ADDITIONAL INFORMATION

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

managment’s discussion of fund performance

Fund Performance

The Fund generated positive returns for the fiscal year ending August 31, 2026, primarily due to its exposure to the Information Technology sector. Although value stocks underperformed the broader S&P 500, the Fund returned 23.50%, exceeding the S&P 500’s return of 20.38%. The Fund also outperformed the S&P 500 Value Index (SVX), which returned 18.12% during the fiscal year.

Strategy

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

Techniques

The Fund concentrates on equities contained in the S&P 500. The Fund’s adviser uses a predominant reversion-to-the-mean strategy with a value tilt. More specifically, stocks with attractive earnings yields and forward earnings yields are targeted for purchase in anticipation of appreciation in price, given favorable valuations and forward-looking metrics. The adviser also considers a company’s return on invested capital when evaluating its relative attractiveness. Traditional value metrics used in this analysis include Forward P/E Ratios, Price to Book Ratios and Price to Sales Ratios. Forward P/E ratios are utilized over traditional P/E ratios to avoid “value traps,” where the price may appear attractive based on current earnings but may be potentially overvalued when factoring in future earnings. When choosing specific stocks, the various metrics used for selection are compared against other companies within the same sector to seek the best relative value within each sector. The overall sector allocation considers the S&P 500’s sector weighting to reduce return volatility relative to the index but can deviate based on stocks available for purchase. The strategy focuses on stock selection to drive returns compared to sector rotation or market timing. It is anticipated that the Fund may hold higher levels of cash during periods of market uncertainty. This strategy is executed with a long-term outlook and will have periods of underperformance and outperformance versus its Index.

Fund statistics

top ten holdings

(% of Net Assets)

This annual shareholder report contains important information about the Monteagle Opportunity Equity Fund – Investor Class – HEQFX (the “Fund”) for the period September 1, 2025 to August 31, 2026.

ADDITIONAL INFORMATION

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

managment’s discussion of fund performance

The summer months were marked by a sharp change in market leadership. The AI-driven rally that powered the first half of the year stalled in July. Investors' attention moved from AI demand to whether the large AI spending plans would pay off. Semiconductor and mega-cap growth stocks sold off, and value and more economically sensitive areas of the market took the lead. Energy and Financials did especially well, helped by Middle East tensions, firm oil prices and rising long-term interest rates. Technology recovered in August, but the broadening of the market beyond a handful of mega-cap names was the defining theme of the period. That favored the Fund's approach.

In the three months ending August 31, 2026, the Monteagle Opportunity Equity Fund – Investor Class returned 3.78%, compared to 1.68% for the S&P 500. Against the S&P 500, sector allocation drove most of the Fund's outperformance this quarter, although security selection was also a positive contributor. The Fund's underweights to Communication Services and Information Technology helped as both sectors lagged the index. Security selection in Consumer Discretionary was particularly strong. The largest positive contributors for the quarter were Abercrombie & Fitch Co., Matson Inc., and Veeva Systems Inc. while the largest detractors were Nextpower Inc., Worthington Steel Inc., and ON Semiconductor Corp.

Year to date through August 31, the Fund returned 13.13%, compared to 13.12% for the S&P 500. The first half of 2026 was dominated by an AI and semiconductor rally of historic strength. The Philadelphia Semiconductor Index rose 88% in the second quarter alone. Because the S&P 500 is heavily weighted toward the largest technology companies, its Information Technology sector gained 22.40% through August. That sector makes up roughly 35% of the index, and the Fund's structural underweight negatively impacted allocation. Stock selection in Industrials was the largest single drag. On the positive side, firm oil prices driven by geopolitical tensions boosted Energy. The Fund's energy holdings returned 66.27%, compared to 43.45% for the sector in the index. Selection in Consumer Discretionary also provided a meaningful boost to returns as did the Fund's underweight to the Communication Services sector.

We continue to believe in our process through market cycles. The first half of the year showed how a market led by a narrow group of mega-cap technology stocks can weigh on relative results against the S&P 500. However, the Summer showed that when leadership broadens, a portfolio of high-quality small- and mid-cap companies can benefit. With long-term interest rates at multi-year highs, a strong earnings backdrop and ongoing debate about the payoff from AI spending, we believe the Fund is well positioned for the current environment.

Fund statistics

top ten holdings

(% of Net Assets)

This annual shareholder report contains important information about the Monteagle Opportunity Equity Fund – Institutional Class – HEQCX (the “Fund”) for the period September 1, 2025 to August 31, 2026.

ADDITIONAL INFORMATION

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

managment’s discussion of fund performance

The summer months were marked by a sharp change in market leadership. The AI-driven rally that powered the first half of the year stalled in July. Investors' attention moved from AI demand to whether the large AI spending plans would pay off. Semiconductor and mega-cap growth stocks sold off, and value and more economically sensitive areas of the market took the lead. Energy and Financials did especially well, helped by Middle East tensions, firm oil prices and rising long-term interest rates. Technology recovered in August, but the broadening of the market beyond a handful of mega-cap names was the defining theme of the period. That favored the Fund's approach.

In the three months ending August 31, 2026, the Monteagle Opportunity Equity Fund – Investor Class returned 3.88%, compared to 1.68% for the S&P 500. Against the S&P 500, sector allocation drove most of the Fund's outperformance this quarter, although security selection was also a positive contributor. The Fund's underweights to Communication Services and Information Technology helped as both sectors lagged the index. Security selection in Consumer Discretionary was particularly strong. The largest positive contributors for the quarter were Abercrombie & Fitch Co., Matson Inc., and Veeva Systems Inc. while the largest detractors were Nextpower Inc., Worthington Steel Inc., and ON Semiconductor Corp.

Year to date through August 31, the Fund returned 13.42%, compared to 13.12% for the S&P 500. The first half of 2026 was dominated by an AI and semiconductor rally of historic strength. The Philadelphia Semiconductor Index rose 88% in the second quarter alone. Because the S&P 500 is heavily weighted toward the largest technology companies, its Information Technology sector gained 22.40% through August. That sector makes up roughly 35% of the index, and the Fund's structural underweight negatively impacted allocation. Stock selection in Industrials was the largest single drag. On the positive side, firm oil prices driven by geopolitical tensions boosted Energy. The Fund's energy holdings returned 66.27%, compared to 43.45% for the sector in the index. Selection in Consumer Discretionary also provided a meaningful boost to returns as did the Fund's underweight to the Communication Services sector.

We continue to believe in our process through market cycles. The first half of the year showed how a market led by a narrow group of mega-cap technology stocks can weigh on relative results against the S&P 500. However, the Summer showed that when leadership broadens, a portfolio of high-quality small- and mid-cap companies can benefit. With long-term interest rates at multi-year highs, a strong earnings backdrop and ongoing debate about the payoff from AI spending, we believe the Fund is well positioned for the current environment.

Performance graph

AVERAGE ANNUAL RETURNS

(for the periods ended August 31, 2026)

Cumulative Performance Comparison of $1,000,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-263-5593.

PORTFOLIO ILLUSTRATION

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

Sectors are categorized using Global Industry Classification Standard.

expense Information

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Performance graph

AVERAGE ANNUAL RETURNS

(for the periods ended August 31, 2026)

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-263-5593.

PORTFOLIO ILLUSTRATION

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

Sectors are categorized using Global Industry Classification Standard.

expense Information

What were the Fund costs for the past year?

(based on a hypothetical $10,000 investment)

Performance graph

AVERAGE ANNUAL RETURNS

(for the periods ended August 31, 2026)

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-263-5593.

PORTFOLIO ILLUSTRATION

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

Sectors are categorized using Global Industry Classification Standard.