2026-03-23199835_YCGEnhancedFund_TF

Liability Derivatives

Derivatives not Accounted for as Hedging Instruments

Equity Contracts – Options

Written option, at value

$1,475,578


	YCG Enhanced Fund
	YCGEX
	Semi-Annual Shareholder Report \| May 31, 2026

This semi-annual shareholder report contains important information about the YCG Enhanced Fund for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund, including its prospectus, financial information, portfolio holdings, and proxy voting information, at https://www.ycgfunds.com/fund-summary/. You can also request this information by contacting us at 1-855-444-9243.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
YCG Enhanced Fund	$57	1.19%

*	Annualized

HOW DID THE FUND PERFORM DURING THE LAST SIX-MONTHS AND WHAT AFFECTED ITS PERFORMANCE?

High-quality, difficult-to-disrupt businesses have broadly lagged as capital has rotated away from quality and into concentrated AI themes. In most environments, investors value predictable, durable growth and will pay a premium for it. Right now, the market is doing the opposite, selling these businesses to chase the gold rush. We do not believe that can continue indefinitely. Our businesses are growing their earnings. Their stock prices simply have not yet followed. Historically, patient owners of quality have been rewarded after stretches like this one.

No one can say how long the market will keep undervaluing quality. What we do know is that the broad market is expensive and heavily concentrated in an AI narrative whose economics are uncertain and whose earnings growth may not prove sustainable. By contrast, we do not question the durability of this portfolio. We think of it as a fortress of global champions. For that reason, we believe there has never been a more compelling setup for the Fund portfolio to outperform the market than there is today.

Notable contributors to performance over the 6 months to May 31, 2026 were Linde, MSCI, Amazon.com, Alphabet and Canadian National Railway. Notable detractors to performance over the 6 months to May 31, 2026 were Fair Isaac, Hermßs, Intuit, CoStar Group and Copart.

In our Annual and Semi-Annual reports, we include all of the required quantitative information, such as financial statements, detailed footnotes, performance reports and fund holdings. We also produce a Manager Commentary which is a more qualitative perspective on fund performance, discuss our thoughts on individual holdings, and share our investment outlook. You may obtain a copy of the current Manager Commentary either on the Fund’s website at https://www.ycgfunds.com/fund-summary/or by calling 1-855-444-9243.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The following line graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period. The table below provides the Fund’s average annual total returns for the 1-, 5-, and 10-year periods as of May 31, 2026, and the average annual total returns of an appropriate, broad-based securities market index for the same periods.

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

YCG Enhanced Fund

Core Financial Statements

May 31, 2026 (Unaudited)

TABLE OF CONTENTS


			Page
Schedule of Investments			1
Statement of Assets and Liabilities			5
Statement of Operations			6
Statements of Changes in Net Assets			7
Financial Highlights			8
Notes to Financial Statements			9
Additional Information			16

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YCG ENHANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2026 (Unaudited)


	Shares	Value
COMMON STOCKS - 92.3%
Aerospace & Defense - 4.4%
TransDigm Group, Inc.^(a)	17,694	$22,264,714
Automobiles - 2.0%
Ferrari NV^(a)	30,440	10,356,601
Broadline Retail - 3.8%
Amazon.com, Inc.^(b)	70,187	18,995,410
Capital Markets - 18.4%
CME Group, Inc.^(a)	72,797	19,912,892
Moody’s Corp.	69,509	31,504,954
MSCI, Inc.	41,877	26,440,300
S&P Global, Inc.	35,046	14,859,504
		92,717,650
Chemicals - 4.0%
Linde PLC^(a)	40,809	20,310,231
Commercial Services & Supplies - 13.1%
Copart, Inc.^(a)(b)	994,154	32,578,426
Republic Services, Inc.	82,877	16,611,866
Waste Management, Inc.	79,409	16,791,827
		65,982,119
Construction Materials - 3.0%
CRH PLC^(a)	44,693	4,862,152
Martin Marietta Materials, Inc.^(a)	8,538	4,966,042
Vulcan Materials Co.^(a)	18,875	5,340,115
		15,168,309
Financial Services - 7.4%
MasterCard, Inc. - Class A	57,685	28,495,236
Visa, Inc. - Class A	27,652	9,024,507
		37,519,743
Ground Transportation - 4.2%
Canadian National Railway Co.	90,562	10,736,125
Canadian Pacific Kansas City Ltd.	117,418	10,487,776
		21,223,901
Household Products - 1.6%
Colgate-Palmolive Co.	23,805	2,145,545
The Procter & Gamble Co.^(c)	42,509	6,102,592
		8,248,137
Insurance - 6.9%
Aon PLC - Class A^(c)	61,134	19,322,012
Marsh	98,033	15,682,339
		35,004,351

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

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YCG ENHANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2026 (Unaudited)(Continued)


	Shares	Value
COMMON STOCKS - (Continued)
Interactive Media & Services - 4.2%
Alphabet, Inc. - Class C	38,682	$14,561,065
Meta Platforms, Inc. - Class A^(a)	10,139	6,413,019
		20,974,084
Professional Services - 3.2%
Verisk Analytics, Inc.^(a)	93,268	16,320,967
Software - 11.4%
Fair Isaac Corp.^(a)(b)	24,570	30,726,996
Microsoft Corp.	59,753	26,903,191
		57,630,187
Textiles, Apparel & Luxury Goods - 4.7%
Hermès International	12,435	23,496,746
TOTAL COMMON STOCKS (Cost $286,348,434)		466,213,150


	Par
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 6.2%
3.58%, 06/04/2026^(d)	$1,000	1,000
3.58%, 06/11/2026^(d)	874,000	873,138
3.50%, 06/18/2026^(d)	3,000	2,995
3.49%, 06/25/2026^(d)	16,000	15,963
3.49%, 07/09/2026^(d)	46,000	45,833
3.52%, 07/16/2026^(d)	13,000	12,944
3.51%, 08/06/2026^(d)	1,914,000	1,901,338
3.49%, 08/13/2026^(d)	493,000	489,423
3.51%, 08/20/2026^(d)	87,000	86,306
3.51%, 09/03/2026^(d)	31,000	30,710
3.56%, 09/10/2026^(d)	1,485,000	1,470,085
3.62%, 09/17/2026^(d)	954,000	943,668
3.61%, 09/24/2026^(d)	518,000	512,016
3.60%, 10/01/2026^(d)	8,121,000	8,021,516
3.62%, 10/08/2026^(d)	7,303,000	7,208,628
3.61%, 10/29/2026^(d)	1,701,000	1,675,226
3.62%, 11/05/2026^(d)	3,571,000	3,514,492
3.61%, 11/12/2026^(d)	86,000	84,581
3.64%, 11/27/2026^(d)	4,765,000	4,678,996
TOTAL U.S. TREASURY BILLS (Cost $31,576,659)		31,568,858
TOTAL INVESTMENTS - 98.5% (Cost $317,925,093)		$497,782,008
Other Assets in Excess of Liabilities - 1.5%		7,347,041
TOTAL NET ASSETS - 100.0%		$505,129,049

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

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YCG ENHANCED FUND

SCHEDULE OF INVESTMENTS

May 31, 2026 (Unaudited)(Continued)

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)	Held in connection with written option contracts. See Schedule of Written Options for further information.

(b)	Non-income producing security.

(c)	All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026 was $12,099,693.

(d)	The rate shown is the annualized yield as of May 31, 2026.

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

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YCG ENHANCED FUND

SCHEDULE OF WRITTEN OPTIONS

May 31, 2026 (Unaudited)


	Notional Amount	Contracts	Value
WRITTEN OPTIONS - (0.3)%
Put Options - (0.3)%^(a)(b)
CME Group, Inc., Expiration: 06/18/2026; Exercise Price: $300.00	$(2,543,922)	(93)	$(260,865)
Copart, Inc.
Expiration: 06/18/2026; Exercise Price: $32.50	(458,780)	(140)	(9,800)
Expiration: 06/18/2026; Exercise Price: $35.00	(278,545)	(85)	(20,910)
Expiration: 08/21/2026; Exercise Price: $35.00	(901,175)	(275)	(81,125)
CRH PLC
Expiration: 06/18/2026; Exercise Price: $100.00	(576,587)	(53)	(5,300)
Expiration: 06/18/2026; Exercise Price: $105.00	(2,469,533)	(227)	(46,535)
Fair Isaac Corp., Expiration: 06/18/2026; Exercise Price: $1,080.00	(3,501,652)	(28)	(28,140)
Ferrari NV, Expiration: 08/21/2026; Exercise Price: $330.00	(680,460)	(20)	(32,900)
Linde PLC
Expiration: 06/18/2026; Exercise Price: $500.00	(1,692,146)	(34)	(41,752)
Expiration: 07/17/2026; Exercise Price: $510.00	(2,388,912)	(48)	(114,480)
Martin Marietta Materials, Inc.
Expiration: 07/17/2026; Exercise Price: $580.00	(5,874,564)	(101)	(236,340)
Expiration: 08/21/2026; Exercise Price: $570.00	(756,132)	(13)	(33,085)
Meta Platforms, Inc.
Expiration: 06/18/2026; Exercise Price: $560.00	(4,743,825)	(75)	(9,975)
Expiration: 08/21/2026; Exercise Price: $620.00	(822,263)	(13)	(46,943)
TransDigm Group, Inc., Expiration: 06/18/2026; Exercise Price: $1,140.00	(4,907,448)	(39)	(19,598)
Verisk Analytics, Inc.
Expiration: 06/18/2026; Exercise Price: $200.00	(1,749,900)	(100)	(253,000)
Expiration: 07/17/2026; Exercise Price: $165.00	(752,457)	(43)	(23,005)
Vulcan Materials Co., Expiration: 08/21/2026; Exercise Price: $270.00	(6,478,868)	(229)	(211,825)
TOTAL WRITTEN OPTIONS (Premiums received $2,721,150)			$(1,475,578)

Percentages are stated as a percent of net assets.

(a)	100 shares per contract.

(b)	Exchange-traded.

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

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YCG ENHANCED FUND

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2026 (Unaudited)


ASSETS:
Investments, at value			$497,782,008
Deposits at broker for option contracts			9,007,914
Dividends receivable			201,379
Dividend tax reclaims receivable			152,228
Receivable for fund shares sold			6,377
Cash			944
Prepaid expenses and other assets			46,559
Total assets			507,197,409
LIABILITIES:
Written options, at value			1,475,578
Payable to Adviser			426,527
Payable for fund shares redeemed			35,620
Payable for shareholder servicing fees			12,078
Payable for expenses and other liabilities			118,557
Total liabilities			2,068,360
NET ASSETS			$505,129,049
Net Assets Consist of:
Paid-in capital			$278,545,579
Total distributable earnings			226,583,470
Total net assets			$505,129,049
Net assets			$505,129,049
Shares issued and outstanding (unlimited shares authorized without par value)			17,706,017
Net asset value per share			$28.53
Cost:
Investments, at cost			$317,925,093
Proceeds:
Written options premium received			$2,721,150

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

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YCG ENHANCED FUND

STATEMENT OF OPERATIONS

For the Period Ended May 31, 2026 (Unaudited)


INVESTMENT INCOME:
Dividend income			$3,098,079
Less: issuance fees			(70)
Less: dividend withholding taxes			(104,874)
Interest income			748,606
Total investment income			3,741,741
EXPENSES:
Investment advisory fee (See Note 4)			2,629,603
Fund administration and accounting fees			225,616
Shareholder service costs			79,691
Compliance fees (See Note 4)			43,013
Transfer agent fees			41,540
Legal fees			36,055
Custodian fees			18,305
Federal and state registration fees			17,747
Audit fees			10,969
Trustees’ fees			7,857
Reports to shareholders			2,328
Other expenses and fees			6,734
Total expenses			3,119,458
Net investment income			622,283
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			43,347,158
Written options expired or closed			1,539,270
Foreign currency transactions			100
Net realized gain (loss)			44,886,528
Net change in unrealized appreciation (depreciation) on:
Investments			(84,616,715)
Written options			783,469
Foreign currency translation			408
Net change in unrealized appreciation (depreciation)			(83,832,838)
Net realized and unrealized gain (loss)			(38,946,310)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$(38,324,027)

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

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YCG ENHANCED FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Period Ended May 31, 2026 (Unaudited)	Year Ended November 30, 2025
OPERATIONS:
Net investment income (loss)	$622,283	$(929,506)
Net realized gain (loss)	44,886,528	27,824,710
Net change in unrealized appreciation (depreciation)	(83,832,838)	(26,450,856)
Net increase (decrease) in net assets from operations	(38,324,027)	444,348
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(26,589,884)	(23,630,441)
Total distributions to shareholders	(26,589,884)	(23,630,441)
CAPITAL TRANSACTIONS:
Shares sold	4,244,928	10,024,791
Shares issued from reinvestment of distributions	24,392,105	21,679,166
Shares redeemed	(27,998,882)	(32,889,882)
Redemption fees	88	6
Net increase (decrease) in net assets from capital transactions	638,239	(1,185,919)
Net increase (decrease) in net assets	(64,275,672)	(24,372,012)
NET ASSETS:
Beginning of the period	569,404,721	593,776,733
End of the period	$505,129,049	$569,404,721
SHARES TRANSACTIONS
Shares sold	147,481	316,358
Shares issued from reinvestment of distributions	800,791	680,665
Shares redeemed	(952,353)	(1,027,930)
Total increase (decrease) in shares outstanding	(4,081)	(30,907)

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

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YCG ENHANCED FUND

FINANCIAL HIGHLIGHTS


	Period Ended May 31, 2026 (Unaudited)	Year Ended November 30,
	Period Ended May 31, 2026 (Unaudited)	2025	2024	2023	2022	2021
PER SHARE DATA:
Net asset value, beginning of period	$32.15	$33.47	$28.64	$23.60	$30.98	$23.85
INVESTMENT OPERATIONS:
Net investment income (loss)^(a)	0.03	(0.05)	(0.07)	(0.06)	(0.09)	(0.09)
Net realized and unrealized gain (loss) on investments^(b)	(2.14)	0.07	5.46	5.10	(4.53)	7.22
Total from investment operations	(2.11)	0.02	5.39	5.04	(4.62)	7.13
LESS DISTRIBUTIONS FROM:
Net investment income	—	(0.02)	—	—	—	—
Net realized gains	(1.51)	(1.32)	(0.56)	—	(2.76)	—
Total distributions	(1.51)	(1.34)	(0.56)	—	(2.76)	—
Redemption fee per share	0.00^(c)	0.00^(c)	0.00^(c)	0.00^(c)	0.00^(c)	0.00^(c)
Net asset value, end of period	$28.53	$32.15	$33.47	$28.64	$23.60	$30.98
Total return^(d)	−6.85%	0.08%	19.18%	21.36%	−16.56%	29.90%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$505,129	$569,405	$593,777	$511,020	$435,721	$545,523
Ratio of expenses to average net assets:
Before expense waiver/recoupment^(e)	1.19%	1.17%	1.18%	1.19%	1.19%	1.18%
After expense waiver/recoupment^(e)	1.19%	1.17%	1.19%	1.19%	1.19%	1.19%
Ratio of net investment income (loss) to average net assets^(e)	0.24%	(0.16)%	(0.24)%	(0.22)%	(0.38)%	(0.34)%
Portfolio turnover rate^(d)	17%	10%	8%	18%	5%	18%

(a)	Net investment income per share has been calculated based on average shares outstanding during the periods.

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

(c)	Amount represents less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

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

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)

1. ORGANIZATION

YCG Mutual Funds (the “Trust”) is a Delaware statutory trust organized under an Agreement and Declaration of Trust dated September 4, 2012. The Trust is an open-end management investment company, as defined in the Investment Company Act of 1940 as amended (the “1940 Act”). The Trust consists of one series, YCG Enhanced Fund (the “Fund”). The Trust changed its name from YCG Funds to YCG Mutual Funds effective March 25, 2026. The Fund is classified and operates as a non-diversified fund under the 1940 Act. The Fund commenced operations on December 28, 2012. The Fund’s investment adviser is YCG, LLC (the “Adviser”). There are an unlimited number of authorized shares. The investment objective of the Fund is to maximize long-term capital appreciation with reasonable investment risk.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The 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 (“ASC”) Topic 946, Financial Services – Investment Companies.

Subsequent Events Evaluation. In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

ASU 2023-07. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures, and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer and the Principal Financial Officer, who serves as the CODM, using the information presented in the financial statements and financial highlights.

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

Investment Valuation. The Fund’s investments are valued at fair value. Fair value as used for determining the Fund’s net asset value is in contrast to the use of the term “fair value” for making valuation measurements in connection with preparing the Fund’s financial statements, as discussed below under “Valuation Measurements.” FASB Accounting Standard Codification Topic 820, Fair Value Measurement uses the term “fair value” to refer generally to the value of an asset or liability, regardless of whether that value is based on readily available market quotations or on other inputs.

Securities which are traded on a national stock exchange are valued at the last sale price on the securities exchange on which such securities are primarily traded. Securities that are traded on The Nasdaq OMX Group, Inc., referred to as Nasdaq, are valued at the Nasdaq Official Closing Price. Exchange-traded securities for which there were no transactions are valued at the current bid prices. Securities traded on only over-the-counter markets are valued on the basis of closing over-the-counter bid prices. Short-term debt instruments maturing within 60 days are valued by the amortized cost method, which approximates fair value. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Debt securities (other than short-term instruments) are valued at the mean price furnished by a national pricing service, subject to review by the Adviser, which acts as the “Valuation Designee” under Rule 2a-5 of the 1940 Act, and determination of the appropriate price whenever a furnished price is significantly different from the previous day’s furnished price. Options written or purchased by the Fund are valued at the last sales price. If there are no trades for an option on a given day, options are valued at the mean between the current bid and asked prices. The value of a foreign security or other asset shall be determined as of the normal close of trading on the foreign exchange or other market on which it is traded or as of the Value Time, if that is earlier, in its national foreign currency or the Euro, as applicable, and shall then be converted into its U.S. dollar equivalent at the prevailing foreign currency exchange rate as of the close of the New York Stock Exchange, generally 4:00 p.m. Eastern Standard Time, on the Value Date. If market quotations are not readily available for a security or if a security’s value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, then that security may be valued by another method that the Valuation Designee believes accurately reflects fair value. A security’s valuation may differ depending on the method used for determining fair value. Fair value in this context is the value of securities for which no readily available market quotations exist, as determined in good faith by the Adviser pursuant to fair value methodologies established by the Adviser as the Valuation Designee under the supervision of the Board.

Valuation Measurements

The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 –

Quoted prices in active markets for identical securities.

Level 2 –

Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –

Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2026:


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Common Stocks	$466,213,150	$—	$—	$466,213,150
U.S. Treasury Bills	—	31,568,858	—	31,568,858
Total Investments	$466,213,150	$31,568,858	$—	$497,782,008
Liabilities:
Investments:
Written Options	$(313,485)	$(1,162,093)	$—	$(1,475,578)
Total Investments	$(313,485)	$(1,162,093)	$—	$(1,475,578)

Refer to the Schedule of Investments for industry classifications.

The Fund did not invest in any Level 3 investments during the period.

Option Writing. The Fund may write covered call options and put options on a substantial portion of the Fund’s long equity portfolio as a means to generate additional income and to tax-efficiently enter and exit positions. The Fund will not use this strategy as a means of generating implicit leverage. In other words, if all put options were to be exercised, the Fund will generally have enough cash on hand to purchase the assigned shares. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Upon writing an option, the Fund is required to pledge an amount of cash or securities, as determined by the broker, as collateral. As of May 31, 2026, the Fund held securities with a value of $12,099,693 and cash of $9,007,914 as collateral for options written. During the period, the Fund used written put options in a manner consistent with the strategy described above.

The value of Derivative Instruments on the Statement of Assets and Liabilities as of May 31, 2026, are as follows:

The effect of Derivative Instruments on the Statement of Operations for the period ended May 31, 2026, are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not Accounted for as Hedging Instruments	Written Option Contracts Expired or Closed	Derivatives not Accounted for as Hedging Instruments	Written Option Contracts
Equity Contracts	$1,539,270	Equity Contracts	$783,469

The average monthly value of options written during the period ended May 31, 2026, was $2,809,537.

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

Derivative Risks

The risks of using the various types of derivatives in which the Fund may engage include the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Adviser, the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Fund, the risk that there may not be a liquid secondary market for the derivative at a time when the Fund would look to disengage the position, the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract, the risk that the use of derivatives may induce leverage in the Fund, and the risk that the cost of the derivative may reduce the overall returns experienced by the Fund.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund has adopted policies and procedures to comply with Rule 18f-4.

Offsetting Assets and Liabilities

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

The following is a summary of the Assets and Liabilities subject to offsetting in the Fund as of May 31, 2026:

Liabilities

Description/Counterparty

Gross Amounts

of Recognized

Liabilities

Gross

Amounts

Offset in the

Statement of

Assets and

Liabilities

Net Amounts

Presented in

the Statement

of Assets and

Liabilities

Gross Amounts not

Offset in the Statement

of Assets and Liabilities

Net Amount

Financial

Instruments

Collateral

Pledged

Options Written

Interactive Brokers

$1,475,578

$ —

$1,475,578

$ —

$(1,475,578)

$ —

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

Federal Income Taxes. The Fund intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. As of and during the year ended November 30, 2025, the Fund did not incur any interest or penalties and did not have any liabilities for unrecognized tax benefits.

The Fund is generally not subject to examination by U.S. tax authorities for tax years prior to the year ended November 30, 2022.

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

Distributions to Shareholders. The Fund will declare and distribute any net investment income and any net realized long or short-term capital gains annually. Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain items for financial statement and tax purposes. Where appropriate, reclassifications between capital accounts are made for such differences that are permanent in nature.

Use of Estimates. The preparation of the financial statements in conformity with GAAP 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 period. Actual results could differ from those estimates.

Guarantees and Indemnifications. Under the Fund’s organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

J.	Redemption Fee. Shareholders who redeem shares 30 calendar days or less after purchase will incur a 2% redemption fee, retained for the benefit of long-term shareholders, recorded as additional capital in the Statement of Changes in Net Assets.

Beneficial Ownership. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. At May 31, 2026, no shareholder held more than 25% of the outstanding shares of the YCG Enhanced Fund.

Other. Investment transactions and shareholder transactions are accounted for on the trade date. Net realized gains and losses on securities are computed on the basis of specific identification. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations.

3. INVESTMENT TRANSACTIONS

For the period ended May 31, 2026, the aggregate purchases and sales of securities, excluding short-term securities, were $84,114,031 and $114,464,647 respectively for the Fund. For the period ended May 31, 2026, there were no long-term purchases or sales of U.S. government securities for the Fund.

4. FEES AND OTHER RELATED PARTY TRANSACTIONS

The Adviser acts as the investment adviser to the Fund pursuant to an investment advisory agreement (the “Advisory Agreement”) which has been approved by the Fund’s Board of Trustees (including a majority of the Trustees who are not parties to the Advisory Agreement, or interested persons of any such party). Under the terms of the Advisory Agreement between the Fund and the Adviser, the Adviser conducts investment research and management for the Fund and is responsible for the purchase and sale of securities for the Fund’s investment portfolio. The Adviser provides the Fund with investment advice, supervises the management and investment programs and provides investment advisory facilities and executive and supervisory personnel for managing the investments and effectuating portfolio transactions. The Adviser also furnishes, at its own expense, all necessary administrative services, office space, equipment and clerical personnel for servicing the investments of the Fund. With the exception of the Chief Compliance Officer, who is an employee of the Adviser, such officers receive no compensation from the Fund for serving in their respective roles. The Fund makes reimbursement payments to the Adviser for the salary and benefits associated with the office of the Chief Compliance Officer. The compliance fees expensed by the Fund during the period ended May 31, 2026 are included in the Statement of Operations. Under the Advisory Agreement, the monthly compensation paid to the Adviser is accrued daily at an annual rate of 1.00% on the average daily net assets of the Fund.

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

In the interest of limiting the expenses of the Fund, the Adviser has entered into a contractual expense limitation agreement with the Fund. Pursuant to the Expense Limitation Agreement, the Adviser (for the lifetime of the Fund) has agreed to waive or limit its fees and assume other expenses of the Fund (excluding interest, taxes, brokerage commissions and dividend expenses on securities sold short and extraordinary expenses not incurred in the ordinary course of business) so that the Fund’s ratio of total annual operating expenses is limited to 1.39%. In addition to the lifetime limit, the Adviser has agreed to reimburse the Fund to the extent necessary to ensure that total annual fund operating expenses to do not exceed 1.19% at least through April 1, 2027. The Adviser is entitled to the reimbursement of fees waived or reimbursed by the Adviser to the Fund subject to the limitations that (1) the reimbursement is made only for fees and expenses incurred not more than thirty-six months following the month in which the reimbursement occurred, and (2) the reimbursement may not be made if it would cause the Fund’s annual expense limitation to be exceeded. The reimbursement amount may not include any additional charges or fees, such as interest accruable on the reimbursement account. During the period ended May 31, 2026, the Fund reimbursed $0 of previously waived expenses and did not let any fees subject to recoupment expire. As of May 31, 2026, the Fund recouped all potential recoverable waivers or reimbursed expenses.

Certain officers, trustees and shareholders of the Fund are also owners or employees of the Adviser.

5. CERTAIN RISKS

Non-Diversification Risk: The Fund is non-diversified. A non-diversified fund may invest more of its assets in fewer companies than if it were a diversified fund. The Fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.

Recent Market Conditions: General economic, political and public health conditions may have a significant adverse effect on the Fund’s investment operations and profitability. A rise in protectionist trade policies, slowing global economic growth, the risk of trade disputes, and the possibility of changes to some international trade agreements, tensions or open conflict between and among nations, such as between Russia and Ukraine, Israel and Hamas and the United States and Iran in the Middle East, could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time, and may negatively impact the markets in which the Fund invests. Additionally, securities in the Fund’s portfolio may underperform due to volatility in the banking sector, including bank failures, inflation (or expectations for inflation), increasing interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of such events may result in market volatility and may have long-term negative effects on both the U.S. and global financial markets.

The above are only a few of the principal risks of the Fund. The other principal risks are discussed in the Fund’s most recent Prospectus.

6. FEDERAL TAX INFORMATION

A. Tax Basis of Distributions to Shareholders: The tax character of the distributions paid by the Fund for the two most recent fiscal years were as follows:


	For the Year Ended November 30,
	2025	2024
Ordinary Income	$471,006	$—
Long-Term Capital Gains	23,159,435	10,049,741
Total	$23,630,441	$10,049,741

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YCG ENHANCED FUND

NOTES TO FINANCIAL STATEMENTS

May 31, 2026 (Unaudited)(Continued)

Reclassifications: The tax components of distributable earnings are determined in accordance with income tax regulations which may differ from the compositions of net assets reported under GAAP. Accordingly, for the year ended November 30, 2025, there were no permanent differences between paid in capital and distributable earnings.

B. Tax Basis of Investments: As of November 30, 2025, the components of the tax basis cost of investments and net unrealized appreciation (depreciation) were as follows:


	Investments	Written Options	Foreign Currencies	Total
Tax cost of investments	$299,954,963	$(1,430,822)	$—	$298,524,141
Gross unrealized appreciation	272,810,235	569,443	—	273,379,678
Gross unrealized depreciation	(8,370,403)	(107,340)	—	(8,477,743)
Net tax unrealized appreciation (depreciation)	264,439,832	462,103	—	264,901,935
Undistributed ordinary income	3,952,429	—	—	3,952,429
Undistributed long-term capital gain (loss)	22,637,350	—	—	22,637,350
Accumulated gain (loss)	26,589,779	—	—	26,589,779
Other accumulated gain (loss)	5,667	—	—	5,667
Distributable earnings (accumulated deficit)	$291,035,278	$462,103	$—	$291,497,381

The tax basis of investments for tax and financial reporting purposes differs, principally due to deferral of losses on wash sales.

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. Qualified late-year ordinary losses are the excess of the sum of the specified loss attributable to the portion of the taxable year after October 31, and the late-year losses attributable to the portion of the taxable year after December 31, over the sum of the specified gains attributable to the portion of the taxable year after October 31, and other ordinary income attributable to the portion of the taxable year after December 31. For the fiscal year ended November 30, 2025, there were no late year deferred losses.

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YCG ENHANCED FUND

ADDITIONAL INFORMATION (UNAUDITED)

1. SHAREHOLDER NOTIFICATION OF FEDERAL TAX STATUS

For the year ended November 30, 2025, 0.00% of the dividends paid from net investment income, including short-term capital gains, for the Fund qualify for the dividends received deduction available to corporate shareholders.

For the year ended November 30, 2025, 0.00% of the dividends paid from net investment income, including short-term capital gains, for the Fund are designated as qualified dividend income.

2. COMPENSATION OF TRUSTEES

Each Trustee who is not an “interested person” of the Trust (i.e. an “Independent Trustee”) receives an annual retainer of $4,000, paid quarterly, as well as $1,000 per meeting attended. In addition, Independent Trustees are eligible for reimbursement of out-of-pocket expenses incurred in connection with attendance at such meetings. The Fund’s Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free 1-855-444-9243 or by accessing the Fund’s website at www.ycgfunds.com. (Note for clarification: The information on our website is not incorporated by reference into this report.)

3. PROXY VOTING POLICIES AND PROCEDURES

For a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, please call 1-855-444-9243 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the Fund’s website at https://www.ycgfunds.com/fund-summary/ or on the website of the Securities and Exchange Commission at http://www.sec.gov. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-444-9243 or by accessing the website of the Securities and Exchange Commission at http://www.sec.gov. The Fund Proxy Voting Policy is also available on the Fund website at https://www.ycgfunds.com/fund-summary/.

4. DISCLOSURE OF PORTFOLIO HOLDINGS

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the website of the Securities and Exchange Commission at http://www.sec.gov or on request by calling 1-800-SEC-0330.

5. BOARD ANNUAL RENEWAL OF INVESTMENT ADVISORY AGREEMENT

On January 29, 2026, the Board of Trustees (the “Board”) of YCG Mutual Funds, formerly known as YCG Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940 (the “Independent Trustees”), approved the continuation of the investment advisory agreement (the “Advisory Agreement”) between YCG, LLC (the “Adviser”) and the Trust on behalf of the YCG Enhanced Fund (the “Fund”).

In approving the continuation of the Advisory Agreement, the Board considered information provided by the Adviser and its own experience with the Adviser and the Fund, and evaluated, in particular:

•	the nature, extent and quality of the investment advisory and related services provided to the Fund;

•	the Fund’s performance, including the Fund’s performance relative to relevant peer groups;

•	the Fund’s advisory fees and total expenses compared to similar mutual funds and to other clients of the Adviser;

•	the Adviser’s costs and profitability associated with managing the Fund;

•	whether economies of scale are being, or are expected to be, realized by the Fund; and

•	other potential benefits received by the Adviser from its relationship with the Fund.

The Independent Trustees, assisted by their independent legal counsel, met in executive session to review the Advisory Agreement and the materials provided in connection with the Board’s annual review under Section 15(c) of the Investment Company Act of 1940.

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YCG ENHANCED FUND

ADDITIONAL INFORMATION (UNAUDITED)(Continued)

No single factor was considered by the Board to be determinative to the decision to approve the continuation of the Advisory Agreement. The Board’s determinations were based on the totality of the information presented and their experience with the Fund and the Adviser over time.

Information Reviewed

In advance of the Board’s consideration of the Advisory Agreement, the Adviser provided information to assist the Board in evaluating the Advisory Agreement. The Board previously conducted a full review of the Advisory Agreement at its October 28, 2025 meeting and approved the continuation of the Advisory Agreement at that meeting. The Board again conducted a full review of the Advisory Agreement at its January 29, 2026 meeting in order to shift the timing of the annual renewal cycle from October to January. In connection with the January 29, 2026 meeting, the Adviser advised the Board that there were no material changes to the materials previously reviewed in October 2025, and the Board considered those prior materials together with updated information regarding the Fund provided at the January meeting.

The information reviewed by the Board included, among other items:

•	a memorandum from counsel summarizing the legal standards applicable to the Board’s consideration of the Advisory Agreement and the Trustees’ fiduciary duties;

•	comparative information relating to the Fund’s advisory fee and total expense ratio and the fees and expenses of comparable mutual funds;

•	information regarding fees paid and other payments made by the Fund, including intermediary and other service provider fees;

•	information on the Adviser’s profitability attributable to its relationship with the Fund;

•	information regarding brokerage commissions paid by the Fund;

•	comparative performance information for the Fund over relevant time periods;

•	information regarding sales, redemptions and asset flows for the Fund; and

•	information about the Fund’s compliance program and other operational matters.

Counsel reviewed with the Trustees their fiduciary duties and the factors that may be relevant to their consideration of the continuation of the Advisory Agreement.

Nature, Extent and Quality of Investment Advisory Services

The Trustees considered the nature, extent and quality of the investment advisory services provided by the Adviser to the Fund. In evaluating these matters, the Board discussed the Adviser’s investment process, resources and personnel, including the education, experience and number of investment professionals and other staff involved in the management and oversight of the Fund.

The Trustees noted that the Fund pursues a bottom-up, research-driven strategy that includes an option enhancement component designed to complement the Fund’s equity holdings. The Board concluded that the Adviser is appropriately staffed and has the requisite experience and analytical resources to implement this strategy and to meet the Fund’s investment objective.

The Trustees also considered the quality of the Fund’s key service providers—such as the administrator, transfer agent and distributor—and the Adviser’s role in overseeing those providers. They observed that the Adviser actively monitors these service providers and works with them to help ensure that the Fund’s operations are conducted in accordance with applicable laws, rules and regulations.

Based on these considerations and their ongoing oversight of the Fund during the year, the Trustees concluded that the nature, extent and quality of the investment advisory and related services provided to the Fund by the Adviser are satisfactory and support the Board’s approval of the continuation of the Advisory Agreement.

TABLE OF CONTENTS

YCG ENHANCED FUND

ADDITIONAL INFORMATION (UNAUDITED)(Continued)

Comparative Fees and Expenses

The Trustees reviewed information comparing the Fund’s advisory fee and total expense ratio to those of mutual funds in relevant peer groups. In particular, the Board considered:

•	a peer group based on the Morningstar U.S. Open-End (“OE”) Large Blend category; and

•	a custom peer group of “stock-picking” strategies and a custom peer group of option-oriented strategies that the Adviser and the Board believe to be more comparable to the Fund because of the Fund’s option enhancement strategy.

In reviewing this information, the Trustees discussed with management the criteria used to select the peer groups and sought to ensure that the Trustees understood and were comfortable with those criteria.

The Trustees noted the following observations:

•

The Fund’s advisory fee and net expense ratio were higher than the averages of the Morningstar U.S. OE Large Blend category peers. The Board also noted that most funds in this category do not employ an option enhancement strategy, which can be more resource-intensive to manage. The Board concluded that the Fund’s advisory fee and net expenses, while higher than the Morningstar category averages, were within a reasonable range given the Fund’s strategy and the additional resources required to implement it.

•	The Fund’s expense ratio was comparable to that of the option strategy peer group. The Board viewed this comparison as particularly relevant because the Fund’s option enhancement strategy is a distinctive feature that differentiates it from many large blend funds.

After considering the peer data, the Fund’s investment strategy, asset size, and the services provided by the Adviser and other service providers, the Trustees concluded that the Fund’s advisory fee and overall expense ratio are reasonable in comparison to those of other mutual funds, particularly those employing similar option-based strategies.

Comparison of Fee Structures of Other Accounts

The Trustees requested information regarding the fee structures applicable to the Adviser’s other clients, including separately managed accounts (“SMAs”), and compared those fee structures with the advisory fee paid by the Fund.

The Adviser noted that managing the Fund entails broader and more complex responsibilities than managing SMAs, including:

•	tailoring investment advisory services to accommodate the Fund’s daily purchase and redemption activity, which can result in greater cash flow volatility;

•	serving the needs of a large number of shareholders and intermediaries, including omnibus accounts holding assets for many underlying shareholders;

•	maintaining a robust shareholder communications program to reach investors directly, through intermediaries and via the financial press;

•	committing significant financial and personnel resources to marketing the Fund, including extensive one-on-one meetings with registered investment advisers and other intermediaries; and

•	coordinating with the Fund’s Chief Compliance Officer and other service providers to maintain compliance with regulatory requirements under federal securities laws and the Internal Revenue Code applicable to registered investment companies.

The Trustees concluded that the services provided by the Adviser to the Fund are more extensive and resource-intensive than those provided to SMAs and that these differences help justify the higher advisory fee rate charged to the Fund as compared to SMAs. In light of these factors, the Board determined that the advisory fee rate for the Fund, in comparison to the rates charged to the Adviser’s other clients, is reasonable.

Performance

The Trustees reviewed the Fund’s performance over various time periods, including performance relative to appropriate peer groups and benchmarks, as well as on an absolute basis.

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YCG ENHANCED FUND

ADDITIONAL INFORMATION (UNAUDITED)(Continued)

The Trustees discussed with the Adviser the reasons for underperformance relative to certain peers and the Adviser’s perspective on the Fund’s risk-mitigation approach and option enhancement strategy. The Board considered the Adviser’s explanation, including the potential trade-off between risk mitigation and relative performance in certain market environments.

After considering the Fund’s performance in light of the Fund’s investment objective, strategy and risk profile, as well as prevailing market conditions and the performance of relevant peer groups, the Trustees concluded that the Fund’s performance has been satisfactory over the long term, particularly on a risk-adjusted basis, and acceptable on an absolute basis. The Board further noted that past performance is not a guarantee of future results.

Costs and Profitability

The Trustees considered information regarding the Adviser’s costs and profitability in providing advisory and other services to the Fund. This included an analysis of the Adviser’s revenues and expenses attributable to the Fund and the resulting level of profitability.

In reviewing this information, the Trustees also considered the Fund’s overall expense ratio in comparison to its peer groups, the relatively smaller asset base of the Fund compared to many peers, and the resource-intensive nature of the Fund’s investment strategy, including its use of an option enhancement strategy.

The Trustees discussed the impact of intermediary and other service-related fees on the Adviser’s profitability. They noted that the Adviser devotes substantial resources to managing and distributing the Fund and to overseeing the Fund’s operations and compliance.

Based on these considerations, the Board concluded that the Adviser’s level of profitability from its relationship with the Fund is reasonable in light of the services provided, the risks assumed, and the resources and revenues devoted by the Adviser to the Fund.

Economies of Scale

The Trustees considered whether the Fund has realized, or is expected to realize, economies of scale as its assets grow. They noted that the Fund’s current asset size is relatively modest compared to many peers and that, at present, significant economies of scale have not yet been realized.

The Trustees also noted that the Adviser has contractually agreed to cap certain Fund expenses and that, as a result, the Adviser currently bears any expenses above the cap, which benefits shareholders by limiting the Fund’s overall expense ratio. The Trustees concluded that, at current and reasonably foreseeable asset levels, the Fund’s fee structure is appropriate.

The Board indicated that it will continue to monitor the Fund’s asset growth and expense levels and will consider in the future whether any additional fee breakpoints or other arrangements to share economies of scale with shareholders would be appropriate if the Fund’s assets increase.

Other Benefits (“Fall-Out Benefits”)

The Trustees considered other potential benefits to the Adviser from its relationship with the Fund, beyond the receipt of advisory fees. They noted that:

•	The Adviser does not receive proprietary or third-party research or other services from the broker-dealers with which the Fund trades, and the Fund does not utilize soft-dollar arrangements.

•

The Adviser may derive a limited benefit from the visibility associated with the Fund’s presence in financial media and other public sources; however, the Trustees believe that such publicity primarily promotes the Fund rather than the Adviser and that any related benefit to the Adviser is not material.

Based on these considerations, the Trustees concluded that any additional benefits received by the Adviser from its relationship with the Fund are reasonable and do not suggest that the Fund’s advisory fee is excessive.

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YCG ENHANCED FUND

ADDITIONAL INFORMATION (UNAUDITED)(Continued)

Conclusion

In light of the information provided to the Board throughout the year and at the January 29, 2026 meeting—including information previously reviewed by the Board at its October 28, 2025 meeting and updated for the January meeting—regarding the nature, extent and quality of services provided by the Adviser, the Fund’s performance, fees and expenses, the Adviser’s costs and profitability, economies of scale and other potential benefits to the Adviser, and after considering all relevant factors and the advice of legal counsel, the Board, including all of the Independent Trustees, determined that the terms of the Advisory Agreement are fair and reasonable and that the continuation of the Advisory Agreement is in the best interests of the Fund and its shareholders. Accordingly, the Board, including all of the Independent Trustees, approved the continuation of the Advisory Agreement for the Fund.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the period covered by this report.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

For the semi-annual period ended May 31, 2026, the aggregate remuneration the Registrant paid the directors, all members of the advisory board and any officers are disclosed in the Financial Statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

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

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.

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.


	1 Year	5 Year	10 Year
YCG Enhanced Fund (without sales charge)	-7.66	4.36	10.96
S&P Global Broad Market Total Return Index	31.01	11.21	12.90
S&P 500 Total Return Index	29.78	14.15	15.65


Top Sectors	(%)
Financials	32.6%
Industrials	24.8%
Information Technology	11.4%
Consumer Discretionary	10.5%
Materials	6.9%
Communication Services	4.2%
Consumer Staples	1.6%
Cash & Other	8.0%


Top Ten Countries	(%)
United States	82.5%
Ireland	4.8%
France	4.7%
Canada	4.2%
Italy	2.0%
Cash & Other	1.8%


Net Assets	$505,129,049
Number of Holdings	65
Portfolio Turnover Rate	17%


Top Holdings	(%)
Copart, Inc.	6.4%
Moody’s Corp.	6.2%
Fair Isaac Corp.	6.1%
MasterCard, Inc. - Class A	5.6%
Microsoft Corp.	5.3%
MSCI, Inc.	5.2%
Hermés International	4.7%
TransDigm Group, Inc.	4.4%
Linde PLC	4.0%
CME Group, Inc.	3.9%

	By (Signature and Title)*	/s/ Brian A. Yacktman
		Brian A. Yacktman, Principal Executive Officer

	By (Signature and Title)*	/s/ William D. Kruger
		William D. Kruger, Principal Financial Officer