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As Of Filer Filing For·On·As Docs:Size Issuer Agent 5/11/15 Monteagle Funds N-CSRS/A 2/28/15 3:3.2M FilePoint/FA → Monteagle Fixed Income Fund ⇒ Institutional Class (MFHRX) → Monteagle Informed Investor Growth Fund ⇒ Institutional Class (MIIFX) → Monteagle Quality Growth Fund ⇒ Institutional Class (MFGIX) → Monteagle Select Value Fund ⇒ Institutional Class (MVEIX) → Monteagle Value Fund ⇒ Institutional Class (MVRGX) → The Texas Fund ⇒ Class C (TEXCX) — Class I (BIGTX) |
Document/Exhibit Description Pages Size 1: N-CSRS/A Amendment to Certified Semi-Annual Shareholder HTML 996K Report of a Management Investment Company 3: EX-99.906 CERT Miscellaneous Exhibit HTML 10K 2: EX-99.CERT Miscellaneous Exhibit HTML 21K
(Address of principal executive offices)
|
(Zip code)
|
Supplementary Portfolio Information
|
3
|
Financial Statements of the Monteagle Funds
|
|
Schedule of Investments:
|
|
Fixed Income Fund
|
9
|
Informed Investor Growth Fund
|
13
|
Quality Growth Fund
|
15
|
Select Value Fund
|
19
|
Value Fund
|
22
|
The Texas Fund
|
25
|
Statements of Assets and Liabilities
|
31
|
Statements of Operations
|
33
|
Statements of Changes in Net Assets
|
35
|
Financial Highlights
|
41
|
Notes to Financial Statements
|
48
|
Other Information
|
67
|
About Your Funds’ Expenses
|
68
|
Compensation of Trustees and Officers
|
71
|
Board Approval of Investment Management and Sub-Advisory Agreements
|
72
|
MONTEAGLE FIXED INCOME FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
FNMA Pool AB3690, 4.00%, due 10/01/2041
|
4.24%
|
U.S. Treasury Note, 2.00%, due 11/15/2021
|
4.19%
|
U.S. Treasury Note, 1.75%, due 05/15/2022
|
4.11%
|
U.S. Treasury Note, 1.625%, due 08/15/2022
|
4.07%
|
FHLMC, 4.875%, due 06/13/2018
|
2.31%
|
U.S. Treasury Note, 3.125%, due 05/15/2021
|
2.24%
|
FHLMC Pool G08618, 4.00%, due 12/01/2044
|
2.20%
|
FNMA Pool AU3763, 3.50%, due 08/01/2043
|
2.17%
|
U.S. Treasury Note, 2.125%, due 08/15/2021
|
2.11%
|
U.S. Treasury Note, 2.25%, due 11/15/2024
|
2.11%
|
Sector Allocation
|
(% of Net Assets)
|
Corporate Bonds
|
50.87%
|
U.S. Government and Agency Obligations
|
28.99%
|
Mortgage-Backed Securities
|
13.00%
|
Money Market Funds
|
6.60%
|
Other Assets in Excess of Liabilities
|
0.54%
|
100.00%
|
MONTEAGLE INFORMED INVESTOR GROWTH FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
Skyworks Solutions, Inc.
|
7.42%
|
Centene Corp.
|
6.00%
|
Palo Alto Networks, Inc.
|
5.67%
|
Mallinckrodt PLC
|
4.94%
|
Allergan, Inc.
|
4.73%
|
Actavis PLC
|
4.50%
|
AmerisourceBergen Corp.
|
4.43%
|
Electronic Arts, Inc.
|
4.37%
|
Biogen Idec, Inc.
|
4.00%
|
Celgene Corp.
|
3.95%
|
Top Ten Portfolio Industries
|
(% of Net Assets)
|
Pharmaceuticals
|
22.89%
|
Biotechnology
|
16.14%
|
Semiconductors
|
12.26%
|
Healthcare - Services
|
10.43%
|
Telecommunications
|
5.67%
|
Software
|
4.37%
|
Retail
|
3.64%
|
Internet
|
1.99%
|
Beverages
|
1.95%
|
Airlines
|
1.86%
|
81.20%
|
Economic Sectors with Cash and Other Assets
|
(% of Net Assets)
|
Consumer, Non-cyclical
|
53.26%
|
Technology
|
17.78%
|
Communications
|
7.66%
|
Consumer, Cyclical
|
5.50%
|
Money Market Funds
|
2.08%
|
Industrial
|
1.79%
|
Energy
|
1.27%
|
Financial
|
0.91%
|
Other Assets in Excess of Liabilities
|
9.75%
|
100.00%
|
MONTEAGLE QUALITY GROWTH FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
Apple, Inc.
|
6.77%
|
Walt Disney Co.
|
4.06%
|
BlackRock, Inc.
|
2.99%
|
Home Depot, Inc.
|
2.84%
|
Coca-Cola Co.
|
2.78%
|
Goldman Sachs Group, Inc.
|
2.65%
|
Express Scripts Holding Co.
|
2.61%
|
QUALCOMM, Inc.
|
2.49%
|
CVS Health Corp.
|
2.48%
|
Visa, Inc.
|
2.32%
|
Top Ten Portfolio Industries
|
(% of Net Assets)
|
Retail
|
12.04%
|
Computers
|
7.97%
|
Internet
|
6.16%
|
Diversified Financial Services
|
5.92%
|
Media
|
5.80%
|
Pharmaceuticals
|
5.45%
|
Biotechnology
|
4.29%
|
Food
|
3.94%
|
Banks
|
3.84%
|
Telecommunications
|
3.39%
|
58.80%
|
Economic Sectors with Cash and Other Assets
|
(% of Net Assets)
|
Consumer, Non-cyclical
|
21.76%
|
Consumer, Cyclical
|
19.64%
|
Communications
|
15.35%
|
Technology
|
11.37%
|
Financial
|
11.21%
|
Industrial
|
10.77%
|
Energy
|
4.27%
|
Money Market Funds
|
2.98%
|
Basic Materials
|
2.44%
|
Other Assets in Excess of Liabilities
|
0.21%
|
100.00%
|
MONTEAGLE SELECT VALUE FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
Humana, Inc.
|
5.84%
|
CVS Health Corp.
|
4.06%
|
Darden Restaurants, Inc.
|
3.75%
|
Apple, Inc.
|
3.69%
|
Priceline Group, Inc.
|
3.47%
|
Jacobs Engineering Group, Inc.
|
3.34%
|
Discovery Communications, Inc.
|
3.15%
|
Allstate Corp.
|
3.15%
|
Tesoro Corp.
|
3.11%
|
Google, Inc. - Class A
|
3.08%
|
Top Ten Portfolio Industries
|
(% of Net Assets)
|
Retail
|
15.03%
|
Oil & Gas
|
8.86%
|
Computers
|
6.56%
|
Internet
|
6.55%
|
Insurance
|
6.08%
|
Healthcare - Services
|
5.84%
|
Banks
|
5.22%
|
Engineering & Construction
|
3.34%
|
Media
|
3.15%
|
Iron & Steel
|
3.05%
|
63.68%
|
Economic Sectors with Cash and Other Assets
|
(% of Net Assets)
|
Consumer, Cyclical
|
18.01%
|
Financial
|
15.98%
|
Money Market Funds
|
13.15%
|
Energy
|
11.70%
|
Communications
|
10.67%
|
Industrial
|
8.81%
|
Consumer, Non-cyclical
|
8.59%
|
Technology
|
7.95%
|
Basic Materials
|
5.20%
|
Utilities
|
2.15%
|
Liabilities in Excess of Other Assets
|
(2.21)%
|
100.00%
|
MONTEAGLE VALUE FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
EI du Pont de Nemours & Co.
|
4.25%
|
AT&T, Inc.
|
3.51%
|
Cooper Tire & Rubber Co.
|
3.29%
|
Verizon Communications, Inc.
|
3.02%
|
Mosaic Co.
|
2.92%
|
Cirrus Logic, Inc.
|
2.91%
|
Intel Corp.
|
2.87%
|
Coach, Inc.
|
2.77%
|
Boston Scientific Corp.
|
2.75%
|
Merck & Co., Inc.
|
2.72%
|
Top Ten Portfolio Industries
|
(% of Net Assets)
|
Chemicals
|
11.20%
|
Telecommunications
|
9.75%
|
Oil & Gas
|
8.64%
|
Semiconductors
|
8.22%
|
Healthcare - Products
|
5.43%
|
Mining
|
5.35%
|
Iron & Steel
|
5.20%
|
Retail
|
4.40%
|
Pharmaceuticals
|
4.03%
|
Transportation
|
3.64%
|
65.86%
|
Economic Sectors with Cash and Other Assets
|
(% of Net Assets)
|
Basic Materials
|
21.75%
|
Industrial
|
15.51%
|
Consumer, Cyclical
|
15.37%
|
Consumer, Non-cyclical
|
11.76%
|
Communications
|
9.75%
|
Energy
|
9.74%
|
Technology
|
8.22%
|
Money Market Funds
|
7.03%
|
Financial
|
2.33%
|
Utilities
|
1.34%
|
Liabilities in Excess of Other Assets
|
(2.80)%
|
100.00%
|
THE TEXAS FUND
SUPPLEMENTARY PORTFOLIO INFORMATION — February 28, 2015 (Unaudited) |
Top Ten Long-Term Portfolio Holdings
|
(% of Net Assets)
|
Southwest Airlines Co.
|
1.62%
|
Whole Foods Market, Inc.
|
1.53%
|
Celanese Corp.
|
1.51%
|
Commercial Metals Co.
|
1.39%
|
Santander Consumer USA Holdings, Inc.
|
1.23%
|
International Bancshares Corp.
|
1.17%
|
First Financial Bankshares, Inc.
|
1.16%
|
Comerica, Inc.
|
1.15%
|
Main Street Capital Corp.
|
1.14%
|
HCC Insurance Holdings, Inc.
|
1.14%
|
Top Ten Portfolio Industries
|
(% of Net Assets)
|
Oil & Gas
|
11.55%
|
Retail
|
9.45%
|
Oil & Gas Services
|
8.01%
|
Banks
|
7.60%
|
Insurance
|
4.50%
|
Software
|
4.39%
|
Semiconductors
|
4.14%
|
Food
|
4.00%
|
Commercial Services
|
3.95%
|
Airlines
|
2.53%
|
60.12%
|
Economic Sectors with Cash and Other Assets
|
(% of Net Assets)
|
Energy
|
21.90%
|
Consumer, Cyclical
|
15.39%
|
Financial
|
15.28%
|
Consumer, Non-cyclical
|
12.23%
|
Industrial
|
10.55%
|
Technology
|
9.59%
|
Money Market Funds
|
5.42%
|
Communications
|
4.34%
|
Basic Materials
|
3.78%
|
Utilities
|
2.15%
|
Call Options
|
0.72%
|
Put Options
|
0.00%
|
Liabilities in Excess of Other Assets
|
(1.35)%
|
100.00%
|
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Par Value
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (b) - 28.99%
|
Fair Value
|
|||||
U.S. Treasury Notes - 19.92%
|
|||||||
$
|
2,000,000
|
1.625%, due 08/15/2022
|
$
|
1,969,844
|
|||
2,000,000
|
1.75%, due 05/15/2022
|
1,989,844
|
|||||
2,000,000
|
2.00%, due 11/15/2021
|
2,026,562
|
|||||
1,000,000
|
2.125%, due 08/15/2021
|
1,021,797
|
|||||
1,000,000
|
2.25, due 11/15/2024
|
1,021,172
|
|||||
1,000,000
|
3.125%, due 05/15/2021
|
1,082,031
|
|||||
500,000
|
2.625%, due 08/15/2020
|
526,875
|
|||||
9,638,125
|
|||||||
Federal Farm Credit Bank - 2.08%
|
|||||||
1,000,000
|
2.64%, due 08/12/2021
|
1,005,431
|
|||||
Federal Home Loan Mortgage Corporation - 4.90%
|
|||||||
500,000
|
1.75%, due 05/30/2019
|
505,300
|
|||||
500,000
|
3.75%, due 03/27/2019
|
546,593
|
|||||
1,000,000
|
4.875%, due 06/13/2018
|
1,118,354
|
|||||
175,000
|
5.00%, due 12/14/2018
|
196,925
|
|||||
2,367,172
|
|||||||
Federal National Mortgage Association - 2.09%
|
|||||||
500,000
|
1.875%, due 09/18/2018
|
510,663
|
|||||
500,000
|
5.00%, due 03/02/2015
|
500,000
|
|||||
1,010,663
|
|||||||
Total U.S. Government and Agency Obligations (Cost $13,941,593)
|
14,021,391
|
Par Value
|
CORPORATE BONDS (b) - 50.87%
|
Fair Value
|
|||||
Aerospace & Defense - 1.15%
|
|||||||
$
|
500,000
|
United Technologies Corp., 5.375%, due 12/15/2017
|
$
|
556,342
|
|||
Agriculture - 1.03%
|
|||||||
500,000
|
Philip Morris International, Inc., 2.50%, due 08/22/2022
|
497,072
|
|||||
Banks - 11.89%
|
|||||||
500,000
|
Goldman Sachs Group, Inc., 5.95%, due 01/18/2018
|
557,704
|
|||||
500,000
|
JPMorgan Chase & Co., 4.35%, due 08/15/2021
|
547,745
|
|||||
500,000
|
JPMorgan Chase & Co., 6.00%, due 01/15/2018
|
560,321
|
|||||
500,000
|
Manufacturers & Traders Trust Co., 1.45%, due 03/07/2018
|
499,008
|
|||||
500,000
|
Morgan Stanley, 3.45%, due 11/02/2015
|
508,869
|
|||||
500,000
|
Northern Trust Corp., 2.375%, due 08/02/2022
|
492,731
|
|||||
500,000
|
PNC Funding Corp., 4.375%, due 08/11/2020
|
552,599
|
|||||
500,000
|
U.S. Bancorp, 2.20%, due 11/15/2016
|
511,316
|
|||||
500,000
|
Wells Fargo & Co., 1.15%, 06/02/2017
|
500,512
|
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Par Value
|
CORPORATE BONDS (b) - 50.87% (Continued)
|
Fair Value
|
|||||
Banks - 11.89% (Continued)
|
|||||||
$
|
500,000
|
Wells Fargo & Co., 3.45%, 02/13/2023
|
$
|
510,577
|
|||
500,000
|
Westpac Banking Corp., 2.00%, due 08/14/2017
|
508,957
|
|||||
5,750,339
|
|||||||
Biotechnology - 0.57%
|
|||||||
250,000
|
Amgen, Inc., 4.50%, due 03/15/2020
|
275,739
|
|||||
Computers - 1.24%
|
|||||||
600,000
|
International Business Machines Corp., 1.25%, 02/08/2018
|
599,351
|
|||||
Diversified Financial Services - 2.65%
|
|||||||
250,000
|
CME Group, Inc., 3.00%, due 09/15/2022
|
258,414
|
|||||
500,000
|
General Electric Capital Corp., 3.15%, due 09/07/2022
|
521,541
|
|||||
500,000
|
Toyota Motor Credit Corp., 3.20%, due 06/17/2015
|
504,102
|
|||||
1,284,057
|
|||||||
Electric - 2.92%
|
|||||||
500,000
|
Duke Energy Florida, Inc., 4.55%, due 04/01/2020
|
557,276
|
|||||
770,000
|
Georgia Power Co., 4.25%, due 12/01/2019
|
852,962
|
|||||
1,410,238
|
|||||||
Electrical Components & Equipment - 0.55%
|
|||||||
250,000
|
Emerson Electric Co., 5.125%, due 12/01/2016
|
268,292
|
|||||
Engineering & Construction - 0.74%
|
|||||||
350,000
|
Fluor Corp., 3.50% due 12/15/2024
|
359,247
|
|||||
Healthcare - Products - 2.12%
|
|||||||
750,000
|
Becton Dickinson and Co., 3.125%, due 11/08/2021
|
768,200
|
|||||
250,000
|
Medtronic, Inc., 3.125%, 03/15/2022
|
258,560
|
|||||
1,026,760
|
|||||||
Insurance - 2.83%
|
|||||||
500,000
|
Berkshire Hathaway Finance Corp., 3.00%, due 05/15/2022
|
518,480
|
|||||
750,000
|
Chubb Corp., 5.75%, due 05/15/2018
|
849,687
|
|||||
1,368,167
|
|||||||
Machinery - Diversified - 1.71%
|
|||||||
750,000
|
Deere & Co., 4.375%, due 10/16/2019
|
828,000
|
|||||
Metal Fabricate & Hardware - 1.02%
|
|||||||
500,000
|
Precision Castparts Corp., 2.50%, due 01/15/2023
|
493,064
|
|||||
Miscellaneous Manufacturing - 2.17%
|
|||||||
250,000
|
3M Co., 1.00%, due 06/26/2017
|
250,893
|
|||||
250,000
|
3M Co., 2.00%, due 06/26/2022
|
245,860
|
|||||
500,000
|
General Electric Co., 5.25%, due 12/06/2017
|
555,026
|
|||||
1,051,779
|
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Par Value
|
CORPORATE BONDS (b) - 50.87% (Continued)
|
Fair Value
|
|||||
Office & Business Equipment - 0.56%
|
|||||||
$
|
250,000
|
Pitney Bowes, Inc., 5.75%, due 09/15/2017
|
$
|
271,539
|
|||
Oil & Gas - 2.61%
|
|||||||
500,000
|
BP Capital Markets PLC, 2.50%, due 11/06/2022
|
487,780
|
|||||
250,000
|
BP Capital Markets PLC, 4.75%, due 03/10/2019
|
275,546
|
|||||
250,000
|
Shell International Finance BV, 1.125%, due 08/21/2017
|
250,677
|
|||||
250,000
|
Shell International Finance BV, 2.375%, due 08/21/2022
|
248,698
|
|||||
1,262,701
|
|||||||
Oil & Gas Services - 1.57%
|
|||||||
750,000
|
Halliburton Co., 2.00%, due 08/01/2018
|
756,572
|
|||||
Pharmaceuticals - 4.08%
|
|||||||
750,000
|
Allergan, Inc., 5.75%, due 04/01/2016
|
788,128
|
|||||
500,000
|
AstraZeneca PLC, 1.95%, due 09/18/2019
|
504,897
|
|||||
500,000
|
GlaxoSmithKline Capital, Inc., 5.65%, due 05/15/2018
|
565,572
|
|||||
100,000
|
Johnson & Johnson, 5.15%, due 07/15/2018
|
112,779
|
|||||
1,971,376
|
|||||||
Real Estate Investment Trust - 1.57%
|
|||||||
750,000
|
Simon Property Group LP, 2.20%, due 02/01/2019
|
760,187
|
|||||
Retail - 1.03%
|
|||||||
250,000
|
Costco Wholesale Corp., 1.125%, due 12/15/2017
|
250,693
|
|||||
250,000
|
Costco Wholesale Corp., 1.70%, due 12/15/2019
|
249,716
|
|||||
500,409
|
|||||||
Semiconductors - 2.32%
|
|||||||
750,000
|
Broadcom Corp., 2.70%, 11/01/2018
|
770,293
|
|||||
350,000
|
Intel Corp., 1.35%, 12/15/2017
|
352,259
|
|||||
1,122,552
|
|||||||
Software - 1.04%
|
|||||||
500,000
|
Oracle Corp., 2.50%, due 10/15/2022
|
500,452
|
|||||
Telecommunications - 3.50%
|
|||||||
750,000
|
AT&T, Inc., 5.80%, due 02/15/2019
|
848,963
|
|||||
750,000
|
Cisco Systems, Inc., 4.95%, due 02/15/2019
|
845,585
|
|||||
1,694,548
|
|||||||
Total Corporate Bonds (Cost $23,959,382)
|
24,608,783
|
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Par Value
|
MORTGAGE-BACKED SECURITIES (b) - 13.00%
|
Fair Value
|
|||||
Federal Home Loan Mortgage Corporation - 3.91%
|
|||||||
$
|
994,649
|
Pool G08618, 4.00%, due 12/01/2044
|
$
|
1,065,258
|
|||
516,240
|
Pool J19285, 2.50%, due 06/01/2027
|
530,595
|
|||||
64,456
|
Series 15L, 7.00%, due 07/25/2023
|
73,546
|
|||||
209,169
|
Series 2841 BY, 5.00%, due 08/15/2019
|
220,901
|
|||||
1,890,300
|
|||||||
Federal National Mortgage Association - 8.14%
|
|||||||
76,424
|
Pool 545759, 6.50%, due 07/01/2032
|
89,308
|
|||||
15,020
|
Pool 725421, 7.00%, due 09/01/2017
|
15,544
|
|||||
41,849
|
Pool 754289, 6.00%, due 11/01/2033
|
47,879
|
|||||
78,562
|
Pool 882684, 6.00%, due 06/01/2036
|
90,535
|
|||||
1,910,563
|
Pool AB3690, 4.00%, due 10/01/2041
|
2,049,091
|
|||||
472,660
|
Pool AL1869, 3.00%, due 06/01/2027
|
496,624
|
|||||
997,790
|
Pool AU3763, 3.50%, due 08/01/2043
|
1,049,365
|
|||||
88,732
|
Series 2007-40-PT, 5.50%, due 05/25/2037
|
98,734
|
|||||
3,937,080
|
|||||||
Government National Mortgage Association - 0.95%
|
|||||||
77,390
|
Pool 476998, 6.50%, due 07/15/2029
|
88,623
|
|||||
45,306
|
Pool 648337, 5.00%, due 10/15/2020
|
48,615
|
|||||
32,206
|
Pool 676516, 6.00%, due 02/15/2038
|
36,696
|
|||||
92,547
|
Series 2012-52-PM, 3.50%, due 12/20/2039
|
97,638
|
|||||
188,411
|
Series 2012-91-HQ, 2.00%, due 09/20/2041
|
189,096
|
|||||
460,668
|
|||||||
Total Mortgage-Backed Securities (Cost $6,199,036)
|
6,288,048
|
Shares
|
MONEY MARKET FUNDS - 6.60%
|
Fair Value
|
|||||
3,193,995
|
Fidelity Institutional Money Market Fund Class I, 0.12% (a) (Cost $3,193,995)
|
$
|
3,193,995
|
||||
Total Investments at Fair Value - 99.46% (Cost $47,294,006)
|
$
|
48,112,217
|
|||||
Other Assets in Excess of Liabilities, Net - 0.54%
|
261,477
|
||||||
Net Assets - 100.00%
|
$
|
48,373,694
|
(a) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
(b) | Categorized in level 2 of the fair value hierarchy; for additional information and description of the levels, refer to the table included in Note 2 of the accompanying notes to the financial statements. |
MONTEAGLE INFORMED INVESTOR GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Shares
|
COMMON STOCKS - 88.17%
|
Fair Value
|
|||||
Aerospace & Defense - 1.79%
|
|||||||
1,100
|
Lockheed Martin Corp.
|
$
|
220,055
|
||||
Airlines - 1.86%
|
|||||||
3,600
|
Alaska Air Group, Inc.
|
229,140
|
|||||
Beverages - 1.95%
|
|||||||
1,700
|
Monster Beverage Corp.
|
239,904
|
|||||
Biotechnology - 16.14%
|
|||||||
6,500
|
Alkermes PLC
|
456,625
|
|||||
1,200
|
Biogen Idec, Inc.
|
491,508
|
|||||
4,000
|
Celgene Corp.
|
486,120
|
|||||
2,100
|
Illumina, Inc.
|
410,466
|
|||||
900
|
United Therapeutics Corp.
|
139,545
|
|||||
1,984,264
|
|||||||
Computers - 1.15%
|
|||||||
1,100
|
Apple, Inc.
|
141,306
|
|||||
Food - 1.85%
|
|||||||
3,200
|
Kroger Co.
|
227,680
|
|||||
Healthcare Services - 10.43%
|
|||||||
5,300
|
AmerisourceBergen Corp.
|
544,628
|
|||||
12,000
|
Centene Corp.
|
737,520
|
|||||
1,282,848
|
|||||||
Internet - 1.99%
|
|||||||
3,100
|
Facebook, Inc. (a)
|
244,807
|
|||||
Oil & Gas - 1.27%
|
|||||||
1,700
|
Tesoro Corp.
|
156,128
|
|||||
Pharmaceuticals - 22.89%
|
|||||||
1,900
|
Actavis PLC
|
553,584
|
|||||
4,600
|
Akorn, Inc.
|
247,526
|
|||||
2,500
|
Allergan, Inc.
|
581,850
|
|||||
5,200
|
Mallinckrodt PLC
|
606,944
|
|||||
500
|
McKesson Corp.
|
114,350
|
|||||
2,200
|
Pharmacyclics, Inc.
|
475,046
|
|||||
1,500
|
Salix Pharmaceuticals Ltd.
|
235,800
|
|||||
2,815,100
|
|||||||
Real Estate Investment Trusts - 0.91%
|
|||||||
1,700
|
Extra Space Storage, Inc.
|
111,826
|
MONTEAGLE INFORMED INVESTOR GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 88.17% (Continued)
|
Fair Value
|
|||||
Retail - 3.64%
|
|||||||
2,000
|
Domino’s Pizza, Inc.
|
$
|
203,060
|
||||
3,300
|
Lowe's Cos., Inc.
|
244,497
|
|||||
447,557
|
|||||||
Semiconductors - 12.26%
|
|||||||
2,400
|
Avago Technologies Ltd.
|
306,288
|
|||||
3,400
|
NXP Semiconductor NV
|
288,643
|
|||||
10,400
|
Skyworks Solutions, Inc.
|
912,600
|
|||||
1,507,531
|
|||||||
Software - 4.37%
|
|||||||
9,400
|
Electronic Arts, Inc. (a)
|
537,492
|
|||||
Telecommunications - 5.67%
|
|||||||
4,900
|
Palo Alto Networks, Inc. (a)
|
696,878
|
|||||
Total Common Stocks (Cost $9,278,179)
|
10,841,816
|
Shares
|
MONEY MARKET FUND - 2.08%
|
Fair Value
|
|||||
255,970
|
Fidelity Institutional Money Market Fund Class I, 0.12% (b) (Cost $255,970)
|
$
|
255,970
|
||||
Total Investments at Fair Value - 90.25% (Cost $9,534,149)
|
$
|
11,097,786
|
|||||
Other Assets in Excess of Liabilities, Net - 9.75%
|
1,198,746
|
||||||
Net Assets - 100.00%
|
$
|
12,296,532
|
(b) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
MONTEAGLE QUALITY GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Shares
|
COMMON STOCKS - 96.82%
|
Fair Value
|
|||||
Apparel - 2.00%
|
|||||||
1,381
|
Deckers Outdoor Corp. (a)
|
$
|
102,525
|
||||
4,384
|
NIKE, Inc. - Class B
|
425,774
|
|||||
528,299
|
|||||||
Banks - 3.84%
|
|||||||
1,630
|
East West Bancorp, Inc.
|
65,119
|
|||||
3,680
|
Goldman Sachs Group, Inc.
|
698,427
|
|||||
4,555
|
Wells Fargo & Co.
|
249,568
|
|||||
1,013,114
|
|||||||
Beverages - 2.78%
|
|||||||
16,910
|
Coca-Cola Co.
|
732,203
|
|||||
Biotechnology - 4.29%
|
|||||||
1,054
|
Amgen, Inc.
|
166,237
|
|||||
4,784
|
Celgene Corp. (a)
|
581,400
|
|||||
3,715
|
Gilead Sciences, Inc. (a)
|
384,614
|
|||||
1,132,251
|
|||||||
Chemicals - 2.44%
|
|||||||
1,225
|
Albemarle Corp.
|
69,298
|
|||||
1,380
|
CF Industries Holdings, Inc.
|
422,597
|
|||||
1,178
|
Praxair, Inc.
|
150,666
|
|||||
642,561
|
|||||||
Computers - 7.97%
|
|||||||
13,906
|
Apple, Inc.
|
1,786,365
|
|||||
1,329
|
International Business Machines Corp.
|
215,218
|
|||||
1,621
|
Stratasys, Ltd. (a) (d)
|
100,599
|
|||||
2,102,182
|
|||||||
Cosmetics & Personal Care - 3.10%
|
|||||||
4,834
|
Colgate-Palmolive Co.
|
342,344
|
|||||
5,744
|
Estee Lauder Cos., Inc.
|
474,857
|
|||||
817,201
|
|||||||
Distribution & Wholesale - 1.96%
|
|||||||
2,178
|
WW Grainger, Inc.
|
515,990
|
|||||
Diversified Financial Services - 5.92%
|
|||||||
1,955
|
American Express Co.
|
159,508
|
|||||
2,122
|
BlackRock, Inc.
|
788,153
|
|||||
2,260
|
Visa, Inc. - Class A
|
613,161
|
|||||
1,560,822
|
|||||||
Electrical Components & Equipment - 1.49%
|
|||||||
7,388
|
AMETEK, Inc.
|
392,598
|
MONTEAGLE QUALITY GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 96.82% (Continued)
|
Fair Value
|
|||||
Electronics - 2.57%
|
|||||||
8,640
|
Amphenol Corp. - Class A
|
$
|
487,814
|
||||
7,254
|
Trimble Navigation Ltd. (a)
|
189,620
|
|||||
677,434
|
|||||||
Entertainment - 1.12%
|
|||||||
7,285
|
Cinemark Holdings, Inc.
|
296,645
|
|||||
Food - 3.94%
|
|||||||
3,728
|
Hershey Co.
|
386,892
|
|||||
2,475
|
J.M. Smucker Co.
|
285,491
|
|||||
3,185
|
McCormick & Co., Inc.
|
240,085
|
|||||
2,250
|
Whole Foods Market, Inc.
|
127,103
|
|||||
1,039,571
|
|||||||
Healthcare - Products - 2.21%
|
|||||||
8,431
|
Baxter International, Inc.
|
583,004
|
|||||
Internet - 6.16%
|
|||||||
900
|
Amazon.com, Inc. (a)
|
342,144
|
|||||
8,670
|
eBay, Inc. (a)
|
502,080
|
|||||
735
|
Google, Inc. - Class A (a)
|
413,533
|
|||||
660
|
Google, Inc. - Class C (a)
|
368,544
|
|||||
1,626,301
|
|||||||
Leisure Time - 1.52%
|
|||||||
2,618
|
Polaris Industries, Inc.
|
401,418
|
|||||
Lodging - 1.00%
|
|||||||
1,855
|
Wynn Resorts Ltd.
|
264,338
|
|||||
Machinery - Construction & Mining - 0.59%
|
|||||||
1,878
|
Caterpillar, Inc.
|
155,686
|
|||||
Machinery - Diversified - 2.02%
|
|||||||
3,181
|
Roper Industries, Inc.
|
533,040
|
|||||
Media - 5.80%
|
|||||||
7,695
|
Comcast Corp. - Class A
|
456,929
|
|||||
10,300
|
Walt Disney Co.
|
1,072,024
|
|||||
1,528,953
|
|||||||
Miscellaneous Manufacturing - 2.71%
|
|||||||
1,455
|
3M Co.
|
245,386
|
|||||
5,395
|
Danaher Corp.
|
470,876
|
|||||
716,262
|
MONTEAGLE QUALITY GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 96.82% (Continued)
|
Fair Value
|
|||||
Oil & Gas - 2.40%
|
|||||||
1,570
|
Chevron Corp.
|
$
|
167,488
|
||||
1,409
|
Concho Resources, Inc. (a)
|
153,468
|
|||||
3,521
|
Exxon Mobil Corp.
|
311,749
|
|||||
632,705
|
|||||||
Oil & Gas Services - 1.87%
|
|||||||
4,283
|
National Oilwell Varco, Inc.
|
232,781
|
|||||
3,107
|
Schlumberger Ltd.
|
261,485
|
|||||
494,266
|
|||||||
Pharmaceuticals - 5.45%
|
|||||||
2,811
|
Bristol-Myers Squibb Co.
|
171,246
|
|||||
8,125
|
Express Scripts Holding Co. (a)
|
688,919
|
|||||
3,635
|
Johnson & Johnson
|
372,624
|
|||||
5,947
|
Pfizer, Inc.
|
204,101
|
|||||
1,436,890
|
|||||||
Real Estate Investment Trusts - 1.46%
|
|||||||
3,873
|
American Tower Corp.
|
383,969
|
|||||
Retail - 12.04%
|
|||||||
2,027
|
Costco Wholesale Corp.
|
297,888
|
|||||
6,294
|
CVS Health Corp.
|
653,758
|
|||||
5,379
|
Dunkin' Brands Group, Inc.
|
252,060
|
|||||
2,052
|
Family Dollar Stores, Inc.
|
161,574
|
|||||
6,527
|
Home Depot, Inc.
|
748,973
|
|||||
2,028
|
Nu Skin Enterprises, Inc.
|
109,877
|
|||||
1,933
|
Ross Stores, Inc.
|
204,531
|
|||||
3,015
|
Wal-Mart Stores, Inc.
|
253,049
|
|||||
6,088
|
Yum! Brands, Inc.
|
493,798
|
|||||
3,175,508
|
|||||||
Semiconductors - 2.49%
|
|||||||
9,060
|
QUALCOMM, Inc.
|
656,941
|
|||||
Software - 0.91%
|
|||||||
5,485
|
Oracle Corp.
|
240,353
|
|||||
Telecommunications - 3.38%
|
|||||||
13,695
|
Cisco Systems, Inc.
|
404,139
|
|||||
9,905
|
Verizon Communications, Inc.
|
489,802
|
|||||
893,941
|
|||||||
Transportation - 1.39%
|
|||||||
2,073
|
FedEx Corp.
|
366,880
|
|||||
Total Common Stocks (Cost $17,784,042)
|
25,541,326
|
MONTEAGLE QUALITY GROWTH FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
MONEY MARKET FUND - 2.97%
|
Fair Value
|
|||||
784,651
|
Fidelity Institutional Money Market Fund Class I, 0.12% (b) (c) (Cost $784,651)
|
$
|
784,651
|
||||
Total Investments at Fair Value - 99.79% (Cost $18,568,693)
|
$
|
26,325,977
|
|||||
Other Assets in Excess of Liabilities, Net - 0.21%
|
55,921
|
||||||
Net Assets - 100.00%
|
$
|
26,381,898
|
(b) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
(c) | A portion of this security is segregated as collateral for securities on loan at February 28, 2015. Total collateral had a fair value of $94,019 at February 28, 2015. |
(d) | Security, or a portion of the security, is out on loan at February 28, 2015. Total loaned securities had a fair value of $93,090 at February 28, 2015. |
MONTEAGLE SELECT VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Shares
|
COMMON STOCKS - 89.06%
|
Fair Value
|
|||||
Banks - 5.22%
|
|||||||
7,400
|
Bank of America Corp.
|
$
|
116,994
|
||||
1,091
|
Goldman Sachs Group, Inc.
|
207,061
|
|||||
11,849
|
Morgan Stanley
|
424,076
|
|||||
748,131
|
|||||||
Commercial Services - 2.75%
|
|||||||
20,652
|
R.R. Donnelley & Sons Co.
|
393,834
|
|||||
Computers - 6.56%
|
|||||||
4,123
|
Apple, Inc.
|
529,641
|
|||||
2,537
|
International Business Machines Corp.
|
410,842
|
|||||
940,483
|
|||||||
Diversified Financial Services - 1.46%
|
|||||||
2,180
|
CME Group, Inc.
|
209,127
|
|||||
Electric - 2.15%
|
|||||||
9,085
|
Exelon Corp.
|
308,163
|
|||||
Engineering & Construction - 3.34%
|
|||||||
10,809
|
Jacobs Engineering Group, Inc. (a)
|
479,271
|
|||||
Entertainment - 2.98%
|
|||||||
23,910
|
International Game Technology
|
426,554
|
|||||
Healthcare - Services - 5.84%
|
|||||||
5,097
|
Humana, Inc.
|
837,845
|
|||||
Insurance - 6.08%
|
|||||||
6,760
|
Aflac, Inc.
|
420,810
|
|||||
6,388
|
Allstate Corp.
|
450,993
|
|||||
871,803
|
|||||||
Internet - 6.55%
|
|||||||
786
|
Google, Inc. - Class A (a)
|
442,227
|
|||||
402
|
Priceline Group, Inc. (a)
|
497,467
|
|||||
939,694
|
|||||||
Iron & Steel - 3.05%
|
|||||||
10,872
|
Allegheny Technologies, Inc.
|
365,952
|
|||||
3,000
|
United States Steel Corp.
|
71,850
|
|||||
437,802
|
|||||||
Machinery - Construction & Mining - 1.89%
|
|||||||
6,107
|
Joy Global, Inc.
|
270,662
|
MONTEAGLE SELECT VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 89.06% (Continued)
|
Fair Value
|
|||||
Media - 3.15%
|
|||||||
13,971
|
Discovery Communications, Inc. (a)
|
$
|
451,263
|
||||
Mining - 2.15%
|
|||||||
14,220
|
Freeport-McMoRan, Inc.
|
307,579
|
|||||
Miscellaneous Manufacturing - 1.32%
|
|||||||
7,300
|
General Electric Co.
|
189,727
|
|||||
Office & Business Equipment - 1.39%
|
|||||||
14,634
|
Xerox Corp.
|
199,754
|
|||||
Oil & Gas - 8.86%
|
|||||||
2,200
|
ConocoPhillips
|
143,440
|
|||||
9,020
|
Diamond Offshore Drilling, Inc. (d)
|
274,479
|
|||||
14,259
|
Rowan Companies PLC - Class A
|
308,137
|
|||||
4,860
|
Tesoro Corp.
|
446,342
|
|||||
6,100
|
Transocean Ltd. (d)
|
98,393
|
|||||
1,270,791
|
|||||||
Oil & Gas Services - 2.84%
|
|||||||
6,513
|
Baker Hughes, Inc.
|
407,128
|
|||||
Real Estate Investment Trust - 1.93%
|
|||||||
6,520
|
HCP, Inc.
|
276,187
|
|||||
Retail - 15.03%
|
|||||||
7,060
|
Abercrombie & Fitch Co. - Class A
|
174,664
|
|||||
1,209
|
Bed Bath & Beyond, Inc. (a)
|
90,264
|
|||||
5,607
|
CVS Health Corp.
|
582,399
|
|||||
8,406
|
Darden Restaurants, Inc.
|
537,984
|
|||||
3,385
|
Kohl's Corp.
|
249,813
|
|||||
1,263
|
PetSmart, Inc.
|
104,715
|
|||||
5,400
|
Target Corp.
|
414,882
|
|||||
2,154,721
|
|||||||
Savings & Loans - 1.30%
|
|||||||
19,082
|
Hudson City Bancorp, Inc.
|
186,240
|
|||||
Telecommunications - 0.97%
|
|||||||
4,000
|
AT & T, Inc.
|
138,240
|
|||||
Transportation - 2.25%
|
|||||||
4,351
|
CH Robinson Worldwide, Inc.
|
323,279
|
|||||
Total Common Stocks (Cost $10,468,593)
|
12,768,278
|
MONTEAGLE SELECT VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
MONEY MARKET FUND - 13.15%
|
Fair Value
|
|||||
1,885,835
|
Fidelity Institutional Money Market Fund Class I, 0.12% (b) (c) (Cost $1,885,835)
|
$
|
1,885,835
|
||||
Total Investments at Fair Value - 102.21% (Cost $12,354,428)
|
$
|
14,654,113
|
|||||
Liabilities in Excess of Other Assets, Net - (2.21%)
|
(316,960
|
)
|
|||||
Net Assets - 100.00%
|
$
|
14,337,153
|
(b) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
(c) | A portion of this security is segregated as collateral for securities on loan at February 28, 2015. Total collateral had a fair value of $358,740 at February 28, 2015. |
(d) | Security, or a portion of the security, is out on loan at February 28, 2015. Total loaned securities had a fair value of $365,994 at February 28, 2015. |
MONTEAGLE VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Shares
|
COMMON STOCKS - 95.77%
|
Fair Value
|
|||||
Aerospace & Defense - 1.95%
|
|||||||
6,400
|
Triumph Group, Inc.
|
$
|
382,656
|
||||
Auto Manufacturers - 2.70%
|
|||||||
32,500
|
Ford Motor Co.
|
531,050
|
|||||
Auto Parts & Equipment - 3.29%
|
|||||||
17,000
|
Cooper Tire & Rubber Co.
|
647,020
|
|||||
Chemicals - 11.20%
|
|||||||
10,750
|
EI Du Pont de Nemour & Co.
|
836,888
|
|||||
18,800
|
Huntsman Corp.
|
422,248
|
|||||
10,800
|
Mosaic Co.
|
575,208
|
|||||
9,000
|
Stepan Co.
|
369,720
|
|||||
2,204,064
|
|||||||
Distribution & Wholesale - 2.48%
|
|||||||
79,558
|
Wolseley PLC - ADR
|
488,486
|
|||||
Diversified Financial Services - 2.33%
|
|||||||
4,813
|
Macquarie Group Ltd. - ADR
|
273,812
|
|||||
30,000
|
Nomura Holdings, Inc. - ADR
|
184,800
|
|||||
458,612
|
|||||||
Electric - 1.34%
|
|||||||
11,000
|
NRG Energy, Inc.
|
263,780
|
|||||
Electrical Components & Equipment - 2.45%
|
|||||||
30,000
|
Schneider Electric SA - ADR
|
481,350
|
|||||
Environmental Control - 2.29%
|
|||||||
11,000
|
Republic Services, Inc.
|
450,120
|
|||||
Food - 2.29%
|
|||||||
28,000
|
Dean Foods Co.
|
451,360
|
|||||
Healthcare - Products - 5.43%
|
|||||||
32,000
|
Boston Scientific Corp. (a)
|
540,800
|
|||||
6,800
|
Medtronic, Inc.
|
527,612
|
|||||
1,068,412
|
|||||||
Home Builders - 2.50%
|
|||||||
18,000
|
DR Horton, Inc.
|
491,580
|
|||||
Iron & Steel - 5.20%
|
|||||||
23,000
|
Commercial Metals Co.
|
346,150
|
|||||
7,500
|
Nucor Corp.
|
352,725
|
MONTEAGLE VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.77% (Continued)
|
Fair Value
|
|||||
Iron & Steel - 5.20% (Continued)
|
|||||||
12,000
|
Worthington Industries, Inc.
|
$
|
324,000
|
||||
1,022,875
|
|||||||
Mining - 5.35%
|
|||||||
33,000
|
Barrick Gold Corp.
|
429,660
|
|||||
12,000
|
Freeport-McMoRan, Inc.
|
259,560
|
|||||
85,000
|
Yamana Gold, Inc.
|
362,950
|
|||||
1,052,170
|
|||||||
Miscellaneous Manufacturing - 2.48%
|
|||||||
11,000
|
Textron, Inc.
|
487,410
|
|||||
Oil & Gas - 8.64%
|
|||||||
10,000
|
CVR Energy, Inc. (d)
|
419,900
|
|||||
5,000
|
Exxon Mobil Corp.
|
442,700
|
|||||
7,600
|
HollyFrontier Corp.
|
334,324
|
|||||
12,000
|
Marathon Oil Corp.
|
334,320
|
|||||
10,494
|
Transocean Ltd. (d)
|
169,268
|
|||||
1,700,512
|
|||||||
Oil & Gas Services - 1.10%
|
|||||||
9,000
|
Steel Excel, Inc. (a)
|
216,000
|
|||||
Packaging & Containers - 2.71%
|
|||||||
11,400
|
Sonoco Products Co.
|
533,862
|
|||||
Pharmaceuticals - 4.03%
|
|||||||
9,147
|
Merck & Co., Inc.
|
535,465
|
|||||
10,000
|
Takeda Pharmaceutical Co. Ltd. - ADR
|
256,800
|
|||||
792,265
|
|||||||
Retail - 4.40%
|
|||||||
13,000
|
Abercrombie & Fitch Co. - Class A
|
321,620
|
|||||
12,500
|
Coach, Inc.
|
544,375
|
|||||
865,995
|
|||||||
Semiconductors - 8.22%
|
|||||||
19,000
|
Cirrus Logic, Inc. (a)
|
572,090
|
|||||
17,000
|
Intel Corp.
|
565,250
|
|||||
30,000
|
Kulicke & Soffa Industries, Inc. (a)
|
480,000
|
|||||
1,617,340
|
MONTEAGLE VALUE FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.77% (Continued)
|
Fair Value
|
|||||
Telecommunications - 9.75%
|
|||||||
20,000
|
AT & T, Inc.
|
$
|
691,200
|
||||
31,000
|
FIH Mobile Ltd. - ADR
|
289,540
|
|||||
9,700
|
Rogers Communications, Inc. - Class B
|
343,283
|
|||||
12,000
|
Verizon Communications, Inc.
|
593,400
|
|||||
1,917,423
|
|||||||
Transportation - 3.64%
|
|||||||
11,000
|
CSX Corp.
|
377,410
|
|||||
12,000
|
Tidewater, Inc.
|
338,400
|
|||||
715,810
|
|||||||
Total Common Stocks (Cost $15,512,182)
|
18,840,152
|
Shares
|
MONEY MARKET FUND - 7.03%
|
Fair Value
|
|||||
1,382,470
|
Fidelity Institutional Money Market Fund Class I, 0.12% (Cost $1,382,470) (b)(c)
|
$
|
1,382,470
|
||||
Total Investments at Fair Value - 102.80% (Cost $16,894,652)
|
$
|
20,222,622
|
|||||
Liabilities in Excess of Other Assets, Net - (2.80%)
|
(551,046
|
)
|
|||||
Net Assets - 100.00%
|
$
|
19,671,576
|
(b) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
(c) | A portion of this security is segregated as collateral for securities on loan at February 28, 2015. Total collateral had a fair value of $577,925 at February 28, 2015. |
(d) | Security, or a portion of the security is out on loan at February 28, 2015. Total loaned securities had a fair value of $577,641 at February 28, 2015. |
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) |
Shares
|
COMMON STOCKS - 95.21%
|
Fair Value
|
|||||
Advertising - 1.07%
|
|||||||
487
|
Alliance Data Systems Corp. (a)
|
$
|
135,634
|
||||
Airlines - 2.53%
|
|||||||
2,417
|
American Airlines Group, Inc.
|
115,774
|
|||||
4,723
|
Southwest Airlines Co.
|
204,223
|
|||||
319,997
|
|||||||
Auto Manufacturers - 0.88%
|
|||||||
822
|
Toyota Motor Corp.
|
111,274
|
|||||
Banks - 7.60%
|
|||||||
3,164
|
Comerica, Inc.
|
144,848
|
|||||
2,097
|
Cullen/Frost Bankers, Inc.
|
142,177
|
|||||
5,585
|
First Financial Bankshares, Inc. (d)
|
146,718
|
|||||
5,951
|
International Bancshares Corp.
|
147,347
|
|||||
4,105
|
LegacyTexas Financial Group, Inc.
|
94,415
|
|||||
2,784
|
Prosperity Bancshares, Inc.
|
144,016
|
|||||
3,036
|
Texas Capital Bancshares, Inc. (a)
|
140,961
|
|||||
960,482
|
|||||||
Beverages - 1.13%
|
|||||||
1,818
|
Dr Pepper Snapple Group, Inc.
|
143,240
|
|||||
Building Materials - 1.67%
|
|||||||
1,586
|
Eagle Materials, Inc.
|
124,501
|
|||||
832
|
Lennox International, Inc.
|
86,744
|
|||||
211,245
|
|||||||
Chemicals - 2.40%
|
|||||||
3,345
|
Celanese Corp.
|
191,033
|
|||||
1,678
|
Westlake Chemical Co.
|
112,023
|
|||||
303,056
|
|||||||
Commercial Services - 3.95%
|
|||||||
1,813
|
Cardtronics, Inc. (a)
|
66,338
|
|||||
6,869
|
HMS Holdings Corp. (a)
|
120,482
|
|||||
2,016
|
Quanta Services, Inc. (a)
|
58,020
|
|||||
3,300
|
Rent-A-Center, Inc.
|
91,080
|
|||||
5,589
|
Sabre Corp.
|
121,617
|
|||||
1,682
|
Service Corp. International, Inc.
|
41,798
|
|||||
499,335
|
|||||||
Computers - 1.05%
|
|||||||
2,128
|
Cognizant Technology Solutions Corp. (a)
|
132,968
|
|||||
Distribution & Wholesale - 0.75%
|
|||||||
1,098
|
Fossil Group, Inc. (a)
|
94,439
|
|||||
Diversified Financial Services - 1.23%
|
|||||||
6,906
|
Santander Consumer USA Holdings, Inc. (a)
|
155,592
|
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.21% (Continued)
|
Fair Value
|
|||||
Electric - 0.99%
|
|||||||
2,062
|
Dynegy, Inc. (a)
|
$
|
57,468
|
||||
1,775
|
El Paso Electric Co.
|
67,130
|
|||||
124,598
|
|||||||
Electrical Equipment & Components - 0.77%
|
|||||||
2,610
|
Encore Wire Corp.
|
97,327
|
|||||
Electronics - 2.00%
|
|||||||
5,477
|
Benchmark Electronics, Inc. (a)
|
128,490
|
|||||
4,009
|
National Instruments Corp.
|
124,840
|
|||||
253,330
|
|||||||
Engineering & Construction - 1.21%
|
|||||||
951
|
Fluor Corp.
|
55,158
|
|||||
5,977
|
KBR, Inc.
|
97,365
|
|||||
152,523
|
|||||||
Entertainment - 0.94%
|
|||||||
1,750
|
Cinemark Holdings, Inc.
|
71,260
|
|||||
1,049
|
Six Flags Entertainment Corp.
|
47,509
|
|||||
118,769
|
|||||||
Environmental Control - 1.76%
|
|||||||
2,953
|
Waste Connections, Inc.
|
138,702
|
|||||
1,540
|
Waste Management, Inc.
|
83,899
|
|||||
222,601
|
|||||||
Food - 4.00%
|
|||||||
4,831
|
Darling Ingredients, Inc. (a)
|
84,156
|
|||||
5,914
|
Dean Foods Co.
|
95,334
|
|||||
3,417
|
Sysco Corp.
|
133,229
|
|||||
3,418
|
Whole Foods Market, Inc.
|
193,083
|
|||||
505,802
|
|||||||
Gas - 1.17%
|
|||||||
1,348
|
Atmos Energy Corp.
|
71,498
|
|||||
3,646
|
CenterPoint Energy, Inc.
|
75,800
|
|||||
147,298
|
|||||||
Healthcare - Products - 2.23%
|
|||||||
1,177
|
Cyberonics, Inc. (a)
|
80,625
|
|||||
2,119
|
Greatbatch, Inc. (a)
|
112,604
|
|||||
67
|
Halyard Health, Inc. (a)
|
3,085
|
|||||
3,289
|
Hanger, Inc. (a)
|
85,152
|
|||||
281,466
|
|||||||
Healthcare - Services - 0.41%
|
|||||||
1,124
|
Tenet Healthcare Corp. (a)
|
52,041
|
|||||
Home Builders - 0.84%
|
|||||||
3,902
|
DR Horton, Inc.
|
106,564
|
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.21% (Continued)
|
Fair Value
|
|||||
Household Products & Wares - 0.51%
|
|||||||
587
|
Kimberly-Clark Corp.
|
$
|
64,370
|
||||
Insurance - 4.50%
|
|||||||
1,365
|
American National Insurance Co.
|
142,984
|
|||||
2,580
|
HCC Insurance Holdings, Inc.
|
144,170
|
|||||
7,447
|
Hilltop Holdings, Inc. (a)
|
138,514
|
|||||
2,691
|
Torchmark Corp.
|
143,296
|
|||||
568,964
|
|||||||
Internet - 1.41%
|
|||||||
4,593
|
HomeAway, Inc. (a)
|
142,360
|
|||||
2,036
|
RetailMeNot, Inc. (a)
|
35,487
|
|||||
177,847
|
|||||||
Investment Companies - 1.14%
|
|||||||
4,669
|
Main Street Capital Corp.
|
144,506
|
|||||
Iron & Steel - 1.39%
|
|||||||
11,650
|
Commercial Metals Co.
|
175,333
|
|||||
Machinery - Diversified - 0.82%
|
|||||||
976
|
DXP Enterprises, Inc. (a)
|
44,701
|
|||||
947
|
Flowserve Corp.
|
58,837
|
|||||
103,538
|
|||||||
Media - 0.84%
|
|||||||
1,992
|
Media General, Inc.
|
29,701
|
|||||
1,406
|
Nexstar Broadcasting Group, Inc.
|
76,669
|
|||||
106,370
|
|||||||
Miscellaneous Manufacturing - 1.53%
|
|||||||
3,121
|
AZZ, Inc.
|
141,756
|
|||||
1,520
|
Trinity Industries, Inc.
|
51,102
|
|||||
192,858
|
|||||||
Oil & Gas - 11.55%
|
|||||||
1,269
|
Apache Corp.
|
83,551
|
|||||
3,255
|
Cabot Oil & Gas Corp.
|
94,395
|
|||||
1,205
|
Cheniere Energy, Inc. (a)
|
97,159
|
|||||
781
|
Concho Resources, Inc. (a)
|
85,067
|
|||||
9,760
|
Denbury Resources, Inc.
|
81,984
|
|||||
837
|
Diamonback Energy, Inc. (a)
|
59,603
|
|||||
1,483
|
EOG Resources, Inc.
|
133,055
|
|||||
936
|
Exxon Mobil Corp.
|
82,873
|
|||||
1,927
|
HollyFrontier Corp.
|
84,769
|
|||||
3,057
|
Marathon Oil Corp.
|
85,168
|
|||||
6,435
|
Matador Resources Co. (a)
|
139,382
|
|||||
1,789
|
Noble Energy, Inc.
|
84,494
|
|||||
4,098
|
Patterson-UTI Energy, Inc.
|
76,571
|
|||||
547
|
Pioneer Natural Resources Co.
|
83,428
|
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.21% (Continued)
|
Fair Value
|
|||||
Oil & Gas - 11.55% (Continued)
|
|||||||
3,630
|
Rowan Cos. PLC - Class A
|
$
|
78,444
|
||||
1,780
|
Valero Energy Corp.
|
109,808
|
|||||
1,459,751
|
|||||||
Oil & Gas Services - 8.01%
|
|||||||
1,727
|
Baker Hughes, Inc.
|
107,955
|
|||||
1,475
|
Bristow Group, Inc.
|
91,362
|
|||||
1,846
|
Cameron International Corp. (a)
|
86,910
|
|||||
1,168
|
Dril-Quip, Inc. (a)
|
84,867
|
|||||
6,664
|
Flotek Industries, Inc. (a)
|
113,821
|
|||||
2,597
|
FMC Technologies, Inc. (a)
|
103,698
|
|||||
2,917
|
Forum Energy Technologies, Inc. (a)
|
56,969
|
|||||
2,001
|
Halliburton Co.
|
85,923
|
|||||
2,035
|
National Oilwell Varco, Inc.
|
110,602
|
|||||
1,560
|
Oceaneering International, Inc
|
85,067
|
|||||
1,010
|
Schlumberger Ltd.
|
85,002
|
|||||
1,012,176
|
|||||||
Pipelines - 2.34%
|
|||||||
2,622
|
EnLink Midstream LLC
|
87,470
|
|||||
2,091
|
Kinder Morgan, Inc.
|
85,752
|
|||||
3,288
|
Primoris Services Corp.
|
67,897
|
|||||
1,534
|
Spectra Energy Corp.
|
54,442
|
|||||
295,561
|
|||||||
Real Estate - 0.80%
|
|||||||
676
|
Howard Hughes Corp. (a)
|
101,258
|
|||||
Retail - 9.44%
|
|||||||
1,326
|
Brinker International, Inc.
|
78,844
|
|||||
3,280
|
Cash America International, Inc.
|
70,782
|
|||||
1,457
|
Conn's, Inc. (a) (d)
|
37,663
|
|||||
1,870
|
Copart, Inc. (a)
|
69,975
|
|||||
1,255
|
Fiesta Restaurant Group, Inc. (a)
|
81,588
|
|||||
2,854
|
First Cash Financial Services, Inc. (a)
|
137,392
|
|||||
1,557
|
GameStop Corp. - Class A (d)
|
57,562
|
|||||
1,427
|
Group 1 Automotive, Inc.
|
116,072
|
|||||
1,104
|
Mattress Firm Holdings Corp. (a)
|
67,245
|
|||||
1,209
|
Men's Wearhouse, Inc.
|
60,680
|
|||||
4,755
|
Michaels Cos., Inc. (a)
|
134,091
|
|||||
5,414
|
Pier 1 Imports, Inc.
|
65,293
|
|||||
3,164
|
Rush Enterprises, Inc. (a)
|
88,371
|
|||||
3,826
|
Sally Beauty Holdings, Inc. (a)
|
128,248
|
|||||
1,193,806
|
|||||||
Semiconductors - 4.15%
|
|||||||
4,302
|
Cirrus Logic, Inc. (a)
|
129,533
|
|||||
4,526
|
Diodes, Inc. (a)
|
128,946
|
|||||
2,613
|
Silicon Laboratories, Inc. (a)
|
132,322
|
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
COMMON STOCKS - 95.21% (Continued)
|
Fair Value
|
|||||
Semiconductors - 4.15% (Continued)
|
|||||||
2,262
|
Texas Instruments, Inc.
|
$
|
133,006
|
||||
523,807
|
|||||||
Software - 4.39%
|
|||||||
336
|
athenahealth, Inc. (a)
|
42,696
|
|||||
2,534
|
Rackspace Hosting, Inc. (a)
|
125,864
|
|||||
2,489
|
SolarWinds, Inc. (a)
|
126,267
|
|||||
2,340
|
Solera Holdings, Inc.
|
130,432
|
|||||
1,085
|
Tyler Technologies, Inc. (a)
|
129,516
|
|||||
554,775
|
|||||||
Telecommunications - 1.02%
|
|||||||
3,727
|
AT&T, Inc.
|
128,805
|
|||||
Transportation - 0.79%
|
|||||||
1,303
|
Kirby Corp. (a)
|
100,435
|
|||||
Total Common Stocks (Cost $12,261,606)
|
12,033,741
|
Contracts (e)
|
CALL OPTIONS - 0.72%
|
Expiration Date/
Exercise Price |
Fair Value
|
|||||
110
|
JC Penney Co., Inc.
|
01/15/2016, $10.00
|
$
|
8,800
|
||||
250
|
ISHS Barclays 20+ Treasury
|
03/20/2015, $135.00
|
9,500
|
|||||
250
|
ISHS Barclays 20+ Treasury
|
04/17/2015, $135.00
|
23,500
|
|||||
250
|
ISHS Barclays 20+ Treasury
|
06/19/2015, $135.00
|
48,750
|
|||||
Total Call Options (Cost $276,226)
|
$
|
90,550
|
Contracts (e)
|
PUT OPTIONS - 0.00%
|
Expiration Date/
Exercise Price |
Fair Value
|
|||||
40
|
SPDR S&P MidCap 400 ETF Trust
|
03/20/2015, $235.00
|
$
|
300
|
||||
Total Put Options (Cost $51,169)
|
$
|
300
|
THE TEXAS FUND
SCHEDULE OF INVESTMENTS — February 28, 2015 (Unaudited) (Continued) |
Shares
|
MONEY MARKET FUND - 5.42%
|
Fair Value
|
|||||
684,494
|
Fidelity Institutional Money Market Fund Class I, 0.09% (b) (c) (Cost $684,494)
|
$
|
684,494
|
||||
Total Investments at Fair Value - 101.35% (Cost $13,273,495)
|
$
|
12,809,085
|
|||||
Liabilities in Excess of Other Assets, Net - (1.35%)
|
(170,272
|
)
|
|||||
Net Assets - 100.00%
|
$
|
12,638,813
|
(b) | Rate shown represents the 7-day yield at February 28, 2015, is subject to change and resets daily. |
(c) | A portion of this security is segregated as collateral for securities on loan at February 28, 2015. Total collateral had a fair value of $177,371 at February 28, 2015. |
(d) | Security, or a portion of the security is out on loan at February 28, 2015. Total loaned securities had a fair value of $172,222 at February 28, 2015. |
MONTEAGLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2015 (Unaudited) |
Fixed
Income Fund |
Informed
Investor Growth Fund |
Quality
Growth Fund |
||||||||||
ASSETS
|
||||||||||||
Investment securities
|
||||||||||||
At cost
|
$
|
47,294,006
|
$
|
9,534,149
|
$
|
18,568,693
|
||||||
At fair value (Note 2) - including $0, $0 and $93,090 of securities loaned
(Note 2), respectively |
$
|
48,112,217
|
$
|
11,097,786
|
$
|
26,325,977
|
||||||
Receivables:
|
||||||||||||
Dividends and interest
|
293,627
|
5,216
|
29,316
|
|||||||||
Capital shares sold
|
10,000
|
—
|
9,000
|
|||||||||
Investment securities sold
|
—
|
1,570,716
|
135,776
|
|||||||||
Other assets
|
2,830
|
2,830
|
2,830
|
|||||||||
Total assets
|
48,418,674
|
12,676,548
|
26,502,899
|
|||||||||
LIABILITIES
|
||||||||||||
Payables:
|
||||||||||||
Distributions
|
5,643
|
—
|
—
|
|||||||||
Investment securities purchased
|
—
|
366,496
|
—
|
|||||||||
Collateral on securities loaned (Note 2)
|
—
|
—
|
94,019
|
|||||||||
Due to Adviser (Note 3)
|
35,250
|
10,880
|
23,773
|
|||||||||
Accrued compliance service fees (Note 3)
|
2,307
|
861
|
1,429
|
|||||||||
Accrued trustee fees
|
1,780
|
1,779
|
1,780
|
|||||||||
Total liabilities
|
44,980
|
380,016
|
121,001
|
|||||||||
NET ASSETS
|
$
|
48,373,694
|
$
|
12,296,532
|
$
|
26,381,898
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Paid-in capital
|
$
|
47,989,544
|
$
|
10,771,297
|
$
|
18,008,043
|
||||||
Undistributed (accumulated) net investment income (loss)
|
(7,722
|
)
|
(57,869
|
)
|
35,067
|
|||||||
Undistributed (accumulated) net realized gain (loss) on investments
|
(426,339
|
)
|
19,467
|
581,504
|
||||||||
Net unrealized appreciation on investments
|
818,211
|
1,563,637
|
7,757,284
|
|||||||||
NET ASSETS
|
$
|
48,373,694
|
$
|
12,296,532
|
$
|
26,381,898
|
||||||
Shares of beneficial interest outstanding (1)
|
4,610,995
|
1,101,631
|
1,884,311
|
|||||||||
Net Asset Value, offering and redemption price per share
|
$
|
10.49
|
$
|
11.16
|
$
|
14.00
|
MONTEAGLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES — February 28, 2015 (Unaudited) |
Select
Value Fund |
Value
Fund |
The
Texas Fund |
||||||||||
ASSETS
|
||||||||||||
Investment securities
|
||||||||||||
At cost
|
$
|
12,354,428
|
$
|
16,894,652
|
$
|
13,273,495
|
||||||
At fair value (Note 2) - including $365,994, $577,641 and $172,222 of securities loaned (Note 2), respectively
|
$
|
14,654,113
|
$
|
20,222,622
|
$
|
12,809,085
|
||||||
Receivables:
|
||||||||||||
Dividends and interest
|
35,366
|
44,786
|
10,812
|
|||||||||
Capital shares sold
|
19,138
|
—
|
10,000
|
|||||||||
Other assets
|
2,830
|
2,830
|
2,830
|
|||||||||
Total assets
|
14,711,447
|
20,270,238
|
12,832,727
|
|||||||||
LIABILITIES
|
||||||||||||
Payables:
|
||||||||||||
Distribution Fees
|
—
|
—
|
170
|
|||||||||
Investment securities purchased
|
—
|
—
|
—
|
|||||||||
Collateral on securities loaned (Note 2)
|
358,740
|
577,925
|
177,371
|
|||||||||
Due to Adviser (Note 3)
|
12,828
|
17,793
|
13,705
|
|||||||||
Accrued compliance service fees (Note 3)
|
946
|
1,164
|
888
|
|||||||||
Accrued trustee fees
|
1,780
|
1,780
|
1,780
|
|||||||||
Total liabilities
|
374,294
|
598,662
|
193,914
|
|||||||||
NET ASSETS
|
$
|
14,337,153
|
$
|
19,671,576
|
$
|
12,638,813
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Paid-in capital
|
$
|
9,683,440
|
$
|
15,397,719
|
$
|
13,122,376
|
||||||
Undistributed (accumulated) net investment income (loss)
|
38,664
|
26,337
|
(26,939
|
)
|
||||||||
Undistributed net realized gain on investments
|
2,315,364
|
919,550
|
7,786
|
|||||||||
Net unrealized appreciation (depreciation) on investments
|
2,299,685
|
3,327,970
|
(464,410
|
)
|
||||||||
NET ASSETS
|
$
|
14,337,153
|
$
|
19,671,576
|
$
|
12,638,813
|
||||||
CLASS I SHARES:
|
||||||||||||
Net Assets
|
$
|
14,337,153
|
$
|
19,671,576
|
$
|
12,616,895
|
||||||
Shares of beneficial interest outstanding (1)
|
811,588
|
1,275,102
|
1,282,122
|
|||||||||
Net Asset Value, offering and redemption price per share
|
$
|
17.67
|
$
|
15.43
|
$
|
9.84
|
||||||
CLASS C SHARES:
|
||||||||||||
Net Assets
|
$
|
21,918
|
||||||||||
Shares of beneficial interest outstanding (1)
|
2,260
|
|||||||||||
Net Asset Value and offering price per share
|
$
|
9.70
|
||||||||||
Minimum redemption price per share (2)
|
$
|
9.60
|
(2) | Class C shares purchased, that are redeemed within one year, will be assessed a 1.00% redemption fee. |
MONTEAGLE FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2015 (Unaudited) |
Fixed
Income Fund |
Informed
Investor Growth Fund |
Quality
Growth Fund |
||||||||||
INVESTMENT INCOME
|
||||||||||||
Income:
|
||||||||||||
Interest
|
$
|
523,605
|
$
|
781
|
$
|
367
|
||||||
Securities lending
|
—
|
1,451
|
184
|
|||||||||
Dividends
|
—
|
27,206
|
198,078
|
|||||||||
Foreign withholding tax
|
—
|
—
|
—
|
|||||||||
Total Investment Income
|
523,605
|
29,438
|
198,629
|
|||||||||
Expenses:
|
||||||||||||
Investment advisory fees (Note 3)
|
214,655
|
74,895
|
147,891
|
|||||||||
Compliance service fees (Note 3)
|
14,371
|
5,813
|
9,071
|
|||||||||
Trustees' fees
|
5,712
|
5,712
|
5,712
|
|||||||||
ICI membership fees
|
887
|
887
|
887
|
|||||||||
Total expenses
|
235,625
|
87,307
|
163,561
|
|||||||||
Net investment income (loss)
|
287,980
|
(57,869
|
)
|
35,068
|
||||||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
||||||||||||
Net realized gain from investments
|
14,754
|
469,266
|
900,455
|
|||||||||
Net change in unrealized appreciation on investments
|
238,929
|
(27,726
|
)
|
1,207,687
|
||||||||
Net realized and unrealized gain on investments
|
253,683
|
441,540
|
2,108,142
|
|||||||||
Net increase in net assets resulting from operations
|
$
|
541,663
|
$
|
383,671
|
$
|
2,143,210
|
MONTEAGLE FUNDS
STATEMENTS OF OPERATIONS — For the Six Months Ended February 28, 2015 (Unaudited) |
Select
Value Fund |
Value
Fund |
The
Texas Fund |
||||||||||
INVESTMENT INCOME
|
||||||||||||
Income:
|
||||||||||||
Interest
|
$
|
775
|
$
|
543
|
$
|
224
|
||||||
Securities lending
|
11,628
|
4,771
|
851
|
|||||||||
Dividends
|
160,222
|
239,980
|
69,580
|
|||||||||
Foreign withholding tax
|
(214
|
)
|
(2,070
|
)
|
(55
|
)
|
||||||
Total Investment Income
|
172,411
|
243,224
|
70,600
|
|||||||||
Expenses:
|
||||||||||||
Investment advisory fees (Note 3)
|
88,802
|
118,434
|
85,224
|
|||||||||
Distribution (12b-1) fees - Class C (Note 3)
|
—
|
—
|
60
|
|||||||||
Compliance service fees (Note 3)
|
6,432
|
7,751
|
5,656
|
|||||||||
Trustees' fees
|
5,713
|
5,712
|
5,712
|
|||||||||
Interest expense
|
5
|
—
|
—
|
|||||||||
ICI membership fees
|
887
|
887
|
887
|
|||||||||
Total expenses
|
101,839
|
132,784
|
97,539
|
|||||||||
Net investment income (loss)
|
70,572
|
110,440
|
(26,939
|
)
|
||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||||||||||
Net realized gain (loss) from:
|
||||||||||||
Investments
|
2,318,739
|
919,549
|
98,058
|
|||||||||
Call options purchased
|
—
|
—
|
140,295
|
|||||||||
Put options purchased
|
—
|
—
|
(121,705
|
)
|
||||||||
Net realized gain
|
2,318,739
|
919,549
|
116,648
|
|||||||||
Net change in unrealized appreciation (depreciation) on:
|
||||||||||||
Investments
|
(1,576,826
|
)
|
(1,531,451
|
)
|
(863,570
|
)
|
||||||
Call options purchased
|
—
|
—
|
(192,052
|
)
|
||||||||
Put options purchased
|
—
|
—
|
132,254
|
|||||||||
Net change in unrealized depreciation
|
(1,576,826
|
)
|
(1,531,451
|
)
|
(923,368
|
)
|
||||||
Net realized and unrealized gain (loss) on investments
|
741,913
|
(611,902
|
)
|
(806,720
|
)
|
|||||||
Net increase (decrease) in net assets resulting from operations
|
$
|
812,485
|
$
|
(501,462
|
)
|
$
|
(833,659
|
)
|
MONTEAGLE FIXED INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
||||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
287,980
|
$
|
540,887
|
||||
Net realized gain on investment transactions
|
14,754
|
22,820
|
||||||
Net change in unrealized appreciation on investments
|
238,929
|
744,611
|
||||||
Net increase in net assets resulting from operations
|
$
|
541,663
|
$
|
1,308,318
|
||||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income - Class I
|
(296,267
|
)
|
(553,797
|
)
|
||||
Net decrease in net assets from distributions to shareholders
|
(296,267
|
)
|
(553,797
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase in net assets from capital share transactions (Note 7)
|
5,527,623
|
2,459,212
|
||||||
Total increase in net assets
|
5,773,019
|
3,213,733
|
||||||
NET ASSETS
|
||||||||
Beginning of period
|
42,600,675
|
39,386,942
|
||||||
End of period
|
$
|
48,373,694
|
$
|
42,600,675
|
||||
UNDISTRIBUTED (ACCUMULATED) NET INVESTMENT INCOME (LOSS)
|
$
|
(7,722
|
)
|
$
|
565
|
MONTEAGLE INFORMED INVESTOR GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
||||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment loss
|
$
|
(57,869
|
)
|
$
|
(92,262
|
)
|
||
Net realized gain on investment transactions
|
469,266
|
2,210,207
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(27,726
|
)
|
264,325
|
|||||
Net increase in net assets resulting from operations
|
$
|
383,671
|
$
|
2,382,270
|
||||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net realized capital gains - Class I
|
(2,217,503
|
)
|
(1,094,029
|
)
|
||||
Net decrease in net assets from distributions to shareholders
|
(2,217,503
|
)
|
(1,094,029
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net decrease in net assets from capital share transactions (Note 7)
|
(131,324
|
)
|
(331,757
|
)
|
||||
Total increase (decrease) in net assets
|
(1,965,156
|
)
|
956,484
|
|||||
NET ASSETS
|
||||||||
Beginning of period
|
14,261,688
|
13,305,204
|
||||||
End of period
|
$
|
12,296,532
|
$
|
14,261,688
|
||||
UNDISTRIBUTED (ACCUMULATED) NET INVESTMENT INCOME (LOSS)
|
$
|
(57,869
|
)
|
$
|
—
|
MONTEAGLE QUALITY GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
||||||||
INCREASE IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
35,068
|
$
|
6,879
|
||||
Net realized gain on investment transactions
|
900,455
|
3,878,131
|
||||||
Net change in unrealized appreciation on investments
|
1,207,687
|
1,010,814
|
||||||
Net increase in net assets resulting from operations
|
$
|
2,143,210
|
$
|
4,895,824
|
||||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income - Class I
|
(6,881
|
)
|
(15,198
|
)
|
||||
From net realized capital gains - Class I
|
(228,609
|
)
|
—
|
|||||
Net decrease in net assets from distributions to shareholders
|
(235,490
|
)
|
(15,198
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase (decrease) in net assets from capital share transactions (Note 7)
|
416,922
|
(6,376,135
|
)
|
|||||
Total increase (decrease) in net assets
|
2,324,642
|
(1,495,509
|
)
|
|||||
NET ASSETS
|
||||||||
Beginning of period
|
24,057,256
|
25,552,765
|
||||||
End of period
|
$
|
26,381,898
|
$
|
24,057,256
|
||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$
|
35,067
|
$
|
6,880
|
MONTEAGLE SELECT VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
||||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
70,572
|
$
|
127,633
|
||||
Net realized gain on investment transactions
|
2,318,739
|
2,071,243
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(1,576,826
|
)
|
1,446,960
|
|||||
Net increase in net assets resulting from operations
|
$
|
812,485
|
$
|
3,645,836
|
||||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income - Class I
|
(66,599
|
)
|
(111,674
|
)
|
||||
From net realized capital gains - Class I
|
(1,602,773
|
)
|
(286,386
|
)
|
||||
Net decrease in net assets from distributions to shareholders
|
(1,669,372
|
)
|
(398,060
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net decrease in net assets from capital share transactions (Note 7)
|
(1,120,343
|
)
|
(1,272,675
|
)
|
||||
Total increase (decrease) in net assets
|
(1,977,230
|
)
|
1,975,101
|
|||||
NET ASSETS
|
||||||||
Beginning of period
|
16,314,383
|
14,339,282
|
||||||
End of period
|
$
|
14,337,153
|
$
|
16,314,383
|
||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$
|
38,664
|
$
|
34,691
|
MONTEAGLE VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
||||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
110,440
|
$
|
240,606
|
||||
Net realized gain on investment transactions
|
919,549
|
3,015,510
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(1,531,451
|
)
|
604,504
|
|||||
Net increase (decrease) in net assets resulting from operations
|
$
|
(501,462
|
)
|
$
|
3,860,620
|
|||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income - Class I
|
(152,931
|
)
|
(197,855
|
)
|
||||
From net realized capital gains - Class I
|
(3,014,259
|
)
|
—
|
|||||
Decrease in net assets from distributions to shareholders
|
(3,167,190
|
)
|
(197,855
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase in net assets from capital share transactions (Note 7)
|
2,476,330
|
990,754
|
||||||
Total increase (decrease) in net assets
|
(1,192,322
|
)
|
4,653,519
|
|||||
NET ASSETS
|
||||||||
Beginning of period
|
20,863,898
|
16,210,379
|
||||||
End of period
|
$
|
19,671,576
|
$
|
20,863,898
|
||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$
|
26,337
|
$
|
68,828
|
THE TEXAS FUND
STATEMENT OF CHANGES IN NET ASSETS |
2015
(Unaudited) |
2014 (a)
|
|||||||
INCREASE (DECREASE) IN NET ASSETS
|
||||||||
FROM OPERATIONS
|
||||||||
Net investment income (loss)
|
$
|
(26,939
|
)
|
$
|
(36,301
|
)
|
||
Net realized gain on investment transactions
|
116,648
|
300,830
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(923,368
|
)
|
458,958
|
|||||
Net increase (decrease) in net assets resulting from operations
|
$
|
(833,659
|
)
|
$
|
723,487
|
|||
FROM DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net realized capital gains - Class I
|
(373,020
|
)
|
||||||
From net realized capital gains - Class C
|
(371
|
)
|
||||||
Net decrease in net assets from distributions to shareholders
|
(373,391
|
)
|
—
|
|||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase in net assets from capital share transactions (Note 7)
|
1,837,814
|
11,284,562
|
||||||
Total increase in net assets
|
630,764
|
12,008,049
|
||||||
NET ASSETS
|
||||||||
Beginning of period
|
12,008,049
|
—
|
||||||
End of period
|
$
|
12,638,813
|
$
|
12,008,049
|
||||
UNDISTRIBUTED (ACCUMULATED) NET INVESTMENT INCOME (LOSS)
|
$
|
(26,939
|
)
|
$
|
—
|
(a) | Represents the period from the initial public offering (September 17, 2013) through August 31, 2014. |
MONTEAGLE FIXED INCOME FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout each Year/Period)
|
||||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$
|
10.44
|
$
|
10.25
|
$
|
10.80
|
$
|
10.70
|
$
|
10.71
|
$
|
10.34
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.07
|
0.14
|
0.19
|
0.27
|
0.32
|
0.35
|
||||||||||||||||||
Net realized and unrealized gain (loss)
on investments |
0.05
|
0.19
|
(0.55
|
)
|
0.10
|
(0.01
|
)
|
0.37
|
||||||||||||||||
Total from investment operations
|
0.12
|
0.33
|
(0.36
|
)
|
0.37
|
0.31
|
0.72
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.07
|
)
|
(0.14
|
)
|
(0.19
|
)
|
(0.27
|
)
|
(0.32
|
)
|
(0.35
|
)
|
||||||||||||
Total distributions
|
(0.07
|
)
|
(0.14
|
)
|
(0.19
|
)
|
(0.27
|
)
|
(0.32
|
)
|
(0.35
|
)
|
||||||||||||
Net asset value, end of year/period
|
$
|
10.49
|
$
|
10.44
|
$
|
10.25
|
$
|
10.80
|
$
|
10.70
|
$
|
10.71
|
||||||||||||
Total Return (a)
|
1.14
|
%(b)
|
3.23
|
%
|
(3.41
|
%)
|
3.48
|
%
|
2.97
|
%
|
7.11
|
%
|
||||||||||||
Net assets, end of year/period
(000's omitted)
|
$
|
48,374
|
$
|
42,601
|
$
|
39,387
|
$
|
35,896
|
$
|
31,892
|
$
|
34,911
|
||||||||||||
Ratio of operating expenses to average net assets:
|
1.06
|
%(c)
|
1.05
|
%
|
1.06
|
%
|
1.09
|
%
|
1.07
|
%
|
1.04
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
1.29
|
%(c)
|
1.32
|
%
|
1.68
|
%
|
2.46
|
%
|
2.93
|
%
|
3.37
|
%
|
||||||||||||
Portfolio turnover rate
|
4
|
%(b)
|
13
|
%
|
22
|
%
|
23
|
%
|
14
|
%
|
18
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
MONTEAGLE INFORMED INVESTOR GROWTH FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout each Year/Period)
|
||||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$
|
12.90
|
$
|
11.75
|
$
|
11.71
|
$
|
10.62
|
$
|
10.48
|
$
|
12.89
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment loss (a)
|
(0.05
|
)
|
(0.08
|
)
|
(0.07
|
)
|
(0.06
|
)
|
(0.06
|
)
|
(0.10
|
)
|
||||||||||||
Net realized and unrealized gain (loss)
on investments |
0.38
|
2.20
|
1.00
|
1.55
|
1.90
|
(0.18
|
)
|
|||||||||||||||||
Total from investment operations
|
0.33
|
2.12
|
0.93
|
1.49
|
1.84
|
(0.28
|
)
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net realized capital gains
|
(2.07
|
)
|
(0.97
|
)
|
(0.89
|
)
|
(0.40
|
)
|
(1.70
|
)
|
(2.13
|
)
|
||||||||||||
Total distributions
|
(2.07
|
)
|
(0.97
|
)
|
(0.89
|
)
|
(0.40
|
)
|
(1.70
|
)
|
(2.13
|
)
|
||||||||||||
Net asset value, end of year/period
|
$
|
11.16
|
$
|
12.90
|
$
|
11.75
|
$
|
11.71
|
$
|
10.62
|
$
|
10.48
|
||||||||||||
Total Return (b)
|
4.16
|
%(d)
|
18.65
|
%
|
9.03
|
%
|
14.81
|
%
|
15.35
|
%
|
(4.43
|
%)
|
||||||||||||
Net assets, end of year/period
(000's omitted)
|
$
|
12,297
|
$
|
14,262
|
$
|
13,305
|
$
|
13,741
|
$
|
17,784
|
$
|
17,717
|
||||||||||||
Ratio of operating expenses to average net assets: (c)
|
1.40
|
%(e)
|
1.35
|
%
|
1.37
|
%
|
1.34
|
%
|
1.33
|
%
|
1.28
|
%
|
||||||||||||
Ratio of net investment loss to average net assets: (a)
|
(0.93%
|
)(e)
|
(0.66
|
%)
|
(0.59
|
%)
|
(0.94
|
%)
|
(0.53
|
%)
|
(0.96
|
%)
|
||||||||||||
Portfolio turnover rate
|
245
|
%(d)
|
290
|
%
|
641
|
%
|
795
|
%
|
755
|
%
|
819
|
%
|
(a) | Recognition of net investment income (loss) by the Fund is affected by the declaration of dividends by the underlying investment companies in which the Fund invests. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | The ratios of expenses to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests. |
MONTEAGLE QUALITY GROWTH FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout each Year/Period)
|
||||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$
|
12.99
|
$
|
10.65
|
$
|
9.95
|
$
|
8.71
|
$
|
7.14
|
$
|
6.85
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.02
|
—
|
(a)
|
0.04
|
0.02
|
—
|
(a)
|
—
|
(a)
|
|||||||||||||||
Net realized and unrealized gain on investments
|
1.11
|
2.35
|
0.72
|
1.22
|
1.57
|
0.30
|
||||||||||||||||||
Total from investment operations
|
1.13
|
2.35
|
0.76
|
1.24
|
1.57
|
0.30
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(b)
|
(0.01
|
)
|
(0.06
|
)
|
—
|
(b)
|
—
|
(b)
|
(0.01
|
)
|
||||||||||||
From net realized gains on investments
|
(0.12
|
)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total distributions
|
(0.12
|
)
|
(0.01
|
)
|
(0.06
|
)
|
—
|
—
|
(0.01
|
)
|
||||||||||||||
Net asset value, end of year/period
|
$
|
14.00
|
$
|
12.99
|
$
|
10.65
|
$
|
9.95
|
$
|
8.71
|
$
|
7.14
|
||||||||||||
Total Return (c)
|
8.81
|
%(d)
|
22.05
|
%
|
7.62
|
%
|
14.26
|
%
|
22.02
|
%
|
4.41
|
%
|
||||||||||||
Net assets, end of year/period
(000's omitted)
|
$
|
26,382
|
$
|
24,057
|
$
|
25,553
|
$
|
28,225
|
$
|
22,765
|
$
|
22,449
|
||||||||||||
Ratio of operating expenses to average net assets:
|
1.33
|
%(e)
|
1.31
|
%
|
1.30
|
%
|
1.33
|
%
|
1.32
|
%
|
1.29
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
0.28
|
%(e)
|
0.03
|
%
|
0.34
|
%
|
0.26
|
%
|
0.02
|
%
|
0.05
|
%
|
||||||||||||
Portfolio turnover rate
|
10
|
%(d)
|
27
|
%
|
50
|
%
|
54
|
%
|
62
|
%
|
69
|
%
|
(b) | Distributions per share were $(0.0037) for the six months ended February 28, 2015, $(0.0016) for the year ended August 31, 2012 and $(0.0025) for the year ended August 31, 2011. |
(c) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
MONTEAGLE SELECT VALUE FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout each Year/Period)
|
||||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$
|
18.66
|
$
|
15.07
|
$
|
10.95
|
$
|
10.16
|
$
|
8.78
|
$
|
8.30
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.09
|
0.15
|
0.14
|
0.13
|
0.04
|
0.01
|
||||||||||||||||||
Net realized and unrealized gain on investments
|
0.93
|
3.90
|
4.13
|
0.78
|
1.37
|
0.48
|
||||||||||||||||||
Total from investment operations
|
1.02
|
4.05
|
4.27
|
0.91
|
1.41
|
0.49
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.08
|
)
|
(0.13
|
)
|
(0.15
|
)
|
(0.12
|
)
|
(0.03
|
)
|
(0.01
|
)
|
||||||||||||
From net realized capital gains
|
(1.93
|
)
|
(0.33
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Total distributions
|
(2.01
|
)
|
(0.46
|
)
|
(0.15
|
)
|
(0.12
|
)
|
(0.03
|
)
|
(0.01
|
)
|
||||||||||||
Net asset value, end of year/period
|
$
|
17.67
|
$
|
18.66
|
$
|
15.07
|
$
|
10.95
|
$
|
10.16
|
$
|
8.78
|
||||||||||||
Total Return (a)
|
6.39
|
%(b)
|
27.29
|
%
|
39.26
|
%
|
9.01
|
%
|
15.99
|
%
|
5.99
|
%
|
||||||||||||
Net assets, end of year/period
(000's omitted)
|
$
|
14,337
|
$
|
16,314
|
$
|
14,339
|
$
|
10,177
|
$
|
9,793
|
$
|
8,265
|
||||||||||||
Ratio of operating expenses to average net assets:
|
1.38
|
%(c)
|
1.35
|
%
|
1.37
|
%
|
1.43
|
%
|
1.40
|
%
|
1.37
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
0.95
|
%(c)
|
0.86
|
%
|
1.06
|
%
|
1.23
|
%
|
0.35
|
%
|
0.18
|
%
|
||||||||||||
Portfolio turnover rate
|
21
|
%(b)
|
29
|
%
|
36
|
%
|
8
|
%
|
87
|
%
|
2
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
MONTEAGLE VALUE FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout each Year/Period)
|
||||||||||||||||||||||||
Class I Shares
|
||||||||||||||||||||||||
Net asset value, beginning of year/period
|
$
|
18.60
|
$
|
15.17
|
$
|
13.31
|
$
|
15.55
|
$
|
13.41
|
$
|
12.34
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.09
|
0.22
|
0.17
|
0.18
|
0.14
|
0.11
|
||||||||||||||||||
Net realized and unrealized gain (loss)
on investments |
(0.60
|
)
|
3.40
|
2.20
|
0.78
|
2.13
|
1.09
|
|||||||||||||||||
Total from investment operations
|
(0.51
|
)
|
3.62
|
2.37
|
0.96
|
2.27
|
1.20
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
From net investment income
|
(0.13
|
)
|
(0.19
|
)
|
(0.18
|
)
|
(0.18
|
)
|
(0.13
|
)
|
(0.13
|
)
|
||||||||||||
From net realized gains on investments
|
(2.53
|
)
|
—
|
(0.33
|
)
|
(3.02
|
)
|
—
|
—
|
|||||||||||||||
Total distributions
|
(2.66
|
)
|
(0.19
|
)
|
(0.51
|
)
|
(3.20
|
)
|
(0.13
|
)
|
(0.13
|
)
|
||||||||||||
Net asset value, end of year/period
|
$
|
15.43
|
$
|
18.60
|
$
|
15.17
|
$
|
13.31
|
$
|
15.55
|
$
|
13.41
|
||||||||||||
Total Return (a)
|
(1.69%
|
)(b)
|
23.94
|
%
|
18.32
|
%
|
8.64
|
%
|
16.95
|
%
|
9.72
|
%
|
||||||||||||
Net assets, end of year/period
(000's omitted)
|
$
|
19,672
|
$
|
20,864
|
$
|
16,210
|
$
|
14,346
|
$
|
14,216
|
$
|
14,263
|
||||||||||||
Ratio of operating expenses to average net assets:
|
1.35
|
%(c)
|
1.34
|
%
|
1.36
|
%
|
1.43
|
%
|
1.40
|
%
|
1.32
|
%
|
||||||||||||
Ratio of net investment income to average net assets:
|
1.12
|
%(c)
|
1.30
|
%
|
1.22
|
%
|
1.31
|
%
|
0.84
|
%
|
0.83
|
%
|
||||||||||||
Portfolio turnover rate
|
11
|
%(b)
|
37
|
%
|
13
|
%
|
27
|
%
|
18
|
%
|
30
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
THE TEXAS FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout the Period)
|
||||||||
Class I Shares
|
Six Months Ended
February 28, 2015
(Unaudited) |
Period Ended August 31,
2014 (a) |
||||||
Net asset value, beginning of period
|
$
|
10.91
|
$
|
10.00
|
||||
Income (loss) from investment operations:
|
||||||||
Net investment loss
|
(0.02
|
)
|
(0.03
|
)
|
||||
Net realized and unrealized gain (loss) on investments
|
(0.74
|
)
|
0.94
|
|||||
Total from investment operations
|
(0.76
|
)
|
0.91
|
|||||
Less distributions:
|
||||||||
From net realized gains on investments
|
(0.31
|
)
|
—
|
|||||
Total distributions
|
(0.31
|
)
|
—
|
|||||
Net asset value, end of period
|
$
|
9.84
|
$
|
10.91
|
||||
Total Return (b)
|
(6.82%
|
)(c)
|
9.10
|
%(c)
|
||||
Net assets, end of period (000's omitted)
|
$
|
12,617
|
$
|
11,995
|
||||
Ratio of operating expenses to average net assets:
|
1.64
|
%(d)
|
1.64
|
%(d)
|
||||
Ratio of net investment loss to average net assets:
|
(0.45%
|
)(d)
|
(0.41%
|
)(d)
|
||||
Portfolio turnover rate (e)
|
21
|
%(c)
|
38
|
%(c)
|
(a) | Represents the period from the initial public offering (September 17, 2013) through August 31, 2014. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes. |
THE TEXAS FUND
FINANCIAL HIGHLIGHTS |
(For a Share Outstanding Throughout the Period)
|
||||||||
Class C Shares
|
Six Months Ended
February 28, 2015
(Unaudited) |
Period Ended August 31,
2014 (a) |
||||||
Net asset value, beginning of period
|
$
|
10.81
|
$
|
10.00
|
||||
Income (loss) from investment operations:
|
||||||||
Net investment loss
|
(0.04
|
)
|
(0.13
|
)
|
||||
Net realized and unrealized gain (loss) on investments
|
(0.76
|
)
|
0.94
|
|||||
Total from investment operations
|
(0.80
|
)
|
0.81
|
|||||
Less distributions:
|
||||||||
From net realized gains on investments
|
(0.31
|
)
|
—
|
|||||
Total distributions
|
(0.31
|
)
|
—
|
|||||
Net asset value, end of period
|
$
|
9.70
|
$
|
10.81
|
||||
Total Return (b)
|
(7.26%
|
)(c)
|
8.10
|
%(c)
|
||||
Net assets, end of period (000's omitted)
|
$
|
22
|
$
|
13
|
||||
Ratio of operating expenses to average net assets:
|
2.64
|
%(d)
|
2.64
|
%(d)
|
||||
Ratio of net investment loss to average net assets:
|
(1.45%
|
)(d)
|
(1.41%
|
)(d)
|
||||
Portfolio turnover rate (e)
|
21
|
%(c)
|
38
|
%(c)
|
(a) | Represents the period from the initial public offering (September 17, 2013) through August 31, 2014. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes. |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS — February 28, 2015 (Unaudited) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fixed Income Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
U.S. Government and Agency Obligations
|
$
|
—
|
$
|
14,021,391
|
$
|
14,021,391
|
||||||
Corporate Bonds
|
—
|
24,608,783
|
24,608,783
|
|||||||||
Mortgage-Backed Securities
|
—
|
6,288,048
|
6,288,048
|
|||||||||
Money Market Funds
|
3,193,995
|
—
|
3,193,995
|
|||||||||
Totals
|
$
|
3,193,995
|
$
|
44,918,222
|
$
|
48,112,217
|
Informed Investor Growth Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
Common Stocks(b)
|
$
|
10,841,816
|
$
|
—
|
$
|
10,841,816
|
||||||
Money Market Funds
|
255,970
|
—
|
255,970
|
|||||||||
Totals
|
$
|
11,097,786
|
$
|
—
|
$
|
11,097,786
|
Quality Growth Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
Common Stocks(b)
|
$
|
25,541,326
|
$
|
—
|
$
|
25,541,326
|
||||||
Money Market Funds
|
784,651
|
—
|
784,651
|
|||||||||
Totals
|
$
|
26,325,977
|
$
|
—
|
$
|
26,325,977
|
Select Value Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
Common Stocks(b)
|
$
|
12,768,278
|
$
|
—
|
$
|
12,768,278
|
||||||
Money Market Funds
|
1,885,835
|
—
|
1,885,835
|
|||||||||
Totals
|
$
|
14,654,113
|
$
|
—
|
$
|
14,654,113
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Value Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
Common Stocks(b)
|
$
|
18,840,152
|
$
|
—
|
$
|
18,840,152
|
||||||
Money Market Funds
|
1,382,470
|
—
|
1,382,470
|
|||||||||
Totals
|
$
|
20,222,622
|
$
|
—
|
$
|
20,222,622
|
Texas Fund
|
||||||||||||
Security Classification (a)
|
Level 1
(Quoted Prices) |
Level 2
(Other Significant Observable Inputs) |
Totals
|
|||||||||
Common Stocks (b)
|
$
|
12,033,741
|
$
|
—
|
$
|
12,033,741
|
||||||
Call Options
|
90,550
|
—
|
90,550
|
|||||||||
Put Options
|
300
|
—
|
300
|
|||||||||
Money Market Funds
|
684,494
|
—
|
684,494
|
|||||||||
Totals
|
$
|
12,809,085
|
$
|
—
|
$
|
12,809,085
|
(a) | As of and during the six month period ended February 28, 2015, the Funds held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs). Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable. |
(b) | All common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Schedules of Investments. |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
Derivatives not accounted for as
hedging instruments under GAAP |
Location of Derivatives on
Statements of Assets and Liabilities |
Fair Value
of Asset Derivatives
|
|||
Texas Fund
|
Call options purchased
|
Investment securities at fair value
|
$
|
90,550
|
||
Texas Fund
|
Put options purchased
|
Investment securities at fair value
|
300
|
|||
Totals
|
$
|
90,850
|
Fund
|
Derivatives not accounted for as
hedging instruments under GAAP
|
Location of gain (loss) on
Derivatives recognized in income
|
Realized and unrealized loss on Derivatives recognized in income
|
|||
Texas Fund
|
Call options purchased
|
Net realized gain (loss) from call options purchased
|
$
|
140,295
|
||
Texas Fund
|
Put options purchased
|
Net realized gain (loss) from put options purchased
|
(121,705
|
)
|
||
Texas Fund
|
Call options purchased
|
Net change in unrealized appreciation (depreciation) on call options purchased
|
(192,052
|
)
|
||
Texas Fund
|
Put options purchased
|
Net change in unrealized appreciation on put options purchased
|
132,254
|
|||
Totals
|
$
|
(41,208
|
)
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Gross Amounts Not
Offset in the Statement of
Assets and Liabilities
|
|||||||||||||||||||||||||
Fund
|
Description
|
Gross Amounts of Recognized Assets
|
Gross Amounts Offset in the Statement of Assets and Liabilities
|
Net Amount
of Assets Presented in the Statement of Assets and Liabilities
|
Financial Instruments Pledged
|
Cash Collateral Pledged
|
Net
Amount |
||||||||||||||||||
Quality Growth Fund
|
Securities Loaned
|
$
|
93,090
|
$
|
—
|
$
|
93,090
|
$
|
—
|
$
|
93,090
|
$
|
—
|
||||||||||||
Select Value Fund
|
Securities Loaned
|
365,994
|
—
|
365,994
|
—
|
365,994
|
—
|
||||||||||||||||||
Value Fund
|
Securities Loaned
|
577,641
|
—
|
577,641
|
—
|
577,641
|
—
|
||||||||||||||||||
Texas Fund
|
Securities Loaned
|
172,222
|
—
|
172,222
|
—
|
172,222
|
—
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
Ordinary Income
|
Long-Term Capital Gain
|
||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Fixed Income Fund
|
$
|
296,267
|
$
|
553,797
|
$
|
—
|
$
|
—
|
||||||||
Informed Investor Growth Fund
|
1,286,938
|
948,210
|
930,565
|
145,819
|
||||||||||||
Quality Growth Fund
|
6,881
|
15,198
|
228,609
|
—
|
||||||||||||
Select Value Fund
|
95,961
|
111,674
|
1,573,411
|
286,386
|
||||||||||||
Value Fund
|
403,463
|
197,855
|
2,763,727
|
—
|
||||||||||||
Texas Fund
|
291,146
|
—
|
82,245
|
—
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Assets
|
Fixed
Income
Fund
|
Informed Investor Growth Fund
|
Quality Growth Fund
|
Select
Value
Fund
|
Value Fund
|
Texas Fund
|
Up to and including $10 million
|
0.965%
|
1.200%
|
1.200%
|
1.200%
|
1.200%
|
1.450%
|
From $10 million up to and including $25 million
|
0.965%
|
1.200%
|
1.200%
|
1.200%
|
1.200%
|
1.350%
|
From $25 up to and including $50 million
|
0.965%
|
1.115%
|
1.115%
|
1.115%
|
1.115%
|
1.250%
|
From $50 up to and including $100 million
|
0.845%
|
0.975%
|
0.975%
|
0.975%
|
0.975%
|
1.100%
|
Over $100 million
|
0.775%
|
0.875%
|
0.875%
|
0.875%
|
0.875%
|
0.950%
|
Advisory
Fees Earned
|
Advisory Fees Payable as of February 28, 2015
|
|||||||
Fixed Income Fund
|
$
|
214,655
|
$
|
35,250
|
||||
Informed Investor Growth Fund
|
74,895
|
10,880
|
||||||
Quality Growth Fund
|
147,891
|
23,773
|
||||||
Select Value Fund
|
88,802
|
12,828
|
||||||
Value Fund
|
118,434
|
17,793
|
||||||
Texas Fund
|
85,224
|
13,705
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
Purchases
|
Sales
|
||||||
Fixed Income Fund
|
$
|
6,391,293
|
$
|
1,619,507
|
||||
Informed Investor Growth Fund
|
28,657,486
|
31,108,378
|
||||||
Quality Growth Fund
|
2,382,855
|
2,574,003
|
||||||
Select Value Fund
|
2,728,142
|
4,525,327
|
||||||
Value Fund
|
2,494,815
|
2,169,476
|
||||||
Texas Fund
|
3,325,984
|
2,430,087
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
Unrealized Appreciation (Depreciation)
|
Undistributed Ordinary Income
|
Undistributed Capital
Gains |
Capital
Loss Carryforward |
Post-December Ordinary
Loss |
Post-
October Capital Loss |
Total Distributable Earnings
|
|||||||||||||||||||||
Fixed Income Fund
|
$
|
579,282
|
$
|
565
|
$
|
—
|
$
|
(441,093
|
)
|
$
|
—
|
$
|
—
|
$
|
138,754
|
|||||||||||||
Informed Investor Growth Fund
|
1,569,649
|
858,853
|
930,565
|
—
|
—
|
—
|
3,359,067
|
|||||||||||||||||||||
Quality Growth Fund
|
6,540,659
|
6,880
|
—
|
(81,404
|
)
|
—
|
—
|
6,466,135
|
||||||||||||||||||||
Select Value Fund
|
3,873,111
|
64,077
|
1,573,412
|
—
|
—
|
—
|
5,510,600
|
|||||||||||||||||||||
Value Fund
|
4,859,421
|
319,359
|
2,763,729
|
—
|
—
|
—
|
7,942,509
|
|||||||||||||||||||||
Texas Fund
|
458,958
|
264,529
|
—
|
—
|
—
|
—
|
723,487
|
Post-October Losses
|
Post-December Losses
|
|||||||||||||||
Fund
|
Deferred
|
Utilized
|
Deferred
|
Utilized
|
||||||||||||
Fixed Income Fund
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Informed Investor Growth Fund
|
—
|
—
|
—
|
—
|
||||||||||||
Quality Growth Fund
|
—
|
—
|
—
|
—
|
||||||||||||
Select Value Fund
|
—
|
—
|
—
|
—
|
||||||||||||
Value Fund
|
—
|
—
|
—
|
—
|
||||||||||||
Texas Fund
|
—
|
—
|
—
|
—
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
2015
|
2016
|
2017
|
2018
|
Non-Expiring Long-Term
|
Total
|
Utilized
|
|||||||||||||||||||||
Fixed Income Fund
|
$
|
136,920
|
$
|
61,228
|
$
|
220,424
|
$
|
22,521
|
$
|
—
|
$
|
441,093
|
$
|
11,146
|
||||||||||||||
Informed Investor Growth Fund
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Quality Growth Fund
|
—
|
—
|
81,404
|
—
|
—
|
81,404
|
3,885,000
|
|||||||||||||||||||||
Select Value Fund
|
—
|
—
|
—
|
—
|
—
|
—
|
182,085
|
|||||||||||||||||||||
Value Fund
|
—
|
—
|
—
|
—
|
—
|
—
|
1,250
|
|||||||||||||||||||||
Texas Fund
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Fund
|
Cost
|
Gross Unrealized Appreciation
|
Gross Unrealized Depreciation
|
Net Unrealized Appreciation (Depreciation)
|
||||||||||||
Fixed Income Fund
|
$
|
47,294,006
|
$
|
953,217
|
$
|
(135,006
|
)
|
$
|
818,211
|
|||||||
Informed Investor Growth Fund
|
9,635,894
|
1,513,089
|
(51,197
|
)
|
1,461,892
|
|||||||||||
Quality Growth Fund
|
18,577,631
|
8,013,755
|
(265,409
|
)
|
7,748,346
|
|||||||||||
Select Value Fund
|
12,357,828
|
3,111,326
|
(815,041
|
)
|
2,296,285
|
|||||||||||
Value Fund
|
16,894,652
|
4,292,055
|
(964,085
|
)
|
3,327,970
|
|||||||||||
Texas Fund
|
13,351,109
|
1,011,611
|
(1,553,635
|
)
|
(542,024
|
)
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Fund
|
Shareholder
|
Percent Owned as of
February 28, 2015 |
Fixed Income Fund
|
Mitra & Co.
|
90%
|
Informed Investor Growth Fund
|
Maril & Co.
|
94%
|
Quality Growth Fund
|
Maril & Co.
|
94%
|
Select Value Fund
|
Stifel Nicolaus & Co.
|
86%
|
Value Fund
|
Maril & Co.
|
99%
|
Texas Fund
|
National Financial Services, LLC
|
98%
|
Fixed Income Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
533,399
|
(29,956
|
)
|
25,622
|
4,610,995
|
|||||||||||
Value
|
$
|
5,572,289
|
$
|
(312,542
|
)
|
$
|
267,876
|
|||||||||
For the Fiscal Year ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
272,366
|
(82,260
|
)
|
47,966
|
4,081,930
|
|||||||||||
Value
|
$
|
2,813,350
|
$
|
(851,208
|
)
|
$
|
497,070
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Informed Investor Growth Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
27,397
|
(43,733
|
)
|
12,124
|
1,101,631
|
|||||||||||
Value
|
$
|
282,000
|
$
|
(536,136
|
)
|
$
|
122,812
|
|||||||||
For the Fiscal Year ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
22,858
|
(56,793
|
)
|
7,742
|
1,105,843
|
|||||||||||
Value
|
$
|
281,144
|
$
|
(706,347
|
)
|
$
|
93,446
|
Quality Growth Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
49,035
|
(17,813
|
)
|
1,100
|
1,884,311
|
|||||||||||
Value
|
$
|
629,493
|
$
|
(226,912
|
)
|
$
|
14,341
|
|||||||||
For the Fiscal Year ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
38,681
|
(586,453
|
)
|
162
|
1,851,989
|
|||||||||||
Value
|
$
|
463,874
|
$
|
(6,841,937
|
)
|
$
|
1,928
|
Select Value Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
38,404
|
(110,417
|
)
|
9,404
|
811,588
|
|||||||||||
Value
|
$
|
675,042
|
$
|
(1,948,496
|
)
|
$
|
153,111
|
|||||||||
For the Fiscal Year ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
213,826
|
(293,896
|
)
|
2,859
|
874,197
|
|||||||||||
Value
|
$
|
3,626,370
|
$
|
(4,945,828
|
)
|
$
|
46,783
|
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
Value Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
157,404
|
(6,816
|
)
|
2,859
|
1,275,102
|
|||||||||||
Value
|
$
|
2,539,296
|
$
|
(104,181
|
)
|
$
|
41,215
|
|||||||||
For the Fiscal Year ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
73,575
|
(20,821
|
)
|
167
|
1,121,655
|
|||||||||||
Value
|
$
|
1,357,355
|
$
|
(369,477
|
)
|
$
|
2,876
|
Texas Fund
|
||||||||||||||||
Sold
|
Redeemed
|
Reinvested
|
Ending Shares
|
|||||||||||||
For the Six Month Period ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
176,630
|
(30,384
|
)
|
36,150
|
1,282,122
|
|||||||||||
Value
|
$
|
1,789,488
|
$
|
(301,852
|
)
|
$
|
339,807
|
|||||||||
Class C
|
||||||||||||||||
Shares
|
1,031
|
—
|
40
|
2,260
|
||||||||||||
Value
|
$
|
10,000
|
$
|
—
|
$
|
371
|
For the Period(a) ended:
|
||||||||||||||||
Class I
|
||||||||||||||||
Shares
|
1,134,478
|
(34,752
|
)
|
—
|
1,099,726
|
|||||||||||
Value
|
$
|
11,638,610
|
$
|
(366,036
|
)
|
$
|
—
|
|||||||||
Class C
|
||||||||||||||||
Shares
|
1,190
|
(1
|
)
|
—
|
1,189
|
|||||||||||
Value
|
$
|
12,000
|
$
|
(12
|
)
|
$
|
—
|
(a) | Represents the period from the initial public offering (September 17, 2013) through February 28, 2014. |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
OTHER INFORMATION (Unaudited) |
FEDERAL TAX INFORMATION (Unaudited)
|
MONTEAGLE FUNDS
ABOUT YOUR FUNDS’ EXPENSES (Unaudited) |
MONTEAGLE FUNDS
ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued) |
Fixed Income Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
1.14%
|
$1,000.00
|
1.06%
|
$1,011.40
|
$5.29
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.06%
|
$1,019.50
|
$5.31
|
Informed Investor Growth Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
4.16%
|
$1,000.00
|
1.40%
|
$1,041.60
|
$7.09
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.40%
|
$1,017.90
|
$7.00
|
Quality Growth Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
8.81%
|
$1,000.00
|
1.33%
|
$1,088.10
|
$6.89
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.33%
|
$1,018.20
|
$6.66
|
MONTEAGLE FUNDS
ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued) |
Select Value Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
6.39%
|
$1,000.00
|
1.12%
|
$1,063.90
|
$5.73
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.12%
|
$1,019.20
|
$5.61
|
Value Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
-1.69%
|
$1,000.00
|
1.35%
|
$983.10
|
$6.64
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.35%
|
$1,018.10
|
$6.76
|
Texas Fund
|
|||||
Beginning
Account Value 9/01/14 |
Annualized
Expense Ratio For the Period |
Ending
Account Value 2/28/15 |
Expenses
Paid During the Period(1) |
||
Actual Example Based on actual return of:
|
|||||
Class I
|
-6.82%
|
$1,000.00
|
1.64%
|
$931.80
|
$7.86
|
Class C
|
-7.26%
|
$1,000.00
|
2.64%
|
$927.40
|
$12.62
|
Hypethetical Example Based on assumed 5% return
|
|||||
Class I
|
$1,000.00
|
1.64%
|
$1,016.70
|
$8.20
|
|
Class C
|
$1,000.00
|
2.64%
|
$1,011.70
|
$13.17
|
(1) | Expenses are equal to the Funds’ annualized expense ratios for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
MONTEAGLE FUNDS
COMPENSATION OF TRUSTEES AND OFFICERS (Unaudited) |
Name of Person
|
Aggregate Compensation
From Funds
|
Pension or Retirement Benefits Accrued as Part of Fund Expenses
|
Estimated Annual Benefits Upon Retirement
|
Total Compensation From Funds and Fund Complex Paid to Trustees
|
Larry J. Anderson
|
$11,400
|
$0
|
$0
|
$11,400
|
Brian J. Green
|
$11,400
|
$0
|
$0
|
$11,400
|
Charles M. Kinard
|
$11,400
|
$0
|
$0
|
$11,400
|
MONTEAGLE FUNDS
BOARD APPROVAL OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited) |
MONTEAGLE FUNDS
BOARD APPROVAL OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
BOARD APPROVAL OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
BOARD APPROVAL OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
MONTEAGLE FUNDS
BOARD APPROVAL OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
THE MONTEAGLE FUNDS
Investment Adviser
Nashville Capital Corporation
2506 Winford Ave.
Distributor
Matrix Capital Group, Inc.
419 Lafayette Street
Transfer Agent, Administrator
& Shareholder Servicing Agent
Matrix 360 Administration, LLC
4520 Main Street
Suite 1425
(888) 263-5593
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus, which includes information regarding the Fund’s objectives and policies, experience of its management, marketability of shares, and other information.
|
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
(a) | The registrant's PEO and PFO, or persons performing similar functions, have concluded, as of a date within 90 days of the filing of this report, based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act, that such disclosure controls and procedures are reasonably designed to ensure: (1) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
(a)(2) | Certifications required by Item 12 (a)(2) of Form N-CSR are filed herewith as Exhibit 12 (a )(2) |
/s/ Paul B. Ordonio | ||
President,
|
||
Date: May 5, 2015
|
/s/ Paul B. Ordonio | ||
President,
|
||
Date: May 5, 2015
|
/s/ Larry E. Beaver, Jr. | ||
Treasurer
|
||
Date: May 5, 2015
|
This ‘N-CSRS/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/31/15 | ||||
Filed on / Effective on: | 5/11/15 | N-CSRS | ||
5/5/15 | ||||
3/31/15 | ||||
3/15/15 | ||||
3/12/15 | ||||
For Period End: | 2/28/15 | N-CSRS, NSAR-A | ||
1/22/15 | ||||
11/6/14 | ||||
9/1/14 | ||||
8/31/14 | 24F-2NT, N-CSR, NSAR-B | |||
5/23/14 | ||||
2/28/14 | N-CSRS, NSAR-A | |||
9/23/13 | ||||
9/17/13 | 485BPOS | |||
8/31/13 | 24F-2NT, N-CSR, NSAR-B | |||
9/7/12 | ||||
8/31/12 | 24F-2NT, N-CSR, NSAR-B | |||
7/23/12 | ||||
4/5/12 | ||||
8/31/11 | 24F-2NT, N-CSR, NSAR-B | |||
12/31/10 | ||||
12/7/10 | ||||
8/31/10 | 24F-2NT, 497, N-CSR, NSAR-B | |||
11/26/97 | ||||
List all Filings |