# EDGAR Filing Document

**Accession Number:** 0001260667
**File Stem:** 0001162044-23-000284
**Filing Date:** 2023-3
**Character Count:** 356709
**Document Hash:** 3e385a9e8d8f84ca8b68a6417d9431a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000284.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001162044-23-000284

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANCORA TRUST
- **CENTRAL INDEX KEY:** 0001260667
- **IRS NUMBER:** 020712385
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21418
- **FILM NUMBER:** 23696719

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>**FORM N-CSR<br>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

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

<u>Ancora Trust</u>

(Exact Name of Registrant as Specified in Charter)

6060 Parkland Boulevard, Suite 200

<u>Cleveland, Ohio 44124</u>

(Address of Principal Executive Offices)

Bradley Zucker

c/o Ancora Trust

6060 Parkland Boulevard, Suite 200

<u>Cleveland, Ohio 44124</u>

(Name and Address of Agent for Service)

Copy to:

Michael J. Meaney, Esq.

McDonald Hopkins Co., LPA

600 Superior Ave., E., Suite 2100

Cleveland, Ohio 44114

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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.**

![[ancoraannual002.gif]](ancoraannual002.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>12/31/2022<br> **ANNUAL REPORT**<br>

INTRODUCTION

**TABLE OF CONTENTS**

INTRODUCTION INCLUDING SHAREHOLDER LETTER……….………....…..….1

ANCORA INCOME FUND……….……………………………………………………….……..6

ANCORA/THELEN SMALL-MID CAP FUND…………….……………………….…...12

ANCORA MICROCAP FUND…………….………….….……..……………………….…….18

ANCORA DIVIDEND VALUE EQUITY FUND………………………………………… 23

FINANCIAL REVIEW…..………………………………………...............................………..29

FUND EXPENSES………………………………..……………………………….….…....…….51

TRUSTEES & OFFICERS …………………………………..………….….…........................53

PRIVACY POLICY ……………………………………………………………………………….55

**<u>1-866-6-ANCORA</u>**

Please feel free to dial our toll-free number to speak directly to a knowledgeable representative who can answer any questions or assist you with any issues concerning your account.

**<u>www.ancorafunds.com</u>**

This report and the financial statements contained herein are provided for the general information of the shareholders of the Ancora Funds. Investors should carefully consider before investing each Fund's investment objective, risks and expenses. For a prospectus, which contains that information and more information about each Fund, please call 866-626-2672 or visit our website at www.ancorafunds.com. Please read it carefully before you invest or send money.

INTRODUCTION

Dear Shareholders:

Thank you for choosing the Ancora Family of Mutual Funds. We have built the Ancora Funds to capitalize on the evolving opportunities in the investment landscape. Our management style centers on building long-term results for the investors of our Funds. While no mutual fund can guarantee performance, the Ancora Funds promise that our investment decisions will be based upon dedicated research and thoughtful execution.

ANCORA INCOME FUND

2022 was anything but kind to the overall bond market. In an effort to combat the highest inflation levels in 40 years, the Federal Reserve raised interest rates at its fastest pace on record, taking the Federal Funds rate from a range of 0.00% - 0.25% at the beginning of the year to 4.25% - 4.50% by year-end, including 150 basis points of rate increases during the fourth quarter. The Federal Reserve is still not done raising rates as expectations are for another 50-75 basis points of rate increase in 2023. The historic rise in interest rates pushed the 2-year Treasury yield up from 0.73% at the beginning of the year to 4.43% at year-end. The 10-year Treasury yield rose from 1.51% at the beginning of the year to 3.87% at year-end.

Over the course of 2022, the Ancora Income Fund is down 13.6%, underperforming the Bloomberg Aggregate Index's return of -13.0%. For the year, the best performing holdings included Exxon Mobil equity, posting a 50.6% return, Enterprise Products Partners equity which returned 18.4%, and Rio Tinto equity which returned 16.9%. Detracting from performance during the year was preferred securities of QVC Inc., which declined 48.4%, Hudson Pacific Properties which fell 41.8% and Franchise Group equity which declined 34.4%.

The Federal Reserve is expected to continue raising interest rates in 2023 to help push inflation lower. This will likely lead to a pause in rate increases by the Federal Open Market Committee (FOMC) until signs pointing to reduced inflation and a cooling job market are seen.

Talk of policy error by the FOMC is beginning to heat up. If the FOMC raises rates too far or keeps rates elevated for too long, it will likely push the U.S. into a recession. We believe the discussion around policy error should center more around the depth of the recession rather than just a recession itself. It is increasingly likely that the U.S. will be pushed into a recession sometime in the near future, but the depth of the recession will depend on how far the FOMC moves rates.

We continue to expect the Federal Reserve to remain steadfast against fighting inflation. Despite the expectations of further rate increases by the FOMC, we believe that treasury yields are near peak levels that we will experience over the next 12-18 months. This makes for a solid entry point into the bond market for those that may be underweight in fixed income. Over time, we believe maintaining an allocation to fixed income securities and preferred stock will lead to lower overall portfolio volatility and investors will be rewarded for this allocation.

ANCORA/THELEN SMALL-MID CAP FUND

After a strong performance in 2021, the markets entered 2022 with an overhang of higher inflation and interest rates. These concerns, particularly inflation, were magnified when Russia invaded Ukraine in late February. These factors helped contribute to a weak first half of the year which continued through the third quarter. Even though the fourth quarter proved to be a strong one with the Russell 2500 Index advancing 7.4%, it still declined by 18.4% for the year while small cap stocks as a whole experienced their second-worst year since 1979.

Annual Report \| 1

INTRODUCTION

Encouragingly, over the same period since 1979, years where small cap stocks have dropped 10% or more are often followed by strong rebound years, averaging returns of over 35%.

The tough year across the markets affected the Ancora/Thelen Small Mid Cap Fund, as it declined 17.3% for the year, though it still outperformed the Russell 2500 Index return of -18.4%. Outperformance during the year was primarily due to very positive stock and sector allocation, specifically in the Utilities, Real Estate and Materials sectors. The Fund's Utilities sector benefitted from our decision in 2021 to increase holdings, given our research showing that they tend to outperform during a rate hike cycle. Secondly, our holdings in the Real Estate sector outperformed, declining 12.4% versus a 24.9% decline for the overall sector. Finally, the Fund's Materials holdings increased by 4.6% on average, as opposed to the overall sector which suffered a decline of 8% over the course of 2022.

For the year, the three worst performing sectors were Communication Services, Industrials and Energy. Communication Services results were hurt mostly due to poor performance of our holdings that were exposed to the weak digital advertising environment. As for Industrials, our exposure to housing-related stocks hurt performance. Finally, our Energy holdings did increase by 32% for the year, but lagged the 50% return posted by the sector as a whole. Our Energy holdings were generally more conservatively positioned.

Due to the rapidly changing environment, we were especially active in positioning the Fund during the second half of 2022. Fortunately, there have been some attractive spinoffs during this period, including Fortune Brands Innovations, Masterbrand, Inc., F&G Annuities and Life, Inc. and Crane Inc. In addition, we have added underfollowed stocks such as Northrim Bancorp (bought mid-year) and Hooker Furniture. Both were purchased at very attractive price-to-book multiples and should benefit from increased demand due to likely inclusion in indices by mid-year.

Though we are bullish on small and mid-cap stocks given their relative valuations, we are mindful of the significant headwinds caused by higher inflation, interest rates and geopolitical uncertainties. A more difficult market generally favors our disciplined, value-oriented strategy. Our discussions with the management teams of many of our holdings indicate a level of uncertainty, despite current trends generally staying intact. We believe current small cap stock valuations, in many cases, already reflect these uncertainties.

As has been the case in two of the past three years, when a major event disrupted outlooks, we continue to make adjustments as needed. It continues to be crucially important to have an investment approach that has generated positive alpha in the long run. That is why we continue to rely on our three buckets; special situations, underfollowed stocks and franchise stocks when bought at the appropriate time. Importantly, on the sell side, we will be disciplined to remove those companies that have violated our investment thesis. These processes have helped us to avoid risks and have generated consistent alpha over the long run.

Arguably just as important as maintaining a sound investment process is the alignment of the portfolio manager with the interests of the investor. That is why I continue to personally invest in this strategy. Over the last year, I was again buying shares of the mutual fund (I have never sold any). I am very aware of the weak markets and performance in 2022 and the importance of generating acceptable returns for the long-term benefit of our clients. We are committed to working very hard to earn and retain your trust.

Annual Report \| 2

INTRODUCTION

ANCORA MICROCAP FUND

After an almost uninterrupted 12 years of global economic and market expansion, the chickens came home to roost in 2022. A period of normalization in financial markets may be upon us after a monetary policy-induced speculative blowoff after the height of the pandemic. Monetary policy since the global financial crisis (GFC) has been anything but normal as the Federal Reserve embarked on a policy of extremely low interest rates of basically zero, in addition to quantitative easing, which had never been used before the GFC. In response to the pandemic, the Federal Reserve put their expansionist policy on steroids. Combined with a very stimulative fiscal policy, we finally got a response from previously dormant inflation. As inflation peaked at 9.1% year-over-year, as measured by the Consumer Price Index, the Fed was forced to respond aggressively. It raised the Federal Funds rate by a total of 4.3%, one of the fastest paces in history. Both stocks and bonds were clobbered as a result.

Value stocks trounced growth stocks across the market capitalization spectrum in 2022. The Russell Microcap Index returned -22.0% for the year, while the Russell Microcap Growth Index posted a -29.8% return and the Russell Microcap Value index a -16.7% return. While that is now two consecutive years of value outperforming growth, we believe we are still in the early innings of the return to value investing.

The Ancora MicroCap Fund posted a -7.92% return, outperforming the Russell Microcap Index by 14.04%, another strong year of outperformance following a strong 2021. Both security selection and sector allocation contributed to performance. On the sector allocation front, our overweight to Energy and Financials and underweight to Health Care contributed to our performance. Outperformance was marginally offset by our overweights to Consumer Discretionary, Technology and Staples.

Security selection also added to performance. The companies that added most to our performance were Richardson Electronics, which posted a 60.3% return, Vaalco Energy, returning 45.4%, and BG Staffing Inc., reporting an 11.7% return. Richardson Electronics is getting good traction in their ultracapacitor business, which is benefitting from being a lower cost solution to batteries in wind farms. We added to the position during the first three quarters of the year and then trimmed into strength during the fourth quarter. The company remains in the portfolio. Vaalco Energy is an exploration and production company with assets in Africa and Canada. It was the largest position in the portfolio for most of the year. We trimmed our position numerous times during the first half of the year as the stock performed very well, in order to manage the position size. We added back on weakness in the second half of the year. It remains a large position in the portfolio. BG Staffing is a diversified staffing company whose stock held up nicely in a rough market. Despite the strong performance during the fourth quarter, it still looks very attractive to us. We did trim our position in the fourth quarter to manage the size, though it is still the largest position in the portfolio.

The top detractors were Polished.com, which fell 69.3%, First Internet Bancorp, who posted a negative return of 48.0%, and Alto Ingredients which fell 40.1%. Polished.com is an online retailer of appliances. The company was hit with a whistleblower case in August which pounded the stock, though the issue was cleared up late in the year. The stock remained depressed, though we believe the stock offers tremendous value for the future. First Internet is a liability-sensitive bank. As interest rates increase, the cost of their liabilities rises faster than the interest earned on their assets, which pinches margins. That being said, we believe the market has overreacted with the stock down to around 70% of book value. We added to our position during the fourth quarter. Alto Ingredients is an ethanol producer that also produces higher margin alcohols and feedstock as a by-product of ethanol production. The company's

Annual Report \| 3

INTRODUCTION

margins have been squeezed by the high price of corn, which we believe is cyclical. Due to the very attractive valuation, we added to our position during the second half of the year.

Our philosophy remains unchanged. We are focused on building a portfolio of companies that we believe are trading at a significant discount to their true value. We screen for deeply undervalued stocks with great balance sheets, quality business models, potential catalysts and positive signals from insiders. We will execute our philosophy with patience and discipline. Regardless of broad market valuation, we believe an inefficiently followed segment like microcap stocks can always provide fertile ground for new ideas that can outperform the market.

ANCORA DIVIDEND VALUE EQUITY FUND

After three consecutive years of double-digit gains, perhaps unsurprisingly, 2022 was a challenging year in the markets. Inflation concerns percolating at the end of 2021 continued to be a major factor, but more so the markets' response to central bank actions to fight inflation in 2022. In addition, the Russia/Ukraine war exacerbated uncertainty even further. The Federal Reserve raised the Federal Funds rate to tame inflation seven separate times in the most recent calendar year. The tolerance in 2022 for pricing pressure and asset resiliency went by the wayside for both equities and fixed income. This resulted in a significant increase in yields, which competed with the Fund's dividend yield.

Value stocks outperformed growth in 2022 across most major asset classes, as we saw price to earnings compression with higher inflation expectations weigh more heavily on the FAANG stocks (Facebook, Amazon, Apple, Netflix, Google) and Microsoft. The Ancora Dividend Value Equity Fund returned a -11.4% versus the Russell 1000 Value Index, our benchmark, return of -7.6%. Sector allocation and stock selection were both drivers of underperformance.

Our overweight in Information Technology was a significant detractor while our stock selection within the sector fared better. Secondarily, our stock selection within the Financial sector had negative relative returns.

Our lack of allocation to the Communications sector aided our performance as the sector declined 26% over the year. We exited our position in Disney earlier in the year as they continued to lose traction on their streaming strategy, were dealing with some political distractions and have not focused on resumption of their dividend. Since our sale, the company has announced some major C-suite changes, including bringing back Bob Iger, the former CEO. Our allocation and selection in Real Estate and Healthcare were also positive contributors to performance.

In the fourth quarter, we initiated a position in Mosaic. Mosaic, a leading supplier of phosphate and potash, has recently benefitted from the agricultural disruptions as a result of the Russia/Ukraine war. We expect that the tight supply dynamics across the agricultural space will continue to benefit the company. The company expanded margins significantly in 2022 while projected cash generation for 2023 estimates a 20% free cash flow yield. Dividend growth has been noteworthy, with 37% for the last year and a 40% compound annual growth rate over the last three years.

We exited a few positions over the course of the year primarily due to an outlook for weaker fundamentals, two of which were sold during the most recent quarter. Fidelity National was a position that we initiated in November 2021. While we felt that much of the thesis was still intact, over the last 12 months their merchant business failed to recover while removing

Annual Report \| 4

INTRODUCTION

several key disclosures. This lack of clarity and transparency along with an outsized exposure to the U.K. led us to reconsider our holding in the stock.

We also exited our long-time position in Medtronic due to inconsistent guidance and over a year of volatile earnings reports. We also felt that the backdrop for medical devices may be hampered by a weakened economic environment and cut backs in capital expenditures by medical facilities.

In the third quarter, we exited our position in Eastman Chemical after the company revised their earnings guidance lower by 20%. The company has made moves to become more specialty chemical-oriented by divesting more commodity-related segments. However, they have been plagued by dramatically higher energy costs in Europe as well as plant outages and weaker demand, which we believe will continue to affect their cash flow. We felt that the recovery process was going to take longer than we were willing to wait.

We manage a concentrated, low turnover portfolio, currently holding 30 names. Our philosophy of choosing companies with strong cash flow, good business models and solid balance sheets alongside consistent dividend growth begets a portfolio of high quality and low turnover. We emphasize free cash flow at the core of our selection process and currently boast an overall free cash flow margin of 17.1% and free cash yield of 6.7%, exceeding the benchmark's levels of 11.4% and 4.7% respectively. We believe that a high-quality portfolio is critical in challenging market environments and periods of slowing economic growth, such as the current environment we are in. The dividend yield on the portfolio is a healthy 2.6% with a 5-year growth rate of 13.7%. Our dividend coverage ratio does not monopolize cash flow with a conservative 3.2x ratio.

While 2022 was a challenging year, we expect continued volatility into the first half of 2023. With earnings season now upon us, we anticipate a weakening in street estimates for this year. We feel that we are well positioned for 2023, having chosen good quality companies with durable cash flow, strong brands, healthy balance sheets, consistent margins and the ability to grow dividends. This approach has shown better returns over longer periods, as evidenced by the Fund's annualized performance since inception (May 2019) compared to the benchmark number over the same period. The Fund has returned 9.9% in that time as the benchmark has returned 7.6%.

![[ancoraannual003.jpg]](ancoraannual003.jpg) ![[ancoraannual004.jpg]](ancoraannual004.jpg) ![[ancoraannual006.gif]](ancoraannual006.gif) ![[ancoraannual007.jpg]](ancoraannual007.jpg)

Bradley Zucker Kevin Gale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Thelen, CFA Michael Santelli, CFA

President, Treasurer Portfolio Manager Portfolio Manager Portfolio Manager

& Secretary

![[ancoraannual008.jpg]](ancoraannual008.jpg)

Sonia Mintun, CFA

Portfolio Manager

Annual Report \| 5

ANCORA INCOME FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

**THE** **ANCORA INCOME FUND** **SEEKS TO PROVIDE INVESTORS A HIGH LEVEL OF CURRENT INCOME WITH A SECONDARY OBJECTIVE OF CAPITAL APPRECIATION.**

PORTFOLIO MANAGER:<br>Kevin Gale <br> Portfolio Manager, Ancora Advisors _________________________<br>NET ASSETS:<br>$32.0 MILLION\*<br> _________________________<br>INCEPTION DATE:<br>JANUARY 5, 2004<br> _________________________<br>TICKERS:<br>CLASS I – AAIIX<br> ________________________<br>MINIMUM INITIAL INVESTMENT:<br>CLASS I – $5,000<br>\* As of December 31, 2022<br>

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| | |
|:---|:---|
| TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF NET ASSETS |
| Annaly Capital Management, Inc., 6.950%, Series F, 03/03/2023 | 1.90% |
| Scorpio Tankers, Inc., 7.000%, Senior Notes 2025 | 1.77% |
| Oxford Lane Capital Corp., 6.250%, Series 2027, Term <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares | 1.77% |
| Apollo Global Management, Inc., 6.375%, Non-Cumulative <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfd., Series A, 03/02/2023 | 1.70% |
| Atlanticus Holdings Corp., 6.125%, Class B, @ 11/30/2023 | 1.67% |
| The Bank of Nova Scotia, 8.625%, Call 10/27/2027 @ 100.00 | 1.62% |
| The Toronto Dominion Bank, 8.125%, 10/31/2027 | 1.62% |
| Chicken Soup For The Soul Entertainment, Inc., 9.500%, Non-<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative, 07/31/2025 | 1.58% |
| General Electric Company, 8.090%, 3/15/2023 | 1.53% |
| KeyCorp, 6.200%, Non-Cumulative, 12/15/2027 | 1.53% |
| SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  | SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF TOTAL INVESTMENTS |
| Traditional Preferred Securities | 72.70% |
| Bonds & Corporate Bond Trust Certificates | 18.81% |
| Common Stocks | 3.66% |
| REIT Senior Securities | 3.43% |
| Investment Companies | 0.90% |
| Senior Securities | 0.49% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> |
|  | ONE<br> YEAR | THREE<br> YEARS  | FIVE<br> YEARS  | TEN<br> YEARS  | SINCE<br> INCEP <sup>(a)</sup> |
| ANCORA INCOME FUND - I <sup>(b)</sup> | -13.59% | -0.71% | 1.42% | 3.21% | 4.30% |
| BLOOMBERG BARCLAY'S AGG. <br> &nbsp;&nbsp;&nbsp;&nbsp;BOND INDEX<sup>(c)</sup>  | -13.01% | -2.71% | 0.02% | 1.06% | 3.07% |

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a)

Inception data reflects the annualized return since 1/05/04.

b)

Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees.

c)

The Bloomberg Barclay's Aggregate Bond Index is a widely recognized unmanaged index of bond prices and is representative of a broader market and range of securities than is found in the Fund's portfolio. Individuals cannot invest directly in the Index.

d)

Data is unaudited.

*The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. *Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.*

Annual Report \| 6

ANCORA INCOME FUND

PERFORMANCE ILLUSTRATION (UNAUDITED)

![[ancoraannual010.gif]](ancoraannual010.gif)

*The chart above assumes an initial investment of $10,000 made on January 5, 2004 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.* The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report \| 7

ANCORA INCOME FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Bonds & Corporate Bond Trust Certificated - 19.06%** |  |  |
| **Trust Certificates - 10.78%** |  |  |
| B. Riley Financial, Inc., 6.375%, Senior Notes | &nbsp;&nbsp;&nbsp;&nbsp;14349  | $326440  |
| Blackstone Private Credit Fund, 7.050%, 09/29/2025 @ 50.00 | 350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347517  |
| Eagle Point Credit Co., Inc., 6.688%, Notes 04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244607  |
| Energy Transfer LP, 7.125%, Call 05/15/2030 @ $100 | 350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292250  |
| Ford Motor Credit Co. LLC, 7.350%, 11/04/2027 call @ 50.00 | 250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256175  |
| Great Ajax Corp., 7.250%, Convertible Senior Notes, 04/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359100  |
| Iron Mountain, Inc., 5.250%, 07/15/2030 | 250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217250  |
| Lincoln National Corp., 9.250%, Call 12/01/2027 @ $100 | 350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368662  |
| Oxford Square Capital Corp., 6.250%, Notes 2026 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000  |
| Scorpio Tankers, Inc., 7.000%, Senior Notes 2025 | &nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567341  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454342  |
| **Traditional Corporate Bonds - 8.28%** |  |  |
| Dominion Energy, Inc., 4.650%, 12/15/2024 | 300000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262500  |
| PNC Financial Services Group, Inc., 6.200%, 09/15/2027 | 350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342038  |
| Charles Schwab Corp., 5.000%, Perp. Call@ 06/01/2027 | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456499  |
| USB, Float, 5.099%, Perp., 01/15/2023 | 250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196875  |
| General Electric Co., 8.090%, 03/15/2023 | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491221  |
| Goldman Sachs Group, Inc., 4.125%, Perp. Call 11/10/2026 @ 100.00 | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416202  |
| Fifth Third Bancorp, 4.900%, Perp., 01/30/2023 | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489569  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654904  |
| **TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost $6,350,041)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109246  |
| **Investment Companies - 0.91%** |  |  |
| **Bond Shares of Beneficial Interest - 0.39%** |  |  |
| Special Opportunities Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11031  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125753  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125753  |
| **Direct Trust Certificates - 0.52%** |  |  |
| Affiliated Managers Group, Inc., 5.875%, 03/30/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166240  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166240  |
| **TOTAL INVESTMENT COMPANIES (Cost $332,876)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291993  |
| **Traditional Preferred Securities - 73.67%** |  |  |
| Affiliated Managers Group, Inc., 4.750%, Junior Subordinated Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84100  |
| AGNC Investment Corp., 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385600  |
| AGNC Investment Corp., 6.875%, Preferred Series D | &nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456550  |
| Annaly Capital Management, Inc., 6.950%, Series F, 03/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609500  |
| Apollo Global Management, Inc., 6.375%, Non-Cumulative Pfd., Series A, 03/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546000  |
| Arbor Realty Trust, Inc., 6.375%, 06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345200  |
| Aspen Insurance Holdings Ltd., 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144560  |
| Aspen Insurance Holdings Ltd., Depositary Shares, 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162090  |
| Assurant, Inc., 5.250%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114  |
| Athene Holding Ltd., Depositary Shares, 5.625%, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139090  |
| Atlanticus Holdings Corp., 6.125%, Class B, @ 11/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;25100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534881  |
| Axs, 5.500%, 12/31/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392000  |

---

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

Annual Report \| 8

ANCORA INCOME FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Traditional Preferred Securities – (Continued)** |  |  |
| Bank of America Corp., 6.000%, Non-Cumulative Pfd., Series GG, 05/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;$239200  |
| Bank OZK, 4.625%Perp., 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236550  |
| Brookfield Infrastructure Partners LP, 5.125%, Class A, Series 13 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160499  |
| Brunswick Corp., 6.500%, Call @ 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482000  |
| Carlyle Finance LLC., 4.625%, 05/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404750  |
| Chicken Soup For The Soul Entertainment, Inc., 9.500%, Non-Cumulative, 07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000  |
| Citizens Financial Group, Inc., Depositary Shares, 5.000%, Series E | &nbsp;&nbsp;&nbsp;&nbsp;12000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231600  |
| Compass Diversified Holdings, 7.875%, Series C | &nbsp;&nbsp;&nbsp;&nbsp;17500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399350  |
| Customers Bancorp, Inc., 6.450%, 03/15/2023 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102941  |
| DTE Energy Co., 5.250%, Pfd. | &nbsp;&nbsp;&nbsp;&nbsp;12500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000  |
| Eagle Point Credit Co., Inc., 5.375%, Call @ 01/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10702  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228381  |
| Energy Transfer Operating, LP, Series E, 7.600% | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437800  |
| Enterprise Financial Services Corp., 5.000%, Non Cumulative Pfd, Series A, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423750  |
| Equitable Holdings, Inc., 5.250%, Depositary Shares | &nbsp;&nbsp;&nbsp;&nbsp;14000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263340  |
| Federal Agricultural Mortgage Corp., 5.250%,Non Cumulative, Series F, Call 10/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;16700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318978  |
| Federal Agricultural Mortgage Corp., 5.750% 07/17/2025 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323475  |
| Fifth Third Bancorp, 6.000%, Non-Cumulative Pfd., Series A, 11/25/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54968  |
| First Citizens Bancshares, Inc., 5.625%, Non Cumulative, Series C, Call @ 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457875  |
| Ford Motor Co., 6.50 %, 08/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233500  |
| Gladstone Investment Corp., 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000  |
| Global Net Lease, Inc., 6.875%, Series B | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486250  |
| Golar LNG Partners LP. 8.750%, 10/31/2022 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000  |
| Green Brick Partners, Inc., 5.750%, Cumulative Preferred, Series A, Call 12/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437850  |
| Huntington Bancshares, 4.500%, 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169600  |
| Huntington Bancshares, Inc., 5.700%, Non-Cumulative, Series C, 03/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108250  |
| JPMorgan Chase & Co., 4.550% 06/01/2026 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186100  |
| KeyCorp, 5.650%, Non-Cumulative, Series F, Call@ 12/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415600  |
| KeyCorp, 6.200%, Non-Cumulative, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490600  |
| KKR Group Financial Co. IX LLC, 4.625%, 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83750  |
| Lincoln National Corp., 9.000%, Non-Cumulative, Series D, 12/0120/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136350  |
| MainStreet Bancshares, Inc., 7.500%, Depositary Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165750  |
| Morgan Stanley, 4.250%, Preferred | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171800  |
| Oaktree Capital Group, LLC, 6.550%, Series B, Preferred Units | &nbsp;&nbsp;&nbsp;&nbsp;11000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235070  |
| OFS Credit Company, 6.125%, 04/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;20920  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476976  |
| Oxford Lane Capital Corp., 6.250%, Series 2027, Term Preferred Shares | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567000  |
| PacWest Bancorp, 7.750%, Non-Cumulative Pfd., Series A, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000  |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394450  |
| Priority Income Fund, Inc., 6.000%, Cumulative Preferred, Series H, Call @ 05/06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151037  |
| Priority Income Fund, Inc., 6.125%, 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426124  |
| Prospect Capital Corp., 5.350%, Cumulative Preferred, Series A, Call @ 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224250  |
| Prudential Financial, Inc., 5.950%, 09/01/2062 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242200  |
| Raymond James Financial, Inc., 6.375%, Non-Cumulative Pfd., Series B, 07/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;11118  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276838  |
| Rc 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375600  |
| Ready Capital Corp., 6.500%, 06/30/2026 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414345  |
| Regions Financial Corp., 5.700%, Series C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182240  |
| Reinsurance Group of America, Inc., 7.125%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259500  |
| Rithm Capital Corp., 7.125%, Series B | &nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442290  |
| RiverNorth Opportunities Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451000  |
| Signature Bank Depositary Shares, 5.000%, Series A, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461100  |
| Steel Partners Holding LP., 6.000%, Preferred, 02/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459400  |

---

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

Annual Report \| 9

ANCORA INCOME FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Traditional Preferred Securities – (Continued)** |  |  |
| Stifel Financial Corp, 5.200%, Call @ 10/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | $302550  |
| Stifel Financial Corp., 6.250%, Non-Cumulative Pfd., Series B, 03/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000  |
| Summit Hotel Properties, Inc., 6.250%, Cumulative Pfd., Series E, Call 11/13/2022 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365600  |
| The Allstate Corp, 5.750%, 8/15/2053 | 350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329000  |
| The Allstate Corp., 5.625%, Non-Cumulative, Series G, 04/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217300  |
| The Bank of Nova Scotia, 8.625%, Call 10/27/2027 @ 100.00  | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520581  |
| The Southern Co. Series 2020A, 4.950%, Junior Subordinated Notes due 01/30/2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127660  |
| The Toronto Dominion Bank, 8.125%, 10/31/2027 | 500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000  |
| Triton International Limited of Bermuda, 7.375%, Cumulative Pfd., Call 12/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36708  |
| Triton International Ltd., 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364200  |
| Truist Financial Corp., Depositary Shares, 4.750%, Series R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152720  |
| Wells Fargo & Co., 4.375%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340600  |
| WesBanco, Inc., Depositary Shares, 6.750%, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200960  |
| Western Alliance BanCorp., Series A, 4,250%, 09/30/2026 Perp. | &nbsp;&nbsp;&nbsp;&nbsp;14844  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299255  |
| Zion Bancorporation, N.A., 6.950%, Call@ 09/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23607796  |
| **TOTAL TRADITIONAL PREFERRED SECURITIES (Cost $27,656,883)** |  | &nbsp;&nbsp;&nbsp;&nbsp;23607796  |
| **REIT Senior Securities - 3.48%** |  |  |
| Hudson Pacific Properties, Inc., 4.750%, Cumulative Preferred, Series C, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313250  |
| Pebblebrook Hotel Trust, 6.300%, Cumulative Preferred, Series F, 12/10/2021 | &nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400500  |
| UMH Properties, Inc., 6.375%, Series D | &nbsp;&nbsp;&nbsp;&nbsp;18000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400500  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114250  |
| **TOTAL REIT SENIOR SECURITIES (Cost $1,504,464)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114250  |
| **Senior Securities - 0.50%** |  |  |
| QVC, Inc. 6.250% Senior Secured  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65835  |
| QVC, Inc. 6.375% Senior Secured | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94320  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160155  |
| **TOTAL SENIOR SECURITIES (Cost $331,264)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160155  |
| **Common Stocks - 3.71%** |  |  |
| **Capital Markets - 0.96%** |  |  |
| AllianceBernstein Holding LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144354  |
| Golub Capital BDC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164500  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308854  |
| **Multiline Retail - 1.04%** |  |  |
| Franchise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333480  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333480  |
| **Oil, Gas & Consumable Fuels - 1.70%** |  |  |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184530  |
| Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361800  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546330  |
| **COMMON STOCKS (Cost $1,463,607)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188664  |

---

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

Annual Report \| 10

ANCORA INCOME FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TOTAL INVESTMENTS (Cost $37,639,135) - 101.33%** |  | $32472104  |
| **Liabilities In Excess of Other Assets - (1.33)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424862) |
| **TOTAL NET ASSETS - 100.00%** |  | $32047242  |

---

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

Annual Report \| 11

ANCORA /THELEN SMALL-MID CAP FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

**THE** **ANCORA/THELEN SMALL-MID CAP FUND** **SEEKS TO OBTAIN CAPITAL APPRECIATION.**

PORTFOLIO MANAGER:<br>Dan Thelen<br> Managing Director – Small-Mid Cap Equities, Ancora Advisors<br> _________________________<br>NET ASSETS:<br>$135.2 MILLION\*<br> _________________________<br>INCEPTION DATE:<br>JANUARY 2, 2013<br> _________________________<br>TICKERS:<br>CLASS I – AATIX<br> CLASS S - AATSX<br> ________________________<br>MINIMUM INITIAL INVESTMENT:<br>CLASS I – $5,000<br> CLASS S – $1,500,000<br>\* As of December 31, 2022<br>

---

| | |
|:---|:---|
| TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF NET ASSETS |
| APi Group Corp. | 4.05% |
| Vectrus, Inc. | 3.47% |
| Jackson Financial, Inc. | 3.11% |
| Organon & Co. | 2.41% |
| Ingevity Corp. | 2.23% |
| Henry Schein, Inc. | 2.22% |
| DT Midstream, Inc. | 2.16% |
| Fortune Brands Innovations, Inc. | 2.08% |
| Osisko Gold Royalties Ltd. | 2.03% |
| Alight, Inc. Class A | 1.98% |
| SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  | SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF TOTAL INVESTMENTS |
| Industrials | 20.41% |
| Financials | 14.01% |
| Consumer Discretionary | 12.46% |
| Health Care | 10.62% |
| Materials | 7.69% |
| Real Estate | 7.50% |
| Communication Services | 6.16% |
| Utilities | 5.79% |
| Energy | 5.40% |
| Consumer Staples | 5.34% |
| Information Technology | 4.31% |
| Money Market Funds | 0.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  |
|  | ONE<br> YEAR | THREE<br> YEARS | FIVE YEARS | TEN YEARS | SINCE<br> INCEP<sup>(a)</sup> |
| ANCORA/THELEN SMALL-MID CAP FUND – I <sup>(b)</sup> | -17.32% | 4.88% | 4.70% | 8.47% | 8.48% |
| ANCORA/THELEN SMALL-MID CAP FUND – S <sup>(b)</sup> | -17.13% | 5.15% | 4.96% | N/A | 6.17% |
| RUSSELL 2500 INDEX <sup>(c)</sup>  | -18.37% | 5.00% | 5.89% | 10.03% | 10.03% |

---

a)

Inception data reflects the total return since 01/02/13 for Class I, and Russell 2500 Index and 06/19/2015 for Class S.

b)

Return figures reflect any change in price per share and assume the reinvestment of all distributions.

c)

The Russell 2500 Index, an unmanaged index, consists of 2500 stocks chosen for market size, liquidity, and industry group representation. It is market-value weighted (stock price times number of shares outstanding), with each stock's weighting in the Index proportionate to its market value and not available for purchase. If you were to purchase the securities that make up this Index, your returns would be lower once fees and/or commissions are deducted.

d)

Data is unaudited.

*The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. *Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.* 

Annual Report \| 12

ANCORA /THELEN SMALL-MID CAP FUND

PERFORMANCE ILLUSTRATION (UNAUDITED)

![[ancoraannual012.gif]](ancoraannual012.gif)

*The chart above assumes an initial investment of $10,000 made on January 2, 2013 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.* The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report \| 13

ANCORA /THELEN SMALL-MID CAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks - 99.56%** |  |  |
| **Aerospace & Defense - 3.47%** |  |  |
| Vectrus, Inc. (a) | 113634  | $4691948  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691948  |
| **Banks - 0.88%** |  |  |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21851  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192409  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192409  |
| **Beverages - 1.35%** |  |  |
| Primo Water Corp. | 117440  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825018  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825018  |
| **Building Products - 4.48%** |  |  |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49133  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805986  |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22939  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070563  |
| Masterbrand, Inc. (a) | 289672  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187024  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063573  |
| **Capital Markets - 3.39%** |  |  |
| B. Riley Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8488  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290290  |
| Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13976  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218148  |
| Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;94775  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928795  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12728  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359987  |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783175  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580395  |
| **Chemicals - 3.84%** |  |  |
| Ingevity Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;42800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014832  |
| Orion Engineered Carbons S.A. | &nbsp;&nbsp;&nbsp;&nbsp;31020  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552466  |
| Valvoline, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49795  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625807  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193105  |
| **Commercial Services & Supplies - 0.75%** |  |  |
| Ritchie Bros. Auctioneers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229585  |
| Thryv Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41288  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784472  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014057  |
| **Communication Equipment - 0.99%** |  |  |
| IAC/InterActive Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;30240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342656  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342656  |
| **Construction & Engineering- 5.16%** |  |  |
| APi Group Corp. (a) (c) | 290777  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469515  |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27819  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511684  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981199  |
| **Distributors - 0.39%** |  |  |
| Weyco Group, Inc | &nbsp;&nbsp;&nbsp;&nbsp;25224  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533740  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533740  |
| **Diversified Financial Services - 5.28%** |  |  |
| Cannae Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;95968  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981739  |
| Jackson Financial, Inc. | 120966  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4208407  |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15380  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945716  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135862  |
| **Electric Utilities - 1.66%** |  |  |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22020  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898344  |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10920  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347474  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245819  |

---

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

Annual Report \| 14

ANCORA /THELEN SMALL-MID CAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Electronic Equipment, Instruments & Comp - 1.36%** |  |  |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95250  | $1841182  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841182  |
| **Energy Equipment & Services- 1.90%** |  |  |
| ChampionX Holding, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;88505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565760  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565760  |
| **Equity Real Estate Investment Trusts - 7.49%** |  |  |
| Alpine Income Property Trust, Inc. | 123555  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357429  |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98268  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796339  |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32406  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688029  |
| Howard Hughes Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16860  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288441  |
| JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;28750  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545675  |
| Postal Realty Trust, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;48923  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710851  |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39684  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745699  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10132463  |
| **Food Products - 3.00%** |  |  |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13290  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187594  |
| Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;20870  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254823  |
| Nomad Foods Ltd. (a) | 151883  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618463  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060880  |
| **Gas Utilities - 1.91%** |  |  |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;38839  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458509  |
| RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126810  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585319  |
| **Health Care Equipment & Supplies - 2.37%** |  |  |
| Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16056  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859317  |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987004  |
| ZimVie, Inc. (a) | 144800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352432  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198753  |
| **Health Care Providers & Services - 5.07%** |  |  |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12440  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744036  |
| Enhabit, Inc. (a) | 140330  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846743  |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;37554  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999438  |
| ModivCare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11030  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989722  |
| The Pennant Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25384  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278716  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858655  |
| **Hotels, Restaurants, & Leisure - 8.77%** |  |  |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338986  |
| Chuy's Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34794  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984670  |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46180  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636619  |
| Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24546  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585672  |
| Golden Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424116  |
| Inspired Entertainment, Inc. (a) | 100870  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278023  |
| Travel N Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;64932  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363525  |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31401  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239205  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850816  |
| **Household Durables - 1.08%** |  |  |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754770  |
| Hooker Furniture Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;37932  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709328  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464098  |

---

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

Annual Report \| 15

ANCORA /THELEN SMALL-MID CAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Household Products - 0.50%** |  |  |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11090  | $675603  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675603  |
| **IT Services - 1.29%** |  |  |
| Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10593  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410564  |
| Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72010  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331246  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741810  |
| **Independent Power and Renewable - 1.20%** |  |  |
| Vistra Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70168  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627898  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627898  |
| **Interactive Media & Services - 0.50%** |  |  |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8631  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682712  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682712  |
| **Insurance - 1.27%** |  |  |
| F&G Annuities & Life, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;85922  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719299  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719299  |
| **Life Sciences Tools & Services - 0.76%** |  |  |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021951  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021951  |
| **Machinery - 2.88%** |  |  |
| Crane Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353584  |
| ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17068  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800831  |
| Hillman Solutions Corp. (a) | 143550  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034996  |
| John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627437  |
| The Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;41830  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071685  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888533  |
| **Media - 4.07%** |  |  |
| Liberty Braves Series C (a) | &nbsp;&nbsp;&nbsp;&nbsp;44275  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426983  |
| Liberty SiriusXM Series C (a)  | &nbsp;&nbsp;&nbsp;&nbsp;64830  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536798  |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39101  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542925  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506706  |
| **Metals & Mining - 2.42%** |  |  |
| Gold Resource Corp. | 340200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520506  |
| Osisko Gold Royalties Ltd. | 227855  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750210  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270716  |
| **Multi-Utilities- 2.39%** |  |  |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19280  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356155  |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61906  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878228  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234383  |
| **Oil, Gas & Consumable Fuels- 3.49%** |  |  |
| Amplify Energy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152067  |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17484  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649965  |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52813  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918446  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720478  |
| **Paper & Forest Products - 1.42%** |  |  |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39450  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916876  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916876  |

---

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

Annual Report \| 16

ANCORA /THELEN SMALL-MID CAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Personal Products - 0.48%** |  |  |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25500  | $653820  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653820  |
| **Pharmaceuticals - 2.41%** |  |  |
| Organon & Co. | 116770  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261386  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261386  |
| **Professional Services - 1.98%** |  |  |
| Alight, Inc. Class A (a) | 320076  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675835  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675835  |
| **Software - 1.66%** |  |  |
| Consensus Cloud Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41667  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240018  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240018  |
| **Specialty Retail - 0.85%** |  |  |
| The Aaron's Co, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10840  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129538  |
| Tilly's, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;54780  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495759  |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14780  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528828  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154125  |
| **Textiles, Apparel & Luxury Goods - 1.34%** |  |  |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11542  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461565  |
| Wolverine World Wide, Inc. | 123902  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354249  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815814  |
| **Thrifts & Mortgage Finance - 3.18%** |  |  |
| Columbia Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;97156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100513  |
| Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19475  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195027  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295540  |
| **Trading Companies & Distributors - 0.85%** |  |  |
| Distribution Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31047  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144392  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144392  |
| **TOTAL COMMON STOCKS (Cost $126,847,379)** |  | &nbsp;&nbsp;&nbsp;&nbsp;134605602  |
| **Money Market Funds - 0.32%** |  |  |
| First American Funds Government Obligation Class Y 3.79% (b)  | 426098  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426098  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426098  |
| **TOTAL MONEY MARKET FUNDS (Cost $426,098)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426098  |
| **TOTAL INVESTMENTS (Cost $127,273,477) - 99.87%** |  | &nbsp;&nbsp;&nbsp;&nbsp;135031700  |
| **Other Assets In Excess of Liabilities - 0.13%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170932  |
| **TOTAL NET ASSETS - 100.00%** |  | $135202632  |

---

(a) Non-Income producing.

(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.

(c) ADR - American Depository Receipt

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

Annual Report \| 17

ANCORA MICROCAP FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

**THE** **ANCORA MICROCAP FUND** **SEEKS TO OBTAIN CAPITAL APPRECIATION.**

PORTFOLIO MANAGER:<br>Michael Santelli<br> Managing Director – Microcap Equities, Ancora Advisors<br>_________________________<br>NET ASSETS:<br>$13.5 MILLION\*<br> _________________________<br>INCEPTION DATE:<br>SEPTEMBER 2, 2008<br> _________________________<br>TICKERS:<br>CLASS I – ANCIX<br> ________________________<br>MINIMUM INITIAL INVESTMENT:<br>CLASS I – $5,000<br>\* As of December 31, 2022<br>

---

| | |
|:---|:---|
| TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF NET ASSETS |
| BG Staffing, Inc. | 5.15% |
| Silvercrest Asset Management Group, Inc. | 4.21% |
| Vaalco Energy, Inc. | 3.63% |
| Computer Task Group, Inc. | 3.08% |
| Lakeland Industries, Inc. | 2.88% |
| Polished.com, Inc. | 2.84% |
| Crawford & Company CRD-A | 2.83% |
| Richardson Electronics Ltd. | 2.77% |
| TIPTREE, Inc. | 2.64% |
| Postal Realty Trust, Inc. | 2.60% |
| SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  | SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF TOTAL INVESTMENTS |
| Financials | 24.21% |
| Industrials | 22.54% |
| Information Technology | 16.08% |
| Consumer Discretionary | 15.16% |
| Energy | 9.41% |
| Consumer Staples | 3.48% |
| Real Estate | 3.08% |
| Money Market Funds | 2.59% |
| Health Care | 2.03% |
| Materials | 1.42% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup>  |
|  | ONE<br> YEAR | THREE<br> YEARS  | FIVE<br> YEARS  | TEN<br> YEARS  | SINCE<br> INCEP<sup>(a)</sup> |
| ANCORA MICROCAP FUND - I<sup>(b)</sup> | -7.92% | 9.79% | 2.68% | 8.57% | 8.03% |
| RUSSELL MICROCAP INDEX<sup>(c)</sup> | -21.96% | 4.05% | 3.69% | 8.86% | 7.36% |

---

a)

Inception data reflects the annualized return since 09/02/08.

b)

Return figures reflect any change in price per share and assume the reinvestment of all distributions.

c)

The Russell Microcap Index measures the performance of the Microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the small-cap Russell 2000 Index based on a combination of their market cap and current index membership. If you were to purchase the securities that make up this index, your return would be lower once fees and/or commissions are deducted.

d)

Data is unaudited.

*The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. *Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.* 

Annual Report \| 18

ANCORA MICROCAP FUND

PERFORMANCE ILLUSTRATION (UNAUDITED)

![[ancoraannual014.gif]](ancoraannual014.gif)

*The chart above assumes an initial investment of $10,000 made on September 2, 2008 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.* The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report \| 19

ANCORA MICROCAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks - 97.60%** |  |  |
| **Aerospace & Defense - 1.49%** |  |  |
| AerSale Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12421  | $201469  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201469  |
| **Banks - 4.14%** |  |  |
| The First of Long Island Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12731  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229158  |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;13619  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330669  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559827  |
| **Capital Markets - 11.82%** |  |  |
| 180 Degree Capital Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39195  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206950  |
| Diamond Hill Investment Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262358  |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6807  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263090  |
| Heritage Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;97489  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229099  |
| Newtek Business Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67129  |
| Silvercrest Asset Management Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569482  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598108  |
| **Commercial Services & Supplies - 3.69%** |  |  |
| Kimball International, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;44960  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292240  |
| Perma-Fix Environmental Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58471  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206403  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498643  |
| **Communication Equipment- 2.00%** |  |  |
| Aviat Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210439  |
| PCTEL, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;13847  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59542  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269981  |
| **Construction & Engineering - 4.72%** |  |  |
| Concrete Pumping Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;29089  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170171  |
| Orion Group Holdings, Inc. (a) | 105543  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251192  |
| Sterling Construction Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216644  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638007  |
| **Distributors - 1.13%** |  |  |
| VOXX International Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18294  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153304  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153304  |
| **Diversified Financial Services - 2.64%** |  |  |
| TIPTREE, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;25769  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356643  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356643  |
| **Electrical Equipment, Instruments & Comp - 4.66%** |  |  |
| Iteris, Inc (a) | &nbsp;&nbsp;&nbsp;&nbsp;42239  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131363  |
| Key Tronic Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28805  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124726  |
| Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17553  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374405  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630494  |
| **Electronic Equipment, Instruments & Comp - 0.56%** |  |  |
| Coda Octopus Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76290  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76290  |
| **Energy Equipment & Services - 0.80%** |  |  |
| Independence Contract Drilling, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108306  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108306  |
| **Equity Real Estate Investment Trusts - 2.60%** |  |  |
| Postal Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24214  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351829  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351829  |

---

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

Annual Report \| 20

ANCORA MICROCAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Food Products - 1.92%** |  |  |
| Coffee Holding Company, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;54308  | $110788  |
| Lifecore Biomedical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22878  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148249  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259037  |
| **Health Care Providers & Services - 2.04%** |  |  |
| Psychemedics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26088  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127954  |
| Viemed Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19496  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147390  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275344  |
| **Household Durables - 1.93%** |  |  |
| Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16974  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261400  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261400  |
| **IT Services - 4.31%** |  |  |
| Computer Task Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;55053  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416201  |
| International Money Express, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166642  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582843  |
| **Insurance - 2.83%** |  |  |
| Crawford & Co. (CRD-A) | &nbsp;&nbsp;&nbsp;&nbsp;68763  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382322  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382322  |
| **Internet & Direct Marketing Retail - 2.84%** |  |  |
| Polished.com, Inc. (a) | 665462  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384437  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384437  |
| **Leisure Products - 2.35%** |  |  |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36578  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317497  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317497  |
| **Machinery - 0.78%** |  |  |
| LB Foster Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10930  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105802  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105802  |
| **Marine - 4.67%** |  |  |
| Eagle Bulk Shipping, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288403  |
| Genco Shipping & Trading Limited | &nbsp;&nbsp;&nbsp;&nbsp;22288  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342344  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630747  |
| **Metals & Mining -0.76%** |  |  |
| Endeavour Silver Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27796  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90059  |
| Universal Stainless & Alloy Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14327  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102725  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192784  |
| **Oil, Gas & Consumable Fuels - 8.63%** |  |  |
| Adams Resources & Energy, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165838  |
| Alto Ingredients, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;81634  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235106  |
| Evolution Petroleum Corp.  | &nbsp;&nbsp;&nbsp;&nbsp;16081  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121411  |
| Teekay Tankers Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153773  |
| Vaalco Energy, Inc.  | 107593  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490624  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166752  |
| **Personal Products - 1.57%** |  |  |
| Nature's Sunshine Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25518  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212310  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212310  |
| **Professional Services - 6.39%** |  |  |
| Acacia Research Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39990  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168358  |
| BG Staffing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695528  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863886  |

---

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

Annual Report \| 21

ANCORA MICROCAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Real Estate Investment Trusts- 10.97%** |  |  |
| Sachem Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11659  | $38475  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38475  |
| **Real Estate Management & Development - 18.53%** |  |  |
| LuxUrban Hotels, Inc | &nbsp;&nbsp;&nbsp;&nbsp;38243  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65009  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65009  |
| **Semiconductors & Semiconductor Equipment- 1.23%** |  |  |
| Amtech Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21809  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165748  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165748  |
| **Software - 1.64%** |  |  |
| Allot Communications Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151443  |
| Intellicheck, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34939  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69878  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221321  |
| **Specialty Retail - 1.45%** |  |  |
| America's Car-Mart, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195969  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195969  |
| **Technology Hardware, Storage & Peripheral Total - 1.73%** |  |  |
| Immersion Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33187  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233305  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233305  |
| **Textiles, Apparel, & Luxury Goods - 5.42%** |  |  |
| Culp, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;44535  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204416  |
| Lakeland Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;29223  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388666  |
| Movado Group, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139030  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732112  |
| **Thrifts & Mortgage Finance - 1.32%** |  |  |
| Federal Agricultural Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178420  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178420  |
| **Trading Companies & Distributors - 2.11%** |  |  |
| Karat Packaging Co. | &nbsp;&nbsp;&nbsp;&nbsp;19863  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285431  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285431  |
| **TOTAL COMMON STOCKS (Cost $13,675,921)** |  | &nbsp;&nbsp;&nbsp;&nbsp;13193852  |
| **Warrant - 0.08%** |  |  |
| **Household Durables - 0.08%** |  |  |
| Zagg/Cvr.Us | &nbsp;&nbsp;&nbsp;&nbsp;71453  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718  |
| **TOTAL WARRANT (Cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10718  |
| **Money Market Funds - 2.60%** |  |  |
| First American Funds Institutional Government Fund Class Y 3.79% (b) | 350867  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350867  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350867  |
| **TOTAL MONEY MARKET FUNDS (Cost $350,867)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350867  |
| **TOTAL INVESTMENTS (Cost $14,026,788) - 100.27%** |  | &nbsp;&nbsp;&nbsp;&nbsp;13555437  |
| **Liabilities In Excess of Other Assets - (0.27)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37175) |
| **TOTAL NET ASSETS - 100.00%** |  | $13518262  |

---

(a) Non-Income producing.

(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.

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

Annual Report \| 22

ANCORA DIVIDEND VALUE EQUITY FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

**THE** **ANCORA DIVIDEND VALUE EQUITY FUND** **SEEKS TO PROVIDE GROWTH OF INCOME AND LONG-TERM CAPITAL APPRECIATION.**

PORTFOLIO MANAGERS:<br>Sonia Mintun<br> David Sowerby<br> Tom Kennedy <br> Portfolio Manager, Ancora Advisors<br> _________________________<br>NET ASSETS:<br>$36.9 MILLION\*<br> _________________________<br>INCEPTION DATE:<br>May 7, 2019<br> _________________________<br>TICKERS:<br>CLASS I – ADEIX<br> ________________________<br>MINIMUM INITIAL INVESTMENT:<br>CLASS I – $5,000<br>\* As of December 31, 2022<br>

---

| | |
|:---|:---|
| TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  | TOP HOLDINGS: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF NET ASSETS |
| First American Funds Institutional Government <br> &nbsp;&nbsp;&nbsp;&nbsp;Fund Class Y | 7.81% |
| AbbVie, Inc. | 5.36% |
| Chevron Corp. | 5.10% |
| Broadcom, Inc. | 5.00% |
| Johnson & Johnson | 4.50% |
| JP Morgan Chase & Co. | 4.49% |
| UnitedHealth Group, Inc. | 4.45% |
| The Home Depot, Inc. | 4.17% |
| CVS Health Corp. | 4.07% |
| Honeywell International, Inc. | 4.06% |
| SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  | SECTOR DIVERSIFICATION: DECEMBER 31, 2022 <sup>(d)</sup>  |
| NAME | % OF TOTAL INVESTMENTS |
| Health Care | 18.38% |
| Financials | 16.52% |
| Information Technology | 16.26% |
| Consumer Discretionary | 13.62% |
| Industrials | 9.44% |
| Energy | 9.14% |
| Money Market Funds | 7.81% |
| Consumer Staples | 5.51% |
| Real Estate | 2.03% |
| Materials | 1.29% |

---

---

| | | | |
|:---|:---|:---|:---|
| TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> | TOTAL RETURNS: DECEMBER 31, 2022 <sup>(d)</sup> |
|  | ONE <br> YEAR | THREE YEARS | SINCE<br> INCEP<sup>(a)</sup> |
| ANCORA DIVIDEND VALUE EQUITY - I<sup>(b)</sup> | -11.41% | 7.12% | 9.41% |
| RUSSELL 1000 VALUE INDEX<sup>(c)</sup>  | -7.54% | 5.96% | 7.60% |

---

a)

Inception data reflects the return since 05/07/2019.

b)

Return figures reflect any change in price per share and assume the reinvestment of all distributions.

c)

The Russell 1000 Value Index is designed to be a measure of the large and mid-sized capitalization companies in the United States equities market. The index is a composite of roughly 1,000 securities issued by the largest companies in the U.S. in terms of market capitalization. The Russell 1000 Value Index is a subset of the securities found in the Russell 1000.

d)

Data is unaudited.

*The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. *Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.* 

Annual Report \| 23

ANCORA DIVIDEND VALUE EQUITY FUND

PERFORMANCE ILLUSTRATION (UNAUDITED)

![[ancoraannual016.gif]](ancoraannual016.gif)

*The chart above assumes an initial investment of $10,000 made on May 7, 2019 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.* The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares*. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report \| 24

ANCORA DIVIDEND VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks - 92.19%** |  |  |
| **Aerospace & Defense - 2.44%** |  |  |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325  | $900508  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900508  |
| **Automobiles - 1.36%** |  |  |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14945  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502750  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502750  |
| **Banks - 10.60%** |  |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39960  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323475  |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23655  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931297  |
| JP Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12370  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658817  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913589  |
| **Capital Markets - 4.05%** |  |  |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744061  |
| Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751755  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495816  |
| **Chemicals - 1.29%** |  |  |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475990  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475990  |
| **Consumer Finance - 1.88%** |  |  |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693126  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693126  |
| **Electrical Equipment - 2.94%** |  |  |
| Eaton Corporation Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086879  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086879  |
| **Equity Real Estate Investment Trusts - 2.03%** |  |  |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24235  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751285  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751285  |
| **Food Products - 3.33%** |  |  |
| Nestlé S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231255  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231255  |
| **Health Care Providers & Services - 8.52%** |  |  |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504087  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643558  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147645  |
| **Hotels, Restaurants & Leisure - 5.71%** |  |  |
| Marriott International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524837  |
| McDonalds Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212238  |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373664  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110739  |
| **Household Products - 2.17%** |  |  |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803268  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803268  |
| **IT Services - 2.71%** |  |  |
| Accenture Plc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000650  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000650  |
| **Industrial Conglomerates - 4.06%** |  |  |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500100  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500100  |

---

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

Annual Report \| 25

ANCORA DIVIDEND VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – (Continued)** |  |  |
| **Oil, Gas & Consumable Fuels - 9.14%** |  |  |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500  | $1884645  |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489480  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374125  |
| **Pharmaceuticals - 9.86%** |  |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979722  |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661393  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641115  |
| **Semiconductors & Semiconductor Equipment - 6.00%** |  |  |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845129  |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370093  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215222  |
| **Software - 4.01%** |  |  |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480888  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480888  |
| **Specialty Retail - 4.17%** |  |  |
| The Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539818  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539818  |
| **Technology Hardware, Storage & Peripheral - 3.54%** |  |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309045  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309045  |
| **Textiles, Apparel & Luxury Goods - 2.38%** |  |  |
| NIKE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878160  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878160  |
| **TOTAL COMMON STOCKS (Cost $25,726,716)** |  | &nbsp;&nbsp;&nbsp;&nbsp;34051973  |
| **Money Market Funds - 7.81%** |  |  |
| First American Funds Institutional Government Fund Class Y 3.79% (a) | 2883980  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883980  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883980  |
| **TOTAL MONEY MARKET FUNDS (Cost $2,883,980)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883980  |
| **TOTAL INVESTMENTS (Cost $28,610,696) - 100.00%** |  | &nbsp;&nbsp;&nbsp;&nbsp;36935953  |
| **Liabilities In Excess of Other Assets - (0.00)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977) |
| **TOTAL NET ASSETS - 100.00%** |  | $36934976  |

---

(a) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.

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

Annual Report \| 26

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Ancora Trust

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Ancora Trust, comprising the funds listed below (the "Funds") as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, 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.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of Operations  | Statements of Changes in Net Assets | Financial Highlights |
| Ancora Income Fund, Ancora/Thelen Small-Mid Cap Fund, and Ancora MicroCap Fund | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022 2021, 2020, 2019, and 2018  |
| Ancora Dividend Value Equity Fund | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021, 2020 and for the period May 7, 2019 (commencement of operations) through December 31 2019 |

---

<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.

Annual Report \| 27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2004.

![[ancoraannual017.jpg]](ancoraannual017.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 28, 2023

Annual Report \| 28

FINANCIAL REVIEW

STATEMENTS OF ASSETS & LIABILITIES – As of December 31, 2022

![[ancoraannual019.gif]](ancoraannual019.gif)

(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

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

Annual Report \| 29

FINANCIAL REVIEW

STATEMENTS OF OPERATIONS – For the year ended December 31, 2022

![[ancoraannual021.gif]](ancoraannual021.gif)

(a) Net of foreign taxes withheld $22, $8,209, $0, and $3,661, respectively

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

Annual Report \| 30

FINANCIAL REVIEW

STATEMENTS OF CHANGES IN NET ASSETS

![[ancoraannual023.gif]](ancoraannual023.gif)

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

Annual Report \| 31

FINANCIAL REVIEW

STATEMENTS OF CHANGES IN NET ASSETS

![[ancoraannual025.gif]](ancoraannual025.gif)

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

Annual Report \| 32

FINANCIAL REVIEW

STATEMENTS OF CHANGES IN NET ASSETS

![[ancoraannual027.gif]](ancoraannual027.gif)

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

Annual Report \| 33

FINANCIAL REVIEW

STATEMENTS OF CHANGES IN NET ASSETS

![[ancoraannual029.gif]](ancoraannual029.gif)

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

Annual Report \| 34

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING – throughout each year

![[ancoraannual031.gif]](ancoraannual031.gif)

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Amount is less than $0.005.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

Annual Report \| 35

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING – throughout each year

![[ancoraannual033.gif]](ancoraannual033.gif)

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Amount is less than $0.005.

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

Annual Report \| 36

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING – throughout each year

![[ancoraannual035.gif]](ancoraannual035.gif)

(a) Net investment income (loss) per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) Amount is less than $0.005.

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

Annual Report \| 37

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING – throughout each year/period

![[ancoraannual037.gif]](ancoraannual037.gif)

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Annualized

(f) Not Annualized

(g) For period May 7, 2019 (commencement of operations) through December 31, 2019.

(h) Amount is less than $0.005.

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

Annual Report \| 38

FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING – throughout each year

![[ancoraannual039.gif]](ancoraannual039.gif)

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

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

Annual Report \| 39

FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements

December 31, 2022

**NOTE 1. ORGANIZATION**

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

The Funds will deduct a 2% redemption fee from redemption proceeds if shares are purchased and then redeemed within 90 days. For the year ended December 31, 2022, the Income Fund – Class I collected $5,237 in redemption fees. For the year ended December 31, 2022, the Small-Mid Cap Fund – Class I collected $571 in redemption fees. For the year ended December 31, 2022, the MicroCap Fund – Class I did not collect any redemption fees. For the year ended December 31, 2022, the Small-Mid Cap Fund – Class S did not collect any redemption fees. For the year ended December 31, 2022, the Dividend Value Equity Fund – Class I collected $26 in redemption fees.

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

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

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

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

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

As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalty, if any, related to recognized tax benefits or income tax expense on the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

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

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

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

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| | | |
|:---|:---|:---|
|  | Distributable<br>Earnings | Paid<br>In Capital |
| Income Fund | $77050 | $(77050) |
| Small-Mid Cap Fund | $- | $- |
| MicroCap Fund | $- | $- |
| Dividend Value Fund | $- | $- |

---

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

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

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

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

**NOTE 3. SECURITIES VALUATIONS**

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

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

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

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

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

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

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

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

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

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

Fixed income securities - Fixed income securities are valued by a pricing service when the Advisor believes such prices are accurate and reflect the fair value of such securities. If the Advisor decides that a price provided by the pricing services does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

of maturity, are valued by using the amortized cost method of valuation. Generally, fixed income securities are categorized as Level 2 within the fair value hierarchy.

The following table summarizes the inputs used to value each Fund's assets measured at fair value as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund**<br> **Valuation Inputs of Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bonds & Corporate Bond Trust Certs. | $1972489 | $4136757 | $- | $6109246 |
| Investment Companies | 291993 | - | - | 291993 |
| Traditional Preferred Securities | 22238215 | 1369581 | - | 23607796 |
| REIT Senior Securities | 1114250 | - | - | 1114250 |
| Senior Securities | 160155 | - | - | 160155 |
| Common Stocks | 1188664 | - | - | 1188664 |
| Total | $26965766 | $5506338 | $- | $32472104 |
| **Small-Mid Cap Fund**<br> **Valuation Inputs of Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $134605602 | $- | $- | $134605602 |
| Money Market Funds | 426098 | - | - | 426098 |
| Total | $135031700 | $- | $- | $135031700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MicroCap Fund**<br> **Valuation Inputs of Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $13193852 | $- | $- | $13193852 |
| Warrant | - | 10718 | - | 10718 |
| Money Market Funds | 350867 | - | - | 350867 |
| Total | $13544719 | $10718 | $- | $13555437 |
| **Dividend Value Equity Fund**<br> **Valuation Inputs of Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $34051973 | $- | $- | $34051973 |
| Money Market Funds | 2883980 | - | - | 2883980 |
| Total | $36935953 | $- | $- | $36935953 |

---

\* The Funds did not hold any Level 3 assets during the year ended December 31, 2022. For more detail on the investments in securities please refer to the Schedules of Investments. The Funds did not hold any derivative investments at any time during the year ended December 31, 2022.

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

During 2021, Ancora joined Focus Financial Partners, LLC ("Focus"), a leading partnership of over 80 independent wealth management and financial services firms located throughout the United States and abroad via a merger agreement. The Ancora Group LLC is the parent company of the Advisor. The Ancora Group LLC is a wholly owned subsidiary of Ancora Holdings Group, LLC

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

Ancora Holdings Group, LLC which is a wholly owned subsidiary of Focus Operating, LLC, which is a wholly owned subsidiary of Focus LLC. Focus Financial Partners, LLC is the sole managing member of Focus LLC and is a public company traded on the NASDAQ Global Select Market. Ancora Advisors, LLC is managed by certain individuals ("Ancora Advisors, LLC Principals"), pursuant to a management agreement between Terza Partners, LLC and Ancora Advisors, LLC. The Ancora Advisors, LLC Principals serve as officers and leaders of Ancora Advisors, LLC and, in that capacity, are responsible for the management, supervision and oversight of Ancora Advisors, LLC. The Trust retains Ancora Advisors, LLC to manage the Funds' investments. Under the terms of the Investment Advisory Agreement, (the "Agreement"), the Advisor manages the Funds' investments in accordance with the stated policies of the Funds, subject to approval of the Board. The Advisor makes investment decisions for each Fund and places the purchase and sale orders for portfolio transactions.

As compensation for management services, Small-Mid Cap Fund and MicroCap Fund are obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 1.00% of the average daily net assets of each Fund. As compensation for management services, the Income Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.50% of the average daily net assets. As compensation for management services, the Dividend Value Equity Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.75% of the average daily net assets of the Fund. For the year ended December 31, 2022, the Advisor earned fees of $185,672 from the Income Fund, $1,425,765 from the Small-Mid Cap Fund, $142,738 from the MicroCap Fund, and $268,646 from the Dividend Value Equity Fund. At December 31, 2022, payables to the Advisor were $15,070, $108,438, $9,082, and $19,718 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

The Advisor has contractually agreed to waive management fees in order to limit total annual operating expenses (excluding dividend expenses relating to short sales, interest, taxes, brokerage commissions and the cost of acquired fund fees and expenses) for the Income Fund to 1.285% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor did not waive any management fees for the Income Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Small-Mid Cap Fund to 1.39% for Class I shares and 1.00% for Class S shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $108,686 for the Small-Mid Cap Fund Class S shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the MicroCap Fund to 1.60% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $35,840 for the MicroCap Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Dividend Value Equity Fund to 1.00% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $60,349 for the Dividend Value Equity Fund Class I shares. The Advisor is entitled to recover such waived amounts within the same fiscal year in

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

which the Advisor reduced its fee. No recoupment will occur except to the extent that the Funds' expenses, together with the amount recovered, do not exceed the applicable expense limitation within the same fiscal year.

The Funds have entered into an Administration Agreement with The Ancora Group, LLC, an affiliate of the Advisor. Pursuant to the Administration Agreement, each of the Funds will pay an administration fee equal to 0.10% of average net assets of each Fund monthly. Under the Administration Agreement, The Ancora Group, LLC will assist in maintaining office facilities, furnish clerical services, prepare and file documents with the Securities and Exchange Commission, coordinate the filing of tax returns, assist with the preparation of the Funds' Annual and Semi-Annual Reports to shareholders, monitor the Funds' expense accruals and pay all expenses, monitor the Funds' sub-chapter M status, maintain the Funds' fidelity bond, monitor each Fund's compliance with such Funds' policies and limitations as set forth in the Prospectus and Statement of Additional Information and generally assist in the Funds' operations. For the year ended December 31, 2022, the Funds paid $37,134 from the Income Fund, $142,576 from the Small-Mid Cap Fund, $14,274 from the MicroCap Fund, and $35,820 from the Dividend Value Equity Fund. As of December 31, 2022, The Ancora Group, LLC was owed $3,014, $11,700, $1,162, and $3,160 by the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively, for administrative services.

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

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

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

**NOTE 5. INVESTMENTS** 

For the year ended December 31, 2022, purchases and sales of investment securities, other than short-term investments, in-kind purchases and sales, and short-term U.S. Government obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Income Fund** | <br>**Small-Mid Cap Fund** | <br>**MicroCap Fund** | **Dividend Value Equity Fund** |
| **Purchases** |  |  |  |  |
| U.S. Government Obligations | $- | $- | $- | $- |
| Other | $19837257 | $121716863 | $6229009 | $6925982 |

---

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FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Income Fund** | <br>**Small-Mid Cap Fund** | <br>**MicroCap Fund** | <br>**Dividend Value Equity Fund** |
| **Sales** |  |  |  |  |
| U.S. Government Obligations | $715703 | $- | $- | $- |
| Other | $13989262 | $131221774 | $6452831 | $4445224 |

---

**NOTE 6. TAX MATTERS**

At December 31, 2022, the costs of securities for federal income tax purposes were $37,443,922, $129,180,424, $14,045,245, and $28,602,957 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

As of December 31, 2022, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund** | **Small-Mid Cap Fund** | **MicroCap Fund** | **Dividend Value Equity Fund** |
| Gross Appreciation | $352062 | $16066682 | $2177481 | $8768773 |
| Gross (Depreciation) | (5323880) | (10215406) | (2667289) | (435777) |
| Net Appreciation (Depreciation) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on Investments | $(4971818) | $5851276 | $(489808) | $8332996 |

---

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

The tax character of distributions paid during the year ended December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Small-Mid Cap Fund** | **MicroCap**<br> **Fund** | **Dividend Value Equity**<br> **Fund** |
| Ordinary income | $1852807 | $2070173 | $- | $506217 |
| Long-term capital gain | - | 831019 | - | - |
| Return of capital | - | - | - | - |
|  | $1852807 | $2901192 | $- | $506217 |

---

The tax character of distributions paid during the year ended December 31, 2021 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Small-Mid Cap Fund** | **MicroCap**<br> **Fund** | **Dividend Value Equity**<br> **Fund** |
| Ordinary income | $1209184 | $10308871 | $- | $355312 |
| Long-term capital gain | - | 22676787 | - | 35360 |
| Return of capital | 40509 | - | - | - |
|  | $1249693 | $32985658 | $- | $390672 |

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Annual Report \| 47

FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

As of December 31, 2022, the following Funds had the following capital loss carryforwards for federal income tax purposes. These capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders and may be carried forward indefinitely retaining their character as short-term and/or long-term. The MicroCap Fund utilized $1,455,440 of its capital loss carryforward during the year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income Fund**  | **Small-Mid Cap Fund** | **MicroCap**<br> **Fund** | **Dividend Value Equity**<br> **Fund** |
| Short-Term Capital <br> &nbsp;&nbsp;&nbsp;&nbsp;Loss Carry Forward | $(1274113) | $(819699) | $- | $(384499) |
| Long-Term Capital <br> &nbsp;&nbsp;&nbsp;&nbsp;Loss Carry Forward | (576967) | - | (268486) | (172186) |
| Total Capital Loss <br> &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward | $(1851080) | $(819699) | $(268486) | $(556685) |

---

Under current law, capital losses and specified gains realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the current period, the Small-Mid Cap Fund, elected to defer post-October losses of $1,264,433.

As of December 31, 2022, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Income**<br> **Fund** | <br>**Small-Mid Cap Fund** | <br>**MicroCap** <br> **Fund** | **Dividend Value Equity**<br> **Fund** |
| Accumulated undistributed <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary income (loss) | $- | <br>$828041 | <br>$88471 | <br>$27019 |
| Accumulated undistributed <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital gain (loss)  | - | - | - | - |
| Other accumulated losses | (1851080) | (2084132) | (268486) | (556685) |
| Unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (4971818) | 5851276 | (489808) | 8332996 |
|  | $(6822898) | $4595185 | $(669823) | $7803330 |

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**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of December 31, 2022, National Financial Services, LLC owned, for the benefit of its customers, the following percentages of the outstanding shares:

---

| | |
|:---|:---|
| Income Fund | 75.71% |
| Small-Mid Cap Fund | 52.18% |
| MicroCap Fund | 64.88% |
| Dividend Value Equity Fund | 61.26% |

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Annual Report \| 48

FINANCIAL REVIEW

Ancora Trust

Notes to the Financial Statements (CONTINUED)

December 31, 2022

As of December 31, 2022, Charles Schwab & Co., Inc. owned, for the benefit of its customers, the following percentages of the outstanding shares:

---

| | |
|:---|:---|
| Dividend Value Equity Fund | 30.66% |

---

**NOTE 8. MARKET RISK**

Certain impacts from the COVID-19 outbreak may have a significant negative impact on the Funds' operations and performance. These circumstances may continue for an extended period of time, and may have an adverse impact on economic and market conditions. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies, are not known. The extent of the impact to the financial performance and the operations of the Funds will depend on future developments, which are highly uncertain and cannot be predicted.

**NOTE 9. SUBSEQUENT EVENTS**

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

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FINANCIAL REVIEW

Ancora Trust

Additional Information

December 31, 2022

**PORTFOLIO HOLDINGS DISCLOSURE POLICY (UNAUDITED)**

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

**PROXY VOTING (UNAUDITED)**

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

**LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)**

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage the Funds' liquidity risk, taking into consideration, among other factors, the Funds' investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended December 31, 2022, the Trust's Liquidity Program Administrator (the "LPA") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the LPA concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

Annual Report \| 50

FINANCIAL REVIEW

Ancora Trust

Additional Information

December 31, 2022

**ABOUT YOUR FUND'S EXPENSES - (UNAUDITED)**

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

<u>Actual Expenses</u>

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

<u>Hypothetical Example for Comparison Purposes</u>

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
| **Ancora Income Fund** | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid** <br> **During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to</u> <br> <u>December 31, 2022</u> |
| **Actual** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $965.38  | $4.51  |
| **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1020.62  | $4.63  |
| \*Expenses are equal to the Fund's annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  | \*Expenses are equal to the Fund's annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  | \*Expenses are equal to the Fund's annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  | \*Expenses are equal to the Fund's annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

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Annual Report \| 51

FINANCIAL REVIEW

Ancora Trust

Additional Information

December 31, 2022

**ABOUT YOUR FUND'S EXPENSES - (UNAUDITED) (CONTINUED)**

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| | | | |
|:---|:---|:---|:---|
| **Ancora/Thelen** <br> **Small Mid-Cap Fund** | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid** <br> **During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to</u> <br> <u>December 31, 2022</u> |
| **Actual** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1067.79  | $6.51  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | $1000.00  | $1068.70  | $5.21  |
| **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1018.90  | $6.36  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | $1000.00  | $1020.16  | $5.09  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

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| | | | |
|:---|:---|:---|:---|
| **Ancora MicroCap Fund** | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid** <br> **During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to</u> <br> <u>December 31, 2022</u> |
| **Actual** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1007.28  | $8.10  |
| **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** | **Hypothetical (5% Annual Return before expenses)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1017.14  | $8.13  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

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| | | | |
|:---|:---|:---|:---|
| **Ancora Dividend Value Equity Fund** | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid** <br> **During the Period\*** |
| **Fund** | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to</u> <br> <u>December 31, 2022</u> |
| **Actual** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1052.91  | $5.17  |
| **Hypothetical (5% Annual Return before expenses)**  | **Hypothetical (5% Annual Return before expenses)**  | **Hypothetical (5% Annual Return before expenses)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | $1000.00  | $1020.16  | $5.09  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

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Annual Report \| 52

TRUSTEES & OFFICERS

**TRUSTEES & OFFICERS (UNAUDITED)** 

The Board of Trustees is responsible for managing the Funds' business affairs and for exercising each Fund's powers except those reserved for the shareholders. The day-to-day operations of the Funds are conducted by its officers. The following table provides biographical information with respect to each current Trustee and officer of the Funds.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s) Held with the Fund** | **Term of Office <sup>(1)</sup> and Length of Time Served** | **Principal Occupation(s) During the Past 5 Years** | **Number of Portfolios in Fund Complex Overseen**  | **Other Directorships** |
| **Independent Trustees:** | **Independent Trustees:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Frank J. Roddy**<br> 2904B Palm Blvd<br> Isle of Palms SC 29451<br> 61 | Trustee | Since April 30, 2019 | Retired Executive Vice President of Finance and Administration at Swagelok Company from 2012 until 2018. | 4 | Member of: Board of Cleveland Central Catholic High School; Former Northeast Ohio Alumni Advisory Board for Ernst & Young; Former Cleveland Advisory Board of FM Global; Former Conrad Companies Board of Advisors; Former VEC Inc. Advisory Board; and Former Swagelok Company Advisory Board. |
| **Jennifer A. Rasmussen** <br> 18400 Pearl Road<br> Strongsville, OH 44136<br> 48 | Trustee | Since April 30,<br> 2019 | Tax Director at Thornhill Financial LLC since November 2022; Previously, Chief Operating Officer at FSM Capital Management LLC since July 2007. | 4 | None. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cindy Flynn**<br> 9 Shoreby Drive<br> Bratenahl, OH 44108<br> 58 | Trustee<br>| Since April 30, 2019 | President of Arrowhead Consulting since 2023; Previously, Chief Marketing and Communications Officer of Union Home Mortgage Corp. and Executive Vice President and Chief Administrative Officer of New York Community Bancorp, Inc. | 4 | Greater Cleveland Sports Commission; University Hospitals Cleveland Medical Center; Rainbow Babies & Children's Foundation; Western Reserve Historical Society; and the Recreation League of Cleveland |
| **Frank DeFino**<br> 2181 Enterprise Parkway<br> Twinsburg, OH 44087<br> 68 | Trustee | Since June 2014 | President and owner of AJD<br> Holding Co. (private equity firm)<br> since 1976. | 4 | None. |

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<sup>(1)</sup> Each trustee holds office for an indefinite term until the earlier of (i) the election of his or her successor, (ii) mandatory retirement age of 75, or (iii) the date the trustee dies, resigns or is removed.

For the year ended December 31, 2022, trustees, Frank DeFino, Frank J. Roddy, Jennifer A. Rasmussen, and Cindy Flynn, were each paid a fee of $20,000.

Annual Report \| 53

TRUSTEES & OFFICERS

**TRUSTEES & OFFICERS (UNAUDITED) (CONTINUED)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s) Held with the Fund** | **Term of Office <sup>(1)</sup> and Length of Time Served** | **Principal Occupation(s) During the Past 5 Years** | **Number of Portfolios in Fund Complex Overseen**  | **Other Directorships** |
| **Interested Trustee:** |  |  |  |  |  |
| **John Micklitsch <sup>(2)</sup>**<br> 6060 Parkland Boulevard, Suite 200<br> Cleveland, Ohio 44124<br> 53 | Trustee | Since April 30, 2019 | Chief Investment Officer of <br> Terza Partners LLC, Ancora Holdings Group, LLC <br> and The Ancora Group LLC since 2021; Chief Investment Officer of Ancora Advisors LLC since 2011; Chief Investment Officer of Ancora Group, Inc. <br> 2011 to 2021; Chief Investment Officer of Ancora Holdings Inc. <br> 2015 to 2021; Member of the Executive Committee of the Ancora entities since 2010. | 4 | Board<br> Member of<br> Biltmore<br> Trust; Baldwin Wallace University's Board of Trustees |
| **Officers:** |  |  |  |  |  |
| **Joseph M. Spidalieri** 6060 Parkland Boulevard, Suite 200<br> Cleveland, Ohio 44124<br> 44 | Chief Compliance Officer | Since <br> March 1, 2011 | Chief Operating Officer of <br> Terza Partners LLC, Ancora Holdings Group, LLC <br> and The Ancora Group LLC since 2021; Chief Operating Officer of Ancora Holdings Inc. 2017 to 2021; Chief Operating Officer of Ancora Advisors LLC since 2017; Chief Compliance Officer of Ancora Advisors LLC until 2017; Chief Compliance Officer of The Ancora Group Inc. <br> 2011 to 2017; Chief Compliance Officer of Ancora Holdings Inc. <br> 2015 to 2017; Director of Compliance of Ancora Securities, Inc. and Ancora Capital Inc. from 2011 to 2012. | 4 | None. |
| **Bradley A. Zucker**<br> 6060 Parkland Boulevard, Suite 200<br> Cleveland, Ohio 44124<br> 49 | President & Treasurer <br>Secretary | Since<br> December 4, 2017<br>Since November 15, 2003 | Chief Administrative Officer of <br> Ancora Holdings Group, LLC <br> and The Ancora Group LLC since 2021; Chief Administrative Officer of<br> Ancora Holdings, Inc., 2020 to 2021;<br> Chief Financial Officer of Ancora<br> Advisors LLC from 2003 to 2020;<br> Chief Financial Officer of The<br> Ancora Group Inc. from 2010 to<br> 2020; Chief Financial Officer of<br> Ancora Holdings Inc. from 2015 to<br> 2020; Chief Financial Officer and<br> Director of Ancora Securities, Inc.<br> from 2001 to 2012; Chief Financial<br> Officer of Ancora Capital Inc. from<br> 2002 to 2012; member of the<br> Executive Committee for the Ancora<br> entities until 2016 | 4 | None. |

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<sup>(1)</sup> Each trustee holds office for an indefinite term until the earlier of (i) the election of his or her successor, (ii) mandatory retirement age of 75, or (iii) the date the trustee dies, resigns or is removed.

<sup>(2)</sup> John Micklitsch is considered an "interested person" as defined in Section 2(a)(19) of the 1940 Act by virtue of his affiliation with Ancora Advisors LLC.

Annual Report \| 54

PRIVACY POLICY

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| | | | | |
|:---|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES ANCORA TRUST ("ANCORA") DO WITH YOUR PERSONAL INFORMATION?** |
| **WHY?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **WHAT?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br>l Social security number l Account Numbers<br> l Risk tolerance l Wire transfer instructions<br> l Income l Contact Information<br> l Transaction history l Investment Experience<br> l Assets l Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br>l Social security number l Account Numbers<br> l Risk tolerance l Wire transfer instructions<br> l Income l Contact Information<br> l Transaction history l Investment Experience<br> l Assets l Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br>l Social security number l Account Numbers<br> l Risk tolerance l Wire transfer instructions<br> l Income l Contact Information<br> l Transaction history l Investment Experience<br> l Assets l Account Balances | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following:<br>l Social security number l Account Numbers<br> l Risk tolerance l Wire transfer instructions<br> l Income l Contact Information<br> l Transaction history l Investment Experience<br> l Assets l Account Balances |
| **HOW?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. |
| <br>**Reasons we can share your personal information** | <br>**Reasons we can share your personal information** | <br>**Reasons we can share your personal information** | **Does Ancora Share?** | **Can you limit this sharing?** |
| **For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations.  | **For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations.  | **For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations.  | Yes | No |
| **For our marketing purposes** - to offer our products and services to you | **For our marketing purposes** - to offer our products and services to you | **For our marketing purposes** - to offer our products and services to you | Yes | No |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes** - information about your transactions and experiences | **For our affiliates' everyday business purposes** - information about your transactions and experiences | **For our affiliates' everyday business purposes** - information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes** – <br> information about your creditworthiness | **For our affiliates' everyday business purposes** – <br> information about your creditworthiness | **For our affiliates' everyday business purposes** – <br> information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | **For our affiliates to market to you** | **For our affiliates to market to you** | No | We don't share |
| **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | No | We don't share |
| **Pandemic response** | **Pandemic response** | <br>All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. | <br>All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. | <br>All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client's medical information. Employees will be trained on the collection and protection of client information. |
| **Questions?** | **Questions?** | <br>Call Joseph Spidalieri at (216) 593-5007 | <br>Call Joseph Spidalieri at (216) 593-5007 | <br>Call Joseph Spidalieri at (216) 593-5007 |

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Annual Report \| 55

PRIVACY POLICY

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| | |
|:---|:---|
| **Page 2 Privacy Policy** |  |
| **Who we are** | **Who we are** |
| **Ancora Trust** | Ancora Trust is the Trust of the Ancora Mutual Funds. |
| **What we do** | **What we do** |
| **How does Ancora protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.  |
| **How does Ancora collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>▪ Open an account<br> ▪ Seek financial advice<br> ▪ Make deposits or withdrawals from your account<br> ▪ Tell us about your investment or retirement portfolio<br> ▪ Give us your employment history |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>▪ sharing for affiliates' everyday business purposes—information about your creditworthiness<br> ▪ affiliates from using your information to market to you<br> ▪ sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> ▪ *Ancora does not share with our affiliates.*  |
| **Nonaffiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> ▪ *Ancora does not share with nonaffiliates so they can market to you.* |
| **Joint Marketing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ▪ *Ancora does not jointly market.* |

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Annual Report \| 56

*This Page Was Left Blank Intentionally*

Annual Report \| 57

**TRUSTEES** 

Frank J. Roddy

Jennifer A. Rasmussen

Cindy Flynn

Frank DeFino

John Micklitsch

**OFFICERS**

Bradley Zucker, President, Treasurer, & Secretary

Joseph Spidalieri, Chief Compliance Officer

**INVESTMENT ADVISOR**

Ancora Advisors LLC

6060 Parkland Boulevard, Suite 200<br> Cleveland, Ohio 44124

**DISTRIBUTOR**

Arbor Court Capital LLC

8000 Town Center Drive, Suite 400

Broadview Heights, Ohio 44147

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**LEGAL COUNSEL**

McDonald Hopkins LLC

2100 Bank One Center

600 Superior Avenue E.

Cleveland, Ohio 44114

**CUSTODIAN**

U.S. Bank N.A.

425 Walnut Street

Cincinnati, Ohio 45202

**TRANSFER AGENT**

**AND FUND ACCOUNTANT**

Mutual Shareholder Services, LLC.

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

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

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

Distributed by Arbor Court Capital LLC Member FINRA/SIPC

**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

(c) Amendments:

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

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

(d) Waivers:

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

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

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

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

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

<u>Registrant</u>

<u>Ancora Securities</u>

FY 2022

$<u>45,000</u>

<u>$ N/A</u>

FY 2021

$<u>45,000</u>

<u>$ N/A</u>

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

<u>Registrant</u>

<u>Adviser</u>

FY 2022

$<u>1,000</u>

$<u>N/A</u>

FY 2021

$<u>1,000</u>

$<u>N/A</u>

Nature of the fees: Consent estimate.

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

<u>Registrant</u>

<u>Adviser</u>

FY 2022

$<u>10,000</u>

$<u>N/A</u>

FY 2021

$<u>10,000</u>

$<u>N/A</u>

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

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

<u>Registrant</u>

<u>Adviser</u>

FY 2022

$<u>N/A</u>

$<u>N/A</u>

FY 2021

$<u>3,000</u>

$<u>N/A</u>

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

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

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

<u>Registrant</u>

<u>Adviser</u>

Audit-Related Fees:

<u>N/A</u> %

<u>N/A</u> %

Tax Fees:

<u>N/A</u> %

<u>N/A</u> %

All Other Fees:

<u>N/A</u> %

<u>N/A</u> %

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

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

Registrant

Adviser

FY

2022

$<u>N/A</u>

$<u>N/A</u>

FY

2021

$<u>N/A</u>

$<u>N/A</u>

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

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental 7 basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities.

A registrant must disclose: (1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; (2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; (3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; (4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and (5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

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

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 8. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

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

**Item 11. Controls and Procedures.**

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

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits**

(a)(1)

EX-99.CODE ETH. Not applicable.

(a)(2)

EX-99.CERT. Filed herewith.

(a)(3)

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

(b) EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Ancora Trust</u>

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

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

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

Date: March 1, 2023

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

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

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

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

Date: March 1, 2023

## Ex-99.Cert

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

I, Bradley Zucker, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: <u>March 1, 2023</u>

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

Bradley Zucker

President, Treasurer and Secretary

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

President, Treasurer & Secretary

Ancora Trust

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

Bradley Zucker

Date: <u>March 1, 2023</u>

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

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

## Ex-99.Code

**CODE OF ETHICS**

**ANCORA FAMILY OF INVESTMENT COMPANIES**

1. <u>Definitions</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The date that the report is submitted by the access person.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted by the access person.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date the account was established; and

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The name of any broker, dealer or bank with whom the access person maintains an account in which any securities are held for the direct or indirect benefit of the access person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (C) The date that the report is submitted by the access person.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**ANCORA FAMILY OF INVESTMENT COMPANIES**

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

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

Print Name

Signature

_______________________________________________

Date

Acknowledgement Received by Compliance:

Chief Compliance Officer

### Attached PDF Documents

**Attachment 1:** `ancorannual2022dec.pdf`

ANCORA®
Funds

12/31/2022

ANNUAL REPORT

# INTRODUCTION

# TABLE OF CONTENTS

| INTRODUCTION INCLUDING SHAREHOLDER LETTER | 1 |
| --- | --- |
| ANCORA INCOME FUND | 6 |
| ANCORA/THELEN SMALL-MID CAP FUND | 12 |
| ANCORA MICROCAP FUND | 18 |
| ANCORA DIVIDEND VALUE EQUITY FUND | 23 |
| FINANCIAL REVIEW | 29 |
| FUND EXPENSES | 51 |
| TRUSTEES & OFFICERS | 53 |
| PRIVACY POLICY | 55 |

# **1-866-6-ANCORA**

Please feel free to dial our toll-free number to speak directly to a knowledgeable representative who can answer any questions or assist you with any issues concerning your account.

**www.ancorafunds.com**

This report and the financial statements contained herein are provided for the general information of the shareholders of the Ancora Funds. Investors should carefully consider before investing each Fund's investment objective, risks and expenses. For a prospectus, which contains that information and more information about each Fund, please call 866-626-2672 or visit our website at www.ancorafunds.com. Please read it carefully before you invest or send money.

# INTRODUCTION

Dear Shareholders:

Thank you for choosing the Ancora Family of Mutual Funds. We have built the Ancora Funds to capitalize on the evolving opportunities in the investment landscape. Our management style centers on building long-term results for the investors of our Funds. While no mutual fund can guarantee performance, the Ancora Funds promise that our investment decisions will be based upon dedicated research and thoughtful execution.

## ANCORA INCOME FUND

2022 was anything but kind to the overall bond market. In an effort to combat the highest inflation levels in 40 years, the Federal Reserve raised interest rates at its fastest pace on record, taking the Federal Funds rate from a range of 0.00% - 0.25% at the beginning of the year to 4.25% - 4.50% by year-end, including 150 basis points of rate increases during the fourth quarter. The Federal Reserve is still not done raising rates as expectations are for another 50-75 basis points of rate increase in 2023. The historic rise in interest rates pushed the 2-year Treasury yield up from 0.73% at the beginning of the year to 4.43% at year-end. The 10-year Treasury yield rose from 1.51% at the beginning of the year to 3.87% at year-end.

Over the course of 2022, the Ancora Income Fund is down 13.6%, underperforming the Bloomberg Aggregate Index's return of -13.0%. For the year, the best performing holdings included Exxon Mobil equity, posting a 50.6% return, Enterprise Products Partners equity which returned 18.4%, and Rio Tinto equity which returned 16.9%. Detracting from performance during the year was preferred securities of QVC Inc., which declined 48.4%, Hudson Pacific Properties which fell 41.8% and Franchise Group equity which declined 34.4%.

The Federal Reserve is expected to continue raising interest rates in 2023 to help push inflation lower. This will likely lead to a pause in rate increases by the Federal Open Market Committee (FOMC) until signs pointing to reduced inflation and a cooling job market are seen.

Talk of policy error by the FOMC is beginning to heat up. If the FOMC raises rates too far or keeps rates elevated for too long, it will likely push the U.S. into a recession. We believe the discussion around policy error should center more around the depth of the recession rather than just a recession itself. It is increasingly likely that the U.S. will be pushed into a recession sometime in the near future, but the depth of the recession will depend on how far the FOMC moves rates.

We continue to expect the Federal Reserve to remain steadfast against fighting inflation. Despite the expectations of further rate increases by the FOMC, we believe that treasury yields are near peak levels that we will experience over the next 12-18 months. This makes for a solid entry point into the bond market for those that may be underweight in fixed income. Over time, we believe maintaining an allocation to fixed income securities and preferred stock will lead to lower overall portfolio volatility and investors will be rewarded for this allocation.

## ANCORA/THELEN SMALL-MID CAP FUND

After a strong performance in 2021, the markets entered 2022 with an overhang of higher inflation and interest rates. These concerns, particularly inflation, were magnified when Russia invaded Ukraine in late February. These factors helped contribute to a weak first half of the year which continued through the third quarter. Even though the fourth quarter proved to be a strong one with the Russell 2500 Index advancing 7.4%, it still declined by 18.4% for the year while small cap stocks as a whole experienced their second-worst year since 1979.

Annual Report | 1

# INTRODUCTION

Encouragingly, over the same period since 1979, years where small cap stocks have dropped 10% or more are often followed by strong rebound years, averaging returns of over 35%.

The tough year across the markets affected the Ancora/Thelen Small Mid Cap Fund, as it declined 17.3% for the year, though it still outperformed the Russell 2500 Index return of -18.4%. Outperformance during the year was primarily due to very positive stock and sector allocation, specifically in the Utilities, Real Estate and Materials sectors. The Fund's Utilities sector benefitted from our decision in 2021 to increase holdings, given our research showing that they tend to outperform during a rate hike cycle. Secondly, our holdings in the Real Estate sector outperformed, declining 12.4% versus a 24.9% decline for the overall sector. Finally, the Fund's Materials holdings increased by 4.6% on average, as opposed to the overall sector which suffered a decline of 8% over the course of 2022.

For the year, the three worst performing sectors were Communication Services, Industrials and Energy. Communication Services results were hurt mostly due to poor performance of our holdings that were exposed to the weak digital advertising environment. As for Industrials, our exposure to housing-related stocks hurt performance. Finally, our Energy holdings did increase by 32% for the year, but lagged the 50% return posted by the sector as a whole. Our Energy holdings were generally more conservatively positioned.

Due to the rapidly changing environment, we were especially active in positioning the Fund during the second half of 2022. Fortunately, there have been some attractive spinoffs during this period, including Fortune Brands Innovations, Masterbrand, Inc., F&G Annuities and Life, Inc. and Crane Inc. In addition, we have added underfollowed stocks such as Northrim Bancorp (bought mid-year) and Hooker Furniture. Both were purchased at very attractive price-to-book multiples and should benefit from increased demand due to likely inclusion in indices by mid-year.

Though we are bullish on small and mid-cap stocks given their relative valuations, we are mindful of the significant headwinds caused by higher inflation, interest rates and geopolitical uncertainties. A more difficult market generally favors our disciplined, value-oriented strategy. Our discussions with the management teams of many of our holdings indicate a level of uncertainty, despite current trends generally staying intact. We believe current small cap stock valuations, in many cases, already reflect these uncertainties.

As has been the case in two of the past three years, when a major event disrupted outlooks, we continue to make adjustments as needed. It continues to be crucially important to have an investment approach that has generated positive alpha in the long run. That is why we continue to rely on our three buckets; special situations, underfollowed stocks and franchise stocks when bought at the appropriate time. Importantly, on the sell side, we will be disciplined to remove those companies that have violated our investment thesis. These processes have helped us to avoid risks and have generated consistent alpha over the long run.

Arguably just as important as maintaining a sound investment process is the alignment of the portfolio manager with the interests of the investor. That is why I continue to personally invest in this strategy. Over the last year, I was again buying shares of the mutual fund (I have never sold any). I am very aware of the weak markets and performance in 2022 and the importance of generating acceptable returns for the long-term benefit of our clients. We are committed to working very hard to earn and retain your trust.

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Annual Report | 2

# INTRODUCTION

## ANCORA MICROCAP FUND

After an almost uninterrupted 12 years of global economic and market expansion, the chickens came home to roost in 2022. A period of normalization in financial markets may be upon us after a monetary policy-induced speculative blowoff after the height of the pandemic. Monetary policy since the global financial crisis (GFC) has been anything but normal as the Federal Reserve embarked on a policy of extremely low interest rates of basically zero, in addition to quantitative easing, which had never been used before the GFC. In response to the pandemic, the Federal Reserve put their expansionist policy on steroids. Combined with a very stimulative fiscal policy, we finally got a response from previously dormant inflation. As inflation peaked at 9.1% year-over-year, as measured by the Consumer Price Index, the Fed was forced to respond aggressively. It raised the Federal Funds rate by a total of 4.3%, one of the fastest paces in history. Both stocks and bonds were clobbered as a result.

Value stocks trounced growth stocks across the market capitalization spectrum in 2022. The Russell Microcap Index returned -22.0% for the year, while the Russell Microcap Growth Index posted a -29.8% return and the Russell Microcap Value index a -16.7% return. While that is now two consecutive years of value outperforming growth, we believe we are still in the early innings of the return to value investing.

The Ancora MicroCap Fund posted a -7.92% return, outperforming the Russell Microcap Index by 14.04%, another strong year of outperformance following a strong 2021. Both security selection and sector allocation contributed to performance. On the sector allocation front, our overweight to Energy and Financials and underweight to Health Care contributed to our performance. Outperformance was marginally offset by our overweights to Consumer Discretionary, Technology and Staples.

Security selection also added to performance. The companies that added most to our performance were Richardson Electronics, which posted a 60.3% return, Vaalco Energy, returning 45.4%, and BG Staffing Inc., reporting an 11.7% return. Richardson Electronics is getting good traction in their ultracapacitor business, which is benefitting from being a lower cost solution to batteries in wind farms. We added to the position during the first three quarters of the year and then trimmed into strength during the fourth quarter. The company remains in the portfolio. Vaalco Energy is an exploration and production company with assets in Africa and Canada. It was the largest position in the portfolio for most of the year. We trimmed our position numerous times during the first half of the year as the stock performed very well, in order to manage the position size. We added back on weakness in the second half of the year. It remains a large position in the portfolio. BG Staffing is a diversified staffing company whose stock held up nicely in a rough market. Despite the strong performance during the fourth quarter, it still looks very attractive to us. We did trim our position in the fourth quarter to manage the size, though it is still the largest position in the portfolio.

The top detractors were Polished.com, which fell 69.3%, First Internet Bancorp, who posted a negative return of 48.0%, and Alto Ingredients which fell 40.1%. Polished.com is an online retailer of appliances. The company was hit with a whistleblower case in August which pounded the stock, though the issue was cleared up late in the year. The stock remained depressed, though we believe the stock offers tremendous value for the future. First Internet is a liability-sensitive bank. As interest rates increase, the cost of their liabilities rises faster than the interest earned on their assets, which pinches margins. That being said, we believe the market has overreacted with the stock down to around 70% of book value. We added to our position during the fourth quarter. Alto Ingredients is an ethanol producer that also produces higher margin alcohols and feedstock as a by-product of ethanol production. The company's

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Annual Report | 3

# INTRODUCTION

margins have been squeezed by the high price of corn, which we believe is cyclical. Due to the very attractive valuation, we added to our position during the second half of the year.

Our philosophy remains unchanged. We are focused on building a portfolio of companies that we believe are trading at a significant discount to their true value. We screen for deeply undervalued stocks with great balance sheets, quality business models, potential catalysts and positive signals from insiders. We will execute our philosophy with patience and discipline. Regardless of broad market valuation, we believe an inefficiently followed segment like microcap stocks can always provide fertile ground for new ideas that can outperform the market.

## ANCORA DIVIDEND VALUE EQUITY FUND

After three consecutive years of double-digit gains, perhaps unsurprisingly, 2022 was a challenging year in the markets. Inflation concerns percolating at the end of 2021 continued to be a major factor, but more so the markets' response to central bank actions to fight inflation in 2022. In addition, the Russia/Ukraine war exacerbated uncertainty even further. The Federal Reserve raised the Federal Funds rate to tame inflation seven separate times in the most recent calendar year. The tolerance in 2022 for pricing pressure and asset resiliency went by the wayside for both equities and fixed income. This resulted in a significant increase in yields, which competed with the Fund's dividend yield.

Value stocks outperformed growth in 2022 across most major asset classes, as we saw price to earnings compression with higher inflation expectations weigh more heavily on the FAANG stocks (Facebook, Amazon, Apple, Netflix, Google) and Microsoft. The Ancora Dividend Value Equity Fund returned a -11.4% versus the Russell 1000 Value Index, our benchmark, return of -7.6%. Sector allocation and stock selection were both drivers of underperformance.

Our overweight in Information Technology was a significant detractor while our stock selection within the sector fared better. Secondly, our stock selection within the Financial sector had negative relative returns.

Our lack of allocation to the Communications sector aided our performance as the sector declined 26% over the year. We exited our position in Disney earlier in the year as they continued to lose traction on their streaming strategy, were dealing with some political distractions and have not focused on resumption of their dividend. Since our sale, the company has announced some major C-suite changes, including bringing back Bob Iger, the former CEO. Our allocation and selection in Real Estate and Healthcare were also positive contributors to performance.

In the fourth quarter, we initiated a position in Mosaic. Mosaic, a leading supplier of phosphate and potash, has recently benefitted from the agricultural disruptions as a result of the Russia/Ukraine war. We expect that the tight supply dynamics across the agricultural space will continue to benefit the company. The company expanded margins significantly in 2022 while projected cash generation for 2023 estimates a 20% free cash flow yield. Dividend growth has been noteworthy, with 37% for the last year and a 40% compound annual growth rate over the last three years.

We exited a few positions over the course of the year primarily due to an outlook for weaker fundamentals, two of which were sold during the most recent quarter. Fidelity National was a position that we initiated in November 2021. While we felt that much of the thesis was still intact, over the last 12 months their merchant business failed to recover while removing

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Annual Report | 4

# INTRODUCTION

several key disclosures. This lack of clarity and transparency along with an outsized exposure to the U.K. led us to reconsider our holding in the stock.

We also exited our long-time position in Medtronic due to inconsistent guidance and over a year of volatile earnings reports. We also felt that the backdrop for medical devices may be hampered by a weakened economic environment and cut backs in capital expenditures by medical facilities.

In the third quarter, we exited our position in Eastman Chemical after the company revised their earnings guidance lower by 20%. The company has made moves to become more specialty chemical-oriented by divesting more commodity-related segments. However, they have been plagued by dramatically higher energy costs in Europe as well as plant outages and weaker demand, which we believe will continue to affect their cash flow. We felt that the recovery process was going to take longer than we were willing to wait.

We manage a concentrated, low turnover portfolio, currently holding 30 names. Our philosophy of choosing companies with strong cash flow, good business models and solid balance sheets alongside consistent dividend growth begets a portfolio of high quality and low turnover. We emphasize free cash flow at the core of our selection process and currently boast an overall free cash flow margin of 17.1% and free cash yield of 6.7%, exceeding the benchmark's levels of 11.4% and 4.7% respectively. We believe that a high-quality portfolio is critical in challenging market environments and periods of slowing economic growth, such as the current environment we are in. The dividend yield on the portfolio is a healthy 2.6% with a 5-year growth rate of 13.7%. Our dividend coverage ratio does not monopolize cash flow with a conservative 3.2x ratio.

While 2022 was a challenging year, we expect continued volatility into the first half of 2023. With earnings season now upon us, we anticipate a weakening in street estimates for this year. We feel that we are well positioned for 2023, having chosen good quality companies with durable cash flow, strong brands, healthy balance sheets, consistent margins and the ability to grow dividends. This approach has shown better returns over longer periods, as evidenced by the Fund's annualized performance since inception (May 2019) compared to the benchmark number over the same period. The Fund has returned 9.9% in that time as the benchmark has returned 7.6%.

Bradley Zucker
President, Treasurer
& Secretary

Kevin Gale
Portfolio Manager

Dan Thelen, CFA
Portfolio Manager

Michael Santelli, CFA
Portfolio Manager

Sonia Mintun, CFA
Portfolio Manager

Annual Report | 5

# ANCORA INCOME FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

THE ANCORA INCOME FUND SEEKS TO PROVIDE INVESTORS A HIGH LEVEL OF CURRENT INCOME WITH A SECONDARY OBJECTIVE OF CAPITAL APPRECIATION.

PORTFOLIO MANAGER:

Kevin Gale
Portfolio Manager, Ancora Advisors

NET ASSETS:

$32.0 MILLION*

INCEPTION DATE:

JANUARY 5, 2004

TICKERS:

CLASS I - AAIIX

MINIMUM INITIAL INVESTMENT:

CLASS I - $5,000

* As of December 31, 2022

TOP HOLDINGS: DECEMBER 31, 2022 (a)

| NAME | % OF NET ASSETS |
| --- | --- |
| Annaly Capital Management, Inc., 6.950%, Series F, 03/03/2023 | 1.90% |
| Scorpio Tankers, Inc., 7.000%, Senior Notes 2025 | 1.77% |
| Oxford Lane Capital Corp., 6.250%, Series 2027, Term Preferred Shares | 1.77% |
| Apollo Global Management, Inc., 6.375%, Non-Cumulative P&L, Series A, 03/02/2023 | 1.70% |
| Atlanticus Holdings Corp., 6.125%, Class B, @ 11/30/2023 | 1.67% |
| The Bank of Nova Scotia, 8.625%, Call 10/27/2027 @ 100.00 | 1.62% |
| The Toronto Dominion Bank, 8.125%, 10/31/2027 | 1.62% |
| Chicken Soup For The Soul Entertainment, Inc., 9.500%, Non-Cumulative, 07/31/2025 | 1.58% |
| General Electric Company, 8.090%, 3/15/2023 | 1.53% |
| KeyCorp, 6.200%, Non-Cumulative, 12/15/2027 | 1.53% |

SECTOR DIVERSIFICATION: DECEMBER 31, 2022 (b)

| NAME | % OF TOTAL INVESTMENTS |
| --- | --- |
| Traditional Preferred Securities | 72.70% |
| Bonds & Corporate Bond Trust Certificates | 18.81% |
| Common Stocks | 3.66% |
| REIT Senior Securities | 3.43% |
| Investment Companies | 0.90% |
| Senior Securities | 0.49% |

TOTAL RETURNS: DECEMBER 31, 2022 (c)

|  | ONE YEAR | THREE YEARS | FIVE YEARS | TEN YEARS | SINCE INCEP (a) |
| --- | --- | --- | --- | --- | --- |
| ANCORA INCOME FUND - I (b) | -13.59% | -0.71% | 1.42% | 3.21% | 4.30% |
| BLOOMBERG BARCLAY'S AGG. BOND INDEX (c) | -13.01% | -2.71% | 0.02% | 1.06% | 3.07% |

a) Inception data reflects the annualized return since 1/05/04.

b) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees.

c) The Bloomberg Barclay's Aggregate Bond Index is a widely recognized unmanaged index of bond prices and is representative of a broader market and range of securities than is found in the Fund's portfolio. Individuals cannot invest directly in the Index.

d) Data is unaudited.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.

Annual Report | 6

# ANCORA INCOME FUND

## PERFORMANCE ILLUSTRATION (UNAUDITED)

Growth of a $10,000 Investment

![img-0.jpeg](img-0.jpeg)

\* Inception: 1/5/04

*The chart above assumes an initial investment of $10,000 made on January 5, 2004 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report | 7

# ANCORA INCOME FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022

### Bonds & Corporate Bond Trust Certificates - 19.06%

#### Trust Certificates - 10.78%

B. Riley Financial, Inc., 6.375%, Senior Notes  
 Blackstone Private Credit Fund, 7.050%, 09/29/2025 @ 50.00  
 Eagle Point Credit Co., Inc., 6.688%, Notes 04/30/2028  
 Energy Transfer LP, 7.125%, Call 05/15/2030 @ \$100  
 Ford Motor Credit Co. LLC, 7.350%, 11/04/2027 call @ 50.00  
 Great Ajax Corp., 7.250%, Convertible Senior Notes, 04/30/2024  
 Iron Mountain, Inc., 5.250%, 07/15/2030  
 Lincoln National Corp., 9.250%, Call 12/01/2027 @ \$100  
 Oxford Square Capital Corp., 6.250%, Notes 2026  
 Scorpio Tankers, Inc., 7.000%, Senior Notes 2025

#### Traditional Corporate Bonds - 8.28%

Dominion Energy, Inc., 4.650%, 12/15/2024  
 PNC Financial Services Group, Inc., 6.200%, 09/15/2027  
 Charles Schwab Corp., 5.000%, Perp. Call @ 06/01/2027  
 USB, Float, 5.099%, Perp., 01/15/2023  
 General Electric Co., 8.090%, 03/15/2023  
 Goldman Sachs Group, Inc., 4.125%, Perp. Call 11/10/2026 @ 100.00  
 Fifth Third Bancorp, 4.900%, Perp., 01/30/2023

### TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost \$6,350,041)

### Investment Companies - 0.91%

#### Bond Shares of Beneficial Interest - 0.39%

Special Opportunities Fund, Inc.

#### Direct Trust Certificates - 0.52%

Affiliated Managers Group, Inc., 5.875%, 03/30/2059

### TOTAL INVESTMENT COMPANIES (Cost \$332,876)

#### Traditional Preferred Securities - 73.67%

Affiliated Managers Group, Inc., 4.750%, Junior Subordinated Notes  
 AGNC Investment Corp., 6.125%  
 AGNC Investment Corp., 6.875%, Preferred Series D  
 Annaly Capital Management, Inc., 6.950%, Series F, 03/03/2023  
 Apollo Global Management, Inc., 6.375%, Non-Cumulative Pfd., Series A, 03/02/2023  
 Arbor Realty Trust, Inc., 6.375%, 06/02/2026  
 Aspen Insurance Holdings Ltd., 5.625%  
 Aspen Insurance Holdings Ltd., Depositary Shares, 5.625%  
 Assurant, Inc., 5.250%, 01/15/2026  
 Athene Holding Ltd., Depositary Shares, 5.625%, Series B  
 Atlanticus Holdings Corp., 6.125%, Class B, @ 11/30/2023  
 Axs, 5.500%, 12/31/2049

| Shares | Value |
| --- | --- |
| 14,349 | $326,440 |
| 350,000 | 347,517 |
| 10,156 | 244,607 |
| 350,000 | 292,250 |
| 250,000 | 256,175 |
| 15,000 | 359,100 |
| 250,000 | 217,250 |
| 350,000 | 368,662 |
| 20,000 | 475,000 |
| 23,000 | 567,341 |
|  | 3,454,342 |
| 300,000 | 262,500 |
| 350,000 | 342,038 |
| 500,000 | 456,499 |
| 250,000 | 196,875 |
| 500,000 | 491,221 |
| 500,000 | 416,202 |
| 500,000 | 489,569 |
|  | 2,654,904 |
|  | 6,109,246 |
| 11,031 | 125,753 |
|  | 125,753 |
| 8,000 | 166,240 |
|  | 166,240 |
|  | 291,993 |
| 5,000 | 84,100 |
| 20,000 | 385,600 |
| 23,000 | 456,550 |
| 25,000 | 609,500 |
| 25,000 | 546,000 |
| 20,000 | 345,200 |
| 8,000 | 144,560 |
| 9,000 | 162,090 |
| 600 | 12,114 |
| 7,000 | 139,090 |
| 25,100 | 534,881 |
| 20,000 | 392,000 |

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

Annual Report | 8

# ANCORA INCOME FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

### Traditional Preferred Securities - (Continued)

|  | Shares | Value |
| --- | --- | --- |
| Bank of America Corp., 6.000%, Non-Cumulative Pfd., Series GG, 05/16/2023 | 10,000 | $239,200 |
| Bank OZK, 4.625% Perp., 11/15/2026 | 15,000 | 236,550 |
| Brookfield Infrastructure Partners LP, 5.125%, Class A, Series 13 | 10,000 | 160,499 |
| Brunswick Corp., 6.500%, Call @ 10/15/2023 | 20,000 | 482,000 |
| Carlyle Finance LLC., 4.625%, 05/15/2061 | 25,000 | 404,750 |
| Chicken Soup For The Soul Entertainment, Inc., 9.500%, Non-Cumulative, 07/31/2025 | 20,000 | 505,000 |
| Citizens Financial Group, Inc., Depository Shares, 5.000%, Series E | 12,000 | 231,600 |
| Compass Diversified Holdings, 7.875%, Series C | 17,500 | 399,350 |
| Customers Bancorp, Inc., 6.450%, 03/15/2023 Perp. | 4,056 | 102,941 |
| DTE Energy Co., 5.250%, Pfd. | 12,500 | 265,000 |
| Eagle Point Credit Co., Inc., 5.375%, Call @ 01/31/2025 | 10,702 | 228,381 |
| Energy Transfer Operating, LP, Series E, 7.600% | 20,000 | 437,800 |
| Enterprise Financial Services Corp., 5.000%, Non Cumulative Pfd, Series A, 12/15/2026 | 25,000 | 423,750 |
| Equitable Holdings, Inc., 5.250%, Depository Shares | 14,000 | 263,340 |
| Federal Agricultural Mortgage Corp., 5.250%, Non Cumulative, Series F, Call 10/17/2025 | 16,700 | 318,978 |
| Federal Agricultural Mortgage Corp., 5.750% 07/17/2025 Perp. | 15,000 | 323,475 |
| Fifth Third Bancorp, 6.000%, Non-Cumulative Pfd., Series A, 11/25/2022 | 2,455 | 54,968 |
| First Citizens Bancshares, Inc., 5.625%, Non Cumulative, Series C, Call @ 01/04/2027 | 22,500 | 457,875 |
| Ford Motor Co., 6.50 %, 08/15/2062 | 10,000 | 233,500 |
| Gladstone Investment Corp., 4.875% | 10,000 | 218,000 |
| Global Net Lease, Inc., 6.875%, Series B | 25,000 | 486,250 |
| Golar LNG Partners LP, 8.750%, 10/31/2022 Perp. | 20,000 | 375,000 |
| Green Brick Partners, Inc., 5.750%, Cumulative Preferred, Series A, Call 12/23/2026 | 22,500 | 437,850 |
| Huntington Bancshares, 4.500%, 04/15/2026 | 10,000 | 169,600 |
| Huntington Bancshares, Inc., 5.700%, Non-Cumulative, Series C, 03/02/2023 | 5,000 | 108,250 |
| JPMorgan Chase & Co., 4.550% 06/01/2026 Perp. | 10,000 | 186,100 |
| KeyCorp, 5.650%, Non-Cumulative, Series F, Call @ 12/15/2023 | 20,000 | 415,600 |
| KeyCorp, 6.200%, Non-Cumulative, 12/15/2027 | 20,000 | 490,600 |
| KKR Group Financial Co. IX LLC, 4.625%, 04/01/2026 | 5,000 | 83,750 |
| Lincoln National Corp., 9.000%, Non-Cumulative, Series D, 12/01/2027 | 5,000 | 136,350 |
| MainStreet Bancshares, Inc., 7.500%, Depository Shares | 6,500 | 165,750 |
| Morgan Stanley, 4.250%, Preferred | 10,000 | 171,800 |
| Oaktree Capital Group, LLC, 6.550%, Series B, Preferred Units | 11,000 | 235,070 |
| OFS Credit Company, 6.125%, 04/30/2023 | 20,920 | 476,976 |
| Oxford Lane Capital Corp., 6.250%, Series 2027, Term Preferred Shares | 25,000 | 567,000 |
| PacWest Bancorp, 7.750%, Non-Cumulative Pfd., Series A, 09/01/2027 | 15,000 | 375,000 |
| PennyMac Mortgage Investment Trust | 23,000 | 394,450 |
| Priority Income Fund, Inc., 6.000%, Cumulative Preferred, Series H, Call @ 05/06/2023 | 6,825 | 151,037 |
| Priority Income Fund, Inc., 6.125%, 06/30/2028 | 20,000 | 426,124 |
| Prospect Capital Corp., 5.350%, Cumulative Preferred, Series A, Call @ 07/01/2026 | 15,000 | 224,250 |
| Prudential Financial, Inc., 5.950%, 09/01/2062 | 10,000 | 242,200 |
| Raymond James Financial, Inc., 6.375%, Non-Cumulative Pfd., Series B, 07/01/2024 | 11,118 | 276,838 |
| Rc 7.000% | 15,000 | 375,600 |
| Ready Capital Corp., 6.500%, 06/30/2026 Perp. | 23,000 | 414,345 |
| Regions Financial Corp., 5.700%, Series C | 8,000 | 182,240 |
| Reinsurance Group of America, Inc., 7.125%, 10/15/2027 | 10,000 | 259,500 |
| Rithm Capital Corp., 7.125%, Series B | 23,000 | 442,290 |
| RiverNorth Opportunities Fund, Inc. | 20,000 | 451,000 |
| Signature Bank Depository Shares, 5.000%, Series A, 12/30/2025 | 30,000 | 461,100 |
| Steel Partners Holding LP., 6.000%, Preferred, 02/07/2026 | 20,000 | 459,400 |

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

Annual Report | 9

# ANCORA INCOME FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

### Traditional Preferred Securities - (Continued)

| Stifel Financial Corp, 5.200%, Call @ 10/15/2022 | 15,000 | $302,550 |
| --- | --- | --- |
| Stifel Financial Corp., 6.250%, Non-Cumulative Pfd., Series B, 03/15/2024 | 15,000 | 345,000 |
| Summit Hotel Properties, Inc., 6.250%, Cumulative Pfd., Series E, Call 11/13/2022 | 20,000 | 365,600 |
| The Allstate Corp, 5.750%, 8/15/2053 | 350,000 | 329,000 |
| The Allstate Corp., 5.625%, Non-Cumulative, Series G, 04/15/2023 | 10,000 | 217,300 |
| The Bank of Nova Scotia, 8.625%, Call 10/27/2027 @ 100.00 | 500,000 | 520,581 |
| The Southern Co. Series 2020A, 4.950%, Junior Subordinated Notes due 01/30/2080 | 6,500 | 127,660 |
| The Toronto Dominion Bank, 8.125%, 10/31/2027 | 500,000 | 520,000 |
| Triton International Limited of Bermuda, 7.375%, Cumulative Pfd., Call 12/15/2024 | 1,596 | 36,708 |
| Triton International Ltd., 5.750% | 20,000 | 364,200 |
| Truist Financial Corp., Depositary Shares, 4.750%, Series R | 8,000 | 152,720 |
| Wells Fargo & Co., 4.375%, 03/15/2026 | 20,000 | 340,600 |
| WesBanco, Inc., Depositary Shares, 6.750%, Series A | 8,000 | 200,960 |
| Western Alliance BanCorp., Series A, 4.250%, 09/30/2026 Perp. | 14,844 | 299,255 |
| Zion Bancorporation, N.A., 6.950%, Call @ 09/15/2023 | 1,793 | 45,700 |
|  |  | 23,607,796 |

### TOTAL TRADITIONAL PREFERRED SECURITIES (Cost $27,656,883)

### REIT Senior Securities - 3.48%

| Hudson Pacific Properties, Inc., 4.750%, Cumulative Preferred, Series C, 11/16/2026 | 25,000 | 313,250 |
| --- | --- | --- |
| Pebblebrook Hotel Trust, 6.300%, Cumulative Preferred, Series F, 12/10/2021 | 22,500 | 400,500 |
| UMH Properties, Inc., 6.375%, Series D | 18,000 | 400,500 |
|  |  | 1,114,250 |

### TOTAL REIT SENIOR SECURITIES (Cost $1,504,464)

### Senior Securities - 0.50%

| QVC, Inc. 6.250% Senior Secured | 5,500 | 65,835 |
| --- | --- | --- |
| QVC, Inc. 6.375% Senior Secured | 8,000 | 94,320 |
|  |  | 160,155 |

### TOTAL SENIOR SECURITIES (Cost $331,264)

### Common Stocks - 3.71%

### Capital Markets - 0.96%

| AllianceBernstein Holding LP | 4,200 | 144,354 |
| --- | --- | --- |
| Golub Capital BDC, Inc. | 12,500 | 164,500 |
|  |  | 308,854 |

### Multiline Retail - 1.04%

| Franchise Group, Inc. | 14,000 | 333,480 |
| --- | --- | --- |
|  |  | 333,480 |

### Oil, Gas & Consumable Fuels - 1.70%

| Devon Energy Corp. | 3,000 | 184,530 |
| --- | --- | --- |
| Enterprise Products Partners LP | 15,000 | 361,800 |
|  |  | 546,330 |

### COMMON STOCKS (Cost $1,463,607)

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

| Shares | Value |
| --- | --- |
| 15,000 | $302,550 |
| 15,000 | 345,000 |
| 20,000 | 365,600 |
| 350,000 | 329,000 |
| 10,000 | 217,300 |
| 500,000 | 520,581 |
| 6,500 | 127,660 |
| 500,000 | 520,000 |
| 1,596 | 36,708 |
| 20,000 | 364,200 |
| 8,000 | 152,720 |
| 20,000 | 340,600 |
| 8,000 | 200,960 |
| 14,844 | 299,255 |
| 1,793 | 45,700 |
|  | 23,607,796 |
|  | 23,607,796 |
| 25,000 | 313,250 |
| 22,500 | 400,500 |
| 18,000 | 400,500 |
|  | 1,114,250 |
|  | 1,114,250 |
| 5,500 | 65,835 |
| 8,000 | 94,320 |
|  | 160,155 |
|  | 160,155 |
| 4,200 | 144,354 |
| 12,500 | 164,500 |
|  | 308,854 |
| 14,000 | 333,480 |
|  | 333,480 |
| 3,000 | 184,530 |
| 15,000 | 361,800 |
|  | 546,330 |
|  | 1,188,664 |

Annual Report | 10

# ANCORA INCOME FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

**TOTAL INVESTMENTS (Cost $37,639,135) - 101.33%**

**Liabilities In Excess of Other Assets - (1.33)%**

**TOTAL NET ASSETS - 100.00%**

| Shares | Value |
| --- | --- |
|  | $32,472,104 |
|  | (424,862) |
|  | $32,047,242 |

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

Annual Report | 11

# ANCORA /THELEN SMALL-MID CAP FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

THE ANCORA/THELEN SMALL-MID CAP FUND SEEKS TO OBTAIN CAPITAL APPRECIATION.

PORTFOLIO MANAGER:

Dan Thelen
Managing Director - Small-Mid
Cap Equities, Ancora Advisors

NET ASSETS:

$135.2 MILLION*

INCEPTION DATE:

JANUARY 2, 2013

TICKERS:

CLASS I - AATIX
CLASS S - AATSX

MINIMUM INITIAL INVESTMENT:

CLASS I - $5,000
CLASS S - $1,500,000

* As of December 31, 2022

TOP HOLDINGS: DECEMBER 31, 2022 (d)

| NAME | % OF NET ASSETS |
| --- | --- |
| API Group Corp. | 4.05% |
| Vectrus, Inc. | 3.47% |
| Jackson Financial, Inc. | 3.11% |
| Organon & Co. | 2.41% |
| Ingevity Corp. | 2.23% |
| Henry Schein, Inc. | 2.22% |
| DT Midstream, Inc. | 2.16% |
| Fortune Brands Innovations, Inc. | 2.08% |
| Osisko Gold Royalties Ltd. | 2.03% |
| Alight, Inc. Class A | 1.98% |

SECTOR DIVERSIFICATION: DECEMBER 31, 2022 (d)

| NAME | % OF TOTAL INVESTMENTS |
| --- | --- |
| Industrials | 20.41% |
| Financials | 14.01% |
| Consumer Discretionary | 12.46% |
| Health Care | 10.62% |
| Materials | 7.69% |
| Real Estate | 7.50% |
| Communication Services | 6.16% |
| Utilities | 5.79% |
| Energy | 5.40% |
| Consumer Staples | 5.34% |
| Information Technology | 4.31% |
| Money Market Funds | 0.32% |

TOTAL RETURNS: DECEMBER 31, 2022 (d)

|  | ONE YEAR | THREE YEARS | FIVE YEARS | TEN YEARS | SINCE INCEP(a) |
| --- | --- | --- | --- | --- | --- |
| ANCORA/THELEN SMALL-MID CAP FUND - I (b) | -17.32% | 4.88% | 4.70% | 8.47% | 8.48% |
| ANCORA/THELEN SMALL-MID CAP FUND - S (b) | -17.13% | 5.15% | 4.96% | N/A | 6.17% |
| RUSSELL 2500 INDEX (c) | -18.37% | 5.00% | 5.89% | 10.03% | 10.03% |

a) Inception data reflects the total return since 01/02/13 for Class I, and Russell 2500 Index and 06/19/2015 for Class S.
b) Return figures reflect any change in price per share and assume the reinvestment of all distributions.
c) The Russell 2500 Index, an unmanaged index, consists of 2500 stocks chosen for market size, liquidity, and industry group representation. It is market-value weighted (stock price times number of shares outstanding), with each stock's weighting in the Index proportionate to its market value and not available for purchase. If you were to purchase the securities that make up this Index, your returns would be lower once fees and/or commissions are deducted.
d) Data is unaudited.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.

Annual Report | 12

# ANCORA /THELEN SMALL-MID CAP FUND

## PERFORMANCE ILLUSTRATION (UNAUDITED)

Growth of a $10,000 Investment

![img-0.jpeg](img-0.jpeg)

\* Inception: 1/2/13

*The chart above assumes an initial investment of $10,000 made on January 2, 2013 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report | 13

# ANCORA /THELEN SMALL-MID CAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022

### Common Stocks - 99.56%

#### Aerospace & Defense - 3.47%

Vectrus, Inc. (a)

#### Banks - 0.88%

Northrim BanCorp, Inc.

#### Beverages - 1.35%

Primo Water Corp.

#### Building Products - 4.48%

Fortune Brands Innovations, Inc.

Masco Corp.

Masterbrand, Inc. (a)

#### Capital Markets - 3.39%

B. Riley Financial, Inc.

Houlihan Lokey, Inc. Class A

Perella Weinberg Partners

Raymond James Financial, Inc.

StoneX Group, Inc. (a)

#### Chemicals - 3.84%

Ingevity Corp. (a)

Orion Engineered Carbons S.A.

Valvoline, Inc.

#### Commercial Services & Supplies - 0.75%

Ritchie Bros. Auctioneers, Inc.

Thryv Holdings, Inc. (a)

#### Communication Equipment - 0.99%

IAC/InterActive Corp. (a)

#### Construction & Engineering- 5.16%

API Group Corp. (a) (c)

Arcosa, Inc.

#### Distributors - 0.39%

Weyco Group, Inc

#### Diversified Financial Services - 5.28%

Cannae Holdings, Inc. (a)

Jackson Financial, Inc.

Voya Financial, Inc.

#### Electric Utilities - 1.66%

Constellation Energy Corp.

NRG Energy, Inc.

| Shares | Value |
| --- | --- |
| 113,634 | $4,691,948 |
|  | 4,691,948 |
| 21,851 | 1,192,409 |
|  | 1,192,409 |
| 117,440 | 1,825,018 |
|  | 1,825,018 |
| 49,133 | 2,805,986 |
| 22,939 | 1,070,563 |
| 289,672 | 2,187,024 |
|  | 6,063,573 |
| 8,488 | 290,290 |
| 13,976 | 1,218,148 |
| 94,775 | 928,795 |
| 12,728 | 1,359,987 |
| 8,218 | 783,175 |
|  | 4,580,395 |
| 42,800 | 3,014,832 |
| 31,020 | 552,466 |
| 49,795 | 1,625,807 |
|  | 5,193,105 |
| 3,970 | 229,585 |
| 41,288 | 784,472 |
|  | 1,014,057 |
| 30,240 | 1,342,656 |
|  | 1,342,656 |
| 290,777 | 5,469,515 |
| 27,819 | 1,511,684 |
|  | 6,981,199 |
| 25,224 | 533,740 |
|  | 533,740 |
| 95,968 | 1,981,739 |
| 120,966 | 4,208,407 |
| 15,380 | 945,716 |
|  | 7,135,862 |
| 22,020 | 1,898,344 |
| 10,920 | 347,474 |
|  | 2,245,819 |

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

Annual Report | 14

# ANCORA /THELEN SMALL-MID CAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

### Common Stocks - (Continued)

#### Electronic Equipment, Instruments & Comp - 1.36%

Vontier Corp.

#### Energy Equipment & Services- 1.90%

ChampionX Holding, Inc.

#### Equity Real Estate Investment Trusts - 7.49%

Alpine Income Property Trust, Inc.

CTO Realty Growth, Inc.

Gaming and Leisure Properties, Inc.

Howard Hughes Corp. (a)

JBG SMITH Properties

Postal Realty Trust, Inc.

PotlatchDeltic Corp.

#### Food Products - 3.00%

Lamb Weston Holdings, Inc.

Limoneira Co.

Nomad Foods Ltd. (a)

#### Gas Utilities - 1.91%

National Fuel Gas Co.

RGC Resources, Inc.

#### Health Care Equipment & Supplies - 2.37%

Enovis Corp.

Utah Medical Products, Inc.

ZimVie, Inc. (a)

#### Health Care Providers & Services - 5.07%

Encompass Health Corp.

Enhabit, Inc. (a)

Henry Schein, Inc. (a)

ModivCare, Inc. (a)

The Pennant Group, Inc. (a)

#### Hotels, Restaurants, & Leisure - 8.77%

Churchill Downs, Inc.

Chuy's Holdings, Inc. (a)

Dave & Buster's Entertainment, Inc. (a)

Dine Brands Global, Inc.

Golden Entertainment, Inc. (a)

Inspired Entertainment, Inc. (a)

Travel N Leisure Co.

Wyndham Hotels & Resorts, Inc.

#### Household Durables - 1.08%

Cavco Industries, Inc. (a)

Hooker Furniture Corp.

| Shares | Value |
| --- | --- |
| 95,250 | $1,841,182 |
|  | 1,841,182 |
| 88,505 | 2,565,760 |
|  | 2,565,760 |
| 123,555 | 2,357,429 |
| 98,268 | 1,796,339 |
| 32,406 | 1,688,029 |
| 16,860 | 1,288,441 |
| 28,750 | 545,675 |
| 48,923 | 710,851 |
| 39,684 | 1,745,699 |
|  | 10,132,463 |
| 13,290 | 1,187,594 |
| 20,870 | 254,823 |
| 151,883 | 2,618,463 |
|  | 4,060,880 |
| 38,839 | 2,458,509 |
| 5,751 | 126,810 |
|  | 2,585,319 |
| 16,056 | 859,317 |
| 9,818 | 987,004 |
| 144,800 | 1,352,432 |
|  | 3,198,753 |
| 12,440 | 744,036 |
| 140,330 | 1,846,743 |
| 37,554 | 2,999,438 |
| 11,030 | 989,722 |
| 25,384 | 278,716 |
|  | 6,858,655 |
| 6,333 | 1,338,986 |
| 34,794 | 984,670 |
| 46,180 | 1,636,619 |
| 24,546 | 1,585,672 |
| 11,340 | 424,116 |
| 100,870 | 1,278,023 |
| 64,932 | 2,363,525 |
| 31,401 | 2,239,205 |
|  | 11,850,816 |
| 3,336 | 754,770 |
| 37,932 | 709,328 |
|  | 1,464,098 |

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

Annual Report | 15

# ANCORA /THELEN SMALL-MID CAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

### Common Stocks - (Continued)

**Household Products - 0.50%**
Spectrum Brands Holdings, Inc.

**IT Services - 1.29%**
Concentrix Corp.
Information Services Group, Inc.

**Independent Power and Renewable - 1.20%**
Vistra Energy Corp.

**Interactive Media & Services - 0.50%**
Ziff Davis, Inc. (a)

**Insurance - 1.27%**
F&G Annuities & Life, Inc. (a)

**Life Sciences Tools & Services - 0.76%**
Charles River Laboratories International, Inc. (a)

**Machinery - 2.88%**
Crane Holdings Co.
ESAB Corp.
Hillman Solutions Corp. (a)
John Bean Technologies Corp.
The Gorman-Rupp Co.

**Media - 4.07%**
Liberty Braves Series C (a)
Liberty SiriusXM Series C (a)
Scholastic Corp.

**Metals & Mining - 2.42%**
Gold Resource Corp.
Osisko Gold Royalties Ltd.

**Multi-Utilities- 2.39%**
Black Hills Corp.
MDU Resources Group, Inc.

**Oil, Gas & Consumable Fuels- 3.49%**
Amplify Energy Corp. (a)
Chesapeake Energy Corp.
DT Midstream, Inc.

**Paper & Forest Products - 1.42%**
Sylvamo Corp.

| Shares | Value |
| --- | --- |
| 11,090 | $675,603 |
|  | 675,603 |
| 10,593 | 1,410,564 |
| 72,010 | 331,246 |
|  | 1,741,810 |
| 70,168 | 1,627,898 |
|  | 1,627,898 |
| 8,631 | 682,712 |
|  | 682,712 |
| 85,922 | 1,719,299 |
|  | 1,719,299 |
| 4,690 | 1,021,951 |
|  | 1,021,951 |
| 3,520 | 353,584 |
| 17,068 | 800,831 |
| 143,550 | 1,034,996 |
| 6,870 | 627,437 |
| 41,830 | 1,071,685 |
|  | 3,888,533 |
| 44,275 | 1,426,983 |
| 64,830 | 2,536,798 |
| 39,101 | 1,542,925 |
|  | 5,506,706 |
| 340,200 | 520,506 |
| 227,855 | 2,750,210 |
|  | 3,270,716 |
| 19,280 | 1,356,155 |
| 61,906 | 1,878,228 |
|  | 3,234,383 |
| 17,300 | 152,067 |
| 17,484 | 1,649,965 |
| 52,813 | 2,918,446 |
|  | 4,720,478 |
| 39,450 | 1,916,876 |
|  | 1,916,876 |

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

Annual Report | 16

# ANCORA /THELEN SMALL-MID CAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

|  | Shares | Value |
| --- | --- | --- |
| Common Stocks - (Continued) |  |  |
| Personal Products - 0.48% |  |  |
| BellRing Brands, Inc. (a) | 25,500 | $653,820 |
|  |  | 653,820 |
| Pharmaceuticals - 2.41% |  |  |
| Organon & Co. | 116,770 | 3,261,386 |
|  |  | 3,261,386 |
| Professional Services - 1.98% |  |  |
| Alight, Inc. Class A (a) | 320,076 | 2,675,835 |
|  |  | 2,675,835 |
| Software - 1.66% |  |  |
| Consensus Cloud Solutions, Inc. (a) | 41,667 | 2,240,018 |
|  |  | 2,240,018 |
| Specialty Retail - 0.85% |  |  |
| The Aaron's Co, Inc. | 10,840 | 129,538 |
| Tilly's, Inc. Class A (a) | 54,780 | 495,759 |
| Victoria's Secret & Co. (a) | 14,780 | 528,828 |
|  |  | 1,154,125 |
| Textiles, Apparel & Luxury Goods - 1.34% |  |  |
| Kontoor Brands, Inc. | 11,542 | 461,565 |
| Wolverine World Wide, Inc. | 123,902 | 1,354,249 |
|  |  | 1,815,814 |
| Thrifts & Mortgage Finance - 3.18% |  |  |
| Columbia Financial, Inc. (a) | 97,156 | 2,100,513 |
| Federal Agricultural Mortgage Corp. | 19,475 | 2,195,027 |
|  |  | 4,295,540 |
| Trading Companies & Distributors - 0.85% |  |  |
| Distribution Solutions Group, Inc. (a) | 31,047 | 1,144,392 |
|  |  | 1,144,392 |
| TOTAL COMMON STOCKS (Cost $126,847,379) |  | 134,605,602 |
| Money Market Funds - 0.32% |  |  |
| First American Funds Government Obligation Class Y 3.79% (b) | 426,098 | 426,098 |
|  |  | 426,098 |
| TOTAL MONEY MARKET FUNDS (Cost $426,098) |  | 426,098 |
| TOTAL INVESTMENTS (Cost $127,273,477) - 99.87% |  | 135,031,700 |
| Other Assets In Excess of Liabilities - 0.13% |  | 170,932 |
| TOTAL NET ASSETS - 100.00% |  | $135,202,632 |

(a) Non-Income producing.

(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.

(c) ADR - American Depository Receipt

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

Annual Report | 17

# ANCORA MICROCAP FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

THE ANCORA MICROCAP FUND SEEKS TO OBTAIN CAPITAL APPRECIATION.

PORTFOLIO MANAGER:

Michael Santelli
Managing Director - Microcap
Equities, Ancora Advisors

NET ASSETS:

$13.5 MILLION*

INCEPTION DATE:

SEPTEMBER 2, 2008

TICKERS:

CLASS I - ANCIX

MINIMUM INITIAL INVESTMENT:

CLASS I - $5,000

* As of December 31, 2022

TOP HOLDINGS: DECEMBER 31, 2022 (d)

| NAME | % OF NET ASSETS |
| --- | --- |
| BG Staffing, Inc. | 5.15% |
| Silvercrest Asset Management Group, Inc. | 4.21% |
| Vaalco Energy, Inc. | 3.63% |
| Computer Task Group, Inc. | 3.08% |
| Lakeland Industries, Inc. | 2.88% |
| Polished.com, Inc. | 2.84% |
| Crawford & Company CRD-A | 2.83% |
| Richardson Electronics Ltd. | 2.77% |
| TIPTREE, Inc. | 2.64% |
| Postal Realty Trust, Inc. | 2.60% |

SECTOR DIVERSIFICATION: DECEMBER 31, 2022 (d)

| NAME | % OF TOTAL INVESTMENTS |
| --- | --- |
| Financials | 24.21% |
| Industrials | 22.54% |
| Information Technology | 16.08% |
| Consumer Discretionary | 15.16% |
| Energy | 9.41% |
| Consumer Staples | 3.48% |
| Real Estate | 3.08% |
| Money Market Funds | 2.59% |
| Health Care | 2.03% |
| Materials | 1.42% |

TOTAL RETURNS: DECEMBER 31, 2022 (d)

|  | ONE YEAR | THREE YEARS | FIVE YEARS | TEN YEARS | SINCE INCEP (a) |
| --- | --- | --- | --- | --- | --- |
| ANCORA MICROCAP FUND - I (b) | -7.92% | 9.79% | 2.68% | 8.57% | 8.03% |
| RUSSELL MICROCAP INDEX (c) | -21.96% | 4.05% | 3.69% | 8.86% | 7.36% |

a) Inception data reflects the annualized return since 09/02/08.

b) Return figures reflect any change in price per share and assume the reinvestment of all distributions.

c) The Russell Microcap Index measures the performance of the Microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the small-cap Russell 2000 Index based on a combination of their market cap and current index membership. If you were to purchase the securities that make up this index, your return would be lower once fees and/or commissions are deducted.

d) Data is unaudited.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.

Annual Report | 18

# ANCORA MICROCAP FUND

## PERFORMANCE ILLUSTRATION (UNAUDITED)

Growth of a $10,000 Investment

![img-0.jpeg](img-0.jpeg)

\* Inception: 9/2/08

*The chart above assumes an initial investment of $10,000 made on September 2, 2008 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report | 19

# ANCORA MICROCAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022

### Common Stocks - 97.60%

#### Aerospace & Defense - 1.49%

AerSale Corp. (a)

#### Banks - 4.14%

The First of Long Island Corp.

First Internet Bancorp

#### Capital Markets - 11.82%

180 Degree Capital Corp. (a)

Diamond Hill Investment Group, Inc. Class A

Donnelley Financial Solutions, Inc. (a)

Heritage Global, Inc. (a)

Newtek Business Services Corp.

Silvercrest Asset Management Group, Inc.

#### Commercial Services & Supplies - 3.69%

Kimball International, Inc. Class B

Perma-Fix Environmental Services, Inc. (a)

#### Communication Equipment - 2.00%

Aviat Networks, Inc. (a)

PCTEL, Inc.

#### Construction & Engineering - 4.72%

Concrete Pumping Holdings, Inc. (a)

Orion Group Holdings, Inc. (a)

Sterling Construction Co., Inc. (a)

#### Distributors - 1.13%

VOXX International Corp. (a)

#### Diversified Financial Services - 2.64%

TIPTREE, Inc.

#### Electrical Equipment, Instruments & Comp - 4.66%

Iteris, Inc (a)

Key Tronic Corp. (a)

Richardson Electronics Ltd.

#### Electronic Equipment, Instruments & Comp - 0.56%

Coda Octopus Group, Inc. (a)

#### Energy Equipment & Services - 0.80%

Independence Contract Drilling, Inc. (a)

#### Equity Real Estate Investment Trusts - 2.60%

Postal Realty Trust, Inc.

| Shares | Value |
| --- | --- |
| 12,421 | $201,469 |
|  | 201,469 |
| 12,731 | 229,158 |
| 13,619 | 330,669 |
|  | 559,827 |
| 39,195 | 206,950 |
| 1,418 | 262,358 |
| 6,807 | 263,090 |
| 97,489 | 229,099 |
| 4,131 | 67,129 |
| 30,340 | 569,482 |
|  | 1,598,108 |
| 44,960 | 292,240 |
| 58,471 | 206,403 |
|  | 498,643 |
| 6,747 | 210,439 |
| 13,847 | 59,542 |
|  | 269,981 |
| 29,089 | 170,171 |
| 105,543 | 251,192 |
| 6,605 | 216,644 |
|  | 638,007 |
| 18,294 | 153,304 |
|  | 153,304 |
| 25,769 | 356,643 |
|  | 356,643 |
| 42,239 | 131,363 |
| 28,805 | 124,726 |
| 17,553 | 374,405 |
|  | 630,494 |
| 11,121 | 76,290 |
|  | 76,290 |
| 33,121 | 108,306 |
|  | 108,306 |
| 24,214 | 351,829 |
|  | 351,829 |

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

Annual Report | 20

# ANCORA MICROCAP FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

Common Stocks - (Continued)

Food Products - 1.92%

Coffee Holding Company, Inc.
Lifecore Biomedical, Inc. (a)

Health Care Providers & Services - 2.04%

Psychemedics Corp.
Viemed Healthcare, Inc. (a)

Household Durables - 1.93%

Flexsteel Industries, Inc.

IT Services - 4.31%

Computer Task Group, Inc. (a)
International Money Express, Inc. (a)

Insurance - 2.83%

Crawford & Co. (CRD-A)

Internet & Direct Marketing Retail - 2.84%

Polished.com, Inc. (a)

Leisure Products - 2.35%

Smith & Wesson Brands, Inc.

Machinery - 0.78%

LB Foster Co. (a)

Marine - 4.67%

Eagle Bulk Shipping, Inc.
Genco Shipping & Trading Limited

Metals & Mining - 0.76%

Endeavour Silver Corp. (a)
Universal Stainless & Alloy Products, Inc. (a)

Oil, Gas & Consumable Fuels - 8.63%

Adams Resources & Energy, Inc.
Alto Ingredients, Inc. (a)
Evolution Petroleum Corp.
Teekay Tankers Ltd. (a)
Vaalco Energy, Inc.

Personal Products - 1.57%

Nature's Sunshine Products, Inc. (a)

Professional Services - 6.39%

Acacia Research Corp. (a)
BG Staffing, Inc.

| Shares | Value |
| --- | --- |
| 54,308 | $110,788 |
| 22,878 | 148,249 |
|  | 259,037 |
| 26,088 | 127,954 |
| 19,496 | 147,390 |
|  | 275,344 |
| 16,974 | 261,400 |
|  | 261,400 |
| 55,053 | 416,201 |
| 6,838 | 166,642 |
|  | 582,843 |
| 68,763 | 382,322 |
|  | 382,322 |
| 665,462 | 384,437 |
|  | 384,437 |
| 36,578 | 317,497 |
|  | 317,497 |
| 10,930 | 105,802 |
|  | 105,802 |
| 5,775 | 288,403 |
| 22,288 | 342,344 |
|  | 630,747 |
| 27,796 | 90,059 |
| 14,327 | 102,725 |
|  | 192,784 |
| 4,261 | 165,838 |
| 81,634 | 235,106 |
| 16,081 | 121,411 |
| 4,991 | 153,773 |
| 107,593 | 490,624 |
|  | 1,166,752 |
| 25,518 | 212,310 |
|  | 212,310 |
| 39,990 | 168,358 |
| 45,400 | 695,528 |
|  | 863,886 |

See accompanying notes which are an integral part of the financial statements.

Annual Report | 21

# ANCORA MICROCAP FUND

## SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

### Common Stocks - (Continued)

#### Real Estate Investment Trusts- 10.97%

Sachem Capital Corp.

#### Real Estate Management & Development - 18.53%

LuxUrban Hotels, Inc

#### Semiconductors & Semiconductor Equipment- 1.23%

Amtech Systems, Inc. (a)

#### Software - 1.64%

Allot Communications Ltd. (a)

Intellicheck, Inc. (a)

#### Specialty Retail - 1.45%

America's Car-Mart, Inc. (a)

#### Technology Hardware, Storage & Peripheral Total - 1.73%

Immersion Corp. (a)

#### Textiles, Apparel, & Luxury Goods - 5.42%

Culp, Inc.

Lakeland Industries, Inc. (a)

Movado Group, Inc.

#### Thrifts & Mortgage Finance - 1.32%

Federal Agricultural Mortgage Corp.

#### Trading Companies & Distributors - 2.11%

Karat Packaging Co.

### TOTAL COMMON STOCKS (Cost $13,675,921)

#### Warrant - 0.08%

#### Household Durables - 0.08%

Zagg/Cvr.Us

### TOTAL WARRANT (Cost $0)

#### Money Market Funds - 2.60%

First American Funds Institutional Government Fund Class Y 3.79% (b)

### TOTAL MONEY MARKET FUNDS (Cost $350,867)

### TOTAL INVESTMENTS (Cost $14,026,788) - 100.27%

### Liabilities In Excess of Other Assets - (0.27)%

### TOTAL NET ASSETS - 100.00%

(a) Non-Income producing.

(b) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.

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

| Shares | Value |
| --- | --- |
| 11,659 | $38,475 |
|  | 38,475 |
| 38,243 | 65,009 |
|  | 65,009 |
| 21,809 | 165,748 |
|  | 165,748 |
| 44,024 | 151,443 |
| 34,939 | 69,878 |
|  | 221,321 |
| 2,712 | 195,969 |
|  | 195,969 |
| 33,187 | 233,305 |
|  | 233,305 |
| 44,535 | 204,416 |
| 29,223 | 388,666 |
| 4,311 | 139,030 |
|  | 732,112 |
| 1,583 | 178,420 |
|  | 178,420 |
| 19,863 | 285,431 |
|  | 285,431 |
|  | 13,193,852 |
| 71,453 | 10,718 |
|  | 10,718 |
| 350,867 | 350,867 |
|  | 350,867 |
|  | 350,867 |
|  | 13,555,437 |
|  | (37,175) |
|  | $13,518,262 |

Annual Report | 22

# ANCORA DIVIDEND VALUE EQUITY FUND (UNAUDITED)

INVESTMENT OBJECTIVE:

THE ANCORA DIVIDEND VALUE EQUITY FUND SEEKS TO PROVIDE GROWTH OF INCOME AND LONG-TERM CAPITAL APPRECIATION.

PORTFOLIO MANAGERS:

Sonia Mintun
David Sowerby
Tom Kennedy
Portfolio Manager, Ancora
Advisors

NET ASSETS:

$36.9 MILLION*

INCEPTION DATE:

May 7, 2019

TICKERS:

CLASS I - ADEIX

MINIMUM INITIAL INVESTMENT:

CLASS I - $5,000

* As of December 31, 2022

TOP HOLDINGS: DECEMBER 31, 2022 (a)

| NAME | % OF NET ASSETS |
| --- | --- |
| First American Funds Institutional Government Fund Class Y | 7.81% |
| AbbVie, Inc. | 5.36% |
| Chevron Corp. | 5.10% |
| Broadcom, Inc. | 5.00% |
| Johnson & Johnson | 4.50% |
| JP Morgan Chase & Co. | 4.49% |
| UnitedHealth Group, Inc. | 4.45% |
| The Home Depot, Inc. | 4.17% |
| CVS Health Corp. | 4.07% |
| Honeywell International, Inc. | 4.06% |

SECTOR DIVERSIFICATION: DECEMBER 31, 2022 (b)

| NAME | % OF TOTAL INVESTMENTS |
| --- | --- |
| Health Care | 18.38% |
| Financials | 16.52% |
| Information Technology | 16.26% |
| Consumer Discretionary | 13.62% |
| Industrials | 9.44% |
| Energy | 9.14% |
| Money Market Funds | 7.81% |
| Consumer Staples | 5.51% |
| Real Estate | 2.03% |
| Materials | 1.29% |

TOTAL RETURNS: DECEMBER 31, 2022 (c)

|  | ONE YEAR | THREE YEARS | SINCE INCEP(a) |
| --- | --- | --- | --- |
| ANCORA DIVIDEND VALUE EQUITY - I(b) | -11.41% | 7.12% | 9.41% |
| RUSSELL 1000 VALUE INDEX(c) | -7.54% | 5.96% | 7.60% |

a) Inception data reflects the return since 05/07/2019.

b) Return figures reflect any change in price per share and assume the reinvestment of all distributions.

c) The Russell 1000 Value Index is designed to be a measure of the large and mid-sized capitalization companies in the United States equities market. The index is a composite of roughly 1,000 securities issued by the largest companies in the U.S. in terms of market capitalization. The Russell 1000 Value Index is a subset of the securities found in the Russell 1000.

d) Data is unaudited.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling 1-866-626-2672.

Annual Report | 23

# ANCORA DIVIDEND VALUE EQUITY FUND

## PERFORMANCE ILLUSTRATION (UNAUDITED)

Growth of a $10,000 Investment

![img-1.jpeg](img-1.jpeg)

\* Inception: 5/7/2019

*The chart above assumes an initial investment of $10,000 made on May 7, 2019 (commencement of Fund operations) and held through December 31, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown assume the reinvestment of all distributions and do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

Past performance is no guarantee of future results. Performance is unaudited.

Annual Report | 24

# ANCORA DIVIDEND VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022

|  | Shares | Value |
| --- | --- | --- |
| Common Stocks - 92.19% |  |  |
| Aerospace & Defense - 2.44% |  |  |
| L3Harris Technologies, Inc. | 4,325 | $900,508 |
|  |  | 900,508 |
| Automobiles - 1.36% |  |  |
| General Motors Co. | 14,945 | 502,750 |
|  |  | 502,750 |
| Banks - 10.60% |  |  |
| Bank of America Corp. | 39,960 | 1,323,475 |
| Citizens Financial Group, Inc. | 23,655 | 931,297 |
| JP Morgan Chase & Co. | 12,370 | 1,658,817 |
|  |  | 3,913,589 |
| Capital Markets - 4.05% |  |  |
| BlackRock, Inc. | 1,050 | 744,061 |
| Houlihan Lokey, Inc. Class A | 8,625 | 751,755 |
|  |  | 1,495,816 |
| Chemicals - 1.29% |  |  |
| Mosaic Co. | 10,850 | 475,990 |
|  |  | 475,990 |
| Consumer Finance - 1.88% |  |  |
| Discover Financial Services | 7,085 | 693,126 |
|  |  | 693,126 |
| Electrical Equipment - 2.94% |  |  |
| Eaton Corporation Plc. | 6,925 | 1,086,879 |
|  |  | 1,086,879 |
| Equity Real Estate Investment Trusts - 2.03% |  |  |
| Weyerhaeuser Co. | 24,235 | 751,285 |
|  |  | 751,285 |
| Food Products - 3.33% |  |  |
| Nestlé S.A. | 10,675 | 1,231,255 |
|  |  | 1,231,255 |
| Health Care Providers & Services - 8.52% |  |  |
| CVS Health Corp. | 16,140 | 1,504,087 |
| UnitedHealth Group, Inc. | 3,100 | 1,643,558 |
|  |  | 3,147,645 |
| Hotels, Restaurants & Leisure - 5.71% |  |  |
| Marriott International, Inc. | 3,525 | 524,837 |
| McDonalds Corp. | 4,600 | 1,212,238 |
| Wyndham Hotels & Resorts, Inc. | 5,240 | 373,664 |
|  |  | 2,110,739 |
| Household Products - 2.17% |  |  |
| Procter & Gamble Co. | 5,300 | 803,268 |
|  |  | 803,268 |
| IT Services - 2.71% |  |  |
| Accenture Plc. | 3,750 | 1,000,650 |
|  |  | 1,000,650 |
| Industrial Conglomerates - 4.06% |  |  |
| Honeywell International, Inc. | 7,000 | 1,500,100 |
|  |  | 1,500,100 |

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

Annual Report | 25

# ANCORA DIVIDEND VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS as of December 31, 2022 (CONTINUED)

Common Stocks - (Continued)

Oil, Gas & Consumable Fuels - 9.14%

Chevron Corp.
EOG Resources, Inc.

Pharmaceuticals - 9.86%

AbbVie, Inc.
Johnson & Johnson

Semiconductors & Semiconductor Equipment - 6.00%

Broadcom, Inc.
Texas Instruments, Inc.

Software - 4.01%

Microsoft Corp.

Specialty Retail - 4.17%

The Home Depot, Inc.

Technology Hardware, Storage & Peripheral - 3.54%

Apple, Inc.

Textiles, Apparel & Luxury Goods - 2.38%

NIKE, Inc.

TOTAL COMMON STOCKS (Cost $25,726,716)

Money Market Funds - 7.81%

First American Funds Institutional Government Fund Class Y 3.79% (a)

TOTAL MONEY MARKET FUNDS (Cost $2,883,980)

TOTAL INVESTMENTS (Cost $28,610,696) - 100.00%

Liabilities In Excess of Other Assets - (0.00)%

TOTAL NET ASSETS - 100.00%

| Shares | Value |
| --- | --- |
| 10,500 | $1,884,645 |
| 11,500 | 1,489,480 |
|  | 3,374,125 |
| 12,250 | 1,979,722 |
| 9,405 | 1,661,393 |
|  | 3,641,115 |
| 3,300 | 1,845,129 |
| 2,240 | 370,093 |
|  | 2,215,222 |
| 6,175 | 1,480,888 |
|  | 1,480,888 |
| 4,875 | 1,539,818 |
|  | 1,539,818 |
| 10,075 | 1,309,045 |
|  | 1,309,045 |
| 7,505 | 878,160 |
|  | 878,160 |
|  | 34,051,973 |
| 2,883,980 | 2,883,980 |
|  | 2,883,980 |
|  | 2,883,980 |
|  | 36,935,953 |
|  | (977) |
|  | $36,934,976 |

(a) Variable rate security; the coupon rate shown represents the 7-day yield as of December 31, 2022.
See accompanying notes which are an integral part of the financial statements.

Annual Report | 26

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Ancora Trust

## Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Ancora Trust, comprising the funds listed below (the “Funds”) as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, 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.

| Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
| --- | --- | --- | --- |
| Ancora Income Fund, Ancora/Thelen Small-Mid Cap Fund, and Ancora MicroCap Fund | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022 2021, 2020, 2019, and 2018 |
| Ancora Dividend Value Equity Fund | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021, 2020 and for the period May 7, 2019 (commencement of operations) through December 31 2019 |

## Basis for Opinion

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.

---

Annual Report | 27

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2004.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2023

Annual Report | 28

# FINANCIAL REVIEW

## STATEMENTS OF ASSETS & LIABILITIES - As of December 31, 2022

|  | Ancora Income Fund | Ancora/Thelen Small-Mid Cap Fund | Ancora MicroCap Fund | Ancora Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Assets |  |  |  |  |
| Investments in securities: |  |  |  |  |
| At Cost | $37,639,135 | $127,273,477 | $14,026,788 | $28,610,696 |
| At Fair Value | $32,472,104 | $135,031,700 | $13,555,437 | $36,935,953 |
| Cash | - | - | 1,000 | - |
| Dividends and interest receivable | 193,235 | 204,571 | 16,000 | 6,498 |
| Receivable for investments sold | 727,722 | 1,050,903 | 11,470 | - |
| Shareholder subscription receivable | 1,819 | 8,000 | 6,603 | 34,125 |
| Prepaid expenses | 6,793 | 16,139 | 2,356 | 4,233 |
| Total assets | 33,401,673 | 136,311,313 | 13,592,866 | 36,980,809 |
| Liabilities |  |  |  |  |
| Due to custodian | 378,632 | - | - | - |
| Payable for investments purchased | - | 910,087 | 42,520 | - |
| Shareholder redemptions payable | 933,689 | 47,004 | - | - |
| Payable to advisor | 15,070 | 108,438 | 9,082 | 19,718 |
| Administration fees payable | 3,014 | 11,700 | 1,162 | 3,160 |
| Shareholder servicing fees payable | 301 | 798 | 116 | 316 |
| Trustee fees payable | 3,575 | 3,395 | 1,797 | 3,445 |
| Accrued expenses | 20,150 | 27,259 | 19,927 | 19,194 |
| Total liabilities | 1,354,431 | 1,108,681 | 74,604 | 45,833 |
| Net Assets: | $32,047,242 | $135,202,632 | $13,518,262 | $36,934,976 |
| (unlimited number of shares authorized, no par value) |  |  |  |  |
| Net Assets consist of: |  |  |  |  |
| Paid in capital | 38,870,140 | 130,607,447 | 14,188,085 | 29,131,646 |
| Distributable Earnings (Accumulated Losses) | (6,822,898) | 4,595,185 | (669,823) | 7,803,330 |
| Net Assets | $32,047,242 | $135,202,632 | $13,518,262 | $36,934,976 |
| Class I: |  |  |  |  |
| Net assets applicable to Class I shares | $32,047,242 | $92,408,617 | $13,518,262 | $36,934,976 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 4,827,097 | 6,432,104 | 977,207 | 2,790,635 |
| Net asset value, offering price, and redemption price per share | $6.64 | $14.37 | $13.83 | $13.24 |
| Minimum Redemption Price Per Share (a) (NAV * 98%) | $6.51 | $14.08 | $13.55 | $12.98 |
| Class S: |  |  |  |  |
| Net assets applicable to Class S shares | $ - | $42,794,015 | $ - | $ - |
| Shares outstanding (unlimited number of shares authorized, no par value) | - | 2,889,941 | - | - |
| Net asset value, offering price, and redemption price per share | $ - | $14.81 | $ - | $ - |
| Minimum Redemption Price Per Share (a) (NAV * 98%) | $ - | $14.51 | $ - | $ - |

(a) The Funds will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

Annual Report | 29

# FINANCIAL REVIEW

## STATEMENTS OF OPERATIONS - For the year ended December 31, 2022

|  | Ancora Income Fund | Ancora/Thelen Small-Mid Cap Fund | Ancora MicroCap Fund | Ancora Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Investment Income |  |  |  |  |
| Dividend income (a) | $2,117,569 | $2,494,978 | $316,852 | $846,723 |
| Interest income | 201,973 | - | - | - |
| Total Income | 2,319,542 | 2,494,978 | 316,852 | 846,723 |
| Expenses |  |  |  |  |
| Investment advisor fee | 185,672 | 1,425,765 | 142,738 | 268,646 |
| Shareholder servicing account expenses |  |  |  |  |
| Class I | 3,714 | 9,697 | 1,427 | 3,582 |
| Fund accounting expenses | 33,279 | 61,625 | 23,723 | 33,450 |
| Transfer agent expenses | 9,275 | 9,300 | 9,300 | 9,300 |
| Legal expenses | 20,329 | 17,303 | 17,502 | 14,453 |
| Administration expenses | 37,134 | 142,576 | 14,274 | 35,820 |
| Insurance expenses | 17 | 1,180 | 17 | 17 |
| Custodian expenses | 7,322 | 24,331 | 6,512 | 4,575 |
| Auditing expenses | 12,501 | 18,937 | 16,682 | 16,001 |
| Printing expenses | 1,524 | 1,300 | 924 | 1,124 |
| Trustees expenses | 20,279 | 21,700 | 20,350 | 21,749 |
| Miscellaneous expenses | 5,709 | 5,133 | 4,525 | 4,167 |
| Registration expenses | 9,558 | 36,764 | 6,247 | 5,659 |
| Total Expenses | 346,313 | 1,775,611 | 264,221 | 418,543 |
| Waived Fees | - | (108,686) | (35,840) | (60,349) |
| Net Expenses | 346,313 | 1,666,925 | 228,381 | 358,194 |
| Net Investment Income | 1,973,229 | 828,053 | 88,471 | 488,529 |
| Net Realized & Unrealized Gain (Loss) |  |  |  |  |
| Net realized gain (loss) on unaffiliated investment securities | (468,934) | (3,130,489) | 1,456,068 | (592,657) |
| Net capital gain distributions from underlying investment companies | 26,935 | 131,763 | - | 35,972 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | (6,914,997) | (26,728,292) | (2,746,277) | (4,164,278) |
| Net realized and unrealized loss on investment securities | (7,356,996) | (29,727,018) | (1,290,209) | (4,720,963) |
| Net decrease in net assets resulting from operations | $(5,383,767) | $(28,898,965) | $(1,201,738) | $(4,232,434) |

(a) Net of foreign taxes withheld $22, $8,209, $0, and $3,661, respectively

See accompanying notes which are an integral part of the financial statements.

Annual Report | 30

# FINANCIAL REVIEW

## STATEMENTS OF CHANGES IN NET ASSETS

|  | Ancora Income Fund |  |
| --- | --- | --- |
|  | Year Ended December 31, 2022 | Year Ended December 31, 2021 |
| Increase (decrease) in Net Assets from Operations |  |  |
| Net investment income | $1,973,229 | $1,209,184 |
| Net realized gain (loss) on unaffiliated investment securities | (468,934) | 566,284 |
| Net capital gain distributions from underlying investment companies | 26,935 | 27,945 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | (6,914,997) | 504,416 |
| Net increase (decrease) in net assets resulting from operations | (5,383,767) | 2,307,829 |
| Distributions |  |  |
| From distribution to shareholders - Class I | (1,852,807) | (1,209,184) |
| From return of capital - Class I | - | (40,509) |
| Total distributions | (1,852,807) | (1,249,693) |
| Capital Share Transactions - Class I |  |  |
| Proceeds from sale of shares | 11,232,653 | 16,982,822 |
| Shares issued in reinvestment of dividends | 1,759,412 | 1,172,719 |
| Redemption fees | 5,237 | 2,281 |
| Shares redeemed | (10,301,889) | (2,698,712) |
| Net increase in net assets resulting from capital share transactions | 2,695,413 | 15,459,110 |
| Total increase (decrease) in net assets | (4,541,161) | 16,517,246 |
| Net Assets |  |  |
| Beginning of year | $36,588,403 | $20,071,157 |
| End of year | $32,047,242 | $36,588,403 |
| Capital Share Transactions - I Shares |  |  |
| Shares sold | 1,528,431 | 2,127,503 |
| Shares issued in reinvestment of distributions | 246,516 | 147,233 |
| Shares repurchased | (1,477,989) | (337,548) |
| Net increase from capital share transactions | 296,958 | 1,937,188 |

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

Annual Report | 31

# FINANCIAL REVIEW

## STATEMENTS OF CHANGES IN NET ASSETS

|  | Ancora/Thelen Small-Mid Cap Fund |  |
| --- | --- | --- |
|  | Year Ended December 31, 2022 | Year Ended December 31, 2021 |
| Increase (decrease) in Net Assets from Operations |  |  |
| Net investment income | $828,053 | $435,956 |
| Net realized gain (loss) on unaffiliated investment securities | (3,130,489) | 37,073,253 |
| Net realized gain on affiliated investment securities | - | 384,758 |
| Net capital gain distributions from underlying investment companies | 131,763 | 174,917 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | (26,728,292) | (2,786,506) |
| Net change in unrealized appreciation on affiliated investment securities | - | 241,593 |
| Net increase (decrease) in net assets resulting from operations | (28,898,965) | 35,523,971 |
| Distributions |  |  |
| From distribution to shareholders - Class I | (1,999,644) | (21,406,065) |
| From distribution to shareholders - Class S | (901,548) | (11,579,593) |
| Total distributions | (2,901,192) | (32,985,658) |
| Capital Share Transactions - Class I |  |  |
| Proceeds from sale of shares | 7,081,565 | 12,751,150 |
| Shares issued in reinvestment of dividends | 1,846,139 | 19,454,338 |
| Redemption fees | 571 | 9,121 |
| Shares redeemed | (9,274,905) | (14,013,611) |
|  | (346,630) | 18,200,998 |
| Capital Share Transactions - Class S |  |  |
| Proceeds from sale of shares | 5,206,111 | 11,662,031 |
| Shares issued in reinvestment of dividends | 690,663 | 9,087,119 |
| Shares redeemed | (16,496,583) | (8,302,549) |
|  | (10,599,809) | 12,446,601 |
| Net increase (decrease) in net assets resulting from capital share transactions | (10,946,439) | 30,647,599 |
| Total increase (decrease) in net assets | (42,746,596) | 33,185,912 |
| Net Assets |  |  |
| Beginning of year | $177,949,228 | $144,763,316 |
| End of year | $135,202,632 | $177,949,228 |
| Capital Share Transactions - I Shares |  |  |
| Shares sold | 468,033 | 638,658 |
| Shares issued in reinvestment of distributions | 130,839 | 1,097,875 |
| Shares repurchased | (607,185) | (668,742) |
| Net increase (decrease) from capital share transactions | (8,313) | 1,067,791 |
| Capital Share Transactions - S Shares |  |  |
| Shares sold | 331,023 | 578,992 |
| Shares issued in reinvestment of distributions | 47,501 | 499,018 |
| Shares repurchased | (965,384) | (398,810) |
| Net increase (decrease) from capital share transactions | (586,860) | 679,200 |

See accompanying notes which are an integral part of the financial statements.

Annual Report | 32

# FINANCIAL REVIEW

## STATEMENTS OF CHANGES IN NET ASSETS

### Increase (decrease) in Net Assets from Operations

| Net investment income (loss) | $88,471 | $(51,937) |
| --- | --- | --- |
| Net realized gain on unaffiliated investment securities | 1,456,068 | 1,926,553 |
| Net realized gain on affiliated investment securities | - | 78,493 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | (2,746,277) | 1,986,217 |
| Net change in unrealized appreciation (depreciation) on affiliated investment securities | - | 45,360 |
| Net increase (decrease) in net assets resulting from operations | (1,201,738) | 3,984,686 |

### Capital Share Transactions - Class I

| Proceeds from sale of shares | 1,365,056 | 1,198,159 |
| --- | --- | --- |
| Redemption fees | - | 636 |
| Shares redeemed | (1,393,102) | (1,080,939) |
| Net increase (decrease) in net assets resulting from capital share transactions | (28,046) | 117,856 |

### Total increase (decrease) in net assets

### Net Assets

| Beginning of year | $14,748,046 | $10,645,504 |
| --- | --- | --- |
| End of year | $13,518,262 | $14,748,046 |

### Capital Share Transactions - I Shares

| Shares sold | 93,654 | 82,303 |
| --- | --- | --- |
| Shares repurchased | (98,419) | (74,364) |
| Net increase (decrease) from capital share transactions | (4,765) | 7,939 |

| Ancora MicroCap Fund |  |
| --- | --- |
| Year Ended December 31, 2022 | Year Ended December 31, 2021 |
| $88,471 | $(51,937) |
| 1,456,068 | 1,926,553 |
| - | 78,493 |
| (2,746,277) | 1,986,217 |
| - | 45,360 |
| (1,201,738) | 3,984,686 |
| 1,365,056 | 1,198,159 |
| - | 636 |
| (1,393,102) | (1,080,939) |
| (28,046) | 117,856 |
| (1,229,784) | 4,102,542 |
| $14,748,046 | $10,645,504 |
| $13,518,262 | $14,748,046 |
| 93,654 | 82,303 |
| (98,419) | (74,364) |
| (4,765) | 7,939 |

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

Annual Report | 33

# FINANCIAL REVIEW

## STATEMENTS OF CHANGES IN NET ASSETS

|  | Ancora Dividend Value Equity Fund |  |
| --- | --- | --- |
|  | Year Ended December 31, 2022 | Year Ended December 31, 2021 |
| Increase (decrease) in Net Assets from Operations |  |  |
| Net investment income | $488,529 | $339,598 |
| Net realized gain (loss) on unaffiliated investment securities | (592,657) | 633,252 |
| Net capital gain distributions from underlying investment companies | 35,972 | 25,522 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investment securities | (4,164,278) | 6,912,474 |
| Net increase (decrease) in net assets resulting from operations | (4,232,434) | 7,910,846 |
| Distributions |  |  |
| From distribution to shareholders - Class I | (506,217) | (390,672) |
| Total distributions | (506,217) | (390,672) |
| Capital Share Transactions - Class I |  |  |
| Proceeds from sale of shares | 6,007,953 | 3,249,664 |
| Shares issued in reinvestment of dividends | 503,205 | 387,970 |
| Redemption fees | 26 | 1,117 |
| Shares redeemed | (2,507,646) | (2,326,812) |
| Net increase in net assets resulting from capital share transactions | 4,003,538 | 1,311,939 |
| Total increase (decrease) in net assets | (735,113) | 8,832,113 |
| Net Assets |  |  |
| Beginning of year | $37,670,089 | $28,837,976 |
| End of year | $36,934,976 | $37,670,089 |
| Capital Share Transactions - I Shares |  |  |
| Shares sold | 453,011 | 236,897 |
| Shares issued in reinvestment of distributions | 38,182 | 27,445 |
| Shares repurchased | (185,970) | (174,709) |
| Net increase from capital share transactions | 305,223 | 89,633 |

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

Annual Report | 34

# FINANCIAL REVIEW

## FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING - throughout each year

### Ancora Income Fund

|  | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | Year Ended 12/31/2018 |
| --- | --- | --- | --- | --- | --- |
| CLASS I SHARES |  |  |  |  |  |
| Selected Per Share Data |  |  |  |  |  |
| Net asset value, beginning of year | $8.08 | $7.74 | $7.92 | $7.42 | $8.19 |
| Income from investment operations |  |  |  |  |  |
| Net investment income (a) | 0.38 | 0.35 | 0.25 | 0.30 | 0.30 |
| Net realized and unrealized gain (loss) | (1.46) | 0.35 | 0.01 (f) | 0.68 | (0.57) |
| Total from investment operations | (1.08) | 0.70 | 0.26 | 0.98 | (0.27) |
| Less Distributions to shareholders: |  |  |  |  |  |
| From net investment income | (0.36) | (0.35) | (0.23) | (0.35) | (0.32) |
| From net realized gain | - | - | - | - | - |
| From return of capital | - | (0.01) | (0.21) | (0.13) | (0.18) |
| Total distributions | (0.36) | (0.36) | (0.44) | (0.48) | (0.50) |
| Paid in capital from redemption fees | - (e) | - (e) | - (e) | - (e) | - (e) |
| Net asset value, end of year | $6.64 | $8.08 | $7.74 | $7.92 | $7.42 |
| Total Return (b) | (13.59)% | 9.22% | 3.72% | 13.46% | (3.40)% |
| Ratios and Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | $32,047 | $36,588 | $20,071 | $36,116 | $28,088 |
| Ratio of expenses to average net assets (c) | 0.93% | 1.03% | 1.29% | 1.28% | 1.29% |
| Ratio of expenses to average net assets before waiver & reimbursement (c) | 0.93% | 1.03% | 1.54% | 1.53% | 1.49% |
| Ratio of net investment income to average net assets (c) (d) | 5.31% | 4.43% | 3.39% | 3.82% | 3.78% |
| Ratio of net investment income to average net assets before waiver & reimbursement (c) (d) | 5.31% | 4.43% | 3.13% | 3.57% | 3.57% |
| Portfolio turnover rate | 41.39% | 40.56% | 84.20% | 103.17% | 56.98% |

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Amount is less than $0.005.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

Annual Report | 35

# FINANCIAL REVIEW

## FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING - throughout each year

### Ancora/Thelen Small-Mid Cap Fund

#### CLASS I SHARES

##### Selected Per Share Data

Net asset value, beginning of year

##### Income from investment operations

Net investment income (a)

Net realized and unrealized gain (loss)

Total from investment operations

##### Less Distributions to shareholders:

From net investment income

From net realized gain

Total distributions

Paid in capital from redemption fees

Net asset value, end of year

##### Total Return (b)

##### Ratios and Supplemental Data

Net assets, end of year (000)

Ratio of expenses to average net assets (c)

Ratio of expenses to average net assets

before waiver & reimbursement (c)

Ratio of net investment income (loss) to

average net assets (c) (d)

Ratio of net investment income (loss) to

average net assets before waiver & reimbursement (c) (d)

Portfolio turnover rate

|  | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | Year Ended 12/31/2018 |
| --- | --- | --- | --- | --- | --- |
| Net asset value, beginning of year | $17.77 | $17.59 | $15.73 | $12.60 | $15.55 |
| Income from investment operations |  |  |  |  |  |
| Net investment income (a) | 0.08 | 0.04 | 0.06 | 0.00 (e) | 0.00 (e) |
| Net realized and unrealized gain (loss) | (3.16) | 4.24 | 1.85 | 3.14 | (1.99) |
| Total from investment operations | (3.08) | 4.28 | 1.91 | 3.14 | (1.99) |
| Less Distributions to shareholders: |  |  |  |  |  |
| From net investment income | - | (0.08) | (0.05) | (0.01) | (0.03) |
| From net realized gain | (0.32) | (4.02) | - | - | (0.93) |
| Total distributions | (0.32) | (4.10) | (0.05) | (0.01) | (0.96) |
| Paid in capital from redemption fees | - (e) | - (e) | - (e) | - (e) | - (e) |
| Net asset value, end of year | $14.37 | $17.77 | $17.59 | $15.73 | $12.60 |
| Total Return (b) | (17.32)% | 24.43% | 12.13% | 24.90% | (12.69)% |
| Ratios and Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | $92,409 | $114,458 | $94,483 | $95,539 | $81,001 |
| Ratio of expenses to average net assets (c) | 1.25% | 1.22% | 1.26% | 1.27% | 1.27% |
| Ratio of expenses to average net assets before waiver & reimbursement (c) | 1.25% | 1.22% | 1.26% | 1.27% | 1.27% |
| Ratio of net investment income (loss) to average net assets (c) (d) | 0.51% | 0.17% | 0.44% | 0.03% | (0.01)% |
| Ratio of net investment income (loss) to average net assets before waiver & reimbursement (c) (d) | 0.51% | 0.17% | 0.44% | 0.03% | (0.01)% |
| Portfolio turnover rate | 86.41% | 85.44% | 77.21% | 92.93% | 51.97% |

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Amount is less than $0.005.

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

Annual Report | 36

## FINANCIAL REVIEW

### FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING - throughout each year

#### Ancora MicroCap Fund

#### CLASS I SHARES

##### Selected Per Share Data

Net asset value, beginning of year

##### Income from investment operations

Net investment income (loss) (a)  
Net realized and unrealized gain (loss)  
Total from investment operations

##### Less Distributions to shareholders:

From net investment income  
From net realized gain  
Total distributions

Paid in capital from redemption fees

Net asset value, end of year

##### Total Return (b)

##### Ratios and Supplemental Data

Net assets, end of year (000)  
Ratio of expenses to average net assets  
Ratio of expenses to average net assets  
before waiver & reimbursement  
Ratio of net investment income (loss) to  
average net assets  
Ratio of net investment income (loss) to  
average net assets before waiver & reimbursement  
Portfolio turnover rate

|  | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | Year Ended 12/31/2018 |
| --- | --- | --- | --- | --- | --- |
|  | $15.02 | $10.93 | $10.45 | $9.55 | $14.09 |
|  | 0.09 | (0.05) | (0.05) | (0.09) | (0.09) |
|  | (1.28) | 4.14 | 0.53 | 1.15 | (3.10) |
|  | (1.19) | 4.09 | 0.48 | 1.06 | (3.19) |
|  | - | - | - | - | - |
|  | - | - | - | (0.16) | (1.35) |
|  | - | - | - | (0.16) | (1.35) |
|  | - | - | - | - | - |
|  | - | - (c) | - | - (c) | - (c) |
|  | $13.83 | $15.02 | $10.93 | $10.45 | $9.55 |
|  | (7.92)% | 37.42% | 4.59% | 11.09% | (22.37)% |
|  | $13,518 | $14,748 | $10,646 | $18,560 | $18,164 |
|  | 1.60% | 1.60% | 1.60% | 1.60% | 1.55% |
|  | 1.85% | 1.85% | 1.97% | 1.72% | 1.55% |
|  | 0.62% | (0.36)% | (0.54)% | (0.82)% | (0.66)% |
|  | 0.37% | (0.61)% | (0.91)% | (0.94)% | (0.66)% |
|  | 45.19% | 41.73% | 19.95% | 25.56% | 31.20% |

(a) Net investment income (loss) per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) Amount is less than $0.005.

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

Annual Report | 37

# FINANCIAL REVIEW

FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING - throughout each year/period

Ancora Dividend Value Equity Fund

CLASS I SHARES

Selected Per Share Data

Net asset value, beginning of year/period

Income from investment operations

Net investment income (a)
Net realized and unrealized gain (loss)
Total from investment operations

Less Distributions to shareholders:

From net investment income
From net realized gain
Total distributions

Paid in capital from redemption fees

Net asset value, end of year/period

Total Return (b)

Ratios and Supplemental Data

Net assets, end of year/period (000)
Ratio of expenses to average net assets (c)
Ratio of expenses to average net assets before waiver & reimbursement (c)
Ratio of net investment income to average net assets (c) (d)
Ratio of net investment income to average net assets before waiver & reimbursement (c) (d)
Portfolio turnover rate

|  | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Period Ended 12/31/2019 (g) |
| --- | --- | --- | --- | --- |
|  | $15.16 | $12.04 | $11.21 | $10.00 |
|  | 0.19 | 0.14 | 0.15 | 0.11 |
|  | (1.92) | 3.14 | 0.83 | 1.19 |
|  | (1.73) | 3.28 | 0.98 | 1.30 |
|  | (0.17) | (0.14) | (0.14) | (0.09) |
|  | (0.02) | (0.02) | (0.01) | - |
|  | (0.19) | (0.16) | (0.15) | (0.09) |
|  | - (h) | - (h) | - (h) | - (h) |
|  | $13.24 | $15.16 | $12.04 | $11.21 |
|  | (11.41)% | 27.36% | 8.95% | 12.98% (f) |
|  | $36,935 | $37,670 | $28,838 | $20,841 |
|  | 1.00% | 1.00% | 1.00% | 1.00% (e) |
|  | 1.17% | 1.21% | 1.33% | 1.40% (e) |
|  | 1.36% | 1.04% | 1.47% | 1.56% (e) |
|  | 1.20% | 0.83% | 1.14% | 1.16% (e) |
|  | 13.28% | 11.90% | 9.50% | 12.54% (f) |

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(e) Annualized

(f) Not Annualized

(g) For period May 7, 2019 (commencement of operations) through December 31, 2019.

(h) Amount is less than $0.005.

See accompanying notes which are an integral part of the financial statements.

Annual Report | 38

# FINANCIAL REVIEW

## FINANCIAL HIGHLIGHTS FOR A FUND SHARE OUTSTANDING - throughout each year

| Ancora/Thelen Small-Mid Cap Fund | Year Ended 12/31/2022 | Year Ended 12/31/2021 | Year Ended 12/31/2020 | Year Ended 12/31/2019 | Year Ended 12/31/2018 |
| --- | --- | --- | --- | --- | --- |
| CLASS S SHARES |  |  |  |  |  |
| Selected Per Share Data |  |  |  |  |  |
| Net asset value, beginning of year | $18.26 | $17.97 | $16.06 | $12.86 | $15.85 |
| Income from investment operations |  |  |  |  |  |
| Net investment income (a) | 0.11 | 0.09 | 0.11 | 0.04 | 0.05 |
| Net realized and unrealized gain (loss) | (3.24) | 4.34 | 1.89 | 3.21 | (2.06) |
| Total from investment operations | (3.13) | 4.43 | 2.00 | 3.25 | (2.01) |
| Less Distributions to shareholders: |  |  |  |  |  |
| From net investment income | - | (0.12) | (0.09) | (0.05) | (0.05) |
| From net realized gain | (0.32) | (4.02) | - | - | (0.93) |
| Total distributions | (0.32) | (4.14) | (0.09) | (0.05) | (0.98) |
| Net asset value, end of year | $14.81 | $18.26 | $17.97 | $16.06 | $12.86 |
| Total Return (b) | (17.13)% | 24.75% | 12.46% | 25.24% | (12.53)% |
| Ratios and Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | $42,794 | $63,491 | $50,281 | $43,603 | $26,573 |
| Ratio of expenses to average net assets (c) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of expenses to average net assets before waiver & reimbursement (c) | 1.24% | 1.21% | 1.25% | 1.25% | 1.27% |
| Ratio of net investment income to average net assets (c) (d) | 0.72% | 0.40% | 0.75% | 0.29% | 0.36% |
| Ratio of net investment income to average net assets before waiver & reimbursement (c) (d) | 0.49% | 0.19% | 0.49% | 0.04% | 0.09% |
| Portfolio turnover rate | 86.41% | 85.44% | 77.21% | 92.93% | 51.97% |

(a) Net investment income per share is based on average shares outstanding.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

(c) These ratios exclude the impact of expenses of the underlying security holdings as represented in the schedule of investments.

(d) Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

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

Annual Report | 39

# FINANCIAL REVIEW

Notes to the Financial Statements December 31, 2022

## NOTE 1. ORGANIZATION

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

The Funds will deduct a 2% redemption fee from redemption proceeds if shares are purchased and then redeemed within 90 days. For the year ended December 31, 2022, the Income Fund - Class I collected $5,237 in redemption fees. For the year ended December 31, 2022, the Small-Mid Cap Fund - Class I collected $571 in redemption fees. For the year ended December 31, 2022, the MicroCap Fund - Class I did not collect any redemption fees. For the year ended December 31, 2022, the Small-Mid Cap Fund - Class S did not collect any redemption fees. For the year ended December 31, 2022, the Dividend Value Equity Fund - Class I collected $26 in redemption fees.

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

## NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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

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

---

Annual Report | 40

# FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

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

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

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

As of and during the year ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalty, if any, related to recognized tax benefits or income tax expense on the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.

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

---

Annual Report | 41

# FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

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

|  | Distributable Earnings | Paid In Capital |
| --- | --- | --- |
| Income Fund | $77,050 | $(77,050) |
| Small-Mid Cap Fund | $ - | $ - |
| MicroCap Fund | $ - | $ - |
| Dividend Value Fund | $ - | $ - |

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

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

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

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

## NOTE 3. SECURITIES VALUATIONS

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

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

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

---

Annual Report | 42

# FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

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

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

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

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

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

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

Fixed income securities - Fixed income securities are valued by a pricing service when the Advisor believes such prices are accurate and reflect the fair value of such securities. If the Advisor decides that a price provided by the pricing services does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days

---

Annual Report | 43

## FINANCIAL REVIEW

Ancora Trust
Notes to the Financial Statements (CONTINUED)
December 31, 2022

of maturity, are valued by using the amortized cost method of valuation. Generally, fixed income securities are categorized as Level 2 within the fair value hierarchy.

The following table summarizes the inputs used to value each Fund's assets measured at fair value as of December 31, 2022:

| Income Fund Valuation Inputs of Assets * | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Bonds & Corporate Bond Trust Certs. | $1,972,489 | $4,136,757 | $ - | $6,109,246 |
| Investment Companies | 291,993 | - | - | 291,993 |
| Traditional Preferred Securities | 22,238,215 | 1,369,581 | - | 23,607,796 |
| REIT Senior Securities | 1,114,250 | - | - | 1,114,250 |
| Senior Securities | 160,155 | - | - | 160,155 |
| Common Stocks | 1,188,664 | - | - | 1,188,664 |
| Total | $26,965,766 | $5,506,338 | $ - | $32,472,104 |
| Small-Mid Cap Fund Valuation Inputs of Assets * | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $134,605,602 | $ - | $ - | $134,605,602 |
| Money Market Funds | 426,098 | - | - | 426,098 |
| Total | $135,031,700 | $ - | $ - | $135,031,700 |
| MicroCap Fund Valuation Inputs of Assets * | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $13,193,852 | $ - | $ - | $13,193,852 |
| Warrant | - | 10,718 | - | 10,718 |
| Money Market Funds | 350,867 | - | - | 350,867 |
| Total | $13,544,719 | $10,718 | $ - | $13,555,437 |
| Dividend Value Equity Fund Valuation Inputs of Assets * | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $34,051,973 | $ - | $ - | $34,051,973 |
| Money Market Funds | 2,883,980 | - | - | 2,883,980 |
| Total | $36,935,953 | $ - | $ - | $36,935,953 |

* The Funds did not hold any Level 3 assets during the year ended December 31, 2022. For more detail on the investments in securities please refer to the Schedules of Investments. The Funds did not hold any derivative investments at any time during the year ended December 31, 2022.

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

During 2021, Ancora joined Focus Financial Partners, LLC ("Focus"), a leading partnership of over 80 independent wealth management and financial services firms located throughout the United States and abroad via a merger agreement. The Ancora Group LLC is the parent company of the Advisor. The Ancora Group LLC is a wholly owned subsidiary of Ancora Holdings Group, LLC

Annual Report | 44

# FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

Ancora Holdings Group, LLC which is a wholly owned subsidiary of Focus Operating, LLC, which is a wholly owned subsidiary of Focus LLC. Focus Financial Partners, LLC is the sole managing member of Focus LLC and is a public company traded on the NASDAQ Global Select Market. Ancora Advisors, LLC is managed by certain individuals (“Ancora Advisors, LLC Principals”), pursuant to a management agreement between Terza Partners, LLC and Ancora Advisors, LLC. The Ancora Advisors, LLC Principals serve as officers and leaders of Ancora Advisors, LLC and, in that capacity, are responsible for the management, supervision and oversight of Ancora Advisors, LLC. The Trust retains Ancora Advisors, LLC to manage the Funds’ investments. Under the terms of the Investment Advisory Agreement, (the “Agreement”), the Advisor manages the Funds’ investments in accordance with the stated policies of the Funds, subject to approval of the Board. The Advisor makes investment decisions for each Fund and places the purchase and sale orders for portfolio transactions.

As compensation for management services, Small-Mid Cap Fund and MicroCap Fund are obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 1.00% of the average daily net assets of each Fund. As compensation for management services, the Income Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.50% of the average daily net assets. As compensation for management services, the Dividend Value Equity Fund is obligated to pay the Advisor a fee computed and accrued daily and paid monthly at an annual rate of 0.75% of the average daily net assets of the Fund. For the year ended December 31, 2022, the Advisor earned fees of $185,672 from the Income Fund, $1,425,765 from the Small-Mid Cap Fund, $142,738 from the MicroCap Fund, and $268,646 from the Dividend Value Equity Fund. At December 31, 2022, payables to the Advisor were $15,070, $108,438, $9,082, and $19,718 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

The Advisor has contractually agreed to waive management fees in order to limit total annual operating expenses (excluding dividend expenses relating to short sales, interest, taxes, brokerage commissions and the cost of acquired fund fees and expenses) for the Income Fund to 1.285% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor did not waive any management fees for the Income Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Small-Mid Cap Fund to 1.39% for Class I shares and 1.00% for Class S shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $108,686 for the Small-Mid Cap Fund Class S shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the MicroCap Fund to 1.60% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $35,840 for the MicroCap Fund Class I shares. The Advisor has contractually agreed to waive management fees, to the extent of management fees, in order to limit total annual operating expenses for the Dividend Value Equity Fund to 1.00% for Class I shares until October 1, 2023, but can be terminated by a vote of the Board if they deem the termination to be beneficial to the Fund shareholders. For the year ended December 31, 2022, the Advisor waived management fees of $60,349 for the Dividend Value Equity Fund Class I shares. The Advisor is entitled to recover such waived amounts within the same fiscal year in

---

Annual Report | 45

# FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED)

which the Advisor reduced its fee. No recoupment will occur except to the extent that the Funds' expenses, together with the amount recovered, do not exceed the applicable expense limitation within the same fiscal year.

The Funds have entered into an Administration Agreement with The Ancora Group, LLC, an affiliate of the Advisor. Pursuant to the Administration Agreement, each of the Funds will pay an administration fee equal to 0.10% of average net assets of each Fund monthly. Under the Administration Agreement, The Ancora Group, LLC will assist in maintaining office facilities, furnish clerical services, prepare and file documents with the Securities and Exchange Commission, coordinate the filing of tax returns, assist with the preparation of the Funds' Annual and Semi-Annual Reports to shareholders, monitor the Funds' expense accruals and pay all expenses, monitor the Funds' sub-chapter M status, maintain the Funds' fidelity bond, monitor each Fund's compliance with such Funds' policies and limitations as set forth in the Prospectus and Statement of Additional Information and generally assist in the Funds' operations. For the year ended December 31, 2022, the Funds paid $37,134 from the Income Fund, $142,576 from the Small-Mid Cap Fund, $14,274 from the MicroCap Fund, and $35,820 from the Dividend Value Equity Fund. As of December 31, 2022, The Ancora Group, LLC was owed $3,014, $11,700, $1,162, and $3,160 by the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively, for administrative services.

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

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

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

## NOTE 5. INVESTMENTS

For the year ended December 31, 2022, purchases and sales of investment securities, other than short-term investments, in-kind purchases and sales, and short-term U.S. Government obligations were as follows:

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Purchases |  |  |  |  |
| U.S. Government Obligations | $ - | $ - | $ - | $ - |
| Other | $19,837,257 | $121,716,863 | $6,229,009 | $6,925,982 |

Annual Report | 46

## FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Sales |  |  |  |  |
| U.S. Government Obligations | $715,703 | $ - | $ - | $ - |
| Other | $13,989,262 | $131,221,774 | $6,452,831 | $4,445,224 |

### NOTE 6. TAX MATTERS

At December 31, 2022, the costs of securities for federal income tax purposes were $37,443,922, $129,180,424, $14,045,245, and $28,602,957 for the Income Fund, Small-Mid Cap Fund, MicroCap Fund, and Dividend Value Equity Fund, respectively.

As of December 31, 2022, the net unrealized appreciation (depreciation) of investments for tax purposes was as follows:

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Gross Appreciation | $352,062 | $16,066,682 | $2,177,481 | $8,768,773 |
| Gross (Depreciation) | (5,323,880) | (10,215,406) | (2,667,289) | (435,777) |
| Net Appreciation (Depreciation) on Investments | $(4,971,818) | $5,851,276 | $(489,808) | $8,332,996 |

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

The tax character of distributions paid during the year ended December 31, 2022 is as follows:

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Ordinary income | $1,852,807 | $2,070,173 | $ - | $506,217 |
| Long-term capital gain | - | 831,019 | - | - |
| Return of capital | - | - | - | - |
|  | $1,852,807 | $2,901,192 | $ - | $506,217 |

The tax character of distributions paid during the year ended December 31, 2021 is as follows:

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Ordinary income | $1,209,184 | $10,308,871 | $ - | $355,312 |
| Long-term capital gain | - | 22,676,787 | - | 35,360 |
| Return of capital | 40,509 | - | - | - |
|  | $1,249,693 | $32,985,658 | $ - | $390,672 |

Annual Report | 47

## FINANCIAL REVIEW

Notes to the Financial Statements (CONTINUED) December 31, 2022

As of December 31, 2022, the following Funds had the following capital loss carryforwards for federal income tax purposes. These capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders and may be carried forward indefinitely retaining their character as short-term and/or long-term. The MicroCap Fund utilized $1,455,440 of its capital loss carryforward during the year ended December 31, 2022.

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Short-Term Capital Loss Carry Forward | $(1,274,113) | $(819,699) | $ - | $(384,499) |
| Long-Term Capital Loss Carry Forward | (576,967) | - | (268,486) | (172,186) |
| Total Capital Loss Carry Forward | $(1,851,080) | $(819,699) | $(268,486) | $(556,685) |

Under current law, capital losses and specified gains realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the current period, the Small-Mid Cap Fund, elected to defer post-October losses of $1,264,433.

As of December 31, 2022, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

|  | Income Fund | Small-Mid Cap Fund | MicroCap Fund | Dividend Value Equity Fund |
| --- | --- | --- | --- | --- |
| Accumulated undistributed ordinary income (loss) | $ - | $828,041 | $88,471 | $27,019 |
| Accumulated undistributed capital gain (loss) | - | - | - | - |
| Other accumulated losses | (1,851,080) | (2,084,132) | (268,486) | (556,685) |
| Unrealized appreciation (depreciation) | (4,971,818) | 5,851,276 | (489,808) | 8,332,996 |
|  | $(6,822,898) | $4,595,185 | $(669,823) | $7,803,330 |

### NOTE 7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of December 31, 2022, National Financial Services, LLC owned, for the benefit of its customers, the following percentages of the outstanding shares:

| Income Fund | 75.71% |
| --- | --- |
| Small-Mid Cap Fund | 52.18% |
| MicroCap Fund | 64.88% |
| Dividend Value Equity Fund | 61.26% |

Annual Report | 48

# FINANCIAL REVIEW

Ancora Trust
Notes to the Financial Statements (CONTINUED)
December 31, 2022

As of December 31, 2022, Charles Schwab & Co., Inc. owned, for the benefit of its customers, the following percentages of the outstanding shares:

| Dividend Value Equity Fund | 30.66% |
| --- | --- |

### NOTE 8. MARKET RISK

Certain impacts from the COVID-19 outbreak may have a significant negative impact on the Funds' operations and performance. These circumstances may continue for an extended period of time, and may have an adverse impact on economic and market conditions. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies, are not known. The extent of the impact to the financial performance and the operations of the Funds will depend on future developments, which are highly uncertain and cannot be predicted.

### NOTE 9. SUBSEQUENT EVENTS

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

Annual Report | 49

# FINANCIAL REVIEW

Ancora Trust
Additional Information
December 31, 2022

# PORTFOLIO HOLDINGS DISCLOSURE POLICY (UNAUDITED)

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

# PROXY VOTING (UNAUDITED)

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

# LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage the Funds' liquidity risk, taking into consideration, among other factors, the Funds' investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended December 31, 2022, the Trust's Liquidity Program Administrator (the "LPA") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the LPA concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

Annual Report | 50

# FUND EXPENSES

## ABOUT YOUR FUND'S EXPENSES - (UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

### Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled 'Expenses Paid During the Period' to estimate the expenses you paid on your account during this period.

### Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

| Ancora Income Fund | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* July 1, 2022 to December 31, 2022 |
| --- | --- | --- | --- |
| Actual |  |  |  |
| Class I | $1,000.00 | $965.38 | $4.51 |
| Hypothetical (5% Annual Return before expenses) |  |  |  |
| Class I | $1,000.00 | $1,020.62 | $4.63 |
| *Expenses are equal to the Fund's annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |  |  |  |

Annual Report | 51

## FUND EXPENSES

### ABOUT YOUR FUND'S EXPENSES - (UNAUDITED) (CONTINUED)

| Ancora/Thelen Small Mid-Cap Fund | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* July 1, 2022 to December 31, 2022 |
| --- | --- | --- | --- |
| Actual |  |  |  |
| Class I | $1,000.00 | $1,067.79 | $6.51 |
| Class S | $1,000.00 | $1,068.70 | $5.21 |
| Hypothetical (5% Annual Return before expenses) |  |  |  |
| Class I | $1,000.00 | $1,018.90 | $6.36 |
| Class S | $1,000.00 | $1,020.16 | $5.09 |
| * Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |  |  |  |

| Ancora MicroCap Fund | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* July 1, 2022 to December 31, 2022 |
| --- | --- | --- | --- |
| Actual |  |  |  |
| Class I | $1,000.00 | $1,007.28 | $8.10 |
| Hypothetical (5% Annual Return before expenses) |  |  |  |
| Class I | $1,000.00 | $1,017.14 | $8.13 |
| * Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |  |  |  |

| Ancora Dividend Value Equity Fund | Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* July 1, 2022 to December 31, 2022 |
| --- | --- | --- | --- |
| Fund |  |  |  |
| Actual |  |  |  |
| Class I | $1,000.00 | $1,052.91 | $5.17 |
| Hypothetical (5% Annual Return before expenses) |  |  |  |
| Class I | $1,000.00 | $1,020.16 | $5.09 |
| * Expenses are equal to the Fund's annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |  |  |  |

Annual Report | 52

## TRUSTEES & OFFICERS

### TRUSTEES & OFFICERS (UNAUDITED)

The Board of Trustees is responsible for managing the Funds' business affairs and for exercising each Fund's powers except those reserved for the shareholders. The day-to-day operations of the Funds are conducted by its officers. The following table provides biographical information with respect to each current Trustee and officer of the Funds.

| Name, Address and Age | Position(s) Held with the Fund | Term of Office (1) and Length of Time Served | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships |
| --- | --- | --- | --- | --- | --- |
| Independent Trustees: |  |  |  |  |  |
| Frank J. Roddy 2904B Palm Blvd Isle of Palms SC 29451 61 | Trustee | Since April 30, 2019 | Retired Executive Vice President of Finance and Administration at Swagelok Company from 2012 until 2018. | 4 | Member of: Board of Cleveland Central Catholic High School; Former Northeast Ohio Alumni Advisory Board for Ernst & Young; Former Cleveland Advisory Board of FM Global; Former Conrad Companies Board of Advisors; Former VEC Inc. Advisory Board; and Former Swagelok Company Advisory Board. |
| Jennifer A. Rasmussen 18400 Pearl Road Strongsville, OH 44136 48 | Trustee | Since April 30, 2019 | Tax Director at Thornhill Financial LLC since November 2022; Previously, Chief Operating Officer at FSM Capital Management LLC since July 2007. | 4 | None. |
| Cindy Flynn 9 Shoreby Drive Bratenahl, OH 44108 58 | Trustee | Since April 30, 2019 | President of Arrowhead Consulting since 2023; Previously, Chief Marketing and Communications Officer of Union Home Mortgage Corp. and Executive Vice President and Chief Administrative Officer of New York Community Bancorp, Inc. | 4 | Greater Cleveland Sports Commission; University Hospitals Cleveland Medical Center; Rainbow Babies & Children's Foundation; Western Reserve Historical Society; and the Recreation League of Cleveland |
| Frank DeFino 2181 Enterprise Parkway Twinsburg, OH 44087 68 | Trustee | Since June 2014 | President and owner of AJD Holding Co. (private equity firm) since 1976. | 4 | None. |

$^{(1)}$ Each trustee holds office for an indefinite term until the earlier of (i) the election of his or her successor, (ii) mandatory retirement age of 75, or (iii) the date the trustee dies, resigns or is removed.

For the year ended December 31, 2022, trustees, Frank DeFino, Frank J. Roddy, Jennifer A. Rasmussen, and Cindy Flynn, were each paid a fee of $20,000.

Annual Report | 53

## TRUSTEES & OFFICERS

### TRUSTEES & OFFICERS (UNAUDITED) (CONTINUED)

| Name, Address and Age | Position(s) Held with the Fund | Term of Office (1) and Length of Time Served | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships |
| --- | --- | --- | --- | --- | --- |
| Interested Trustee: |  |  |  |  |  |
| John Micklitsch (2) 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124 53 | Trustee | Since April 30, 2019 | Chief Investment Officer of Terza Partners LLC, Ancora Holdings Group, LLC and The Ancora Group LLC since 2021; Chief Investment Officer of Ancora Advisors LLC since 2011; Chief Investment Officer of Ancora Group, Inc. 2011 to 2021; Chief Investment Officer of Ancora Holdings Inc. 2015 to 2021; Member of the Executive Committee of the Ancora entities since 2010. | 4 | Board Member of Biltmore Trust; Baldwin Wallace University's Board of Trustees |
| Officers: |  |  |  |  |  |
| Joseph M. Spidalieri 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124 44 | Chief Compliance Officer | Since March 1, 2011 | Chief Operating Officer of Terza Partners LLC, Ancora Holdings Group, LLC and The Ancora Group LLC since 2021; Chief Operating Officer of Ancora Holdings Inc. 2017 to 2021; Chief Operating Officer of Ancora Advisors LLC since 2017; Chief Compliance Officer of Ancora Advisors LLC until 2017; Chief Compliance Officer of The Ancora Group Inc. 2011 to 2017; Chief Compliance Officer of Ancora Holdings Inc. 2015 to 2017; Director of Compliance of Ancora Securities, Inc. and Ancora Capital Inc. from 2011 to 2012. | 4 | None. |
| Bradley A. Zucker 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124 49 | President & Treasurer Secretary | Since December 4, 2017 Since November 15, 2003 | Chief Administrative Officer of Ancora Holdings Group, LLC and The Ancora Group LLC since 2021; Chief Administrative Officer of Ancora Holdings, Inc., 2020 to 2021; Chief Financial Officer of Ancora Advisors LLC from 2003 to 2020; Chief Financial Officer of The Ancora Group Inc. from 2010 to 2020; Chief Financial Officer of Ancora Holdings Inc. from 2015 to 2020; Chief Financial Officer and Director of Ancora Securities, Inc. from 2001 to 2012; Chief Financial Officer of Ancora Capital Inc. from 2002 to 2012; member of the Executive Committee for the Ancora entities until 2016 | 4 | None. |

$^{(1)}$ Each trustee holds office for an indefinite term until the earlier of (i) the election of his or her successor, (ii) mandatory retirement age of 75, or (iii) the date the trustee dies, resigns or is removed.

$^{(2)}$ John Micklitsch is considered an 'interested person' as defined in Section 2(a)(19) of the 1940 Act by virtue of his affiliation with Ancora Advisors LLC.

Annual Report | 54

## PRIVACY POLICY

| FACTS | WHAT DOES ANCORA TRUST (“ANCORA”) DO WITH YOUR PERSONAL INFORMATION? |  |  |
| --- | --- | --- | --- |
| WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |  |  |
| WHAT? | The types of personal information we collect and share depend on the product or service you have with us. This information may include, but is not limited to, the following: Social security number Risk tolerance Income Transaction history Assets Account Numbers Wire transfer instructions Contact Information Investment Experience Account Balances |  |  |
| HOW? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Ancora chooses to share; and whether you can limit this sharing. |  |  |
| Reasons we can share your personal information | Does Ancora Share? | Can you limit this sharing? |  |
| For our everyday business purposes - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | Yes | No |  |
| For our marketing purposes - to offer our products and services to you | Yes | No |  |
| For joint marketing with other financial companies | No | We don’t share |  |
| For our affiliates’ everyday business purposes - information about your transactions and experiences | No | We don’t share |  |
| For our affiliates’ everyday business purposes - information about your creditworthiness | No | We don’t share |  |
| For our affiliates to market to you | No | We don’t share |  |
| For nonaffiliates to market to you | No | We don’t share |  |
| Pandemic response | All medical information confidential (42 U.S.C. § 12112(d)(3)(B) and 12112(d)(4)), including information related to symptoms of COVID-19 or a diagnosis of COVID-19. This includes all test results, temperature screening logs, questionnaires, and other medical information being obtained. Temperature screening machines and other protective measures may be used at our business locations to protect clients and employees from transmitting illnesses. Only employees with a need to know will have access to client’s medical information. Employees will be trained on the collection and protection of client information. |  |  |
| Questions? | Call Joseph Spidalieri at (216) 593-5007 |  |  |

Annual Report | 55

# PRIVACY POLICY

| Page 2 Privacy Policy |  |
| --- | --- |
| Who we are |  |
| Ancora Trust | Ancora Trust is the Trust of the Ancora Mutual Funds. |
| What we do |  |
| How does Ancora protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Ancora collect my personal information? | We collect your personal information, for example, when you Open an account Seek financial advice Make deposits or withdrawals from your account Tell us about your investment or retirement portfolio Give us your employment history |
| Why can't I limit all sharing? | Federal law gives you the right to limit only sharing for affiliates' everyday business purposes-information about your creditworthiness affiliates from using your information to market to you sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |  |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. Ancora does not share with our affiliates. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. Ancora does not share with nonaffiliates so they can market to you. |
| Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Ancora does not jointly market. |

Annual Report | 56

*This Page Was Left Blank Intentionally*

Annual Report | 57

TRUSTEES

Frank J. Roddy
Jennifer A. Rasmussen
Cindy Flynn
Frank DeFino
John Micklitsch

OFFICERS

Bradley Zucker, President, Treasurer, & Secretary
Joseph Spidalieri, Chief Compliance Officer

INVESTMENT ADVISOR

Ancora Advisors LLC
6060 Parkland Boulevard, Suite 200
Cleveland, Ohio 44124

DISTRIBUTOR

Arbor Court Capital LLC
8000 Town Center Drive, Suite 400
Broadview Heights, Ohio 44147

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

LEGAL COUNSEL

McDonald Hopkins LLC
2100 Bank One Center
600 Superior Avenue E.
Cleveland, Ohio 44114

CUSTODIAN

U.S. Bank N.A.
425 Walnut Street
Cincinnati, Ohio 45202

TRANSFER AGENT
AND FUND ACCOUNTANT

Mutual Shareholder Services, LLC.
8000 Town Centre Drive, Suite 400
Broadview Heights, Ohio 44147

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

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

Distributed by Arbor Court Capital LLC Member FINRA/SIPC