MONONGAHELA CAPITAL MANAGEMENT

FUND DESCRIPTION
Monongahela All Cap Value Fund seeks total return through long-term capital appreciation and income. The no-load Fund will primarily invest in equity securities of companies of any size that the Fund’s managers believe are undervalued at the time of purchase and have potential for capital appreciation.

PORTFOLIO CO- MANAGERS
Mark Rodgers, co- founder of Rodgers Brothers (1985) and Monongahela Capital Management (1998). Mark has over 46 years of experience investing in the value market.

Michael Rodgers, director of Rodgers Brothers and Monongahela Capital Management (1998). Mike has worked in the finance industry since 1983, with over 26 years of experience investing in the value market.

Mark C. Rodgers, CEO of Rodgers Brothers and Monongahela Capital Management. He is a CFA® charterholder and has 15 years of experience investing in the value market.

FUND DATA

*Monongahela Capital Management has contractually agreed to waive its fee or reimburse expenses to limit total annual operating expenses to 0.85% through September 1, 2027.

MANAGERS’ PERSPECTIVE WITH MARK AND MICHAEL RODGERS

“Our management team is experienced and patient, dedicated to discovering undervalued companies with intrinsic value. We seek companies with strong balance sheets, solid operating results and strong corporate leadership to add to our portfolio.”

MONTH END: TEN LARGEST HOLDINGS

As of August 31, 2026

Teleflex Inc

Revvity Inc

Curtiss-Wright Corp

Wabtec Corp

Merck & Co Inc

Rockwell Automation Inc

General Mills Inc

Badger Meter Inc

Williams-Sonoma Inc

MillerKnoll Inc

PORTFOLIO COMPOSITION

Equity sector diversification

RISK