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Ancora Income Fund reduces management fee

Filed Pursuant to Rule 497


Ancora Income Fund

Class I Shares
Class S Shares

Supplement dated September 1, 2020

To the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information dated April 30, 2020

This Supplement updates certain information contained in the above-dated Summary Prospectus, Prospectus and Statement of Additional Information for the Ancora Trust (the “Trust”) regarding the Ancora Income Fund (the “Fund”).

Effective October 1, 2020 (the “Effective Date”), the management fee payable to the Advisor for managing the Fund has been reduced to an annual rate of 0.50% of the net assets of such Fund.

As of the Effective Date, the “Annual Fund Operating Expenses” and the “Expense Example” tables in the Fund’s Summary Prospectus and the Fund’s Prospectus are deleted in their entirety and replaced with the corresponding tables below:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):...

(click link to see table)
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