbsp;**Construction Materials - 3.28%** |  |
| &nbsp;&nbsp;559 | &nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129073 |
| &nbsp;&nbsp;2950 | &nbsp;&nbsp;United States Lime & Mineral, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500537 |
| &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail - 3.02%** | &nbsp;&nbsp;**Consumer Discretionary Distribution & Retail - 3.02%** |  |
| &nbsp;&nbsp;1135 | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461684 |
| &nbsp;&nbsp;**Consumer Durables & Apparel - 2.19%** | &nbsp;&nbsp;**Consumer Durables & Apparel - 2.19%** |  |
| &nbsp;&nbsp;563 | &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95417 |
| &nbsp;&nbsp;1908 | &nbsp;&nbsp;Green Brick Partners, Inc. \* | &nbsp;&nbsp;133255 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;3800 | &nbsp;&nbsp;Legacy Housing Corp. \* | &nbsp;&nbsp;106191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334863 |
| &nbsp;&nbsp;**Consumer Services - 2.28%** | &nbsp;&nbsp;**Consumer Services - 2.28%** |  |
| &nbsp;&nbsp;1567 | &nbsp;&nbsp;Brinker International, Inc. \* | &nbsp;&nbsp;244421 |
| &nbsp;&nbsp;1300 | &nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;103025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347446 |
| &nbsp;&nbsp;**Diversified Financials - 5.90%** | &nbsp;&nbsp;**Diversified Financials - 5.90%** |  |
| &nbsp;&nbsp;1876 | &nbsp;&nbsp;Main Street Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124360 |
| &nbsp;&nbsp;8435 | &nbsp;&nbsp;P10, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104088 |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170827 |
| &nbsp;&nbsp;4490 | &nbsp;&nbsp;The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430322 |
| &nbsp;&nbsp;1189 | &nbsp;&nbsp;TPG, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901353 |
| &nbsp;&nbsp;**Energy - 0.90%** | &nbsp;&nbsp;**Energy - 0.90%** |  |
| &nbsp;&nbsp;2143 | &nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109036 |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;28754 |
|  |  | &nbsp;&nbsp;137790 |
| &nbsp;&nbsp;**Energy Equipment & Services - 0.33%** | &nbsp;&nbsp;**Energy Equipment & Services - 0.33%** |  |
| &nbsp;&nbsp;5892 | &nbsp;&nbsp;Select Water Solutions, Inc. Class A | &nbsp;&nbsp;50200 |
| &nbsp;&nbsp;**Food, Beverage & Tobacco - 0.90%** | &nbsp;&nbsp;**Food, Beverage & Tobacco - 0.90%** |  |
| &nbsp;&nbsp;4701 | &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;136752 |
| &nbsp;&nbsp;**Health Care Equipment & Services - 5.04%** | &nbsp;&nbsp;**Health Care Equipment & Services - 5.04%** |  |
| &nbsp;&nbsp;670 | &nbsp;&nbsp;Addus HomeCare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77164 |
| &nbsp;&nbsp;2463 | &nbsp;&nbsp;CorVel Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219330 |
| &nbsp;&nbsp;595 | &nbsp;&nbsp;Integer Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64183 |
| &nbsp;&nbsp;420 | &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288389 |
| &nbsp;&nbsp;655 | &nbsp;&nbsp;Tenet Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120736 |
|  |  | &nbsp;&nbsp;769802 |
| &nbsp;&nbsp;**Household & Personal Products - 0.80%** | &nbsp;&nbsp;**Household & Personal Products - 0.80%** |  |
| &nbsp;&nbsp;948 | &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122425 |
| &nbsp;&nbsp;**Insurance - 1.15%** | &nbsp;&nbsp;**Insurance - 1.15%** |  |
| &nbsp;&nbsp;1250 | &nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174938 |
| &nbsp;&nbsp;**Integrated Oil & Gas - 3.55%** | &nbsp;&nbsp;**Integrated Oil & Gas - 3.55%** |  |
| &nbsp;&nbsp;4141 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;473275 |
| &nbsp;&nbsp;1437 | &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;68416 |
|  |  | &nbsp;&nbsp;541691 |
| &nbsp;&nbsp;**Machinery-Diversified - 0.42%** | &nbsp;&nbsp;**Machinery-Diversified - 0.42%** |  |
| &nbsp;&nbsp;1202 | &nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64499 |
| &nbsp;&nbsp;**Metals & Mining - 0.85%** | &nbsp;&nbsp;**Metals & Mining - 0.85%** |  |
| &nbsp;&nbsp;2255 | &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;130046 |
| &nbsp;&nbsp;**Oil & Gas Equipment Services - 0.56%** | &nbsp;&nbsp;**Oil & Gas Equipment Services - 0.56%** |  |
| &nbsp;&nbsp;779 | &nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;17707 |
| &nbsp;&nbsp;1131 | &nbsp;&nbsp;Tidewater, Inc. \* | &nbsp;&nbsp;68086 |
|  |  | &nbsp;&nbsp;85793 |
| &nbsp;&nbsp;**Oil & Gas Exploration & Production - 4.23%** | &nbsp;&nbsp;**Oil & Gas Exploration & Production - 4.23%** |  |
| &nbsp;&nbsp;3833 | &nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;379352 |
| &nbsp;&nbsp;693 | &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;103091 |
| &nbsp;&nbsp;801 | &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;99981 |
| &nbsp;&nbsp;1867 | &nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;63982 |
|  |  | &nbsp;&nbsp;646406 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Oil & Gas Refining & Marketing - 0.74%** | &nbsp;&nbsp;**Oil & Gas Refining & Marketing - 0.74%** |  |
| &nbsp;&nbsp;741 | &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112639 |
| &nbsp;&nbsp;**Oil & Gas Storage & Transportation - 1.28%** | &nbsp;&nbsp;**Oil & Gas Storage & Transportation - 1.28%** |  |
| &nbsp;&nbsp;314 | &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;75931 |
| &nbsp;&nbsp;2518 | &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;67936 |
| &nbsp;&nbsp;311 | &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;52173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196040 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 9.18%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 9.18%** |  |
| &nbsp;&nbsp;5275 | &nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;122485 |
| &nbsp;&nbsp;2851 | &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;457871 |
| &nbsp;&nbsp;643 | &nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;70659 |
| &nbsp;&nbsp;1540 | &nbsp;&nbsp;Kinetik Holdings, Inc. Class A | &nbsp;&nbsp;64418 |
| &nbsp;&nbsp;4339 | &nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;107954 |
| &nbsp;&nbsp;4363 | &nbsp;&nbsp;Permian Resources Corp. Class A | &nbsp;&nbsp;62347 |
| &nbsp;&nbsp;760 | &nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;101521 |
| &nbsp;&nbsp;35934 | &nbsp;&nbsp;Uranium Energy Corp. \* | &nbsp;&nbsp;384134 |
| &nbsp;&nbsp;741 | &nbsp;&nbsp;Viper Energy, Inc. Class A | &nbsp;&nbsp;29525 |
|  |  | &nbsp;&nbsp;1400914 |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.80%** | &nbsp;&nbsp;**Real Estate Management & Development - 0.80%** |  |
| &nbsp;&nbsp;4430 | &nbsp;&nbsp;Forestar Group, Inc. | &nbsp;&nbsp;122578 |
| &nbsp;&nbsp;**Retail & Wholesale-Discretionary - 0.64%** | &nbsp;&nbsp;**Retail & Wholesale-Discretionary - 0.64%** |  |
| &nbsp;&nbsp;1826 | &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;97782 |
| &nbsp;&nbsp;**Retailing - 4.07%** | &nbsp;&nbsp;**Retailing - 4.07%** |  |
| &nbsp;&nbsp;1980 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;453420 |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;167321 |
|  |  | &nbsp;&nbsp;620741 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.60%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 1.60%** |  |
| &nbsp;&nbsp;1205 | &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243988 |
| &nbsp;&nbsp;**Software & Services - 8.14%** | &nbsp;&nbsp;**Software & Services - 8.14%** |  |
| &nbsp;&nbsp;6425 | &nbsp;&nbsp;Alkami Technology, Inc. \* | &nbsp;&nbsp;164480 |
| &nbsp;&nbsp;420 | &nbsp;&nbsp;Crowdstrike Holdings, Inc. Class A \* | &nbsp;&nbsp;177954 |
| &nbsp;&nbsp;1731 | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;391431 |
| &nbsp;&nbsp;1640 | &nbsp;&nbsp;Q2 Holdings, Inc. \* | &nbsp;&nbsp;129117 |
| &nbsp;&nbsp;8995 | &nbsp;&nbsp;TaskUs, Inc. Class A \* | &nbsp;&nbsp;157592 |
| &nbsp;&nbsp;395 | &nbsp;&nbsp;Tyler Technologies, Inc. \* | &nbsp;&nbsp;222338 |
|  |  | &nbsp;&nbsp;1242912 |
| &nbsp;&nbsp;**Technology Hardware & Equipment - 4.55%** | &nbsp;&nbsp;**Technology Hardware & Equipment - 4.55%** |  |
| &nbsp;&nbsp;660 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;153212 |
| &nbsp;&nbsp;1370 | &nbsp;&nbsp;Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167346 |
| &nbsp;&nbsp;5325 | &nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285527 |
| &nbsp;&nbsp;3900 | &nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88023 |
|  |  | &nbsp;&nbsp;694108 |
| &nbsp;&nbsp;**Telecommunication Services - 4.17%** | &nbsp;&nbsp;**Telecommunication Services - 4.17%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;AST SpaceMobile, Inc. Class A \* | &nbsp;&nbsp;48940 |
| &nbsp;&nbsp;15575 | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;456192 |
| &nbsp;&nbsp;3535 | &nbsp;&nbsp;Frontier Communication Parent, Inc. \* | &nbsp;&nbsp;131078 |
|  |  | &nbsp;&nbsp;636210 |
| &nbsp;&nbsp;**Utilities - 1.86%** | &nbsp;&nbsp;**Utilities - 1.86%** |  |
| &nbsp;&nbsp;1500 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;283665 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $10,074,410) - 97.31% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $10,074,410) - 97.31% | &nbsp;&nbsp;14856289 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**WARRANT - 0.05%** | &nbsp;&nbsp;**WARRANT - 0.05%** |  |
| &nbsp;&nbsp;301 | &nbsp;&nbsp;Occidental Petroleum Corp., 08/03/2027 @ $22.00 (Notional Value $14,331) \* | &nbsp;&nbsp;7669 |
| &nbsp;&nbsp;TOTAL FOR WARRANT (Cost $0) - 0.05% | &nbsp;&nbsp;TOTAL FOR WARRANT (Cost $0) - 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7669 |
| &nbsp;&nbsp;**MONEY MARKET FUND - 2.67%** | &nbsp;&nbsp;**MONEY MARKET FUND - 2.67%** |  |
| &nbsp;&nbsp;407332 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Class, 4.17% \*\* | &nbsp;&nbsp;407332 |
| &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $407,332) - 2.67% | &nbsp;&nbsp;TOTAL FOR MONEY MARKET FUND (Cost $407,332) - 2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407332 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $10,481,742) - 100.03%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $10,481,742) - 100.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15271290 |
| &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS - (0.03)%** | &nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS - (0.03)%** | &nbsp;&nbsp;(5133) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$15266157 |
| &nbsp;&nbsp;\* Non-Income producing. | &nbsp;&nbsp;\* Non-Income producing. |  |
| &nbsp;&nbsp;\*\* 7-day yield as of August 31, 2025. | &nbsp;&nbsp;\*\* 7-day yield as of August 31, 2025. |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**As of August 31, 2025** | &nbsp;&nbsp;**As of August 31, 2025** | &nbsp;&nbsp;**As of August 31, 2025** | &nbsp;&nbsp;**As of August 31, 2025** | &nbsp;&nbsp;**As of August 31, 2025** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp; **Monteagle Select**<br> **Value Fund** | &nbsp;&nbsp; **Monteagle**<br> **Opportunity**<br> **Equity Fund** | &nbsp;&nbsp; **Enhanced Equity**<br> **Income Fund** | &nbsp;&nbsp; **The Texas**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Cost | &nbsp;&nbsp;<u>$17226120</u> | &nbsp;&nbsp;<u>$14567566</u> | &nbsp;&nbsp;<u>$13039868</u> | &nbsp;&nbsp;<u>$10481742</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Fair Value | &nbsp;&nbsp;$17522312 | &nbsp;&nbsp;$15780335 | &nbsp;&nbsp;$12927927 | &nbsp;&nbsp;$15271290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;500 | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits with Broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 792611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | &nbsp;&nbsp;30709 | &nbsp;&nbsp;14856 | &nbsp;&nbsp;22056 | &nbsp;&nbsp;18903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 17553836 | &nbsp;&nbsp;15795537 | &nbsp;&nbsp;13744608 | &nbsp;&nbsp;15290988 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Written at Fair Value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Premiums received $15,703) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | &nbsp;&nbsp;7229 | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | &nbsp;&nbsp;2595 | &nbsp;&nbsp; 2413 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | &nbsp;&nbsp;4741 | &nbsp;&nbsp;6676 | &nbsp;&nbsp;5001 | &nbsp;&nbsp;4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Services Fees | &nbsp;&nbsp;10121 | &nbsp;&nbsp;13722 | &nbsp;&nbsp; 8814 | &nbsp;&nbsp; 13339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICI Membership Fees | &nbsp;&nbsp; - | &nbsp;&nbsp;112 | &nbsp;&nbsp;&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 Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3334 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24831 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;<u>$17529150</u> | &nbsp;&nbsp; <u>$15766237</u> | &nbsp;&nbsp;<u>$13717226</u> | &nbsp;&nbsp;<u>$15266157</u> |
| &nbsp;&nbsp;**Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$16681412 | &nbsp;&nbsp; $13050581 | &nbsp;&nbsp;$13770433 | &nbsp;&nbsp;$10094402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Accumulated Deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847738 | &nbsp;&nbsp; 2715656 | &nbsp;&nbsp; (53207) | &nbsp;&nbsp; 5171755 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;<u>$17529150</u> | &nbsp;&nbsp;<u>$15766237</u> | &nbsp;&nbsp;<u>$13717226</u> | &nbsp;&nbsp;<u>$15266157</u> |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$17529150 | &nbsp;&nbsp;$5465185 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;13717226 | &nbsp;&nbsp;$15266157 |
| &nbsp;&nbsp;Shares of beneficial interest outstanding <sup>(1)</sup> | &nbsp;&nbsp;1530037 | &nbsp;&nbsp;938289 | &nbsp;&nbsp;1368048 | &nbsp;&nbsp;952566 |
| &nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.46</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.82</u> | &nbsp;&nbsp; <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.03</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 16.03</u> |
| &nbsp;&nbsp;**Investor Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp; $10301052 |  |  |
| &nbsp;&nbsp;Shares of beneficial interest outstanding <sup>(1)</sup> |  | &nbsp;&nbsp;2026794 |  |  |
| &nbsp;&nbsp;Net asset value, offering and redemption price per share |  | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08</u> |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;<br> (1) Unlimited number of shares of beneficial interest with no par value, authorized.  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** | &nbsp;&nbsp;**Monteagle Funds** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the year ended August 31, 2025** | &nbsp;&nbsp;**For the year ended August 31, 2025** | &nbsp;&nbsp;**For the year ended August 31, 2025** | &nbsp;&nbsp;**For the year ended August 31, 2025** | &nbsp;&nbsp;**For the year ended August 31, 2025** |
|  | &nbsp;&nbsp; **Monteagle**<br> **Select**<br> **Value**<br> **Fund** | &nbsp;&nbsp; **Monteagle**<br> **Opportunity**<br> **Equity Fund** | &nbsp;&nbsp; **Monteagle**<br> **Enhanced**<br> **Equity**<br> **Income**<br> **Fund** | &nbsp;&nbsp; **The Texas**<br> **Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $0, $5,079, $1,406, and $0 of foreign tax withheld) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 395906 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 331180 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211844 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 234074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker Interest Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234074 |
| &nbsp;&nbsp;**Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Services Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICI Membership Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241970 |
| &nbsp;&nbsp;**Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7896) |
| &nbsp;&nbsp;**Realized and Unrealized Gain (Loss) on Investments and Options:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain from Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1484702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain from Written Options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504290 |
| &nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; <u>$&nbsp;&nbsp;&nbsp;&nbsp; 986897</u> | &nbsp;&nbsp; <u>$1122405</u> | &nbsp;&nbsp; <u>$&nbsp;&nbsp;&nbsp;&nbsp; 1080688</u> | &nbsp;&nbsp; <u>$1496394</u> |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;**Increase in Net Assets From Operations:** | &nbsp;&nbsp;**Increase in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156171 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1848230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3088031 |
| &nbsp;&nbsp;**Distributions to Shareholders from:** | &nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83917) |
| &nbsp;&nbsp;**Capital Share Transactions:** | &nbsp;&nbsp;**Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11821 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3015935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17248680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14232745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp; $17529150 | &nbsp;&nbsp; $17529150 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;17248680 |
| &nbsp;&nbsp;**Share Transactions:** | &nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 |
| &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480077 |
| &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;**Increase in Net Assets From Operations:** | &nbsp;&nbsp;**Increase in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73312 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (435609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1752295 |
| &nbsp;&nbsp;**Distributions to Shareholders from:** | &nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (266420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2592017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (743180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3846800) |
| &nbsp;&nbsp;**Capital Share Transactions:** | &nbsp;&nbsp;**Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1241605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9594424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1452245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1187740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6725593) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8820098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16574752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25394850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 15766237 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 15766237 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 16574752 |
| &nbsp;&nbsp;**Share Transactions:** | &nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1685279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (298375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (236442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1099050) |
| &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;**Ending Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021884 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179641 |
| &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;**Increase in Net Assets From Operations:** | &nbsp;&nbsp;**Increase in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56741 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332600 |
| &nbsp;&nbsp;**Distributions to Shareholders from:** | &nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1921963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1921963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1474021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1921963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1474021) |
| &nbsp;&nbsp;**Capital Share Transactions:** | &nbsp;&nbsp;**Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1233418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1552316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16228) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13840201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12997850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp; $13717226 | &nbsp;&nbsp; $13717226 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;13840201 |
| &nbsp;&nbsp;**Share Transactions:** | &nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1594) |
| &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298587 |
| &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the | &nbsp;&nbsp;For the |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |
| &nbsp;&nbsp;**Increase in Net Assets From Operations:** | &nbsp;&nbsp;**Increase in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7896) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain from Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments and Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048535 |
| &nbsp;&nbsp;**Distributions to Shareholders from:** | &nbsp;&nbsp;**Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (297718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Net Assets from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (297718) |
| &nbsp;&nbsp;**Capital Share Transactions:** | &nbsp;&nbsp;**Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1832497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued on Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1481939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2265934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162221) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13601454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12012858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;15266157 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;15266157 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;13601454 |
| &nbsp;&nbsp;**Share Transactions:** | &nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18593) |
| &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;**Ending Shares:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913816 |
| &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;&nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** | &nbsp;&nbsp;**Monteagle Select Value Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
| &nbsp;&nbsp;**Institutional Class Shares** | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.04 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.23 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| &nbsp;&nbsp; From Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.42) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.46 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.04 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.42 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.81)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.48% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17249 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;14233 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;15203 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;16921 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;1.46% | &nbsp;&nbsp;1.39% | &nbsp;&nbsp;1.40% | &nbsp;&nbsp;1.44% |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.52% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;54% | &nbsp;&nbsp;31% | &nbsp;&nbsp;4% | &nbsp;&nbsp;47% | &nbsp;&nbsp;178% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |
| &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a Institutional Class share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
| &nbsp;&nbsp;**Institutional Class Shares** | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 6.02 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.85 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.86 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp; From Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.82 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.64 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 6.02 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.85 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.00% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5768 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;14323 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;17446 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;22128 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;1.20% |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;0.43% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;69% | &nbsp;&nbsp;54% | &nbsp;&nbsp;80% | &nbsp;&nbsp;46% | &nbsp;&nbsp;58% |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. |
| &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |
| &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction |
| &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** | &nbsp;&nbsp;**Monteagle Opportunity Equity Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for an Investor Class share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
| &nbsp;&nbsp;**Investor Class Shares** | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 |  | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 | &nbsp;&nbsp;8/31/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.59 |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.48 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.30 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.45 |  |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;0.01 | &nbsp;&nbsp; - | &nbsp;&nbsp;\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;\*\*\* |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| &nbsp;&nbsp; From Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp; (1.38) |  | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 4.96 |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.59 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 5.48 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 7.30 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp; 7.43% | &nbsp;&nbsp; 15.37% |  | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.31% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$10301 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10807 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;11072 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10669 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12558 |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.81% | &nbsp;&nbsp;1.78% |  | &nbsp;&nbsp;1.70% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;1.71% |  |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;0.08% |  | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;69% | &nbsp;&nbsp;54% |  | &nbsp;&nbsp;80% | &nbsp;&nbsp;46% | &nbsp;&nbsp;58% |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the year or period. |  |
| &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |
| &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction |  |
| &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Amount less than $0.005 per share. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** | &nbsp;&nbsp;**Monteagle Enhanced Equity Income Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** |
|  |  |  | &nbsp;&nbsp;Period |  |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Ended |  |
| &nbsp;&nbsp;**Institutional Class Shares** | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;(a) |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08 |  |
| &nbsp;&nbsp; Net Gain on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |
| &nbsp;&nbsp; From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) |  |
| &nbsp;&nbsp; From Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51) |  |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;8.41% | &nbsp;&nbsp;19.44% | &nbsp;&nbsp;5.21% | &nbsp;&nbsp;(c) |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;13717 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;13840 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;12998 |  |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets \*\*\* | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;1.36% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;(b) |
| &nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets \*\*\* | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;(b) |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;171% | &nbsp;&nbsp;234% | &nbsp;&nbsp;124% | &nbsp;&nbsp;(c) |
| &nbsp;&nbsp;(a) For period January 23, 2023 (commencement of operations) through August 31, 2023. |  |  |  |  |
| &nbsp;&nbsp;(b) Annualized. |  |  |  |  |
| &nbsp;&nbsp;(c) Not Annualized. |  |  |  |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. |  |  |  |
| &nbsp;&nbsp;\*\*\* The ratios of expenses and net investment income to average net assets do not reflect the proportionate share of | &nbsp;&nbsp;\*\*\* The ratios of expenses and net investment income to average net assets do not reflect the proportionate share of | &nbsp;&nbsp;\*\*\* The ratios of expenses and net investment income to average net assets do not reflect the proportionate share of | &nbsp;&nbsp;\*\*\* The ratios of expenses and net investment income to average net assets do not reflect the proportionate share of |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expenses and income of the underlying funds in which the Fund invests. |  |  |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** | &nbsp;&nbsp;**The Texas Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
| &nbsp;&nbsp;**Institutional Class Shares** | &nbsp;&nbsp;8/31/2025 |  | &nbsp;&nbsp;8/31/2024 | &nbsp;&nbsp;8/31/2023 | &nbsp;&nbsp;8/31/2022 |  | &nbsp;&nbsp;8/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14.88 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.88 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 12.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.81 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.73 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.08 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; From Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; From Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 16.03 |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 14.88 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 12.88 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 12.81 |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 13.81 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.44% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.37)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41.93% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp; $15266 |  | &nbsp;&nbsp; $13601 | &nbsp;&nbsp; $12013 | &nbsp;&nbsp; $14408 |  | &nbsp;&nbsp; $13974 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.69% |  | &nbsp;&nbsp;1.73% | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;1.60% |  | &nbsp;&nbsp;1.67% |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;59% |  | &nbsp;&nbsp;52% | &nbsp;&nbsp;61% | &nbsp;&nbsp;56% |  | &nbsp;&nbsp;94% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming | &nbsp;&nbsp;\*\* Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reinvestment of dividends, and is not annualized for periods of less than one year. Returns do not reflect the deduction |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of taxes a shareholder would pay on Fund distributions or in redemption of Fund shares. |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Amount less than $0.005 per share. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* | &nbsp;&nbsp;*The accompanying notes are an integral part of these financial statements.* |  |  |  |  |  |

---

**Monteagle Funds**

Notes to Financial Statements

August 31, 2025

**1. ORGANIZATION**

Monteagle Funds ("the Trust") was organized as a business trust under the laws of the State of Delaware on November 26, 1997 as Memorial Funds. The Trust changed its name to Monteagle Funds in July, 2006.

The Trust is registered with the Securities and Exchange Commission ("SEC") as an open-end, management investment company under the Investment Company Act of 1940. The Trust is authorized by its Declaration of Trust to issue an unlimited number of shares of beneficial interest in each series. The Trust currently consists of the following series (each a "Fund" and collectively the "Funds"):

Monteagle Select Value Fund

Monteagle Opportunity Equity Fund

Monteagle Enhanced Equity Income Fund

The Texas Fund

The Smart Diversification Fund, previously offered, was closed by the investment adviser, Park Place Capital Corporation, on November 24, 2023.

The Monteagle Select Value Fund ("Select Value Fund"), Monteagle Opportunity Equity Fund ("Opportunity Equity Fund"), Monteagle Enhanced Equity Income Fund ("Enhanced Equity Income Fund"), and The Texas Fund ("Texas Fund") are each a diversified series of Monteagle Funds. The principal investment objective of each of Select Value Fund, Opportunity Equity Fund and The Texas Fund (collectively the "Equity Funds") is long-term capital appreciation. The principal investment objective of the Enhanced Equity Income Fund is to seek high current income while maintaining prospects for capital appreciation.

The Funds are authorized to offer one class of shares, Institutional Class shares, except the Opportunity Equity Fund has an Investor Class and Institutional Class shares. Each class differs as to operating service fees, such that Institutional Class shares have lower fees but there is a higher minimum initial investment required.

The Enhanced Equity Income Fund commenced investment operations on January 23, 2023.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

The following is a summary of the Funds' significant accounting policies:

**Securities Valuation** — Equity securities, including common stocks, exchange traded funds and real estate investment trusts, held by the Funds for which market quotations are readily available are valued using the last reported sales price or the official closing price provided by independent pricing services as of the close of trading on the New York Stock Exchange (normally 4:00 p.m. Eastern time) on each Fund's business day, which is deemed to be the fair value. If no sales are reported, the average of the last bid and ask price is used. If no average price is available, the last bid price is used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy described below. When an equity security is valued by the independent pricing service using factors other than market quotations or the market is considered inactive, they will be categorized in level 2.

Options contracts that are actively traded are valued based on quoted prices from the exchange and categorized in level 1 of the fair value hierarchy. Options held by the Funds for which no current quotations are readily available and which are not traded on the valuation date are valued at the average of the last bid and ask price and are categorized within level 2 of the fair value hierarchy. Depending on the product and terms of the transaction, the fair value of options can be modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments, and the pricing inputs are observed from actively quoted markets, as is the case of options contracts. Options contracts valued using pricing models are categorized within level 2 of the fair value hierarchy.

Warrants that are actively traded, and valuation adjustments are not applied, are categorized in level 1 of the fair value hierarchy. Warrants traded on inactive markets or valued by reference to similar instruments are categorized in level 2 of the fair value hierarchy.

Money market funds are valued at their net asset value of $1.00 per share and are categorized as level 1. Securities with maturities of 60 days or less may be valued at amortized cost, which approximates fair value and would be categorized as level 2.

Various inputs are used in determining the value of each of the Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for
 identical securities that the Funds have the ability to access

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at fair value as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Select Value Fund**<br>&nbsp;&nbsp;**Security Classification <sup>(a)</sup>** | <br>&nbsp;&nbsp; **Level 1**<br> **(Quoted Prices)** | &nbsp;&nbsp;**Level 2**<br>&nbsp;&nbsp;**(Other Significant Observable Inputs)** | <br>&nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Common Stocks **<sup>(b)</sup>** | &nbsp;&nbsp; $14878896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $14878896 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;198280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;198280 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;2445136 | - | &nbsp;&nbsp;2445136 |
| &nbsp;&nbsp;Totals | &nbsp;&nbsp; $17522312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $17522312 |
| &nbsp;&nbsp;**Opportunity Equity Fund** |  | &nbsp;&nbsp;**Level 2** |  |
|  | &nbsp;&nbsp; **Level 1**<br> **(Quoted Prices)** | &nbsp;&nbsp;**(Other Significant Observable Inputs)** | &nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;**Security Classification <sup>(a)</sup>** | &nbsp;&nbsp; **Level 1**<br> **(Quoted Prices)** | &nbsp;&nbsp;**(Other Significant Observable Inputs)** | &nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Common Stocks **<sup>(b)</sup>** | &nbsp;&nbsp; $14828901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $14828901 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;843882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;843882 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;107552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;107552 |
| &nbsp;&nbsp;Totals | &nbsp;&nbsp; $15780335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $15780335 |
| &nbsp;&nbsp;<br>**Enhanced Equity Income Fund** |  | &nbsp;&nbsp;**Level 2** |  |
| &nbsp;&nbsp;**Security Classification <sup>(a)</sup>** | &nbsp;&nbsp; **Level 1**<br> **(Quoted Prices)** | &nbsp;&nbsp;**(Other Significant Observable Inputs)** | &nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Common Stocks **<sup>(b)</sup>** | &nbsp;&nbsp; $11778858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $11778858 |
| &nbsp;&nbsp;Exchange Traded Fund | &nbsp;&nbsp;322525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;322525 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;266305 |  | &nbsp;&nbsp;266305 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;560239 | - | &nbsp;&nbsp;560239 |
| &nbsp;&nbsp;Totals | &nbsp;&nbsp; $12927927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $12927927 |
| &nbsp;&nbsp;Written Call Options | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (7090) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; (7090) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (7090) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (7090) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Texas Fund**<br>&nbsp;&nbsp;**Security Classification <sup>(a)</sup>** | <br>&nbsp;&nbsp; **Level 1**<br> **(Quoted Prices)** | &nbsp;&nbsp;**Level 2**<br>&nbsp;&nbsp;**(Other Significant Observable Inputs)** | <br>&nbsp;&nbsp;**Totals** |
| &nbsp;&nbsp;Common Stocks **<sup>(b)</sup>** | &nbsp;&nbsp; $14856289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $14856289 |
| &nbsp;&nbsp;Warrant | &nbsp;&nbsp;7669 |  | &nbsp;&nbsp;7669 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;407332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;407332 |
| &nbsp;&nbsp;Totals | &nbsp;&nbsp; $15271290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; $15271290 |

---

 <sup>(a)</sup> As of and during the year ended August 31, 2025, the Funds held no securities that were considered to be "Level 3" securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

<sup>(b)</sup> For a detailed break-out of securities by major industry classification, please refer to the Schedules of Investments.

**Options transactions** — The Enhanced Equity Income Fund and the Texas Fund may purchase put and call options written by others and sell put and call options covering specified individual securities, securities or financial indices or currencies. A put option (sometimes called a "standby commitment") gives the buyer of the option, upon payment of a premium, the right to deliver a specified amount of a security, index or currency to the writer of the option on or before a fixed date at a predetermined price. A call option (sometimes called a "reverse standby commitment") gives the purchaser of the option, upon payment of a premium, the right to call upon the writer to deliver a specified amount of a security, index or currency on or before a fixed date, at a predetermined price. The predetermined prices may be higher or lower than the market value of the underlying security, index or currency. The Funds may buy or sell both exchange-traded and over-the-counter ("OTC") options. The Funds will purchase or write an option only if that option is traded on a recognized U.S. options exchange or if the Adviser or Sub-adviser believes that a liquid secondary market for the option exists. When the Fund purchases an OTC option, it relies on the dealer from whom it has purchased the OTC option to make or take delivery of the security, index or currency underlying the option. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as the loss of the expected benefit of the transaction. OTC options and the securities underlying these options currently are treated as illiquid securities by the Funds.

Upon selling an option, the Fund receives a premium from the purchaser of the option. Upon purchasing an option, the Fund pays a premium to the seller of the option. The amount of premium received or paid by the Fund is based upon certain factors, including the market price of the underlying securities, index or currency, the relationship of the exercise price to the market price, the historical price volatility of the underlying assets, the option period, supply and demand and interest rates.

The Funds may purchase call options on equity securities that the Fund's Adviser or Sub-adviser intends to include in the Fund's portfolio in order to fix the cost of a future purchase. Call options may also be purchased to participate in an anticipated price increase of a security on a more limited risk basis than would be possible if the security itself were purchased. If the price of the underlying security declines, this strategy would serve to limit the potential loss to the Fund to the option premium paid. Conversely, if the market price of the underlying security increases above the exercise price and the Fund either sells or exercises the option, any profit eventually realized will be reduced by the premium paid. The Funds may similarly purchase put options in order to hedge against a decline in market value of securities held in its portfolio. The put enables the Fund to sell the underlying security at the predetermined exercise price; thus the potential for loss to the Fund is limited to the option premium paid. If the market price of the underlying security is lower than the exercise price of the put, any profit the Fund realizes on the sale of the security would be reduced by the premium paid for the put option less any amount for which the put may be sold.

The Adviser or Sub-adviser may write call options when it believes that the market value of the underlying security will not rise to a value greater than the exercise price plus the premium received. Call options may also be written to provide limited protection against a decrease in the market price of a security, in an amount equal to the call premium received less any transaction costs.

The Funds may purchase and write put and call options on fixed income or equity security indexes in much the same manner as the options discussed above, except that index options may serve as a hedge against overall fluctuations in the fixed income or equity securities markets (or market sectors) or as a means of participating in an anticipated price increase in those markets. The effectiveness of hedging techniques using index options will depend on the extent to which price movements in the index selected correlate with price movements of the securities, which are being hedged. Index options are settled exclusively in cash. See Note 9 for additional risks associated with options transactions.

Cash that has been segregated or delivered to cover the Funds' collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Schedules of Investments.

All options purchased by the Texas Fund and written by Enhanced Equity Income Fund during the year were equity securities including exchange traded funds. The derivatives are not accounted for as hedging instruments under GAAP.

At August 31, 2025, the Enhanced Equity Income Fund had written call options valued at $7,090, which are presented as Covered Call Options Written at Fair Value on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations during the year ended August 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Fund** | &nbsp;&nbsp; **Derivatives not accounted for as** <br> **hedging instruments**<br> **under GAAP** | &nbsp;&nbsp; **Location of**<br> **gain (loss) on**<br> **Derivatives recognized** <br> **in income** | &nbsp;&nbsp;**Realized and unrealized gain (loss) on Derivatives recognized in income** |
| &nbsp;&nbsp;Enhanced Equity Income Fund | &nbsp;&nbsp;Call and put options written | &nbsp;&nbsp;Net realized gain from written options | $365705 |
| &nbsp;&nbsp;Enhanced Equity Income Fund | &nbsp;&nbsp;Call and put options written | &nbsp;&nbsp;Net change in unrealized appreciation on written options | $&nbsp;&nbsp;&nbsp;&nbsp;42887 |
| &nbsp;&nbsp;Texas Fund | &nbsp;&nbsp;Call and put options purchased | &nbsp;&nbsp;Net realized loss from investments | $(167859) |
| &nbsp;&nbsp;Texas Fund | &nbsp;&nbsp;Call and put options purchased | &nbsp;&nbsp;Net change in unrealized appreciation on investments | $&nbsp;&nbsp;&nbsp;&nbsp;34321 |

---

For the year ended August 31, 2025, the Enhanced Equity Income Fund purchased no option contracts. For the year ended August 31, 2025, the Enhanced Equity Income Fund wrote 1,993 call contracts. For the year ended August 31, 2025, the Texas Fund purchased 3,000 call options and 1,340 put option contracts. For the year ended August 31, 2025 the Texas Fund wrote no option contracts. The number of purchased and written contracts is representative of the volume of activity for these derivative types during the period.

**Security Transactions** — Security transactions are accounted for on trade date and realized gains and losses on investments sold are determined on a specific identification basis.

**Real Estate Investment Trusts (REIT)** — Investing in real estate investment trusts, or "REITs", involves certain unique risks in addition to those associated with the real estate sector generally. REITs, whose underlying properties are concentrated in a particular industry or region, are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses. Distributions received from the Funds' investments in REITs may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Fund must use estimates in reporting the character of its income and distributions received for financial statement purposes. The actual character of distributions to a Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund's shareholders may represent a return of capital.

The Funds may not purchase or sell real estate or interests in real estate, including real estate limited partnerships; provided, however, that the Funds may invest in securities secured by real estate or interests therein or issued by companies, including real estate investment trusts, which invest in real estate or interests therein.

**Interest and Dividend Income** — Interest income is accrued as earned. Dividends on securities held by the Funds are recorded on the ex-dividend date. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions to Shareholders** — Net investment income distributions, if any, for Select Value Fund, Opportunity Equity Fund, Enhanced Equity Income Fund, and Texas Fund are declared and paid quarterly at the discretion of each Fund's adviser. Net capital gains for the Funds, if any, are distributed to shareholders at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

The tax character of distributions paid by the Select Value Fund, Opportunity Equity Fund, Enhanced Equity Income Fund, and Texas Fund during years ended August 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary Income** | &nbsp;&nbsp;**Ordinary Income** | &nbsp;&nbsp;**Long-Term Capital Gain** | &nbsp;&nbsp;**Long-Term Capital Gain** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Select Value Fund | &nbsp;&nbsp;$175006 | &nbsp;&nbsp;$83917 | &nbsp;&nbsp;$1062381 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Opportunity Equity Fund | &nbsp;&nbsp;55088 | &nbsp;&nbsp;758976 | &nbsp;&nbsp;688092 | &nbsp;&nbsp;3087824 |
| Enhanced Equity Income Fund | &nbsp;&nbsp;&nbsp;1921963 | &nbsp;&nbsp;&nbsp;1474021 | &nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;- |
| Texas Fund | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;491464 | &nbsp;&nbsp;297718 |

---

**Estimates** — These financial statements are prepared in accordance with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, 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 period. Actual results could differ from those estimates.

**Common Expenses** — Common expenses of the Trust are allocated among the Funds within the Trust based on relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund. Other allocations may also be approved from time to time by the Trustees.

**Allocation of Income and Expenses, Realized and Unrealized Capital Gains and Losses** — Income, realized and unrealized capital gains and losses on investments, and Fund-wide expenses are allocated on a daily basis to each class of shares of the Opportunity Equity Fund based upon their relative net assets. Class-specific expenses are charged directly to the respective share class.

**3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Advisory Agreement** 

Park Place Capital Corporation ("Park Place Capital" or the "Adviser") serves as the investment adviser to the Funds pursuant to a Management Agreement ("Management Agreement") with the Trust. Subject to the general oversight of the Trustees, the Adviser is responsible for, among other things, developing a continuing investment program for the Funds in accordance with their investment objectives, reviewing the investment strategies and policies of the Funds and advising the Trustees on the selection of sub-advisers.

Each Fund is authorized to pay the Adviser a fee based on average daily net assets at the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Select** <br> **Value Fund** | **Opportunity** **Equity Fund** | **Enhanced Equity Income Fund** | **Texas Fund** |
| Up to and including $10 million | 0.50% | 0.25% | 0.30% | 0.25% |
| From $10 million up to and including $25 million | 0.50% | 0.25% | 0.30% | 0.60% |
| From $25 up to and including $50 million | 0.50% | 0.50% | 0.30% | 0.60% |
| From $50 up to and including $100 million | 0.50% | 0.50% | 0.30% | 0.60% |
| Over $100 million | 0.50% | 0.50% | 0.30% | 0.60% |

---

For the year ended August 31, 2025, the amounts earned by and payable to the Adviser were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Advisory Fees Earned** | &nbsp;&nbsp;**Advisory Fees Payable as of August 31, 2025** |
| &nbsp;&nbsp;Select Value Fund | $82448 | $7229 |
| &nbsp;&nbsp;Opportunity Equity Fund | 39257 | 3043 |
| &nbsp;&nbsp;Enhanced Equity Income Fund | 40191 | 3417 |
| &nbsp;&nbsp;Texas Fund | 50990 | 4640 |

---

An officer of Park Place Capital is also an officer of the Trust.

**<u>Select Value Fund</u>** — Park Place Capital has retained Parkway Advisors, L.P. ("Parkway") to serve as the sub-adviser to Select Value Fund. Park Place Capital has agreed to pay Parkway an annual advisory fee of 0.50% of average daily net assets.

**<u>Opportunity Equity Fund</u>** — Park Place Capital has retained G.W. Henssler & Associates, Ltd. ("Henssler") to serve as the sub-adviser to Opportunity Equity Fund. Park Place Capital has agreed to pay Henssler an annual advisory fee of 0.25% of average daily net assets up to $25 million, 0.50% of such assets over $25 million.

**<u>Texas Fund</u>** — Park Place Capital has retained J. Team Financial, Inc. d/b/a Team Financial Strategies ("Team"), to serve as the sub-adviser to Texas Fund. Park Place Capital has agreed to pay Team an annual advisory fee of 0.25% of average daily net assets up to $10 million and 0.60% of such assets over $10 million.

**Investment Company Services Agreement** 

Mutual Shareholder Services, LLC ("MSS") provides fund accounting and transfer agency services to each Fund. Pursuant to services agreements, the Adviser will pay MSS customary fees for its services from the advisory fee it receives from the Funds. MSS will also provide certain shareholder report production, and EDGAR conversion and filing services. Officers of MSS are also officers of the Trust.

**Operating Service Agreement** 

The Trust has entered into an Operating Service Agreement (the "Servicing Agreement") with the Adviser. Under the Servicing Agreement, the Adviser provides all of the Funds' day-to-day operational services, excluding cost of brokerage, interest, taxes, litigation, independent trustees' fees and expenses, independent trustees' legal fees, the Trust's allocable share of the salary and related costs for the Trust's Chief Compliance Officer, and extraordinary expenses.

The Adviser is entitled to receive a fee, based on average daily net assets at the following annual rates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Select**<br> **Value Fund** | **Opportunity**<br> **Equity Fund**<br> **Institutional Class** | **Opportunity** **Equity Fund**<br> **Investor Class** | **Enhanced Equity Income Fund** | **Texas Fund** |
| Up to and including $10 million | 0.700% | 0.800% | 1.300% | 0.800% | 1.200% |
| From $10 million up to and including $25 million | 0.700% | 0.800% | 1.300% | 0.700% | 0.750% |
| From $25 up to and including $50 million | 0.615% | 0.500% | 1.000% | 0.600% | 0.650% |
| From $50 up to and including $100 million | 0.475% | 0.450% | 0.950% | 0.500% | 0.500% |
| Over $100 million | 0.375% | 0.400% | 0.900% | 0.450% | 0.350% |

---

As of and for the year ended August 31, 2025, Servicing Agreement fees earned and payable to the Adviser were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Servicing Agreement Fees Earned** | &nbsp;&nbsp;**Servicing Agreement Fees Payable as of August 31, 2025** |
| &nbsp;&nbsp;Select Value Fund | $115427 | $10121 |
| &nbsp;&nbsp;Opportunity Equity Fund | 175761 | 13722 |
| &nbsp;&nbsp;Enhanced Equity Income Fund | 103780 | 8814 |
| &nbsp;&nbsp;Texas Fund | 152490 | 13339 |

---

**Distribution Agreement** 

Arbor Court Capital serves as each Fund's distributor (the "Distributor"). The Distributor is not affiliated with the Adviser but is an affiliate of MSS. Pursuant to the agreement, the Adviser will pay Arbor Court Capital customary fees for its services from the advisory fee it receives from the Funds.

**Compliance Services** 

An affiliated Contractor (the "Contractor") serves as the CCO of the Trust. The Funds pay $110,000 annually and a discretionary bonus of $4,000 to the Contractor for providing CCO services. Each Fund pays an annual fee of $5,000 with the remaining amount allocated to the Funds based on aggregate average daily net assets. For the year ended August 31, 2025, the CCO received a total of $114,833.

**4. SECURITIES TRANSACTIONS** 

During the year ended August 31, 2025, cost of purchases and proceeds from sales and maturities of investment securities, excluding short-term investments, U.S. government securities, and securities sold short, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Select Value Fund | &nbsp;&nbsp;$7776671 | &nbsp;&nbsp;$8003391 |
| Opportunity Equity Fund | &nbsp;&nbsp;10739361 | &nbsp;&nbsp;12496611 |
| Enhanced Equity Income Fund | &nbsp;&nbsp;19752862 | &nbsp;&nbsp;19299067 |
| Texas Fund | &nbsp;&nbsp;8914086 | &nbsp;&nbsp;8057298 |

---

There were no purchases or sales of U.S. government securities made by the Funds.

**5. TAX MATTERS** 

It is each Fund's intention to comply with the special provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its taxable income, such Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends, in each calendar year, at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years.

The Funds' tax basis distributable earnings (deficit) are determined only at the end of each fiscal year. The tax character of distributable earnings (deficit) at August 31, 2025, the Funds' most recent fiscal year end, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tax character of distributable earnings (deficit)** | &nbsp;&nbsp;**Select Value Fund** | &nbsp;&nbsp;**Opportunity Equity Fund** | &nbsp;&nbsp; **Enhanced Equity**<br> **Income Fund** | &nbsp;&nbsp;**Texas Fund** |
| Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;$306406 | &nbsp;&nbsp;$1212798 | &nbsp;&nbsp;$(187370) | &nbsp;&nbsp;$4784895 |
| Undistributed Ordinary Income (Loss) | &nbsp;&nbsp;304532 | &nbsp;&nbsp;342376 | &nbsp;&nbsp;134163 | &nbsp;&nbsp;- |
| Undistributed Capital Gains (Losses) | &nbsp;&nbsp;236800 | &nbsp;&nbsp;1160482 | &nbsp;&nbsp;- | &nbsp;&nbsp;393747 |
| Capital Loss Carryforward | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Post-December Ordinary Loss | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(6887) |
| Post-October Capital Loss | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Total Distributable Earnings/(Deficit) | &nbsp;&nbsp;$847738 | &nbsp;&nbsp;$2715656 | &nbsp;&nbsp;$(53207) | &nbsp;&nbsp;$5171755 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and return of capital from underlying investments. Permanent book and tax differences, primarily attributable to net operating losses resulted in reclassification for the Texas Fund for the fiscal year ended August 31, 2025 as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Paid-in Capital** | &nbsp;&nbsp; **Total Distributable** <br> **Earnings/(Deficit)** |
| &nbsp;&nbsp;Texas Fund | &nbsp;&nbsp;$(1009) | $&nbsp;&nbsp;&nbsp;&nbsp;1009 |

---

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October Losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. The Texas Fund incurred and elected to defer $6,887 of such post-December losses.

The following information is based upon the federal income tax cost of the investment securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Fund** | &nbsp;&nbsp; <br>**Cost** | &nbsp;&nbsp;**Gross Unrealized Appreciation** | &nbsp;&nbsp;**Gross Unrealized Depreciation** | &nbsp;&nbsp;**Net Unrealized Appreciation (Depreciation)** |
| Select Value Fund | &nbsp;&nbsp;$17215906 | &nbsp;&nbsp;$2088618 | &nbsp;&nbsp;$(1782212) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 306406 |
| Opportunity Equity Fund | &nbsp;&nbsp;14567537 | &nbsp;&nbsp;1512238 | &nbsp;&nbsp;(299440) | &nbsp;&nbsp;1212798 |
| Enhanced Equity Income Fund | &nbsp;&nbsp;13108207 | &nbsp;&nbsp;880022 | &nbsp;&nbsp;(1067392) | &nbsp;&nbsp;(187370) |
| Texas Fund | &nbsp;&nbsp;10486395 | &nbsp;&nbsp;4890677 | &nbsp;&nbsp;(105782) | &nbsp;&nbsp;4784895 |

---

The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions in all open tax years and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations as incurred. During the year ended August 31, 2025 the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. Federal tax authorities for tax years before 2022.

**6. CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under Section 2(a)(9) of the Investment Company Act of 1940. As of August 31, 2025, the shareholders listed in the table immediately below held, for the benefit of their customers, the following percentages of the outstanding shares of each Fund.

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent Owned as of <br> August 31, 2025** |
| Select Value Fund | NFS, LLC | 61% |
| Select Value Fund | Raymond James & Assoc., Inc. | 34% |
| Opportunity Equity Fund | Charles Schwab & Co., Inc. | 37% |
| Enhanced Equity Income Fund | Fifth Third Bank | 82% |
| Texas Fund | NFS, LLC | 70% |

---

**7. CONTINGENCIES AND COMMITMENTS**

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Each Fund's 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, based on experience, the Funds expect the risk of loss to be remote.

**8. SECTOR AND GEOGRAPHIC RISKS**

When the Funds emphasize one or more economic sectors, it may be more susceptible to the financial, market, or economic events affecting the particular issuers and industries in which they invest than funds that do not emphasize particular sectors. The more a fund diversifies, the more it spreads risk and potentially reduces the risks of loss and volatility.

The Texas Fund's investments are concentrated in Texas, and therefore the Fund will be susceptible to adverse market, political, regulatory, social, economic and geographic events affecting Texas. The Fund's performance may be more volatile than the performance of more geographically diverse funds. Since one of the main industries in Texas is mining and logging, including the oil and gas sectors, Texas is particularly susceptible to economic, environmental and political activities affecting this industry.

**9. OPTIONS RISK**

The Enhanced Equity Income and Texas Funds' use of options subjects the Funds to certain investment risks and transaction costs to which it might not otherwise be subject. These risks include: (i) dependence on the Adviser or Sub-adviser's ability to predict movements in the prices of individual securities and fluctuations in the general securities markets; (ii) imperfect correlations between movements in the prices of options and movements in the price of the securities (or indices) hedged or used for cover, which may cause a given hedge not to achieve its objective; (iii) the fact that the skills and techniques needed to trade these instruments are different from those needed to select the securities in which the Funds invest; (iv) lack of assurance that a liquid secondary market will exist for any particular instrument at any particular time, which, among other things, may hinder the Funds' ability to limit exposures by closing its positions; and, (v) the possible need to defer closing out of certain options to avoid adverse tax consequences. Other risks include the inability of the Funds, as the writer of covered call options, to benefit from any appreciation of the underlying securities above the exercise price, and the possible loss of the entire premium paid for options purchased by the Funds. See Note 2 for additional disclosures related to options transactions.

**10. MARKET RISK**

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Fund and its investments and could result in increased liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**11. SUBSEQUENT EVENTS** 

On September 25, 2025, the Select Value Fund declared a dividend from net investment income of $34,472, which was payable on September 26, 2025. On September 25, 2025, the Enhanced Equity Income Fund declared a dividend from net investment income of $9,050 and a short-term capital gain distribution of $20,000, which were payable on September 26, 2025.

On May 7, 2025, the Trust, upon the recommendation of Parkway Advisors, L.P., the Fund's investment subadvisor, and Park Place Capital Corporation, the Fund's investment adviser, approved the change to the Select Value Fund's principal investment strategy to be effective on or about October 28, 2025 (the "Effective Date"). The Fund will transition to the new principal investment strategy in an orderly manner. The Fund does not anticipate any material changes to the currently stated total annual fund operating expenses after the transition is completed.

Management has evaluated subsequent events through the issuance of the financial statements and, other than those already disclosed in the notes to the financial statements, has noted no other such events that would require recognition or disclosure.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Monteagle Funds

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options (as applicable) of Monteagle Funds comprising Monteagle Select Value Fund, Monteagle Opportunity Equity Fund, Monteagle Enhanced Equity Income Fund, and The Texas Fund (the "Funds") as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, 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 August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;Financial Highlights |
| Monteagle Select Value Fund, Monteagle Opportunity Equity Fund and The Texas Fund | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the years ended August 31, 2025, and 2024 | &nbsp;&nbsp;For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| &nbsp;&nbsp;Monteagle Enhanced Equity Income Fund | &nbsp;&nbsp;For the year ended August 31, 2025 | &nbsp;&nbsp;For the years ended August 31, 2025, and 2024 | &nbsp;&nbsp;For the years ended August 31, 2025 and 2024, and for the period January 23, 2023 (commencement of operations) through August 31, 2023 |

---

<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 August 31, 2025, by correspondence with the custodian and brokers. 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.

We have served as the Funds' auditor since 2004.

![](image_002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 30, 2025

**Monteagle Funds**

Additional Information

August 31, 2025 (Unaudited)

**Proxy Policies** — The Trust has adopted Proxy Voting Policies and Procedures under which the Funds vote proxies related to securities held by the Funds. A description of the Funds' policies and procedures is available without charge, upon request, by calling the Funds toll free at 1-888-263-5593, on the Funds' website at http://www.monteaglefunds.com or on the SEC website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete voting record for the 12 months ended June 30th, no later than August 31st of each year. The Funds' Form N-PX is available without charge, upon request, by calling the Funds toll free at 1-888-263-5593, on the Funds' website at http://www.monteaglefunds.com or on the SEC's website at http://www.sec.gov.

**N-PORT Filing** — The SEC has adopted the requirement that all mutual funds file a complete schedule of investments with the SEC for their first and third fiscal quarters on Form N-PORT. For the Monteagle Funds, this would be for the fiscal quarters ending November 30 and May 31. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov., or they may be reviewed and copied at the SEC's Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room).

![](image_003.jpg)

**THE MONTEAGLE FUNDS**

**Investment Adviser**

Park Place Capital Corporation

2728 19<sup>th</sup> Place South, Suite 160

Homewood, AL 35209

**Distributor**

Arbor Court Capital, LLC.

8000 Town Centre Drive, Suite 400

Broadview Heights, OH 44147

**Transfer Agent, Administrator**

**& Shareholder Servicing Agent**

Mutual Shareholder Services, LLC.

8000 Town Centre Drive, Suite 400

Broadview Heights, OH 44147

**(888) 263-5593**

**www.monteaglefunds.com**

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus, which includes information regarding each Fund's objectives and policies, experience of its management, marketability of shares, and other information.

**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 MANAGEMENT INVESTMENT COMPANIES.**

Not applicable. Fund is an open-end management investment company.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable. Fund is an open-end management investment company.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable. Fund is an open-end management investment company.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

Not applicable at this time. There were no matters submitted to a vote of security holders during the reporting period.

**ITEM 16. CONTROLS AND PROCEDURES.**

&nbsp;&nbsp;&nbsp;&nbsp;a) The registrant's PEO and PFO, or persons performing similar functions, have concluded, as of a date within
90 days of the filing of this report, based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the 1940 Act, that such disclosure controls and procedures are reasonably designed to ensure: (1) that information required
to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the
rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the registrant is made known
to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSTATION.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**ITEM 19. EXHIBITS.**

1) Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.

2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

3) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are 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>MONTEAGLE FUNDS</u>

By: <u>/s/ Paul B. Ordonio</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul B. Ordonio

&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

Date: November 3, 2025

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

By: <u>/s/ Paul B. Ordonio</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul B. Ordonio

&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

Date: November 3, 2025

By: <u>/s/ Umberto Anastasi</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Umberto Anastasi

&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

Date: November 3, 2025

## Ex-99.Cert

I, Paul B. Ordonio, certify that:

1. I have reviewed this report on Form N-CSR of Monteagle Funds;

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>November 3, 2025</u>

<u>/s/ Paul B. Ordonio</u>

Paul B. Ordonio

President and Principal Executive Officer

I, Umberto Anastasi, certify that:

1. I have reviewed this report on Form N-CSR of Monteagle Funds;

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>November 3, 2025</u>

<u>/s/ Umberto Anastasi</u>

Umberto Anastasi

Treasurer and Principal Financial Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>Paul B. Ordonio</u>, President and Principal Executive Officer, and <u>Umberto Anastasi</u>, Treasurer and Principal Financial Officer of <u>Monteagle Funds</u> (the "Registrant"), each certify to the best of his or 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 August 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 and Principal Executive

Treasurer and Principal Financial

Officer

Officer

Monteagle Funds

Monteagle Funds

/s/ <u>Paul B. Ordonio</u>

/s/ <u>Umberto Anastasi</u>

Paul B. Ordonio

Umberto Anastasi

Date: November 3, 2025

Date: November 3, 2025

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Monteagle Funds</u> and will be retained by <u>Monteagle Funds</u> 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

![[mfcodeofethics002.gif]](mfcodeofethics002.gif)

Code of Ethics

**February 21, 2004**

**(Revised February 2, 2007)** 

**(Revised May 1, 2009)**

**(Revised June 1, 2012)**

**(Revised October 24, 2013)**

**(Revised December 1, 2016)**

Monteagle Funds ("Funds") is required to adopt a Code of Ethics ("Code") pursuant to Rule 17j-1 under the Investment Company Act of 1940 ("1940 Act") with respect to certain types of personal securities transactions by officers and trustees of the Funds for the purpose of establishing reporting requirements and enforcement procedures with respect to such transactions. In addition to approving the Funds' Code, the Funds' Board of Trustees is also required to review and approve the Codes of the Funds' investment advisers and underwriter and any material amendments to said Codes.

The Codes must contain provisions reasonably necessary to prevent "access persons" of the Funds from engaging in fraudulent, deceptive or manipulative acts, practices or courses of business. To this end, the Codes must also provide for initial reports of holdings, quarterly reports of transactions and annual reports of holdings; for review of said reports; and for pre-approved transactions in initial public offerings ("IPO's") and private placements.

Rule 17j-1, as amended August 27, 1999 (effective October 29, 1999), also requires that Funds receive annual reports from the investment adviser and principal underwriter that (1) describes issues that arose during the covered year and how they were handled, and (2) certify to the Funds' Board that it has adopted appropriate procedures.

Further, in light of the Funds' use of Mutual Shareholder Services ("MSS") for transfer agency, fund accounting and administrative services, and in light of MSS graciously allowing its personnel to fill officer positions with the Funds, it is appropriate for the Board to consider MSS's Code(s) of Ethics applicable to those persons. In this regard it is noted that those persons are covered by the MSS - principal underwriter Code of Ethics.

Monteagle Funds' Board of Trustees has previously approved Codes of the Trust (dated February 29, 2000 – as amended or supplemented) and of the Funds' investment advisers, sub-advisers and principal underwriter. Since the securities markets and the regulatory requirements guiding investment professionals are continually changing, this Code shall be regularly reviewed to determine if any changes are necessary in order to maintain the highest ethical standards.

**I. Definitions.**

a)

Adviser shall mean the Funds' investment adviser, Nashville Capital Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;b)

Adviser's Code of Business Conduct and Ethics shall mean the Code of Business Conduct and Ethics of the Adviser as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;c)

Sub-Adviser is any investment adviser which the Adviser has contracted with to manage the investment portfolios of one or more clients.

&nbsp;&nbsp;&nbsp;&nbsp;d)

Independent Sub-Adviser is any Sub-Adviser which the Adviser's Review Committee has designated as independent. Independence is a question of fact. Factors include, but are not limited to, performance of securities research, analysis, selection, and trading which are conducted independently and separately from the Adviser. The fact that the Adviser or its subsidiaries provides administrative services for a client advised by the Sub-Adviser shall not by itself prevent a Sub-Adviser from being independent.

&nbsp;&nbsp;&nbsp;&nbsp;e)

Principal Underwriter shall mean the broker-dealer appointed to serve as distributor of the Funds' shares, Arbor Court Capital.

&nbsp;&nbsp;&nbsp;&nbsp;f)

Principal Underwriter's Code of Ethics shall mean the Code of Ethics of the Principal Underwriter as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;g)

Interested Person shall have the meaning as contained in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;h)

Independent Trustee means any Trustee of the Trust who is not an Interested Person of the Trust, an Adviser, a Sub-Adviser, or the Principal Underwriter.

**II. Adoption of the Adviser's Code of Business Conduct and Ethics with Modifications.**

*(a)* *Adoption of Adviser's Code of Business Conduct and Ethics.* 

Except as provided for below, the provisions of the Adviser's Code of Business Conduct and Ethics are hereby adopted as the Code of Ethics applicable to officers and Trustees of Monteagle Funds. A violation of the Advisers Code of Business Conduct and Ethics by such persons shall constitute a violation of this Code.

The Advisers Code of Business Conduct and Ethics shall be incorporated herein in its entirety.

*(b)* *Officers and Interested Trustees.*

Officers of the Funds and, except as provided in II(c) below, Trustees shall be subject to the reports, review, and sanctions provided for by the Adviser's Code of Business Conduct and Ethics.

It is provided, however, that officers of the Funds who are associated persons of the Principal Underwriter or MSS shall be subject to the reports, review and sanctions provided in the Underwriter's Code of Ethics.

*(c)* *Independent Trustees.*

Independent Trustees who do not have actual or implied knowledge of the Adviser's or Sub-Advisers' investment activities as described in Section (d)(2)(ii) of Rule 17j-1 of the 1940 Act shall not be subject to the reporting or review requirements provided for in the Adviser's Code of Business Conduct and Ethics.

*(d)* *Trading of Adviser and Independent Sub-Advisers.*

For the purposes of Code provisions dealing with pre-clearing and trade allocation procedures, the Adviser and Independent Sub-Advisers [and, if applicable, the Principal Underwriter and its affiliates] shall be treated as separate unrelated entities and shall not be required to coordinate their efforts. For example, the Adviser shall not be required to pre-clear or allocate proposed trades on behalf of client accounts which it is managing with client accounts which are managed by an Independent Sub-Adviser. All access persons must provide a current initial holdings report at least within 45 days of becoming an Access Person.

*(e)* 

*Interpretation.* 

The Trustees of the Funds may from time to time adopt interpretations of this Code as they deem appropriate.

*(f)* *Effect of Violation of this Code.*

In adopting Rule 17j-1, the Securities and Exchange Commission specifically noted in Investment Company Act Release No. 11421 that a violation of any provision of a particular Code of Ethics, such as this Code, would not be considered a per se unlawful act prohibited by the general anti-fraud provisions of Rule 17j-1. In adopting this Code, it is not intended that a violation of this Code is or should be considered to be a violation of Rule 17j-1.

*(g)* *Quarterly Reports to Board of Trustees.*

The Adviser shall report quarterly to the Board of Trustees on whether any deviations from the Code of Ethics were noted; and, if deviations were noted, action taken in respect thereto.

**III. Board Review of Codes.**

The Trustees, including a majority of the Independent Trustees, shall:

(a) approve the Trust's Code, the code of ethics of each investment adviser, subadviser and principal underwriter of the Trust before initially retaining their services, and any material changes to these codes within six months of such change;

(b) base its approval of a code of ethics, and any material changes to a code of ethics, on a determination that the code contains provisions reasonably necessary to prevent access persons (as defined in the respective codes) from engaging in prohibited conduct;

(c) receive, prior to approving a code or any amendment to a code, a certification from the Trust, investment advisers or principal underwriter that it has adopted procedures reasonably necessary to prevent access persons from violating the code; and

(d) receive and consider, no less frequently than annually: (1) a written report from the Trust's, investment adviser, and principal underwriter describing any issues, material violations or sanctions arising under the code; and (2) a written certification from the Trust's investment advisers, and principal underwriter, as applicable, that it has adopted procedures reasonably necessary to prevent access persons from violating its code.

<br>