S&P 500		Morningstar Large-Cap
	Fund	Value Index	S&P 500 Index	Value Category
1-year	11.42%	18.16%	22.66%	14.37%
5-year	7.29%	11.36%	13.19%	9.20%
10-year	8.40%	10.00%	12.41%	8.57%
15-year	11.83%	12.95%	14.61%	11.79%

*

Figures are from the Fund’s prospectus dated February 28, 2024. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not exceed 0.70% (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) through at least February 27, 2025. In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee contingent upon the Fund’s performance versus the S&P 500 Value Index. While the Advisor may discontinue its voluntary waiver any time after February 27, 2025, it has no current intention of doing so.

Randall R. Eley	Thomas B. Murray
Chief Investment Officer	Portfolio Manager

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	11/1/23	4/30/24	11/1/23 – 4/30/24
Actual	$1,000.00	$1,160.30	$2.69
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	$2.51

*	Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year)/366 days to reflect the one-half year expense.

COMMON STOCKS - 93.8%		Shares				Value
Beverage and Tobacco Product Manufacturing - 3.7%
Altria Group, Inc.			3,850			$	168,668
Coca-Cola Co.			51,450				3,178,067
							3,346,735
Broadcasting (except Internet) - 0.7%
Comcast Corp. - Class A			16,450				626,909
Building Material and Garden Equipment - 1.8%
Home Depot, Inc.			850				284,087
Lowe’s Cos., Inc.			6,000				1,367,940
							1,652,027
Chemical Manufacturing - 10.6%
AbbVie, Inc.			3,750				609,900
Amgen, Inc.			8,350				2,287,399
Bristol-Myers Squibb Co.			11,550				507,507
Dow, Inc.			44,650				2,540,585
Gilead Sciences, Inc.			7,350				479,220
Pfizer, Inc.			85,102				2,180,313
Procter & Gamble Co.			6,350				1,036,320
							9,641,244
Computer and Electronic Product Manufacturing - 12.9%
Cisco Systems, Inc.			66,050				3,103,029
Danaher Corp.			4,050				998,811
International Business Machines Corp.			21,050				3,498,510
Medtronic PLC			18,450				1,480,428
Qualcomm, Inc.			6,400				1,061,440
Texas Instruments, Inc.			8,900				1,570,138
							11,712,356
Couriers and Messengers - 5.6%
FedEx Corp.			17,100				4,476,438
United Parcel Service, Inc. - Class B			3,750				553,050
							5,029,488

COMMON STOCKS - 93.8%		Shares				Value
Credit Intermediation and Related Activities - 11.6%
American Express Co.			7,200			$	1,685,016
Bank of New York Mellon Corp.			37,100				2,095,779
Capital One Financial Corp.			5,500				788,865
Citigroup, Inc.			37,550				2,302,942
JPMorgan Chase & Co.			7,650				1,466,811
U.S. Bancorp			13,650				554,599
Wells Fargo & Co.			27,250				1,616,470
							10,510,482
Food Manufacturing - 2.8%
Kraft Heinz Co.			41,150				1,588,802
Mondelez International, Inc. - Class A			12,850				924,429
							2,513,231
General Merchandise Stores - 1.9%
Target Corp.			4,150				668,067
Walmart, Inc.			17,700				1,050,495
							1,718,562
Health and Personal Care Retailers - 5.4%
CVS Health Corp.			54,150				3,666,497
Walgreens Boots Alliance, Inc.			71,150				1,261,489
							4,927,986
Insurance Carriers and Related Activities - 2.0%
American International Group, Inc.			4,600				346,426
MetLife, Inc.			8,900				632,612
UnitedHealth Group, Inc.			1,750				846,475
							1,825,513
Machinery Manufacturing - 2.7%
Caterpillar, Inc.			4,550				1,522,293
General Electric Co.			5,700				922,374
							2,444,667
Miscellaneous Manufacturing - 2.6%
3M Co.			5,400				521,154

COMMON STOCKS - 93.8%		Shares				Value
Miscellaneous Manufacturing - 2.6%, continued
Johnson & Johnson			11,850			$	1,713,392
Solventum Corp.(a)			1,350				87,763
							2,322,309
Petroleum and Coal Products Manufacturing - 7.7%
Chevron Corp.			21,400				3,451,178
Exxon Mobil Corp.			29,950				3,542,187
							6,993,365
Securities, Commodity Contracts, and Other
Financial Investments and Related Activities - 3.3%
Goldman Sachs Group, Inc.			5,000				2,133,550
Morgan Stanley			9,650				876,606
							3,010,156
Support Activities for Mining - 1.5%
ConocoPhillips			11,100				1,394,382
Telecommunications - 5.2%
AT&T, Inc.			35,250				595,372
Verizon Communications, Inc.			105,050				4,148,425
							4,743,797
Transportation Equipment Manufacturing - 5.7%
Ford Motor Co.			158,600				1,926,990
General Dynamics Corp.			7,200				2,067,048
RTX Corp.			11,050				1,121,796
							5,115,834
Utilities - 6.1%
Duke Energy Corp.			8,900				874,514
Exelon Corp.			67,750				2,546,045
GE Vernova, Inc.(a)			1,425				219,037
NextEra Energy, Inc.			14,100				944,277
Southern Co.			12,300				904,050
							5,487,923
TOTAL COMMON STOCKS (Cost $81,102,159)							85,016,966

REAL ESTATE INVESTMENT TRUST - 2.1%		Shares				Value
Real Estate - 2.1%
Simon Property Group, Inc.			13,550			$	1,904,182
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $1,769,011)							1,904,182
MONEY MARKET FUND - 0.7%
Invesco STIT-Treasury Portfolio – Institutional Class, 5.23%(b)			679,477				679,477
TOTAL MONEY MARKET FUND (Cost $679,477)							679,477
TOTAL INVESTMENTS - 96.6% (Cost $83,550,647)							87,600,625
Other Assets in Excess of Liabilities - 3.4%							3,053,196
TOTAL NET ASSETS - 100.0%						$	90,653,821

PLC	Public Limited Company
(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized yield as of April 30, 2024.

ASSETS
Investments in securities, at value (identified cost $83,550,647)		$	87,600,625
Receivables
Investment securities sold			2,995,179
Fund shares sold			5,763
Dividends and interest			198,761
Prepaid expenses			12,225
Total assets			90,812,553
LIABILITIES
Payables
Fund shares redeemed			43,415
Administration fees			33,103
Audit fees			31,443
Sub-transfer agent expenses			18,889
Fund accounting fees			6,697
Trustee fees and expenses			6,052
Custody fees			4,516
Shareholder reporting			4,349
Transfer agent fees and expenses			4,142
Advisory fees (Note 4)			3,667
Chief Compliance Officer fee			2,459
Total liabilities			158,732
NET ASSETS		$	90,653,821
CALCULATION OF NET ASSET VALUE PER SHARE
Net assets applicable to shares outstanding		$	90,653,821
Shares issued and outstanding
[unlimited number of shares (par value $0.01) authorized]			6,270,642
Net asset value, offering and redemption price per share		$	14.46
COMPONENTS OF NET ASSETS
Paid-in capital		$	82,650,853
Total distributable earnings			8,002,968
Net assets		$	90,653,821

INVESTMENT INCOME
Dividends		$	1,578,831
Interest			50,997
Total investment income			1,629,828
EXPENSES
Advisory fees (Note 4)			246,794
Administration fees (Note 4)			88,344
Sub-transfer agent expenses (Note 4)			31,187
Fund accounting fees (Note 4)			18,638
Transfer agent fees and expenses (Note 4)			12,279
Registration fees			11,120
Audit fees			10,443
Custody fees (Note 4)			9,235
Trustee fees and expenses			8,678
Chief Compliance Officer fee (Note 4)			7,458
Reports to shareholders			3,204
Legal fees			2,841
Insurance expense			2,407
Other expenses			2,222
Total expenses			454,850
Less: advisory fee waiver (Note 4)			(230,491	)
Net expenses			224,359
Net investment income			1,405,469
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments			3,198,058
Net change in unrealized appreciation/(depreciation) on investments			8,578,961
Net realized and unrealized gain on investments			11,777,019
Net Increase in Net Assets Resulting from Operations		$	13,182,488

		Six Months Ended
		April 30, 2024				Year Ended
		(Unaudited)				October 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	1,405,469			$	3,053,899
Net realized gain on investments			3,198,058				1,843,461
Net change in unrealized appreciation/(depreciation) on investments			8,578,961				(8,206,899	)
Net increase/(decrease) in net assets resulting from operations			13,182,488				(3,309,539	)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions to shareholders			(4,101,129	)			(7,462,478	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived
from net change in outstanding shares (a)			(1,818,685	)			(6,768,243	)
Total increase/(decrease) in net assets			7,262,674				(17,540,260	)
NET ASSETS
Beginning of period			83,391,147				100,931,407
End of period		$	90,653,821			$	83,391,147

(a)	A summary of share transactions is as follows:

			Six Months Ended
			April 30, 2024								Year Ended
			(Unaudited)								October 31, 2023
			Shares				Paid-in Capital				Shares				Paid-in Capital
	Shares sold			106,791			$	1,507,877				508,510			$	7,107,510
	Shares issued on reinvestments of distributions			306,230				4,091,234				526,189				7,440,312
	Shares redeemed			(528,022	)			(7,417,796	)			(1,570,370	)			(21,316,065	)
	Net decrease			(115,001	)		$	(1,818,685	)			(535,671	)		$	(6,768,243	)

		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
Net asset value, beginning of period		$	13.06			$	14.58			$	15.23			$	11.96			$	14.51			$	15.33
Income from investment operations:
Net investment income			0.23				0.47				0.40				0.42				0.42				0.30
Net realized and unrealized
gain/(loss) on investments			1.82				(0.91	)			(0.28	)			4.43				(2.65	)			0.87
Total from investment operations			2.05				(0.44	)			0.12				4.85				(2.23	)			1.17
Less distributions:
From net investment income			(0.47	)			(0.42	)			(0.40	)			(0.44	)			(0.32	)			(0.31	)
From net realized gain on investments			(0.18	)			(0.66	)			(0.37	)			(1.14	)			—				(1.68	)
Total distributions			(0.65	)			(1.08	)			(0.77	)			(1.58	)			(0.32	)			(1.99	)
Net asset value, end of period		$	14.46			$	13.06			$	14.58			$	15.23			$	11.96			$	14.51
Total return			16.03	%‡			-3.62	%			0.78	%			43.39	%			-15.83	%			9.07	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	90,654			$	83,391			$	100,931			$	100,963			$	86,079			$	119,054
Ratio of expenses to average net assets:
Before fees waived and
expenses absorbed			1.01	%†			1.01	%			1.00	%			0.98	%			1.01	%			0.96	%
After fees waived and
expenses absorbed			0.50	%†			0.50	%			0.50	%			0.50	%			0.54	%			0.70	%
Ratio of net investment income
to average net assets:
Before fees waived and
expenses absorbed			2.62	%†			2.66	%			2.18	%			2.27	%			2.52	%			2.10	%
After fees waived and
expenses absorbed			3.13	%†			3.17	%			2.68	%			2.75	%			2.99	%			2.36	%
Portfolio turnover rate			31.09	%‡			38.47	%			39.80	%			34.47	%			45.46	%			23.83	%

†	Annualized.
‡	Not annualized.

	A.	Security Valuation: All investments in securities are recorded at their estimated fair value, as described in Note 3.
	B.	Federal Income Taxes: It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.
		The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.  The tax returns of the Fund’s prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
	C.	Securities Transactions, Income and Distributions: Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on a first-in, first-out basis.  Interest income is recorded on an accrual basis.  Dividend income, income and capital gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date.
		Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.
		The Fund distributes substantially all net investment income, if any, and net realized gains, if any, annually.  Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.
		The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America.  To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

	D.	Reclassification of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
	E.	Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.
	F.	Events Subsequent to the Fiscal Year End:  In preparing the financial statements as of April 30, 2024, management considered the impact of subsequent events for the potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund’s financial statements.

Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

		Level 1				Level 2				Level 3				Total
Common Stocks		$	85,016,966			$	—			$	—			$	85,016,966
Real Estate Investment Trust			1,904,182				—				—				1,904,182
Money Market Fund			679,477				—				—				679,477
Total Investment in Securities		$	87,600,625			$	—			$	—			$	87,600,625

	Expires		Amount
	10/31/2024		$	144,004
	10/31/2025			303,854
	10/31/2026			301,984
	4/30/2027			140,747
			$	890,589

	Six Months Ended	Year Ended
	April 30, 2024	October 31, 2023
Ordinary income	$2,971,058	$2,886,669
Long-term capital gains	1,130,071	4,575,809

Cost of investments (a)		$	88,202,400
Gross tax unrealized appreciation			8,173,263
Gross tax unrealized depreciation			(12,932,238	)
Net tax unrealized depreciation (a)			(4,758,975	)
Undistributed ordinary income			2,550,535
Undistributed long-term capital gain			1,130,049
Total distributable earnings			3,680,584
Total accumulated earnings/(losses)		$	(1,078,391	)

(a)	The difference between book-basis and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

	1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISOR UNDER THE ADVISORY AGREEMENT. The Board considered the nature, extent and quality of the Advisor’s overall services provided to the Fund, as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor’s compliance record, as well as the Advisor’s cybersecurity program, liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board also noted that the Advisor was working towards implementation of newly adopted Securities and Exchange Commission rules applicable to the Fund, including the new tailored shareholder reports. The Board further considered the prior relationship between the Advisor and the Trust, as well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the prior year they had met with certain personnel of the Advisor to discuss the Fund’s performance and investment outlook as well as various marketing and compliance topics. The Board concluded that the Advisor had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.
	2.	THE FUND’S HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISOR. In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2023, on both an absolute basis and  a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”), and the Advisor’s similarly managed accounts. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative Morningstar peer group universe, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing the Fund’s performance against broad market benchmarks, the Board took

		into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.
		The Board noted that the Fund underperformed the average of the Morningstar peer group and the Cohort over the one-, three- and five-year periods and outperformed the average of both for the ten-year period, all periods ended June 30, 2023.
		The Board reviewed the performance of the Fund against broad-based securities market benchmarks noting that it had underperformed its primary benchmark, secondary benchmark, and tertiary benchmark for the one-, three-, five-, and ten-year periods ended June 30, 2023.
		The Board also noted that the Fund outperformed the similarly managed composite for the one-year period and underperformed for the three-, five-, and ten-year periods ended June 30, 2023.
	3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISOR AND THE STRUCTURE OF THE ADVISOR’S FEE UNDER THE ADVISORY AGREEMENT. In considering the advisory fee and total expenses of the Fund, the Board reviewed comparisons to the Morningstar peer funds, the Cohort, and the Advisor’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements for the Fund. When reviewing fees charged to other separately managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.
		The Board noted that the Advisor had contractually agreed to limit the annual expense ratio for the Fund to no more than 0.70%, excluding certain operating expenses (the “Expense Cap”). Additionally, the Board noted that the Advisor had voluntarily agreed to waive a portion of its advisory fees in the event, at the end of any month, the Fund’s trailing three-year and/or five-year average annual total return was less than that of a specific index. The Board considered that the contractual management fee was below the Cohort median and average. The Board also noted that the Fund’s net expense ratio was below the average and median of its Cohort and below the average of its Morningstar peer group. The Board considered the advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap.
		The Board also considered the services the Advisor provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were in some cases higher than the fees charged to the Advisor’s similarly managed account clients due to the increased services provided to the Fund.
		The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Fund and concluded that, at this time, the fee to be paid to the Advisor was fair and reasonable.

	4.	ECONOMIES OF SCALE. The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders. The Board further noted that the Advisor has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed the specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continue to increase.
	5.	THE PROFITS TO BE REALIZED BY THE ADVISOR AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND. The Board reviewed the Advisor’s financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Fund. The Board considered the profitability to the Advisor from its relationship with the Fund and considered any additional material benefits derived by the Advisor from its relationship with the Fund, such as “soft dollar” benefits that may be received in exchange for Fund brokerage. The Board also considered that the Fund does not charge Rule 12b-1 fees. After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate resources and profit levels to support the services it provides to the Fund.

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