UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: 811-22895 |
Capitol Series Trust
(Exact name of registrant as specified in charter)
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Address of principal executive offices) (Zip code)
Zachary P. Richmond
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Name and address of agent for service)
| Registrant’s telephone number, including area code: | 513-587-3400 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | March 31, 2022 |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Fuller & Thaler Behavioral Small-Cap Equity Fund
Fuller & Thaler Behavioral Small-Cap Growth Fund
Fuller & Thaler Behavioral Mid-Cap Value Fund
Fuller & Thaler Behavioral Unconstrained Equity Fund
Fuller & Thaler Behavioral Small-Mid Core Equity Fund
Fuller & Thaler Behavioral Micro-Cap Equity Fund
Semi-Annual Report
March 31, 2022
411 Borel Avenue, Suite 300
San Mateo, CA 94402
(888) 912-4562
www.fullerthalerfunds.com
Investment Results (Unaudited)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Five Year | Ten Year | Since
Inception
(12/19/18) |
| Fuller & Thaler Behavioral Small-Cap Equity Fund |
| R6 Shares | (0.71)% | 0.82% | 11.08% | 13.33% | |
| Institutional Shares | (0.75)% | 0.72% | 10.97% | 13.19% | |
| Investor Shares | (0.91)% | 0.42% | 10.68% | 12.95% | |
| A Shares | | | | | |
| Without Load | (0.89)% | 0.44% | | | 17.95% |
| With Load | (6.60)% | (5.34)% | | | 15.84% |
| C Shares | | | | | |
| Without Load | (1.19)% | (0.18)% | | | 17.24% |
| With Load | (2.14)% | (0.18)% | | | 17.24% |
| Russell 2000® Index(a) | (5.55)% | (5.79)% | 9.74% | 11.04% | 15.40% |
| | R6 Shares | Institutional
Shares | Investor
Shares | A Shares | C Shares |
| Expense Ratio(b) | 0.64% | 0.75% | 1.03% | 1.02% | 1.64% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Small-Cap Equity Fund”) distributions or the redemption of Small-Cap Equity Fund shares. Current performance of the Small-Cap Equity Fund may be lower or higher than the performance quoted. The Small-Cap Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Cap Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Prior to October 26, 2015, the performance reflected represents that of a series of Allianz Funds Multi-Strategy Trust for which Fuller & Thaler Asset Management, Inc. (the “Adviser”) served as the sole sub-adviser (“the Predecessor Fund”) (see Note 1). Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell 2000® Index (“Russell 2000”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Cap Equity Fund’s portfolio. The Russell 2000 measures the performance of the small-cap segment of the U.S. equity universe and is a subset of the Russell 3000® Index. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Small-Cap Equity Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse Small-Cap Equity Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 1.25%, 0.99% and 0.80% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Cap Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Cap Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Cap Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and Capitol Series Trust (the “Trust”) is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. The Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board of Trustees of the Trust (the “Board”) may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Cap Equity Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Small-Cap Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The Small-Cap Equity Fund’s prospectus contains this and other important information about the Small-Cap Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Small-Cap Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/21/17) | Since
Inception
(12/19/18) |
| Fuller & Thaler Behavioral Small-Cap Growth Fund |
| R6 Shares | (11.27)% | 0.20% | 16.89% | |
| Institutional Shares | (11.31)% | 0.12% | 16.80% | |
| Investor Shares | (11.44)% | (0.15)% | 16.49% | |
| A Shares | | | | |
| Without Load | (11.45)% | (0.18)% | | 22.72% |
| With Load | (16.54)% | (5.91)% | | 20.52% |
| C Shares | | | | |
| Without Load | (11.67)% | (0.70)% | | 22.13% |
| With Load | (12.43)% | (0.70)% | | 22.13% |
| Russell 2000® Growth Index(a) | (12.62)% | (14.33)% | 8.24% | 14.56% |
| | Expense Ratios(b) |
| | R6 Shares | Institutional
Shares | Investor
Shares | A Shares | C Shares |
| Gross | 1.06% | 1.12% | 1.44% | 1.35% | 2.03% |
| With Applicable Waivers | 0.90% | 0.99% | 1.25% | 1.30% | 1.80% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Small-Cap Growth Fund (the “Small-Cap Growth Fund”) distributions or the redemption of Small-Cap Growth Fund shares. Current performance of the Small-Cap Growth Fund may be lower or higher than the performance quoted. The Small-Cap Growth Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Cap Growth Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell 2000® Growth Index (“Russell 2000 Growth”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Cap Growth Fund’s portfolio. Russell 2000 Growth measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Small-Cap Growth Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse Small-Cap Growth Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 1.25%, 0.99%, and 0.90% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Cap Growth Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Cap Growth Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Cap Growth Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. The Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Cap Growth Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Small-Cap Growth Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Small-Cap Growth Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Small-Cap Growth Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/21/17) | Since
Inception
(3/10/22) |
| Fuller & Thaler Behavioral Mid-Cap Value Fund |
| R6 Shares | 9.56% | 15.17% | 12.07% | |
| Institutional Shares | 9.50% | 15.02% | 11.97% | |
| Investor Shares | 9.35% | 14.73% | 11.66% | |
| A Shares | | | | |
| Without Load | | | | 4.14% |
| With Load | | | | (1.85)% |
| C Shares | | | | |
| Without Load | | | | 4.10% |
| With Load | | | | 3.10% |
| Russell Midcap® Value Index(a) | 6.56% | 11.45% | 9.58% | 4.73% |
| | Expense Ratios(b) |
| | R6 Shares | Institutional
Shares | Investor
Shares | A Shares | C Shares |
| Gross | 0.90% | 1.02% | 1.31% | 1.40% | 1.90% |
| With Applicable Waivers | 0.80% | 0.90% | 1.15% | 1.20% | 1.70% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Mid-Cap Value Fund (the “Mid-Cap Value Fund”) distributions or the redemption of Mid-Cap Value Fund shares. Current performance of the Mid-Cap Value Fund may be lower or higher than the performance quoted. The Mid-Cap Value Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Mid-Cap Value Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell Midcap® Value Index (“Russell Midcap Value”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Mid-Cap Value Fund’s portfolio. The Russell Midcap Value measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Mid-Cap Value Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse Mid-Cap Value Fund expenses so that total annual operating expenses do not exceed 1.20%, 1.70%, 1.15%, 0.90%, and 0.80% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Mid-Cap Value Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Mid-Cap Value Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Mid-Cap Value Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/ reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Mid-Cap Value Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Mid-Cap Value Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Mid-Cap Value Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Mid-Cap Value Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/26/18) | Since
Inception
(5/27/21) |
| Fuller & Thaler Behavioral Unconstrained Equity Fund |
| R6 Shares | (5.33)% | (1.40)% | 20.21% | |
| Institutional Shares | (5.37)% | (1.48)% | 20.09% | |
| A Shares | | | | |
| Without Load | (5.50)% | | | (4.95)% |
| With Load | (10.94)% | | | (10.41)% |
| C Shares | | | | |
| Without Load | (5.80)% | | | (5.40)% |
| With Load | (6.74)% | | | (6.35)% |
| Russell 3000® Index(a) | 3.51% | 11.92% | 22.07% | 6.05% |
| | Expense Ratios(b) |
| | R6 Shares | Institutional
Shares | A Shares | C Shares |
| Gross | 1.02% | 1.12% | 1.31% | 2.05% |
| With Applicable Waivers | 0.90% | 0.99% | 1.30% | 1.80% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Unconstrained Equity Fund (the “Unconstrained Equity Fund”) distributions or the redemption of Unconstrained Equity Fund shares. Current performance of the Unconstrained Equity Fund may be lower or higher than the performance quoted. The Unconstrained Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Unconstrained Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell 3000® Index (“Russell 3000”) measures the performance of the broad U.S. equity market. The Russell 3000 represents the 3000 largest U.S. publicly traded companies as measured by market capitalization. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Unconstrained Equity Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse Unconstrained Equity Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 0.99% and 0.90% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Unconstrained Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Unconstrained Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Unconstrained Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Unconstrained Equity Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Unconstrained Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Unconstrained Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Unconstrained Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/26/18) | Since
Inception
(3/10/22) |
| Fuller & Thaler Behavioral Small-Mid Core Equity Fund |
| Institutional Shares | (4.38)% | (2.70)% | 19.04% | |
| A Shares | | | | |
| Without Load | | | | 0.00% |
| With Load | | | | (5.76)% |
| Russell 2500® Index(a) | (2.22)% | 0.34% | 18.39% | 4.10% |
| | Expense Ratios(b) |
| | Institutional
Shares | A Shares |
| Gross | 2.69% | 3.11% |
| With Applicable Waivers | 0.95% | 1.26% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Small-Mid Core Equity Fund (the “Small-Mid Core Equity Fund”) distributions or the redemption of Small-Mid Core Equity Fund shares. Current performance of the Small-Mid Core Equity Fund may be lower or higher than the performance quoted. The Small-Mid Core Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Mid Core Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell 2500® Index (“Russell 2500”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Mid Core Equity Fund’s portfolio. The Russell 2500 measures the performance of those Russell 2500 companies with lower price/book ratios and lower forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Small-Mid Core Equity Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/ or reimburse Small-Mid Core Equity Fund expenses so that total annual operating expenses do not exceed 1.26% and 0.95% of the Small-Mid Core Equity Fund’s A Shares and Institutional Shares average daily net assets through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Mid Core Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Mid Core Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Mid Core Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Mid Core Equity Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Small-Mid Core Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Small-Mid Core Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Small-Mid Core Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns* as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/28/18) |
| Fuller & Thaler Behavioral Micro-Cap Equity Fund |
| Institutional Shares | 0.26% | 1.44% | 20.22% |
| Russell Microcap® Index(a) | (10.03)% | (11.01)% | 16.55% |
| | Expense Ratios(b) |
| | Institutional
Shares |
| Gross | 2.30% |
| With Applicable Waivers | 1.45% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fuller & Thaler Behavioral Micro-Cap Equity Fund (the “Micro-Cap Equity Fund”) distributions or the redemption of Micro-Cap Equity Fund shares. Current performance of the Micro-Cap Equity Fund may be lower or higher than the performance quoted. The Micro-Cap Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.
| * | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Micro-Cap Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized. |
| (a) | The Russell Microcap® Index (“Russell Microcap”) measures the performance of the microcap segment of the U.S. equity market. Russell Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small cap Russell 2000® Index, plus the next smallest eligible securities by market cap. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (b) | The expense ratios are from the Micro-Cap Equity Fund’s most recent prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse Micro-Cap Equity Fund expenses so that total annual operating expenses do not exceed 1.45% of the Micro-Cap Equity Fund’s Institutional Shares average daily net assets through January 31, 2023. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Micro-Cap Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Micro-Cap Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Micro-Cap Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Micro-Cap Equity Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Micro-Cap Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Micro-Cap Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.
The Micro-Cap Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Portfolio Illustration (Unaudited)
Fuller & Thaler Behavioral Small-Cap Equity Fund Sector Holdings as of March 31, 2022.*
Fuller & Thaler Behavioral Small-Cap Growth Fund Sector Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Portfolio Illustration (Unaudited) (continued)
Fuller & Thaler Behavioral Mid-Cap Value Fund Sector Holdings as of March 31, 2022.*
Fuller & Thaler Behavioral Unconstrained Equity Fund Sector Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Portfolio Illustration (Unaudited) (continued)
Fuller & Thaler Behavioral Small-Mid Core Equity Fund Sector Holdings as of March 31, 2022.*
Fuller & Thaler Behavioral Micro-Cap Equity Fund Sector Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Availability of Portfolio Schedules (Unaudited)
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www. sec.gov and on the Funds’ website at www.fullerthalerfunds.com.
Fuller & Thaler Behavioral Small-Cap Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 93.96% | | | | | | | | |
| Apparel & Textile Products — 2.87% | | | | | | | | |
| Carter’s, Inc. | | | 425,075 | | | $ | 39,102,649 | |
| Deckers Outdoor Corp.(a) | | | 254,118 | | | | 69,569,886 | |
| Kontoor Brands, Inc. | | | 686,315 | | | | 28,379,125 | |
| Ralph Lauren Corp. | | | 335,869 | | | | 38,100,979 | |
| | | | | | | | 175,152,639 | |
| Asset Management — 1.58% | | | | | | | | |
| Federated Hermes, Inc., Class B | | | 1,523,807 | | | | 51,900,867 | |
| Stifel Financial Corp. | | | 655,786 | | | | 44,527,869 | |
| | | | | | | | 96,428,736 | |
| Banking — 6.89% | | | | | | | | |
| Bank of Hawaii Corp. | | | 756,348 | | | | 63,472,724 | |
| Cadence Bank | | | 1,705,446 | | | | 49,901,350 | |
| F.N.B. Corp. | | | 5,697,677 | | | | 70,936,080 | |
| Financial Institutions, Inc. | | | 166,962 | | | | 5,030,565 | |
| First Citizens BancShares, Inc., Class A | | | 27,573 | | | | 18,352,589 | |
| First Commonwealth Financial Corp. | | | 1,281,650 | | | | 19,429,814 | |
| First Financial Corp. | | | 307,601 | | | | 13,312,971 | |
| Fulton Financial Corp. | | | 2,729,662 | | | | 45,366,982 | |
| Hilltop Holdings, Inc. | | | 1,465,012 | | | | 43,071,353 | |
| Lakeland Bancorp, Inc. | | | 502,869 | | | | 8,397,912 | |
| Lakeland Financial Corp. | | | 129,087 | | | | 9,423,351 | |
| TowneBank | | | 170,398 | | | | 5,101,716 | |
| TriState Capital Holdings, Inc.(a) | | | 164,667 | | | | 5,471,884 | |
| Washington Federal, Inc. | | | 1,942,716 | | | | 63,759,939 | |
| | | | | | | | 421,029,230 | |
| Biotech & Pharma — 2.98% | | | | | | | | |
| Amphastar Pharmaceuticals, Inc.(a) | | | 577,233 | | | | 20,722,665 | |
| Exelixis, Inc.(a) | | | 2,175,190 | | | | 49,311,557 | |
| United Therapeutics Corp.(a) | | | 622,901 | | | | 111,754,668 | |
| | | | | | | | 181,788,890 | |
| Chemicals — 1.75% | | | | | | | | |
| Avient Corp. | | | 655,151 | | | | 31,447,248 | |
| Huntsman Corp. | | | 737,178 | | | | 27,651,547 | |
| Stepan Co. | | | 111,507 | | | | 11,018,007 | |
| | | Shares | | | Fair Value | |
| Chemicals — (continued) | | | | | | | | |
| Valvoline, Inc. | | | 1,171,721 | | | $ | 36,979,514 | |
| | | | | | | | 107,096,316 | |
| Commercial Support Services — 5.33% | | | | | | | | |
| Clean Harbors, Inc.(a) | | | 346,340 | | | | 38,665,398 | |
| CRA International, Inc. | | | 71,531 | | | | 6,027,202 | |
| Deluxe Corp. | | | 184,430 | | | | 5,577,163 | |
| FTI Consulting, Inc.(a) | | | 696,283 | | | | 109,469,613 | |
| H&R Block, Inc. | | | 3,398,675 | | | | 88,501,497 | |
| Kforce, Inc. | | | 249,978 | | | | 18,490,873 | |
| ManpowerGroup, Inc. | | | 255,000 | | | | 23,949,600 | |
| TriNet Group, Inc.(a) | | | 351,340 | | | | 34,557,802 | |
| | | | | | | | 325,239,148 | |
| Construction Materials — 0.12% | | | | | | | | |
| MDU Resources Group, Inc. | | | 263,527 | | | | 7,022,995 | |
| Consumer Services — 1.06% | | | | | | | | |
| Adtalem Global Education, Inc.(a) | | | 341,347 | | | | 10,141,419 | |
| Perdoceo Education Corp.(a) | | | 730,311 | | | | 8,383,970 | |
| Rent-A-Center, Inc. | | | 1,152,633 | | | | 29,034,826 | |
| Stride, Inc.(a) | | | 467,969 | | | | 17,001,314 | |
| | | | | | | | 64,561,529 | |
| Containers & Packaging — 1.57% | | | | | | | | |
| Graphic Packaging Holding Co. | | | 2,362,700 | | | | 47,348,508 | |
| Sonoco Products Co. | | | 776,531 | | | | 48,579,779 | |
| | | | | | | | 95,928,287 | |
| Electric Utilities — 1.12% | | | | | | | | |
| Otter Tail Corp. | | | 339,412 | | | | 21,213,250 | |
| Portland General Electric Co. | | | 850,821 | | | | 46,922,778 | |
| | | | | | | | 68,136,028 | |
| Electrical Equipment — 2.21% | | | | | | | | |
| Acuity Brands, Inc. | | | 344,458 | | | | 65,205,899 | |
| Atkore, Inc.(a) | | | 707,127 | | | | 69,609,582 | |
| | | | | | | | 134,815,481 | |
| Engineering & Construction — 4.46% | | | | | | | | |
| Comfort Systems USA,Inc. | | | 594,070 | | | | 52,878,171 | |
| EMCOR Group, Inc. | | | 1,111,156 | | | | 125,149,500 | |
| MasTec, Inc.(a) | | | 778,837 | | | | 67,836,703 | |
| Primoris Services Corp. | | | 555,514 | | | | 13,232,343 | |
| TopBuild Corp.(a) | | | 72,453 | | | | 13,142,250 | |
| | | | | | | | 272,238,967 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Food — 0.54% | | | | | | | | |
| Simply Good Foods Co. (The)(a) | | | 873,447 | | | $ | 33,147,314 | |
| Forestry, Paper & Wood Products — 2.24% | | | | | | | | |
| Louisiana-Pacific Corp. | | | 2,198,761 | | | | 136,587,033 | |
| Gas & Water Utilities — 0.42% | | | | | | | | |
| Southwest Gas Holdings, Inc. | | | 331,404 | | | | 25,945,619 | |
| Health Care Facilities & Services — 4.17% | | | | | | | | |
| Amedisys, Inc.(a) | | | 92,813 | | | | 15,990,752 | |
| Chemed Corp. | | | 85,575 | | | | 43,348,016 | |
| LHC Group, Inc.(a) | | | 262,308 | | | | 44,225,129 | |
| Medpace Holdings, Inc.(a) | | | 462,369 | | | | 75,638,945 | |
| Select Medical Holdings Corp. | | | 1,689,753 | | | | 40,537,174 | |
| Syneos Health, Inc., | | | | | | | | |
| Class A(a) | | | 431,762 | | | | 34,951,134 | |
| | | | | | | | 254,691,150 | |
| Home Construction — 2.82% | | | | | | | | |
| KB Home | | | 1,946,131 | | | | 63,015,721 | |
| Masonite International Corp.(a) | | | 569,891 | | | | 50,686,106 | |
| Meritage Homes Corp.(a) | | | 739,800 | | | | 58,614,354 | |
| | | | | | | | 172,316,181 | |
| Household Products — 0.62% | | | | | | | | |
| Helen of Troy Ltd.(a) | | | 191,917 | | | | 37,585,025 | |
| Industrial Intermediate Prod — 0.46% | | | | | | | | |
| Mueller Industries, Inc. | | | 516,613 | | | | 27,984,926 | |
| Industrial Support Services — 0.79% | | | | | | | | |
| Applied Industrial Technologies, Inc. | | | 470,510 | | | | 48,302,557 | |
| Institutional Financial Services — 2.30% | | | | | | | | |
| Evercore, Inc., Class A | | | 282,600 | | | | 31,459,032 | |
| Jefferies Financial Group, Inc. | | | 637,369 | | | | 20,937,572 | |
| Virtu Financial, Inc., Class A | | | 2,368,118 | | | | 88,141,352 | |
| | | | | | | | 140,537,956 | |
| Insurance — 3.53% | | | | | | | | |
| Hanover Insurance Group, Inc. | | | 732,957 | | | | 109,591,731 | |
| Kemper Corp. | | | 836,797 | | | | 47,312,502 | |
| Primerica, Inc. | | | 426,518 | | | | 58,356,193 | |
| | | | | | | | 215,260,426 | |
| | | Shares | | | Fair Value | |
| Leisure Products — 0.09% | | | | | | | | |
| Johnson Outdoors, Inc., Class A | | | 72,698 | | | $ | 5,650,816 | |
| Machinery — 1.82% | | | | | | | | |
| Crane Co. | | | 387,546 | | | | 41,963,482 | |
| Donaldson Co., Inc. | | | 645,479 | | | | 33,519,724 | |
| Regal Beloit Corp. | | | 240,744 | | | | 35,817,892 | |
| | | | | | | | 111,301,098 | |
| Medical Equipment & Devices — 5.20% | | | | | | | | |
| Bruker Corp. | | | 1,946,508 | | | | 125,160,465 | |
| Globus Medical, Inc., Class A(a) | | | 477,599 | | | | 35,237,254 | |
| Integer Holdings Corp.(a) | | | 801,262 | | | | 64,557,679 | |
| Integra LifeSciences Holdings Corp.(a) | | | 752,125 | | | | 48,331,553 | |
| Meridian Bioscience, Inc.(a) | | | 430,303 | | | | 11,170,666 | |
| Merit Medical Systems, Inc.(a) | | | 498,173 | | | | 33,138,468 | |
| | | | | | | | 317,596,085 | |
| Oil & Gas Producers — 3.97% | | | | | | | | |
| HF Sinclair Corp.(a) | | | 670,774 | | | | 26,730,344 | |
| Murphy USA, Inc. | | | 405,977 | | | | 81,179,161 | |
| Oasis Petroleum, Inc. | | | 918,846 | | | | 134,427,170 | |
| | | | | | | | 242,336,675 | |
| Publishing & Broadcasting — 2.88% | | | | | | | | |
| Gray Television, Inc. | | | 2,678,975 | | | | 59,124,978 | |
| Nexstar Media Group, Inc., Class A | | | 620,781 | | | | 117,004,803 | |
| | | | | | | | 176,129,781 | |
| Real Estate — 2.75% | | | | | | | | |
| Apple Hospitality REIT, Inc. | | | 4,186,337 | | | | 75,228,475 | |
| City Office, Inc. | | | 2,037,645 | | | | 35,984,811 | |
| Industrial Logistics Properties Trust | | | 415,595 | | | | 9,421,539 | |
| Office Properties Income Trust | | | 434,512 | | | | 11,179,994 | |
| Piedmont Office Realty Trust, Inc., Class A | | | 2,107,733 | | | | 36,295,162 | |
| | | | | | | | 168,109,981 | |
| Real Estate Services — 0.34% | | | | | | | | |
| Newmark Group, Inc., Class A | | | 1,199,872 | | | | 19,101,962 | |
| RMR Group, Inc. (The), Class A | | | 60,515 | | | | 1,882,017 | |
| | | | | | | | 20,983,979 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Retail - Discretionary — 3.26% | | | | | | | | |
| Builders FirstSource, Inc.(a) | | | 1,745,362 | | | $ | 112,645,663 | |
| MarineMax, Inc.(a) | | | 543,251 | | | | 21,871,285 | |
| Signet Jewelers Ltd. | | | 571,463 | | | | 41,545,360 | |
| Zumiez, Inc.(a) | | | 603,162 | | | | 23,046,820 | |
| | | | | | | | 199,109,128 | |
| Semiconductors — 3.46% | | | | | | | | |
| Amkor Technology, Inc. | | | 4,821,153 | | | | 104,715,443 | |
| Cirrus Logic, Inc.(a) | | | 270,386 | | | | 22,926,029 | |
| Diodes, Inc.(a) | | | 543,336 | | | | 47,264,799 | |
| FormFactor, Inc.(a) | | | 872,314 | | | | 36,663,357 | |
| | | | | | | | 211,569,628 | |
| Software — 5.02% | | | | | | | | |
| Concentrix Corp. | | | 598,187 | | | | 99,634,027 | |
| Consensus Cloud Solutions, Inc.(a) | | | 264,833 | | | | 15,924,408 | |
| Donnelley Financial Solutions, Inc.(a) | | | 562,172 | | | | 18,697,841 | |
| Progress Software Corp. | | | 1,093,978 | | | | 51,515,424 | |
| Ziff Davis, Inc.(a) | | | 1,248,196 | | | | 120,800,409 | |
| | | | | | | | 306,572,109 | |
| Specialty Finance — 0.57% | | | | | | | | |
| Stewart Information Services Corp. | | | 572,079 | | | | 34,673,708 | |
| Steel — 0.86% | | | | | | | | |
| Commercial Metals Co. | | | 1,263,971 | | | | 52,606,473 | |
| Technology Hardware — 5.55% | | | | | | | | |
| Avnet, Inc. | | | 915,872 | | | | 37,175,244 | |
| Jabil, Inc. | | | 3,280,983 | | | | 202,535,081 | |
| Lumentum Holdings, Inc.(a) | | | 133,435 | | | | 13,023,256 | |
| Sanmina Corp.(a) | | | 1,785,024 | | | | 72,150,670 | |
| TD SYNNEX Corp. | | | 134,730 | | | | 13,905,483 | |
| | | | | | | | 338,789,734 | |
| Technology Services — 5.67% | | | | | | | | |
| CSG Systems International, Inc. | | | 1,074,372 | | | | 68,297,828 | |
| EVERTEC, Inc. | | | 1,002,704 | | | | 41,040,675 | |
| ExlService Holdings, Inc.(a) | | | 619,151 | | | | 88,705,764 | |
| Insight Enterprises, Inc.(a) | | | 202,126 | | | | 21,692,162 | |
| ManTech International Corp., Class A | | | 357,072 | | | | 30,776,036 | |
| Science Applications International Corp. | | | 678,197 | | | | 62,509,417 | |
| | | Shares | | | Fair Value | |
| Technology Services — (continued) | | | | | | | | |
| TTEC Holdings, Inc. | | | 396,014 | | | $ | 32,679,075 | |
| | | | | | | | 345,700,957 | |
| Transportation & Logistics — 2.69% | | | | | | | | |
| Costamare, Inc. | | | 92,000 | | | | 1,568,600 | |
| Hub Group, Inc., Class A(a) | | | 724,512 | | | | 55,939,572 | |
| Landstar System, Inc. | | | 707,745 | | | | 106,749,178 | |
| | | | | | | | 164,257,350 | |
Total Common Stocks
(Cost $4,603,622,781) | | | | | | | 5,737,183,935 | |
| MONEY MARKET FUNDS - 5.62% | | | | | | | | |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.16%(b) | | | 342,960,652 | | | | 342,960,652 | |
Total Money Market Funds
(Cost $342,960,652) | | | | | | | 342,960,652 | |
Total Investments — 99.58%
(Cost $4,946,583,433) | | | | | | | 6,080,144,587 | |
| Other Assets in Excess of Liabilities — 0.42% | | | | | | | 25,762,692 | |
| NET ASSETS — 100.00% | | | | | | $ | 6,105,907,279 | |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 100.05% | | | | | | | | |
| Apparel & Textile Products — 4.86% | | | | | | | | |
| Crocs, Inc.(a) | | | 22,675 | | | $ | 1,732,370 | |
| Oxford Industries, Inc. | | | 18,300 | | | | 1,656,150 | |
| Skechers U.S.A., Inc., Class A(a) | | | 43,600 | | | | 1,777,136 | |
| | | | | | | | 5,165,656 | |
| Biotech & Pharma — 2.09% | | | | | | | | |
| WillScot Mobile Mini | | | | | | | | |
| Holdings Corp., Class A(a) | | | 56,745 | | | | 2,220,432 | |
| Commercial Support Services — 2.31% | | | | | | | | |
| ZipRecruiter, Inc., Class A(a) | | | 107,000 | | | | 2,458,860 | |
| Consumer Services — 1.65% | | | | | | | | |
| Stride, Inc.(a) | | | 48,370 | | | | 1,757,282 | |
| E-Commerce Discretionary — 1.67% | | | | | | | | |
| Revolve Group, Inc., Class A(a) | | | 33,085 | | | | 1,776,334 | |
| Electrical Equipment — 6.18% | | | | | | | | |
| Acuity Brands, Inc. | | | 12,805 | | | | 2,423,987 | |
| Atkore, Inc.(a) | | | 24,335 | | | | 2,395,537 | |
| SMART Global Holdings, Inc.(a) | | | 67,940 | | | | 1,754,890 | |
| | | | | | | | 6,574,414 | |
| Food — 2.29% | | | | | | | | |
| Darling Ingredients, Inc.(a) | | | 30,265 | | | | 2,432,701 | |
| Health Care Facilities & Services — 1.59% | | | | | | | | |
| Tenet Healthcare Corp.(a) | | | 19,635 | | | | 1,687,825 | |
| Home Construction — 3.19% | | | | | | | | |
| Century Communities, Inc. | | | 30,285 | | | | 1,622,367 | |
| Skyline Champion Corp.(a) | | | 32,312 | | | | 1,773,283 | |
| | | | | | | | 3,395,650 | |
| Internet Media & Services — 2.82% | | | | | | | | |
| Cargurus, Inc.(a) | | | 70,800 | | | | 3,006,168 | |
| Leisure Facilities & Services — 8.74% | | | | | | | | |
| Dave & Buster’s Entertainment, Inc.(a) | | | 47,925 | | | | 2,353,118 | |
| Everi Holdings, Inc.(a) | | | 108,115 | | | | 2,270,415 | |
| | | Shares | | | Fair Value | |
| Leisure Facilities & Services — (continued) | | | | | | | | |
| Scientific Games Corp.(a) | | | 36,600 | | | $ | 2,150,250 | |
| Six Flags Entertainment Corp.(a) | | | 58,015 | | | | 2,523,652 | |
| | | | | | | | 9,297,435 | |
| Leisure Products — 1.94% | | | | | | | | |
| Axon Enterprise, Inc.(a) | | | 15,030 | | | | 2,070,082 | |
| Life Sciences Tools & Services — 1.96% | | | | | | | | |
| Repligen Corp.(a) | | | 11,115 | | | | 2,090,620 | |
| Medical Equipment & Devices — 11.21% | | | | | | | | |
| Envista Holdings Corp.(a) | | | 56,140 | | | | 2,734,579 | |
| Lantheus Holdings, Inc.(a) | | | 49,491 | | | | 2,737,347 | |
| LivaNova PLC(a) | | | 32,100 | | | | 2,626,743 | |
| Merit Medical Systems, Inc.(a) | | | 33,655 | | | | 2,238,731 | |
| STAAR Surgical Co.(a) | | | 20,000 | | | | 1,598,200 | |
| | | | | | | | 11,935,600 | |
| Real Estate Services — 2.30% | | | | | | | | |
| Newmark Group, Inc., Class A | | | 153,774 | | | | 2,448,082 | |
| Retail - Discretionary — 2.29% | | | | | | | | |
| Petco Health & Wellness Co., Inc., Class A(a) | | | 124,756 | | | | 2,441,475 | |
| Semiconductors — 11.65% | | | | | | | | |
| Ambarella, Inc.(a) | | | 19,540 | | | | 2,050,137 | |
| Kulicke & Soffa Industries, Inc. | | | 35,530 | | | | 1,990,391 | |
| MaxLinear, Inc.(a) | | | 33,378 | | | | 1,947,606 | |
| Photronics, Inc.(a) | | | 110,640 | | | | 1,877,561 | |
| Silicon Laboratories, Inc.(a) | | | 11,200 | | | | 1,682,240 | |
| Synaptics, Inc.(a) | | | 14,330 | | | | 2,858,835 | |
| | | | | | | | 12,406,770 | |
| Software — 12.94% | | | | | | | | |
| Evolent Health, Inc., Class A(a) | | | 76,770 | | | | 2,479,671 | |
| Omnicell, Inc.(a) | | | 19,135 | | | | 2,477,791 | |
| PubMatic, Inc.(a) | | | 53,700 | | | | 1,402,644 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Software — (continued) | | | | | | | | |
| Sailpoint Technologies Holdings, Inc.(a) | | | 54,700 | | | $ | 2,799,546 | |
| Teradata Corp.(a) | | | 48,800 | | | | 2,405,352 | |
| Workiva, Inc., Class A(a) | | | 18,774 | | | | 2,215,332 | |
| | | | | | | | 13,780,336 | |
| Specialty Finance — 1.37% | | | | | | | | |
| Enova International, Inc.(a) | | | 38,300 | | | | 1,454,251 | |
| Steel — 1.79% | | | | | | | | |
| Allegheny Technologies, Inc.(a) | | | 71,175 | | | | 1,910,337 | |
| Technology Hardware — 5.70% | | | | | | | | |
| Digital Turbine, Inc.(a) | | | 46,330 | | | | 2,029,717 | |
| Pure Storage, Inc., Class A(a) | | | 69,260 | | | | 2,445,571 | |
| Sanmina Corp.(a) | | | 39,320 | | | | 1,589,314 | |
| | | | | | | | 6,064,602 | |
| Transportation & Logistics — 3.93% | | | | | | | | |
| Atlas Air Worldwide Holdings, Inc.(a) | | | 27,270 | | | | 2,355,310 | |
| Copa Holdings, S.A., Class A(a) | | | 21,850 | | | | 1,827,534 | |
| | | | | | | | 4,182,844 | |
| Wholesale - Consumer Staples — 2.23% | | | | | | | | |
| Performance Food Group Co.(a) | | | 46,695 | | | | 2,377,242 | |
| Wholesale - Discretionary — 3.35% | | | | | | | | |
| G-III Apparel Group Ltd.(a) | | | 56,776 | | | | 1,535,791 | |
| KAR Auction Services, Inc.(a) | | | 112,590 | | | | 2,032,249 | |
| | | | | | | | 3,568,040 | |
Total Common Stocks/ Investments — 100.05%
(Cost $97,739,612) | | | | | | | 106,503,038 | |
| Liabilities in Excess of Other Assets — (0.05)% | | | | | | | (52,520 | ) |
| NET ASSETS — 100.00% | | | | | | $ | 106,450,518 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 88.14% | | | | | | | | |
| Aerospace & Defense — 1.90% | | | | | | | | |
| Howmet Aerospace, Inc. | | | 154,220 | | | $ | 5,542,667 | |
| Banking — 9.97% | | | | | | | | |
| East West Bancorp, Inc. | | | 39,925 | | | | 3,154,874 | |
| First Citizens BancShares, Inc., Class A | | | 3,312 | | | | 2,204,467 | |
| First Horizon National Corp. | | | 267,860 | | | | 6,292,030 | |
| Huntington Bancshares, Inc. | | | 323,659 | | | | 4,731,895 | |
| KeyCorp | | | 229,625 | | | | 5,139,007 | |
| M&T Bank Corp. | | | 15,360 | | | | 2,603,520 | |
| Wells Fargo & Co. | | | 101,760 | | | | 4,931,290 | |
| | | | | | | | 29,057,083 | |
| Chemicals — 4.69% | | | | | | | | |
| Celanese Corp. | | | 33,925 | | | | 4,846,865 | |
| Olin Corp. | | | 121,065 | | | | 6,329,277 | |
| Sherwin-Williams Co. (The) | | | 10,064 | | | | 2,512,176 | |
| | | | | | | | 13,688,318 | |
| Commercial Support Services — 5.20% | | | | | | | | |
| Aramark | | | 180,375 | | | | 6,782,099 | |
| Brink’s Co. (The) | | | 66,485 | | | | 4,520,980 | |
| Republic Services, Inc. | | | 29,095 | | | | 3,855,088 | |
| | | | | | | | 15,158,167 | |
| Containers & Packaging — 10.34% | | | | | | | | |
| Berry Plastics Group, Inc.(a) | | | 119,960 | | | | 6,952,882 | |
| Crown Holdings, Inc. | | | 71,980 | | | | 9,003,977 | |
| Graphic Packaging Holding Co. | | | 399,160 | | | | 7,999,166 | |
| WestRock Co. | | | 130,935 | | | | 6,157,873 | |
| | | | | | | | 30,113,898 | |
| Electric Utilities — 4.49% | | | | | | | | |
| Alliant Energy Corp. | | | 33,010 | | | | 2,062,465 | |
| CenterPoint Energy, Inc. | | | 190,245 | | | | 5,829,106 | |
| CMS Energy Corp. | | | 23,100 | | | | 1,615,614 | |
| Edison International | | | 24,825 | | | | 1,740,233 | |
| | | Shares | | | Fair Value | |
| Electric Utilities — (continued) | | | | | | | | |
| Pinnacle West Capital Corp. | | | 23,615 | | | $ | 1,844,332 | |
| | | | | | | | 13,091,750 | |
| Electrical Equipment — 2.30% | | | | | | | | |
| AMETEK, Inc. | | | 20,965 | | | | 2,792,119 | |
| Johnson Controls International PLC | | | 32,515 | | | | 2,132,009 | |
| Roper Technologies, Inc. | | | 3,775 | | | | 1,782,668 | |
| | | | | | | | 6,706,796 | |
| Food — 1.67% | | | | | | | | |
| Ingredion, Inc. | | | 40,705 | | | | 3,547,441 | |
| J.M. Smucker Co. (The) | | | 9,815 | | | | 1,329,049 | |
| | | | | | | | 4,876,490 | |
| Gas & Water Utilities — 1.94% | | | | | | | | |
| Atmos Energy Corp. | | | 47,325 | | | | 5,654,864 | |
| Health Care Facilities & Services — 2.68% | | | | | | | | |
| Centene Corp.(a) | | | 24,000 | | | | 2,020,560 | |
| Henry Schein, Inc.(a) | | | 27,405 | | | | 2,389,442 | |
| Laboratory Corp. of America Holdings(a) | | | 12,970 | | | | 3,419,670 | |
| | | | | | | | 7,829,672 | |
| Home & Office Products — 1.07% | | | | | | | | |
| Newell Brands, Inc. | | | 146,411 | | | | 3,134,660 | |
| Home Construction — 1.14% | | | | | | | | |
| Mohawk Industries, Inc.(a) | | | 26,830 | | | | 3,332,286 | |
| Industrial Support Services — 1.90% | | | | | | | | |
| AMERCO | | | 9,265 | | | | 5,530,649 | |
| Insurance — 3.51% | | | | | | | | |
| Everest Re Group Ltd. | | | 10,610 | | | | 3,197,642 | |
| Globe Life, Inc. | | | 18,800 | | | | 1,891,280 | |
| Markel Corp.(a) | | | 3,495 | | | | 5,155,964 | |
| | | | | | | | 10,244,886 | |
| Leisure Facilities & Services — 0.84% | | | | | | | | |
| Live Nation Entertainment, Inc.(a) | | | 20,920 | | | | 2,461,029 | |
| Machinery — 2.47% | | | | | | | | |
| Donaldson Co., Inc. | | | 94,350 | | | | 4,899,595 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Machinery — (continued) | | | | | | | | |
| Snap-on, Inc. | | | 11,270 | | | $ | 2,315,760 | |
| | | | | | | | 7,215,355 | |
| Metals & Mining — 0.24% | | | | | | | | |
| Arconic Corp.(a) | | | 27,767 | | | | 711,391 | |
| Oil & Gas Producers — 5.28% | | | | | | | | |
| Cheniere Energy, Inc. | | | 33,480 | | | | 4,642,002 | |
| Continental Resources, Inc. | | | 57,215 | | | | 3,508,996 | |
| Devon Energy Corp. | | | 66,600 | | | | 3,938,058 | |
| Pioneer Natural Resources Co. | | | 13,185 | | | | 3,296,646 | |
| | | | | | | | 15,385,702 | |
| Real Estate — 6.93% | | | | | | | | |
| American Tower Corp. | | | 25,310 | | | | 6,358,378 | |
| Brixmor Property Group, Inc. | | | 209,350 | | | | 5,403,324 | |
| Public Storage | | | 8,430 | | | | 3,290,060 | |
| Simon Property Group, Inc. | | | 20,330 | | | | 2,674,615 | |
| WP Carey, Inc. | | | 30,855 | | | | 2,494,318 | |
| | | | | | | | 20,220,695 | |
| Retail - Consumer Staples — 2.79% | | | | | | | | |
| Dollar General Corp. | | | 10,720 | | | | 2,386,594 | |
| Dollar Tree, Inc.(a) | | | 35,900 | | | | 5,749,385 | |
| | | | | | | | 8,135,979 | |
| Retail - Discretionary — 5.22% | | | | | | | | |
| Advance Auto Parts, Inc. | | | 15,485 | | | | 3,204,776 | |
| CarMax, Inc.(a) | | | 63,840 | | | | 6,159,282 | |
| O’Reilly Automotive, Inc.(a) | | | 8,520 | | | | 5,835,859 | |
| | | | | | | | 15,199,917 | |
| Specialty Finance — 1.50% | | | | | | | | |
| Synchrony Financial | | | 125,865 | | | | 4,381,361 | |
| Technology Hardware — 1.56% | | | | | | | | |
| CommScope Holding Co., Inc.(a) | | | 167,090 | | | | 1,316,669 | |
| NCR Corp.(a) | | | 80,540 | | | | 3,236,903 | |
| | | | | | | | 4,553,572 | |
| | | Shares | | | Fair Value | |
| Technology Services — 8.51% | | | | | | | | |
| Amdocs Ltd. | | | 37,895 | | | $ | 3,115,348 | |
| Dun & Bradstreet Holdngs, Inc.(a) | | | 320,200 | | | | 5,609,904 | |
| Fidelity National Information Services, Inc. | | | 50,500 | | | | 5,071,210 | |
| Global Payments, Inc. | | | 44,800 | | | | 6,130,432 | |
| Nielsen Holdings PLC | | | 56,055 | | | | 1,526,938 | |
| Verisk Analytics, Inc. | | | 15,620 | | | | 3,352,521 | |
| | | | | | | | 24,806,353 | |
Total Common Stocks/ Investments — 88.14%
(Cost $225,412,746) | | | | | | | 257,033,540 | |
| Other Assets in Excess of Liabilities — 11.86% | | | | | | | 34,575,962 | |
| NET ASSETS — 100.00% | | | | | | $ | 291,609,502 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Unconstrained Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 98.59% | | | | | | | | |
| Biotech & Pharma — 6.72% | | | | | | | | |
| Amgen, Inc. | | | 6,185 | | | $ | 1,495,657 | |
| Exelixis, Inc.(a) | | | 107,915 | | | | 2,446,433 | |
| | | | | | | | 3,942,090 | |
| Chemicals — 3.79% | | | | | | | | |
| Ecolab, Inc. | | | 12,606 | | | | 2,225,715 | |
| Commercial Support Services — 5.29% | | | | | | | | |
| Cintas Corp. | | | 7,298 | | | | 3,104,496 | |
| E-Commerce Discretionary — 5.91% | | | | | | | | |
| eBay, Inc. | | | 60,525 | | | | 3,465,662 | |
| Electrical Equipment — 7.31% | | | | | | | | |
| Acuity Brands, Inc. | | | 6,180 | | | | 1,169,874 | |
| Generac Holdings, Inc.(a) | | | 10,485 | | | | 3,116,772 | |
| | | | | | | | 4,286,646 | |
| Internet Media & Services — 0.99% | | | | | | | | |
| VeriSign, Inc.(a) | | | 2,620 | | | | 582,845 | |
| Leisure Facilities & Services — 5.40% | | | | | | | | |
| Yum China Holdings, Inc. | | | 76,320 | | | | 3,170,333 | |
| Machinery — 4.52% | | | | | | | | |
| Parker-Hannifin Corp. | | | 9,353 | | | | 2,654,007 | |
| Medical Equipment & Devices — 4.58% | | | | | | | | |
| Waters Corp.(a) | | | 8,662 | | | | 2,688,598 | |
| Publishing & Broadcasting — 3.84% | | | | | | | | |
| Liberty Media Corp.- Liberty Sirius XM, Class C(a) | | | 49,186 | | | | 2,249,276 | |
| Retail - Consumer Staples — 6.18% | | | | | | | | |
| Dollar General Corp. | | | 16,280 | | | | 3,624,416 | |
| Retail - Discretionary — 8.15% | | | | | | | | |
| O’Reilly Automotive, Inc.(a) | | | 3,834 | | | | 2,626,136 | |
| Ross Stores, Inc. | | | 23,815 | | | | 2,154,305 | |
| | | | | | | | 4,780,441 | |
| Semiconductors — 9.25% | | | | | | | | |
| Lam Research Corp. | | | 4,445 | | | | 2,389,676 | |
| Teradyne, Inc. | | | 25,722 | | | | 3,041,112 | |
| | | | | | | | 5,430,788 | |
| | | Shares | | | Fair Value | |
| Software — 3.86% | | | | | | | | |
| Fortinet, Inc.(a) | | | 6,630 | | | $ | 2,265,736 | |
| Specialty Finance — 9.03% | | | | | | | | |
| Capital One Financial Corp. | | | 21,750 | | | | 2,855,558 | |
| Synchrony Financial | | | 70,140 | | | | 2,441,573 | |
| | | | | | | | 5,297,131 | |
| Technology Hardware — 4.45% | | | | | | | | |
| Zebra Technologies Corp., Class A(a) | | | 6,305 | | | | 2,608,379 | |
| Transportation & Logistics — 3.24% | | | | | | | | |
| Union Pacific Corp. | | | 6,957 | | | | 1,900,722 | |
| Transportation Equipment — 6.08% | | | | | | | | |
| Allison Transmission Holdings, Inc. | | | 90,895 | | | | 3,568,538 | |
Total Common Stocks/ Investments — 98.59%
(Cost $53,817,521) | | | | | | | 57,845,819 | |
| Other Assets in Excess of Liabilities — 1.41% | | | | | | | 827,353 | |
| NET ASSETS — 100.00% | | | | | | $ | 58,673,172 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Mid Core Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 96.17% | | | | | | | | |
| Automotive — 0.23% | | | | | | | | |
| Cooper-Standard Holding, Inc.(a) | | | 1,395 | | | $ | 12,234 | |
| Banking — 7.68% | | | | | | | | |
| First Citizens BancShares, Inc., Class A | | | 85 | | | | 56,576 | |
| Live Oak Bancshares, Inc. | | | 3,122 | | | | 158,878 | |
| PacWest BanCorp | | | 1,860 | | | | 80,222 | |
| Western Alliance Bancorp | | | 1,402 | | | | 116,114 | |
| | | | | | | | 411,790 | |
| Biotech & Pharma — 2.86% | | | | | | | | |
| Exelixis, Inc.(a) | | | 6,760 | | | | 153,249 | |
| Cable & Satellite — 1.67% | | | | | | | | |
| Liberty Latin America Ltd., Class C(a) | | | 9,360 | | | | 89,763 | |
| Chemicals — 5.51% | | | | | | | | |
| Huntsman Corp. | | | 6,050 | | | | 226,935 | |
| Orion Engineered Carbons SA(a) | | | 4,285 | | | | 68,431 | |
| | | | | | | | 295,366 | |
| E-Commerce Discretionary — 3.13% | | | | | | | | |
| eBay, Inc. | | | 1,970 | | | | 112,802 | |
| Etsy, Inc.(a) | | | 445 | | | | 55,305 | |
| | | | | | | | 168,107 | |
| Electrical Equipment — 7.28% | | | | | | | | |
| Acuity Brands, Inc. | | | 500 | | | | 94,650 | |
| Advanced Energy Industries, Inc. | | | 2,065 | | | | 177,755 | |
| Generac Holdings, Inc.(a) | | | 397 | | | | 118,012 | |
| | | | | | | | 390,417 | |
| Entertainment Content — 0.58% | | | | | | | | |
| Sciplay Corp.(a) | | | 2,395 | | | | 30,943 | |
| Food — 3.00% | | | | | | | | |
| Lancaster Colony Corp. | | | 1,080 | | | | 161,082 | |
| Gas & Water Utilities — 1.31% | | | | | | | | |
| UGI Corp. | | | 1,940 | | | | 70,267 | |
| Home & Office Products — 3.39% | | | | | | | | |
| Leggett & Platt, Inc. | | | 2,920 | | | | 101,616 | |
| | | Shares | | | Fair Value | |
| Home & Office Products — (continued) | | | | | | | | |
| Tempur Sealy International, Inc. | | | 2,865 | | | $ | 79,991 | |
| | | | | | | | 181,607 | |
| Home Construction — 3.64% | | | | | | | | |
| Masco Corp. | | | 1,975 | | | | 100,724 | |
| PulteGroup, Inc. | | | 2,265 | | | | 94,904 | |
| | | | | | | | 195,628 | |
| Insurance — 6.86% | | | | | | | | |
| Brown & Brown, Inc. | | | 1,283 | | | | 92,722 | |
| Mercury General Corp. | | | 2,250 | | | | 123,750 | |
| Old Republic International Corp. | | | 3,400 | | | | 87,958 | |
| Voya Financial, Inc. | | | 957 | | | | 63,497 | |
| | | | | | | 367,927 | |
| Leisure Facilities & Services — 2.09% | | | | | | | | |
| Yum China Holdings, Inc. | | | 2,705 | | | | 112,366 | |
| Medical Equipment & Devices — 6.17% | | | | | | | | |
| Dentsply Sirona, Inc. | | | 3,365 | | | | 165,626 | |
| Quidel Corp.(a) | | | 465 | | | | 52,294 | |
| Waters Corp.(a) | | | 365 | | | | 113,292 | |
| | | | | | | | 331,212 | |
| Oil & Gas Producers — 4.37% | | | | | | | | |
| Coterra Energy, Inc. | | | 4,775 | | | | 128,781 | |
| Devon Energy Corp. | | | 1,789 | | | | 105,784 | |
| | | | | | | | 234,565 | |
| Real Estate — 8.73% | | | | | | | | |
| American Assets Trust, Inc. | | | 2,525 | | | | 95,672 | |
| Gaming and Leisure Properties, Inc. | | | 3,919 | | | | 183,919 | |
| SITE Centers Corp. | | | 4,365 | | | | 72,939 | |
| STORE Capital Corp. | | | 3,955 | | | | 115,605 | |
| | | | | | | | 468,135 | |
| Retail - Discretionary — 1.97% | | | | | | | | |
| Advance Auto Parts, Inc. | | | 510 | | | | 105,550 | |
| Semiconductors — 7.20% | | | | | | | | |
| Cirrus Logic, Inc.(a) | | | 1,385 | | | | 117,434 | |
| Power Integrations, Inc. | | | 1,680 | | | | 155,703 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Mid Core Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Semiconductors — (continued) | | | | | | | | |
| Teradyne, Inc. | | | 960 | | | $ | 113,501 | |
| | | | | | | 386,638 | |
| Software — 1.99% | | | | | | | | |
| Concentrix Corp. | | | 640 | | | | 106,598 | |
| Specialty Finance — 1.22% | | | | | | | | |
| Synchrony Financial | | | 1,885 | | | | 65,617 | |
| Steel — 3.49% | | | | | | | | |
| Steel Dynamics, Inc. | | | 2,245 | | | | 187,300 | |
| Technology Hardware — 2.82% | | | | | | | | |
| TD SYNNEX Corp. | | | 404 | | | | 41,697 | |
| Zebra Technologies Corp., Class A(a) | | | 265 | | | | 109,630 | |
| | | | | | | 151,327 | |
| Technology Services — 3.91% | | | | | | | | |
| Leidos Holdings, Inc. | | | 825 | | | | 89,117 | |
| Science Applications International Corp. | | | 1,310 | | | | 120,742 | |
| | | | | | | 209,859 | |
| Transportation Equipment — 3.06% | | | | | | | | |
| Allison Transmission Holdings, Inc. | | | 4,180 | | | | 164,107 | |
| Wholesale - Discretionary — 2.01% | | | | | | | | |
| Pool Corp. | | | 255 | | | | 107,827 | |
Total Common Stocks/ Investments — 96.17%
(Cost $4,586,477) | | | | | | | 5,159,481 | |
| Other Assets in Excess of Liabilities — 3.83% | | | | | | | 205,222 | |
| NET ASSETS — 100.00% | | | | | | $ | 5,364,703 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Micro-Cap Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — 95.13% | | | | | | | | |
| Advertising & Marketing — 2.28% | | | | | | | | |
| Magnite, Inc.(a) | | | 11,500 | | | $ | 151,915 | |
| Quotient Technology, | | | | | | | | |
| Inc.(a) | | | 33,535 | | | | 213,953 | |
| | | | | | | | 365,868 | |
| Aerospace & Defense — 1.12% | | | | | | | | |
| Byrna Technologies, Inc.(a) | | | 22,125 | | | | 180,761 | |
| Asset Management — 4.67% | | | | | | | | |
| B. Riley Financial, Inc. | | | 7,386 | | | | 516,725 | |
| WisdomTree Investments, Inc. | | | 39,935 | | | | 234,418 | |
| | | | | | | | 751,143 | |
| Beverages — 1.44% | | | | | | | | |
| Farmer Bros. Co.(a) | | | 32,405 | | | | 230,724 | |
| Biotech & Pharma — 4.33% | | | | | | | | |
| ANI Pharmaceuticals, Inc.(a) | | | 3,715 | | | | 104,429 | |
| DermTech, Inc.(a) | | | 5,219 | | | | 76,615 | |
| Intercept Pharmaceuticals, Inc.(a) | | | 12,825 | | | | 208,663 | |
| PetIQ, Inc., Class A(a) | | | 10,975 | | | | 267,790 | |
| ZIOPHARM Oncology, Inc.(a) | | | 61,300 | | | | 39,992 | |
| | | | | | | | 697,489 | |
| Commercial Support Services — 2.84% | | | | | | | | |
| Cross Country Healthcare, Inc.(a) | | | 10,550 | | | | 228,619 | |
| Quad Graphics, Inc., Class A(a) | | | 32,750 | | | | 227,285 | |
| | | | | | | | 455,904 | |
| Consumer Services — 1.71% | | | | | | | | |
| 2U, Inc.(a) | | | 20,725 | | | | 275,228 | |
| Containers & Packaging — 1.56% | | | | | | | | |
| Myers Industries, Inc. | | | 11,625 | | | | 251,100 | |
| Electrical Equipment — 1.56% | | | | | | | | |
| Babcock & Wilcox Enterprises, Inc.(a) | | | 30,695 | | | | 250,471 | |
| Entertainment Content — 1.37% | | | | | | | | |
| PLAYSTUDIOS, Inc., Class A(a) | | | 45,531 | | | | 220,825 | |
| Food — 1.89% | | | | | | | | |
| Landec Corp.(a) | | | 20,000 | | | | 231,600 | |
| | | Shares | | | Fair Value | |
| Food — (continued) | | | | | | | | |
| Limoneira Co.(a) | | | 4,925 | | | $ | 72,299 | |
| | | | | | | | 303,899 | |
| Health Care Facilities & Services — 3.42% | | | | | | | | |
| Enzo Biochem, Inc.(a) | | | 74,450 | | | | 215,905 | |
| Owens & Minor, Inc. | | | 7,565 | | | | 333,011 | |
| | | | | | | | 548,916 | |
| Home Construction — 1.57% | | | | | | | | |
| Hovnanian Enterprises, Inc.(a) | | | 4,270 | | | | 252,357 | |
| Insurance — 0.45% | | | | | | | | |
| United Insurance Holdings Corp.(a) | | | 21,815 | | | | 72,208 | |
| Internet Media & Services — 3.08% | | | | | | | | |
| EverQuote, Inc., Class A (a) | | | 13,890 | | | | 224,741 | |
| Groupon, Inc.(a) | | | 4,745 | | | | 91,246 | |
| LiveOne, Inc.(a) | | | 80,930 | | | | 66,039 | |
| Nerdy, Inc., Class A(a) | | | 22,175 | | | | 112,871 | |
| | | | | | | | 494,897 | |
| Leisure Facilities & Services — 4.69% | | | | | | | | |
| Carrols Restaurant Group, Inc.(a) | | | 31,831 | | | | 71,938 | |
| Century Casinos, Inc.(a) | | | 21,250 | | | | 253,938 | |
| Drive Shack, Inc.(a) | | | 54,047 | | | | 83,232 | |
| Fiesta Restaurant Group, Inc.(a) | | | 12,800 | | | | 95,680 | |
| Monarch Casino & Resort, Inc.(a) | | | 2,860 | | | | 249,478 | |
| | | | | | | | 754,266 | |
| Leisure Products — 1.18% | | | | | | | | |
| Funko, Inc., Class A(a) | | | 11,025 | | | | 190,181 | |
| Machinery — 1.56% | | | | | | | | |
| Titan International, Inc.(a) | | | 17,055 | | | | 251,220 | |
| Medical Equipment & Devices — 3.57% | | | | | | | | |
| Accuray, Inc.(a) | | | 42,885 | | | | 141,949 | |
| Cutera, Inc.(a) | | | 6,250 | | | | 431,250 | |
| | | | | | | | 573,199 | |
| Oil & Gas Producers — 5.79% | | | | | | | | |
| Matador Resources Co. | | | 12,470 | | | | 660,661 | |
| TravelCenters of America, Inc.(a) | | | 6,290 | | | | 270,218 | |
| | | | | | | | 930,879 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Micro-Cap Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
| COMMON STOCKS — (continued) | | | | | | | | |
| Oil & Gas Services & Equipment — 1.26% | | | | | | | | |
| Newpark Resources,Inc.(a) | | | 55,275 | | | $ | 202,307 | |
| Publishing & Broadcasting — 2.57% | | | | | | | | |
| Audacy, Inc.(a) | | | 59,665 | | | | 172,432 | |
| Townsquare Media, Inc., Class A(a) | | | 18,765 | | | | 240,004 | |
| | | | | | | | 412,436 | |
| Renewable Energy — 4.32% | | | | | | | | |
| Eneti, Inc. | | | 31,575 | | | | 200,501 | |
| FutureFuel Corp. | | | 28,903 | | | | 281,227 | |
| Green Plains, Inc.(a) | | | 6,830 | | | | 211,798 | |
| | | | | | | | 693,526 | |
| Retail - Discretionary — 7.87% | | | | | | | | |
| Barnes & Noble Education, Inc.(a) | | | 34,770 | | | | 124,477 | |
| Boot Barn Holdings, Inc.(a) | | | 2,109 | | | | 199,912 | |
| Destination XL Group, Inc.(a) | | | 23,625 | | | | 115,290 | |
| Genesco, Inc.(a) | | | 3,425 | | | | 217,863 | |
| Kirkland’s, Inc.(a) | | | 9,400 | | | | 87,326 | |
| Lazydays Holdings, Inc.(a) | | | 3,830 | | | | 77,289 | |
| MarineMax, Inc.(a) | | | 3,764 | | | | 151,539 | |
| Sportsman’s Warehouse Holdings, Inc.(a) | | | 19,750 | | | | 211,127 | |
| Tuesday Morning Corp.(a) | | | 70,945 | | | | 78,040 | |
| | | | | | | | 1,262,863 | |
| Software — 4.78% | | | | | | | | |
| Brightcove, Inc.(a) | | | 24,300 | | | | 189,540 | |
| Donnelley Financial Solutions, Inc.(a) | | | 6,803 | | | | 226,268 | |
| Limelight Networks, Inc.(a) | | | 48,300 | | | | 252,126 | |
| RealNetworks, Inc.(a) | | | 29,121 | | | | 16,890 | |
| Synchronoss Technologies, Inc.(a) | | | 48,000 | | | | 83,040 | |
| | | | | | | | 767,864 | |
| Specialty Finance — 5.61% | | | | | | | | |
| CURO Group Holdings Corp.(a) | | | 14,975 | | | | 195,424 | |
| Elevate Credit, Inc.(a) | | | 72,782 | | | | 222,713 | |
| International Money Express, Inc.(a) | | | 11,925 | | | | 245,773 | |
| | | Shares | | | Fair Value | |
| Specialty Finance — (continued) | | | | | | | | |
| Regional Management Corp. | | | 4,866 | | | $ | 236,342 | |
| | | | | | | | 900,252 | |
| Technology Hardware — 5.04% | | | | | | | | |
| A10 Networks, Inc. | | | 17,780 | | | | 248,031 | |
| Arlo Technologies, Inc.(a) | | | 32,186 | | | | 285,168 | |
| CalAmp Corp.(a) | | | 21,970 | | | | 160,601 | |
| Daktronics, Inc.(a) | | | 30,275 | | | | 116,256 | |
| | | | | | | | 810,056 | |
| Technology Services — 2.32% | | | | | | | | |
| comScore, Inc.(a) | | | 54,300 | | | | 158,013 | |
| Katapult Holdings, Inc.(a) | | | 46,100 | | | | 109,718 | |
| MoneyLion, Inc., Class A (a) | | | 42,075 | | | | 105,608 | |
| | | | | | | | 373,339 | |
| Telecommunications — 1.38% | | | | | | | | |
| INNOVATE Corp.(a) | | | 60,075 | | | | 221,677 | |
| Transportation & Logistics — 3.06% | | | | | | | | |
| Nordic American Tankers Ltd.(a) | | | 56,795 | | | | 120,973 | |
| Overseas Shipholding Group, Inc., Class A(a) | | | 92,950 | | | | 194,266 | |
| U.S. Xpress Enterprises, Inc., Class A(a) | | | 45,157 | | | | 175,209 | |
| | | | | | | | 490,448 | |
| Transportation Equipment — 0.99% | | | | | | | | |
| Commercial Vehicle Group, Inc.(a) | | | 18,825 | | | | 159,071 | |
| Wholesale - Consumer Staples — 1.90% | | | | | | | | |
| Andersons, Inc. (The) | | | 6,085 | | | | 305,832 | |
| Wholesale - Discretionary — 3.95% | | | | | | | | |
| Veritiv Corp.(a) | | | 4,750 | | | | 634,553 | |
Total Common Stocks
(Cost $12,837,146) | | | | | | | 15,285,759 | |
| CLOSED END FUNDS — 1.07% | | | | | | | | |
| NexPoint Diversified Real Estate Trust | | | 10,825 | | | | 171,252 | |
Total Closed End Funds
(Cost $158,963) | | | | | | | 171,252 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Micro-Cap Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | | Shares | | | Fair Value | |
Total Investments — 96.20%
(Cost $12,996,109) | | | | | | $ | 15,457,011 | |
| Other Assets in Excess of Liabilities — 3.80% | | | | | | | 610,890 | |
| NET ASSETS — 100.00% | | | | | | $ | 16,067,901 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Assets and Liabilities
March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Small-Cap
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Cap
Growth Fund | | | Fuller & Thaler
Behavioral
Mid-Cap
Value Fund | |
| Assets | | | | | | | | | |
| Investments in securities at fair value (cost $4,946,583,433, $97,739,612 and $225,412,746) | | $ | 6,080,144,587 | | | $ | 106,503,038 | | | $ | 257,033,540 | |
| Cash and cash equivalents | | | 30,214,530 | | | | 1,493,891 | | | | 33,682,002 | |
| Receivable for fund shares sold | | | 6,572,001 | | | | 159,450 | | | | 969,097 | |
| Receivable for investments sold | | | 43,269,919 | | | | 1,299,243 | | | | 250,349 | |
| Dividends and interest receivable | | | 3,430,318 | | | | 6,459 | | | | 254,698 | |
| Prepaid expenses | | | 177,405 | | | | 46,533 | | | | 36,679 | |
| Total Assets | | | 6,163,808,760 | | | | 109,508,614 | | | | 292,226,365 | |
| Liabilities | | | | | | | | | | | | |
| Payable for investments purchased | | | 48,283,789 | | | | 120,039 | | | | — | |
| Payable for fund shares redeemed | | | 5,586,074 | | | | 2,837,471 | | | | 424,049 | |
| Payable to Adviser | | | 3,012,936 | | | | 63,245 | | | | 160,903 | |
| Accrued 12b-1 fees | | | 172,462 | | | | 2,570 | | | | 1,738 | |
| Accrued administrative service fees | | | 647,201 | | | | 18,263 | | | | 11,323 | |
| Payable to Administrator | | | 109,488 | | | | 2,618 | | | | 4,668 | |
| Payable to auditors | | | 11,783 | | | | 11,783 | | | | 11,783 | |
| Payable to trustees | | | 336 | | | | 336 | | | | 336 | |
| Other accrued expenses | | | 77,412 | | | | 1,771 | | | | 2,063 | |
| Total Liabilities | | | 57,901,481 | | | | 3,058,096 | | | | 616,863 | |
| Net Assets | | $ | 6,105,907,279 | | | $ | 106,450,518 | | | $ | 291,609,502 | |
| Net Assets consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 4,938,664,586 | | | $ | 97,664,562 | | | $ | 256,325,008 | |
| Accumulated earnings | | | 1,167,242,693 | | | | 8,785,956 | | | | 35,284,494 | |
| Net Assets | | $ | 6,105,907,279 | | | $ | 106,450,518 | | | $ | 291,609,502 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Assets and Liabilities (continued)
March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Small-Cap
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Cap
Growth Fund | | | Fuller & Thaler
Behavioral
Mid-Cap
Value Fund | |
| R6 Shares: | | | | | | | | | |
| Net Assets | | $ | 1,552,020,330 | | | $ | 5,594,516 | | | $ | 188,037,341 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 44,104,650 | | | | 167,632 | | | | 6,022,397 | |
| Net asset value, offering and redemption price per share | | $ | 35.19 | | | $ | 33.37 | | | $ | 31.22 | |
| Institutional Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 4,233,176,989 | | | $ | 97,314,488 | | | $ | 99,227,908 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 121,336,393 | | | | 2,927,749 | | | | 3,181,250 | |
| Net asset value, offering and redemption price per share | | $ | 34.89 | | | $ | 33.24 | | | $ | 31.19 | |
| Investor Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 298,784,611 | | | $ | 2,537,339 | | | $ | 4,268,951 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 8,619,455 | | | | 77,323 | | | | 137,377 | |
| Net asset value, offering and redemption price per share | | $ | 34.66 | | | $ | 32.81 | | | $ | 31.07 | |
| A Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 9,618,556 | | | $ | 377,756 | | | $ | 38,135 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 278,161 | | | | 11,534 | | | | 1,222 | |
| Net asset value, offering and redemption price per share | | $ | 34.58 | | | $ | 32.75 | | | $ | 31.22 | (a) |
| Maximum offering price per share (Note 1) | | $ | 36.69 | | | $ | 34.75 | | | $ | 33.12 | |
| C Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 12,306,793 | | | $ | 626,419 | | | $ | 37,167 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 360,701 | | | | 19,482 | | | | 1,191 | |
| Net asset value, offering and redemption price per share | | $ | 34.12 | | | $ | 32.15 | | | $ | 31.21 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Assets and Liabilities (continued)
March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Unconstrained
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Mid Core
Equity Fund | | | Fuller & Thaler
Behavioral
Micro-Cap
Equity Fund | |
| Assets | | | | | | | | | |
| Investments in securities at fair value (cost $53,817,521, $4,586,477 and $12,996,109) | | $ | 57,845,819 | | | $ | 5,159,481 | | | $ | 15,457,011 | |
| Cash and cash equivalents | | | 946,615 | | | | 203,259 | | | | 560,592 | |
| Receivable for fund shares sold | | | 1,250 | | | | — | | | | 98,800 | |
| Receivable for investments sold | | | 708,779 | | | | — | | | | 36,342 | |
| Dividends and interest receivable | | | 12,756 | | | | 6,542 | | | | 2,589 | |
| Receivable from Adviser | | | — | | | | 3,345 | | | | — | |
| Prepaid expenses | | | 58,904 | | | | 7,611 | | | | 8,445 | |
| Total Assets | | | 59,574,123 | | | | 5,380,238 | | | | 16,163,779 | |
| Liabilities | | | | | | | | | | | | |
| Payable for investments purchased | | | 714,517 | | | | — | | | | 69,462 | |
| Payable for fund shares redeemed | | | 143,063 | | | | — | | | | — | |
| Payable to Adviser | | | 25,816 | | | | — | | | | 10,008 | |
| Accrued 12b-1 fees | | | 160 | | | | 1 | | | | — | |
| Accrued administrative service fees | | | 1,896 | | | | 280 | | | | 1,124 | |
| Payable to Administrator | | | 1,819 | | | | 1,475 | | | | 1,475 | |
| Payable to auditors | | | 11,060 | | | | 11,060 | | | | 11,060 | |
| Payable to trustees | | | 336 | | | | 336 | | | | 336 | |
| Other accrued expenses | | | 2,284 | | | | 2,383 | | | | 2,413 | |
| Total Liabilities | | | 900,951 | | | | 15,535 | | | | 95,878 | |
| Net Assets | | $ | 58,673,172 | | | $ | 5,364,703 | | | $ | 16,067,901 | |
| Net Assets consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 53,500,723 | | | $ | 4,582,075 | | | $ | 12,283,176 | |
| Accumulated earnings | | | 5,172,449 | | | | 782,628 | | | | 3,784,725 | |
| Net Assets | | $ | 58,673,172 | | | $ | 5,364,703 | | | $ | 16,067,901 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Assets and Liabilities (continued)
March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Unconstrained
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Mid Core
Equity Fund | | | Fuller & Thaler
Behavioral
Micro-Cap
Equity Fund | |
| R6 Shares: | | | | | | | | | |
| Net Assets | | $ | 45,387,308 | | | | | | | | | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 1,259,702 | | | | | | | | | |
| Net asset value, offering and redemption price per share | | $ | 36.03 | | | | | | | | | |
| Institutional Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 13,197,236 | | | $ | 5,360,949 | | | $ | 16,067,901 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 367,018 | | | | 164,519 | | | | 503,825 | |
| Net asset value, offering and redemption price per share | | $ | 35.96 | | | $ | 32.59 | | | $ | 31.89 | |
| A Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 44,658 | | | $ | 3,754 | | | | | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 1,244 | | | | 115 | | | | | |
| Net asset value, offering and redemption price per share | | $ | 35.90 | | | $ | 32.58 | (a) | | | | |
| Maximum offering price per share (Note 1) | | $ | 38.09 | | | $ | 34.57 | | | | | |
| C Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 43,970 | | | | | | | | | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 1,230 | | | | | | | | | |
| Net asset value, offering and redemption price per share | | $ | 35.73 | (a) | | | | | | | | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Operations
For the six months ended March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Small-Cap
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Cap
Growth Fund | | | Fuller & Thaler
Behavioral
Mid-Cap
Value Fund | |
| Investment Income: | | | | | | | | | |
| Dividend income | | $ | 38,888,529 | | | $ | 61,549 | | | $ | 1,880,680 | |
| Interest income | | | 3,000 | | | | 366 | | | | 1,275 | |
| Securities lending income | | | 921 | | | | 222 | | | | 318 | |
| Total investment income | | | 38,892,450 | | | | 62,137 | | | | 1,882,273 | |
| Expenses: | | | | | | | | | | | | |
| Adviser | | | 17,662,746 | | | | 489,887 | | | | 862,667 | |
| Administrative Services - Institutional Shares | | | 1,944,504 | | | | 45,906 | | | | 24,935 | |
| Administrative Services - Investor Shares | | | 206,643 | | | | 2,246 | | | | 2,552 | |
| Administrative Services - A Shares | | | 5,348 | | | | 179 | | | | — | |
| 12b-1 fees - Investor Shares | | | 371,346 | | | | 4,001 | | | | 4,561 | |
| 12b-1 fees - A Shares | | | 10,381 | | | | 572 | | | | 5 | (a) |
| 12b-1 fees - C Shares | | | 57,292 | | | | 3,463 | | | | 21 | (a) |
| Administration | | | 436,110 | | | | 8,590 | | | | 16,724 | |
| Registration | | | 142,364 | | | | 34,525 | | | | 22,866 | |
| Fund accounting | | | 139,260 | | | | 2,743 | | | | 5,340 | |
| ReFlow fees (Note 9) | | | 124,329 | | | | 23,933 | | | | — | |
| Report printing | | | 112,747 | | | | 4,492 | | | | 2,155 | |
| Custodian | | | 76,602 | | | | 4,110 | | | | 6,540 | |
| Transfer agent | | | 63,610 | | | | 1,252 | | | | 2,439 | |
| Legal | | | 22,506 | | | | 6,051 | | | | 6,051 | |
| Audit and tax preparation | | | 8,083 | | | | 8,083 | | | | 8,083 | |
| Trustee | | | 6,539 | | | | 6,539 | | | | 6,539 | |
| Compliance services | | | 2,992 | | | | 2,992 | | | | 2,992 | |
| Miscellaneous | | | 79,496 | | | | 12,604 | | | | 13,509 | |
| Total expenses | | | 21,472,898 | | | | 662,168 | | | | 987,979 | |
| Fees contractually waived by Adviser | | | — | | | | (88,116 | ) | | | (38,569 | ) |
| Net operating expenses | | | 21,472,898 | | | | 574,052 | | | | 949,410 | |
| Net investment income (loss) | | | 17,419,552 | | | | (511,915 | ) | | | 932,863 | |
Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions | | | | | | | | | | | | |
| Net realized gain on investment securities transactions | | | 50,586,980 | | | | 1,551,777 | | | | 3,937,162 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 25,482,829 | | | | 4,800,190 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (178,149,291 | ) | | | (19,043,117 | ) | | | 15,165,365 | |
Net realized and change in unrealized gain (loss) on investments and in-kind redemptions | | | (102,079,482 | ) | | | (12,691,150 | ) | | | 19,102,527 | |
Net increase (decrease) in net assets resulting from operations | | $ | (84,659,930 | ) | | $ | (13,203,065 | ) | | $ | 20,035,390 | |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Operations (continued)
For the six months ended March 31, 2022 (Unaudited)
| | | Fuller & Thaler
Behavioral
Unconstrained
Equity Fund | | | Fuller & Thaler
Behavioral
Small-Mid Core
Equity Fund | | | Fuller & Thaler
Behavioral
Micro-Cap
Equity Fund | |
| Investment Income: | | | | | | | | | |
| Dividend income (net of foreign taxes withheld of $–, $29 and $–) | | $ | 291,948 | | | $ | 40,270 | | | $ | 82,800 | |
| Interest income | | | 336 | | | | 20 | | | | 42 | |
| Securities lending income | | | 14 | | | | — | | | | 425 | |
| Total investment income | | | 292,298 | | | | 40,290 | | | | 83,267 | |
| Expenses: | | | | | | | | | | | | |
| Adviser | | | 303,358 | | | | 20,623 | | | | 105,797 | |
| Administrative Services - Institutional Shares | | | 6,694 | | | | 1,715 | | | | 4,338 | |
| Administrative Services - A Shares | | | 45 | | | | — | | | | — | |
| 12b-1 fees - A Shares | | | 100 | | | | 1 | (a) | | | — | |
| 12b-1 fees - C Shares | | | 189 | | | | — | | | | — | |
| Registration | | | 43,562 | | | | 2,903 | | | | 5,787 | |
| ReFlow fees (Note 9) | | | 29,328 | | | | 2,430 | | | | 1,210 | |
| Audit and tax preparation | | | 7,360 | | | | 7,360 | | | | 7,360 | |
| Trustee | | | 6,539 | | | | 6,539 | | | | 6,539 | |
| Legal | | | 6,051 | | | | 6,051 | | | | 6,051 | |
| Administration | | | 5,490 | | | | 4,084 | | | | 4,084 | |
| Compliance services | | | 2,992 | | | | 2,992 | | | | 2,992 | |
| Custodian | | | 2,712 | | | | 183 | | | | 547 | |
| Fund accounting | | | 1,754 | | | | 1,304 | | | | 1,304 | |
| Report printing | | | 1,533 | | | | 1,292 | | | | 1,250 | |
| Transfer agent | | | 800 | | | | 596 | | | | 595 | |
| Miscellaneous | | | 10,500 | | | | 9,850 | | | | 10,229 | |
| Total expenses | | | 429,007 | | | | 67,923 | | | | 158,083 | |
| Fees contractually waived and expenses reimbursed by Adviser | | | (101,852 | ) | | | (43,442 | ) | | | (52,325 | ) |
| Net operating expenses | | | 327,155 | | | | 24,481 | | | | 105,758 | |
| Net investment income (loss) | | | (34,857 | ) | | | 15,809 | | | | (22,491 | ) |
| Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions | | | | | | | | | | | | |
| Net realized gain on investment securities transactions | | | 1,595,098 | | | | 220,239 | | | | 1,496,223 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 10,020,739 | | | | 605,930 | | | | 360,429 | |
| Net change in unrealized depreciation of investment securities | | | (14,865,631 | ) | | | (1,049,586 | ) | | | (1,763,923 | ) |
| Net realized and change in unrealized gain (loss) on investments and in-kind redemptions | | | (3,249,794 | ) | | | (223,417 | ) | | | 92,729 | |
Net increase (decrease) in net assets resulting from operations | | $ | (3,284,651 | ) | | $ | (207,608 | ) | | $ | 70,238 | |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets
| | | Fuller & Thaler
Behavioral Small-Cap
Equity Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment income | | $ | 17,419,552 | | | $ | 57,997,513 | |
| Net realized gain on investment securities transactions | | | 50,586,980 | | | | 226,311,871 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 25,482,829 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (178,149,291 | ) | | | 1,193,158,170 | |
| Net increase (decrease) in net assets resulting from operations | | | (84,659,930 | ) | | | 1,477,467,554 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| R6 Shares | | | (57,984,642 | ) | | | (3,536,864 | ) |
| Institutional Shares | | | (157,276,898 | ) | | | (9,119,600 | ) |
| Investor Shares | | | (10,466,801 | ) | | | (196,391 | ) |
| A Shares | | | (301,760 | ) | | | (7,720 | ) |
| C Shares | | | (389,269 | ) | | | — | |
| Total distributions | | | (226,419,370 | ) | | | (12,860,575 | ) |
| Capital Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Proceeds from shares sold | | | 451,327,036 | | | | 569,785,040 | |
| Reinvestment of distributions | | | 18,510,488 | | | | 874,989 | |
| Amount paid for shares redeemed | | | (239,033,847 | ) | | | (127,038,583 | ) |
| Total R6 Shares | | | 230,803,677 | | | | 443,621,446 | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 1,132,869,173 | | | | 1,211,111,480 | |
| Reinvestment of distributions | | | 103,296,469 | | | | 5,984,737 | |
| Amount paid for shares redeemed | | | (381,416,447 | ) | | | (756,157,917 | ) |
| Total Institutional Shares | | | 854,749,195 | | | | 460,938,300 | |
| Investor Shares: | | | | | | | | |
| Proceeds from shares sold | | | 77,426,564 | | | | 139,414,583 | |
| Reinvestment of distributions | | | 9,654,004 | | | | 181,834 | |
| Amount paid for shares redeemed | | | (47,452,532 | ) | | | (76,785,283 | ) |
| Total Investor Shares | | | 39,628,036 | | | | 62,811,134 | |
| A Shares: | | | | | | | | |
| Proceeds from shares sold | | | 2,585,975 | | | | 5,484,289 | |
| Reinvestment of distributions | | | 301,511 | | | | 7,701 | |
| Amount paid for shares redeemed | | | (237,573 | ) | | | (316,780 | ) |
| Total A Shares | | | 2,649,913 | | | | 5,175,210 | |
| C Shares: | | | | | | | | |
| Proceeds from shares sold | | | 3,329,089 | | | | 6,335,758 | |
| Reinvestment of distributions | | | 354,610 | | | | — | |
| Amount paid for shares redeemed | | | (884,784 | ) | | | (964,099 | ) |
| Total C Shares | | | 2,798,915 | | | | 5,371,659 | |
| Net increase in net assets resulting from capital transactions | | | 1,130,629,736 | | | | 977,917,749 | |
| Total Increase in Net Assets | | | 819,550,436 | | | | 2,442,524,728 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Small-Cap Equity Fund | |
| | | For the
Six Months Ended
March 31, 2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 5,286,356,843 | | | | 2,843,832,115 | |
| End of period | | $ | 6,105,907,279 | | | $ | 5,286,356,843 | |
| Share Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Shares sold | | | 12,242,119 | | | | 17,136,436 | |
| Shares issued in reinvestment of distributions | | | 493,591 | | | | 29,137 | |
| Shares redeemed | | | (6,527,030 | ) | | | (3,928,440 | ) |
| Total R6 Shares | | | 6,208,680 | | | | 13,237,133 | |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 30,468,020 | | | | 36,011,050 | |
| Shares issued in reinvestment of distributions | | | 2,778,864 | | | | 200,898 | |
| Shares redeemed | | | (10,506,148 | ) | | | (22,730,391 | ) |
| Total Institutional Shares | | | 22,740,736 | | | | 13,481,557 | |
| Investor Shares: | | | | | | | | |
| Shares sold | | | 2,137,249 | | | | 4,084,077 | |
| Shares issued in reinvestment of distributions | | | 261,509 | | | | 6,133 | |
| Shares redeemed | | | (1,317,527 | ) | | | (2,284,026 | ) |
| Total Investor Shares | | | 1,081,231 | | | | 1,806,184 | |
| A Shares: | | | | | | | | |
| Shares sold | | | 71,814 | | | | 175,469 | |
| Shares issued in reinvestment of distributions | | | 8,184 | | | | 260 | |
| Shares redeemed | | | (6,583 | ) | | | (9,573 | ) |
| Total A Shares | | | 73,415 | | | | 166,156 | |
| C Shares: | | | | | | | | |
| Shares sold | | | 93,518 | | | | 186,530 | |
| Shares issued in reinvestment of distributions | | | 9,751 | | | | — | |
| Shares redeemed | | | (24,936 | ) | | | (27,790 | ) |
| Total C Shares | | | 78,333 | | | | 158,740 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Small-Cap
Growth Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment loss | | $ | (511,915 | ) | | $ | (737,747 | ) |
| Net realized gain on investment securities transactions | | | 1,551,777 | | | | 18,697,597 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 4,800,190 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (19,043,117 | ) | | | 17,382,768 | |
| Net increase (decrease) in net assets resulting from operations | | | (13,203,065 | ) | | | 35,342,618 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| R6 Shares | | | (883,665 | ) | | | — | |
| Institutional Shares | | | (15,967,150 | ) | | | — | |
| Investor Shares | | | (589,494 | ) | | | — | |
| A Shares | | | (77,567 | ) | | | — | |
| C Shares | | | (115,257 | ) | | | — | |
| Total distributions | | | (17,633,133 | ) | | | — | |
| Capital Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Proceeds from shares sold | | | 32,164,948 | | | | 314,815 | |
| Reinvestment of distributions | | | 883,665 | | | | — | |
| Amount paid for shares redeemed | | | (32,084,943 | ) | | | (10,290,940 | ) |
| Total R6 Shares | | | 963,670 | | | | (9,976,125 | ) |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 33,182,148 | | | | 42,443,625 | |
| Reinvestment of distributions | | | 15,871,037 | | | | — | |
| Amount paid for shares redeemed | | | (27,775,357 | ) | | | (14,463,243 | ) |
| Total Institutional Shares | | | 21,277,828 | | | | 27,980,382 | |
| Investor Shares: | | | | | | | | |
| Proceeds from shares sold | | | 960,182 | | | | 2,024,125 | |
| Reinvestment of distributions | | | 583,606 | | | | — | |
| Amount paid for shares redeemed | | | (1,272,164 | ) | | | (411,361 | ) |
| Total Investor Shares | | | 271,624 | | | | 1,612,764 | |
| A Shares: | | | | | | | | |
| Proceeds from shares sold | | | 351,443 | | | | 663,880 | |
| Reinvestment of distributions | | | 77,567 | | | | — | |
| Amount paid for shares redeemed | | | (266,429 | ) | | | (461,402 | ) |
| Total A Shares | | | 162,581 | | | | 202,478 | |
| C Shares: | | | | | | | | |
| Proceeds from shares sold | | | 128,374 | | | | 588,919 | |
| Reinvestment of distributions | | | 115,257 | | | | — | |
| Amount paid for shares redeemed | | | (144,597 | ) | | | — | |
| Total C Shares | | | 99,034 | | | | 588,919 | |
| Net increase in net assets resulting from capital transactions | | | 22,774,737 | | | | 20,408,418 | |
| Total Increase (Decrease) in Net Assets | | | (8,061,461 | ) | | | 55,751,036 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Small-Cap
Growth Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 114,511,979 | | | | 58,760,943 | |
| End of period | | $ | 106,450,518 | | | $ | 114,511,979 | |
| Share Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Shares sold | | | 949,745 | | | | 8,611 | |
| Shares issued in reinvestment of distributions | | | 22,687 | | | | — | |
| Shares redeemed | | | (940,032 | ) | | | (338,647 | ) |
| Total R6 Shares | | | 32,400 | | | | (330,036 | ) |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 900,200 | | | | 1,155,641 | |
| Shares issued in reinvestment of distributions | | | 409,047 | | | | — | |
| Shares redeemed | | | (761,933 | ) | | | (372,203 | ) |
| Total Institutional Shares | | | 547,314 | | | | 783,438 | |
| Investor Shares: | | | | | | | | |
| Shares sold | | | 22,636 | | | | 56,925 | |
| Shares issued in reinvestment of distributions | | | 15,222 | | | | — | |
| Shares redeemed | | | (35,373 | ) | | | (10,129 | ) |
| Total Investor Shares | | | 2,485 | | | | 46,796 | |
| A Shares: | | | | | | | | |
| Shares sold | | | 8,986 | | | | 17,729 | |
| Shares issued in reinvestment of distributions | | | 2,027 | | | | — | |
| Shares redeemed | | | (7,908 | ) | | | (11,463 | ) |
| Total A Shares | | | 3,105 | | | | 6,266 | |
| C Shares: | | | | | | | | |
| Shares sold | | | 3,754 | | | | 15,955 | |
| Shares issued in reinvestment of distributions | | | 3,063 | | | | — | |
| Shares redeemed | | | (4,321 | ) | | | — | |
| Total C Shares | | | 2,496 | | | | 15,955 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler Behavioral Mid-Cap
Value Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment income | | $ | 932,863 | | | $ | 772,764 | |
| Net realized gain on investment securities transactions | | | 3,937,162 | | | | 3,068,163 | |
| Net change in unrealized appreciation of investment securities | | | 15,165,365 | | | | 17,453,174 | |
| Net increase in net assets resulting from operations | | | 20,035,390 | | | | 21,294,101 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| R6 Shares | | | (2,988,455 | ) | | | (156,051 | ) |
| Institutional Shares | | | (557,522 | ) | | | (50,922 | ) |
| Investor Shares | | | (49,458 | ) | | | (1,969 | ) |
| Total distributions | | | (3,595,435 | ) | | | (208,942 | ) |
| Capital Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Proceeds from shares sold | | | 14,541,484 | | | | 118,763,065 | |
| Reinvestment of distributions | | | 2,517,596 | | | | 156,052 | |
| Amount paid for shares redeemed | | | (532,160 | ) | | | (93,007 | ) |
| Total R6 Shares | | | 16,526,920 | | | | 118,826,110 | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 72,556,505 | | | | 13,487,860 | |
| Reinvestment of distributions | | | 547,104 | | | | 50,587 | |
| Amount paid for shares redeemed | | | (3,145,955 | ) | | | (2,459,449 | ) |
| Total Institutional Shares | | | 69,957,654 | | | | 11,078,998 | |
| Investor Shares: | | | | | | | | |
| Proceeds from shares sold | | | 2,234,059 | | | | 1,125,958 | |
| Reinvestment of distributions | | | 48,585 | | | | 1,903 | |
| Amount paid for shares redeemed | | | (731,928 | ) | | | (248,384 | ) |
| Total Investor Shares | | | 1,550,716 | | | | 879,477 | |
| A Shares: | | | | | | | | |
| Proceeds from shares sold | | | 36,625 | (a) | | | — | |
| Total A Shares | | | 36,625 | | | | — | |
| C Shares: | | | | | | | | |
| Proceeds from shares sold | | | 35,708 | (a) | | | — | |
| Total C Shares | | | 35,708 | | | | — | |
| Net increase in net assets resulting from capital transactions | | | 88,107,623 | | | | 130,784,585 | |
| Total Increase in Net Assets | | | 104,547,578 | | | | 151,869,744 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Mid-Cap
Value Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 187,061,924 | | | | 35,192,180 | |
| End of period | | $ | 291,609,502 | | | $ | 187,061,924 | |
| Share Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Shares sold | | | 480,660 | | | | 4,194,934 | |
| Shares issued in reinvestment of distributions | | | 81,801 | | | | 6,721 | |
| Shares redeemed | | | (16,861 | ) | | | (4,808 | ) |
| Total R6 Shares | | | 545,600 | | | | 4,196,847 | |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 2,370,971 | | | | 472,023 | |
| Shares issued in reinvestment of distributions | | | 17,787 | | | | 2,179 | |
| Shares redeemed | | | (102,170 | ) | | | (97,106 | ) |
| Total Institutional Shares | | | 2,286,588 | | | | 377,096 | |
| Investor Shares: | | | | | | | | |
| Shares sold | | | 72,516 | | | | 41,032 | |
| Shares issued in reinvestment of distributions | | | 1,585 | | | | 82 | |
| Shares redeemed | | | (23,799 | ) | | | (9,212 | ) |
| Total Investor Shares | | | 50,302 | | | | 31,902 | |
| A Shares: | | | | | | | | |
| Shares sold | | | 1,222 | (a) | | | — | |
| Total A Shares | | | 1,222 | | | | — | |
| C Shares: | | | | | | | | |
| Shares sold | | | 1,191 | (a) | | | — | |
| Total C Shares | | | 1,191 | | | | — | |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Unconstrained
Equity Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30, 2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment loss | | $ | (34,857 | ) | | $ | (59,918 | ) |
| Net realized gain on investment securities transactions | | | 1,595,098 | | | | 19,504 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 10,020,739 | | | | 6,895,451 | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (14,865,631 | ) | | | 13,260,070 | |
| Net increase (decrease) in net assets resulting from operations | | | (3,284,651 | ) | | | 20,115,107 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| R6 Shares | | | — | | | | (167,041 | ) |
| Institutional Shares | | | — | | | | (24,921 | ) |
| Total distributions | | | — | | | | (191,962 | ) |
| Capital Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Proceeds from shares sold | | | 26,106,581 | | | | 26,430,542 | |
| Reinvestment of distributions | | | — | | | | 167,041 | |
| Amount paid for shares redeemed | | | (46,957,305 | ) | | | (17,721,878 | ) |
| Total R6 Shares | | | (20,850,724 | ) | | | 8,875,705 | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 4,622,385 | | | | 3,156,838 | |
| Reinvestment of distributions | | | — | | | | 24,471 | |
| Amount paid for shares redeemed | | | (740,077 | ) | | | (4,295,530 | ) |
| Total Institutional Shares | | | 3,882,308 | | | | (1,114,221 | ) |
| A Shares: | | | | | | | | |
| Proceeds from shares sold | | | 63,000 | | | | 48,500 | (a) |
| Amount paid for shares redeemed | | | (53,434 | ) | | | — | |
| Total A Shares | | | 9,566 | | | | 48,500 | |
| C Shares: | | | | | | | | |
| Proceeds from shares sold | | | 26,514 | | | | 25,380 | (a) |
| Amount paid for shares redeemed | | | (3,485 | ) | | | — | |
| Total C Shares | | | 23,029 | | | | 25,380 | |
| Net increase (decrease) in net assets resulting from capital transactions | | | (16,935,821 | ) | | | 7,835,364 | |
| Total Increase (Decrease) in Net Assets | | | (20,220,472 | ) | | | 27,758,509 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Unconstrained
Equity Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 78,893,644 | | | | 51,135,135 | |
| End of period | | $ | 58,673,172 | | | $ | 78,893,644 | |
| Share Transactions: | | | | | | | | |
| R6 Shares: | | | | | | | | |
| Shares sold | | | 667,300 | | | | 704,376 | |
| Shares issued in reinvestment of distributions | | | — | | | | 5,223 | |
| Shares redeemed | | | (1,209,795 | ) | | | (477,672 | ) |
| Total R6 Shares | | | (542,495 | ) | | | 231,927 | |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 116,181 | | | | 86,627 | |
| Shares issued in reinvestment of distributions | | | — | | | | 768 | |
| Shares redeemed | | | (18,574 | ) | | | (109,741 | ) |
| Total Institutional Shares | | | 97,607 | | | | (22,346 | ) |
| A Shares: | | | | | | | | |
| Shares sold | | | 1,569 | | | | 1,244 | (a) |
| Shares redeemed | | | (1,569 | ) | | | — | |
| Total A Shares | | | — | | | | 1,244 | |
| C Shares: | | | | | | | | |
| Shares sold | | | 659 | | | | 659 | (a) |
| Shares redeemed | | | (88 | ) | | | — | |
| Total C Shares | | | 571 | | | | 659 | |
| (a) | For the period May 27, 2021 (commencement of operations) to September 30, 2021. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Small–Mid Core Equity Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment income | | $ | 15,809 | | | $ | 13,797 | |
| Net realized gain on investment securities transactions | | | 220,239 | | | | 320,643 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 605,930 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (1,049,586 | ) | | | 1,339,963 | |
| Net increase (decrease) in net assets resulting from operations | | | (207,608 | ) | | | 1,674,403 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| Institutional Shares | | | (268,615 | ) | | | (14,032 | ) |
| Total distributions | | | (268,615 | ) | | | (14,032 | ) |
| Capital Transactions: | | | | | | | | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 4,081,823 | | | | 372,993 | |
| Reinvestment of distributions | | | 260,844 | | | | 14,032 | |
| Amount paid for shares redeemed | | | (3,654,496 | ) | | | (874 | ) |
| Total Institutional Shares | | | 688,171 | | | | 386,151 | |
| A Shares: | | | | | | | | |
| Proceeds from shares sold | | | 3,754 | (a) | | | — | |
| Total A Shares | | | 3,754 | | | | — | |
| Net increase in net assets resulting from capital transactions | | | 691,925 | | | | 386,151 | |
| Total Increase in Net Assets | | | 215,702 | | | | 2,046,522 | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 5,149,001 | | | | 3,102,479 | |
| End of period | | $ | 5,364,703 | | | $ | 5,149,001 | |
| Share Transactions: | | | | | | | | |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 114,269 | | | | 11,136 | |
| Shares issued in reinvestment of distributions | | | 7,371 | | | | 470 | |
| Shares redeemed | | | (100,206 | ) | | | (35 | ) |
| Total Institutional Shares | | | 21,434 | | | | 11,571 | |
| A Shares: | | | | | | | | |
| Shares sold | | | 115 | (a) | | | — | |
| Total A Shares | | | 115 | | | | — | |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Statements of Changes in Net Assets (continued)
| | | Fuller & Thaler
Behavioral Micro-Cap Equity Fund | |
| | | For the Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment loss | | $ | (22,491 | ) | | $ | (6,214 | ) |
| Net realized gain on investment securities transactions | | | 1,496,223 | | | | 1,970,313 | |
| Net realized gain from in-kind redemptions (Note 2) | | | 360,429 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (1,763,923 | ) | | | 3,693,099 | |
| Net increase in net assets resulting from operations | | | 70,238 | | | | 5,657,198 | |
| Distributions to Shareholders from Earnings: | | | | | | | | |
| Institutional Shares | | | (1,152,556 | ) | | | (32,418 | ) |
| Total distributions | | | (1,152,556 | ) | | | (32,418 | ) |
| Capital Transactions: | | | | | | | | |
| Institutional Shares: | | | | | | | | |
| Proceeds from shares sold | | | 3,748,521 | | | | 4,302,596 | |
| Reinvestment of distributions | | | 1,141,910 | | | | 32,418 | |
| Amount paid for shares redeemed | | | (1,434,894 | ) | | | (2,034,876 | ) |
| Total Institutional Shares | | | 3,455,537 | | | | 2,300,138 | |
| Net increase in net assets resulting from capital transactions | | | 3,455,537 | | | | 2,300,138 | |
| Total Increase in Net Assets | | | 2,373,219 | | | | 7,924,918 | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 13,694,682 | | | | 5,769,764 | |
| End of period | | $ | 16,067,901 | | | $ | 13,694,682 | |
| Share Transactions: | | | | | | | | |
| Institutional Shares: | | | | | | | | |
| Shares sold | | | 116,161 | | | | 130,964 | |
| Shares issued in reinvestment of distributions | | | 34,562 | | | | 1,238 | |
| Shares redeemed | | | (44,366 | ) | | | (59,029 | ) |
| Total Institutional Shares | | | 106,357 | | | | 73,173 | |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund - R6 Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 36.83 | | | $ | 24.76 | | | $ | 25.39 | | | $ | 26.76 | | | $ | 24.25 | | | $ | 18.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | 0.13 | | | | 0.49 | | | | 0.11 | | | | 0.17 | | | | 0.18 | | | | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | (0.31) | | | | 11.71 | | | | (0.61 | )(b) | | | (1.40) | | | | 2.40 | | | | 5.19 | |
| Total from investment operations | | | (0.18) | | | | 12.20 | | | | (0.50) | | | | (1.23) | | | | 2.58 | | | | 5.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.18) | | | | (0.13) | | | | (0.13) | | | | (0.14) | | | | (0.07) | | | | (0.09) | |
| Net realized gains | | | (1.28) | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (1.46) | | | | (0.13) | | | | (0.13) | | | | (0.14) | | | | (0.07) | | | | (0.09) | |
| Net asset value, end of period | | $ | 35.19 | | | $ | 36.83 | | | $ | 24.76 | | | $ | 25.39 | | | $ | 26.76 | | | $ | 24.25 | |
| Total Return(c) | | | (0.71 | )%(d) | | | 49.38 | % | | | (2.02 | )% | | | (4.54 | )% | | | 10.68 | % | | | 28.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 1,552,020 | | | $ | 1,395,653 | | | $ | 610,476 | | | $ | 184,779 | | | $ | 55,160 | | | $ | 3,740 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.64 | %(e) | | | 0.64 | % | | | 0.69 | % | | | 0.72 | % | | | 0.74 | % | | | 1.30 | % |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.64 | %(e) | | | 0.64 | % | | | 0.69 | % | | | 0.72 | % | | | 0.76 | % | | | 0.75 | % |
| Ratio of net investment income to average net assets | | | 0.68 | %(e) | | | 1.42 | % | | | 0.47 | % | | | 0.69 | % | | | 0.71 | % | | | 0.81 | % |
| Portfolio turnover(f)(g) | | | 10 | %(d) | | | 31 | % | | | 54 | % | | | 38 | % | | | 35 | % | | | 26 | % |
| (a) | Per share net investment income has been calculated using the average shares method. |
| (b) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund – Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 36.51 | | | $ | 24.55 | | | $ | 25.18 | | | $ | 26.55 | | | $ | 24.07 | | | $ | 18.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | 0.11 | | | | 0.44 | | | | 0.09 | | | | 0.15 | | | | 0.15 | | | | 0.20 | |
| Net realized and unrealized gain (loss) on investments | | | (0.30 | ) | | | 11.62 | | | | (0.61 | )(b) | | | (1.40 | ) | | | 2.39 | | | | 5.11 | |
| Total from investment operations | | | (0.19 | ) | | | 12.06 | | | | (0.52 | ) | | | (1.25 | ) | | | 2.54 | | | | 5.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.15 | ) | | | (0.10 | ) | | | (0.11 | ) | | | (0.12 | ) | | | (0.06 | ) | | | (0.09 | ) |
| Net realized gains | | | (1.28 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (1.43 | ) | | | (0.10 | ) | | | (0.11 | ) | | | (0.12 | ) | | | (0.06 | ) | | | (0.09 | ) |
| Net asset value, end of period | | $ | 34.89 | | | $ | 36.51 | | | $ | 24.55 | | | $ | 25.18 | | | $ | 26.55 | | | $ | 24.07 | |
| Total Return(c) | | | (0.75 | )%(d) | | | 49.24 | % | | | (2.11 | )% | | | (4.65 | )% | | | 10.59 | % | | | 28.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 4,233,177 | | | $ | 3,599,929 | | | $ | 2,089,639 | | | $ | 1,620,327 | | | $ | 915,898 | | | $ | 172,238 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.74 | %(e) | | | 0.75 | % | | | 0.79 | % | | | 0.82 | % | | | 0.84 | % | | | 1.39 | % |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.74 | %(e) | | | 0.75 | % | | | 0.79 | % | | | 0.82 | % | | | 0.86 | % | | | 0.85 | % |
| Ratio of net investment income to average net assets | | | 0.58 | %(e) | | | 1.28 | % | | | 0.36 | % | | | 0.60 | % | | | 0.59 | % | | | 0.90 | % |
| Portfolio turnover(f)(g) | | | 10 | %(d) | | | 31 | % | | | 54 | % | | | 38 | % | | | 35 | % | | | 26 | % |
| (a) | Per share net investment income has been calculated using the average shares method. |
| (b) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund – Investor Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
| | | (Unaudited) | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 36.25 | | | $ | 24.39 | | | $ | 25.02 | | | $ | 26.36 | | | $ | 23.91 | | | $ | 18.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | 0.05 | | | | 0.34 | | | | 0.02 | | | | 0.09 | | | | 0.08 | | | | 0.15 | |
| Net realized and unrealized gain (loss) on investments | | | (0.30 | ) | | | 11.55 | | | | (0.62 | )(b) | | | (1.38 | ) | | | 2.39 | | | | 5.09 | |
| Total from investment operations | | | (0.25 | ) | | | 11.89 | | | | (0.60 | ) | | | (1.29 | ) | | | 2.47 | | | | 5.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.06 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.05 | ) | | | (0.02 | ) | | | (0.08 | ) |
| Net realized gains | | | (1.28 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (1.34 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.05 | ) | | | (0.02 | ) | | | (0.08 | ) |
| Net asset value, end of period | | $ | 34.66 | | | $ | 36.25 | | | $ | 24.39 | | | $ | 25.02 | | | $ | 26.36 | | | $ | 23.91 | |
| Total Return(c) | | | (0.91 | )%(d) | | | 48.79 | % | | | (2.40 | )% | | | (4.89 | )% | | | 10.35 | % | | | 27.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 298,785 | | | $ | 273,271 | | | $ | 139,789 | | | $ | 124,550 | | | $ | 144,856 | | | $ | 56,500 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.03 | %(e) | | | 1.03 | % | | | 1.08 | % | | | 1.10 | % | | | 1.13 | % | | | 1.65 | % |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.03 | %(e) | | | 1.03 | % | | | 1.08 | % | | | 1.10 | % | | | 1.10 | % | | | 1.00 | % |
| Ratio of net investment income to average net assets | | | 0.29 | %(e) | | | 1.01 | % | | | 0.07 | % | | | 0.38 | % | | | 0.32 | % | | | 0.70 | % |
| Portfolio turnover(f)(g) | | | 10 | %(d) | | | 31 | % | | | 54 | % | | | 38 | % | | | 35 | % | | | 26 | % |
| (a) | Per share net investment income has been calculated using the average shares method. |
| (b) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund – A Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 36.18 | | | $ | 24.38 | | | $ | 25.04 | | | $ | 20.99 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | 0.05 | | | | 0.40 | | | | 0.01 | | | | 0.07 | |
| Net realized and unrealized gain (loss) on investments | | | (0.30 | ) | | | 11.48 | | | | (0.58 | )(c) | | | 3.98 | |
| Total from investment operations | | | (0.25 | ) | | | 11.88 | | | | (0.57 | ) | | | 4.05 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.07 | ) | | | (0.08 | ) | | | (0.09 | ) | | | — | |
| Net realized gains | | | (1.28 | ) | | | — | | | | — | | | | — | |
| Total from distributions | | | (1.35 | ) | | | (0.08 | ) | | | (0.09 | ) | | | — | |
| Net asset value, end of period | | $ | 34.58 | | | $ | 36.18 | | | $ | 24.38 | | | $ | 25.04 | |
| Total Return (excludes sales charge)(d) | | | (0.89 | )%(e) | | | 48.80 | % | | | (2.31 | )% | | | 19.29 | %(e) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 9,619 | | | $ | 7,408 | | | $ | 941 | | | $ | 575 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.02 | %(f) | | | 1.02 | % | | | 1.13 | % | | | 1.01 | %(f) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.02 | %(f) | | | 1.02 | % | | | 1.13 | % | | | 1.01 | %(f) |
| Ratio of net investment income to average net assets | | | 0.30 | %(f) | | | 1.15 | % | | | 0.05 | % | | | 0.37 | %(f) |
| Portfolio turnover(g)(h) | | | 10 | %(e) | | | 31 | % | | | 54 | % | | | 38 | %(e) |
| (a) | For the period December 19, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (d) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Equity Fund – C Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 35.75 | | | $ | 24.16 | | | $ | 24.92 | | | $ | 20.99 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.06 | ) | | | 0.17 | | | | (0.12 | ) | | | (0.09 | ) |
| Net realized and unrealized gain (loss) on investments | | | (0.29 | ) | | | 11.42 | | | | (0.61 | )(c) | | | 4.02 | |
| Total from investment operations | | | (0.35 | ) | | | 11.59 | | | | (0.73 | ) | | | 3.93 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | — | | | | (0.03 | ) | | | — | |
| Net realized gains | | | (1.28 | ) | | | — | | | | — | | | | — | |
| Total from distributions | | | (1.28 | ) | | | — | | | | (0.03 | ) | | | — | |
| Net asset value, end of period | | $ | 34.12 | | | $ | 35.75 | | | $ | 24.16 | | | $ | 24.92 | |
| Total Return (excludes sales charge)(d) | | | (1.19 | )%(e) | | | 47.97 | % | | | (2.95 | )% | | | 18.72 | %(e) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 12,307 | | | $ | 10,096 | | | $ | 2,987 | | | $ | 472 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.64 | %(f) | | | 1.64 | % | | | 1.69 | % | | | 1.72 | %(f) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.64 | %(f) | | | 1.64 | % | | | 1.69 | % | | | 1.72 | %(f) |
| Ratio of net investment income (loss) to average net assets | | | (0.32 | )%(f) | | | 0.50 | % | | | (0.52 | )% | | | 0.46 | %(f) |
| Portfolio turnover(g)(h) | | | 10 | %(e) | | | 31 | % | | | 54 | % | | | 38 | %(e) |
| (a) | For the period December 19, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (d) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund - R6 Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 43.92 | | | $ | 28.12 | | | $ | 21.73 | | | $ | 26.95 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(b) | | | (0.15 | ) | | | (0.27 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.11 | ) |
| Net realized and unrealized gain (loss) on investments | | | (3.87 | ) | | | 16.07 | | | | 6.53 | | | | (5.12 | ) | | | 7.06 | |
| Total from investment operations | | | (4.02 | ) | | | 15.80 | | | | 6.39 | | | | (5.22 | ) | | | 6.95 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net realized gains | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Net asset value, end of period | | $ | 33.37 | | | $ | 43.92 | | | $ | 28.12 | | | $ | 21.73 | | | $ | 26.95 | |
| Total Return(c) | | | (11.27 | )%(d) | | | 56.19 | % | | | 29.41 | % | | | (19.37 | )% | | | 34.75 | %(d) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 5,595 | | | $ | 5,940 | | | $ | 13,083 | | | $ | 2,191 | | | $ | 2,993 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.06 | %(e) | | | 1.06 | % | | | 1.63 | % | | | 2.19 | % | | | 4.42 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.90 | %(e) | | | 0.90 | % | | | 0.90 | % | | | 0.92 | %(f) | | | 0.90 | %(e) |
| Ratio of net investment loss to average net assets | | | (0.79 | )%(e) | | | (0.73 | )% | | | (0.57 | )% | | | (0.45 | )% | | | (0.60 | )%(e) |
| Portfolio turnover(g)(h) | | | 56 | %(d) | | | 114 | % | | | 128 | % | | | 127 | % | | | 71 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions. |
| (f) | Includes interest expense of 0.02% for the fiscal year ended September 30, 2019. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 43.79 | | | $ | 28.06 | | | $ | 21.69 | | | $ | 26.93 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(b) | | | (0.17 | ) | | | (0.31 | ) | | | (0.16 | ) | | | (0.11 | ) | | | (0.14 | ) |
| Net realized and unrealized gain (loss) on investments | | | (3.85 | ) | | | 16.04 | | | | 6.53 | | | | (5.13 | ) | | | 7.07 | |
| Total from investment operations | | | (4.02 | ) | | | 15.73 | | | | 6.37 | | | | (5.24 | ) | | | 6.93 | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net realized gains | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Net asset value, end of period | | $ | 33.24 | | | $ | 43.79 | | | $ | 28.06 | | | $ | 21.69 | | | $ | 26.93 | |
| Total Return(c) | | | (11.31 | )%(d) | | | 56.06 | % | | | 29.37 | % | | | (19.46 | )% | | | 34.65 | %(d) |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 97,314 | | | $ | 104,236 | | | $ | 44,808 | | | $ | 13,359 | | | $ | 9,257 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.14 | %(e) | | | 1.12 | % | | | 1.71 | % | | | 2.25 | % | | | 4.55 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.99 | %(e) | | | 0.99 | % | | | 0.99 | % | | | 1.00 | %(f) | | | 0.99 | %(e) |
| Ratio of net investment loss to average net assets | | | (0.88 | )%(e) | | | (0.79 | )% | | | (0.65 | )% | | | (0.48 | )% | | | (0.70 | )%(e) |
| Portfolio turnover(g)(h) | | | 56 | %(d) | | | 114 | % | | | 128 | % | | | 127 | % | | | 71 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions. |
| (f) | Includes interest expense of 0.01% for the fiscal year ended September 30, 2019. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund - Investor Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 43.36 | | | $ | 27.86 | | | $ | 21.60 | | | $ | 26.88 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment loss(b) | | | (0.22 | ) | | | (0.41 | ) | | | (0.22 | ) | | | (0.19 | ) | | | (0.18 | ) |
| Net realized and unrealized gain (loss) on investments | | | (3.80 | ) | | | 15.91 | | | | 6.48 | | | | (5.09 | ) | | | 7.06 | |
| Total from investment operations | | | (4.02 | ) | | | 15.50 | | | | 6.26 | | | | (5.28 | ) | | | 6.88 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net realized gains | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Total from distributions | | | (6.53 | ) | | | — | | | | — | | | | — | | | | — | |
| Net asset value, end of period | | $ | 32.81 | | | $ | 43.36 | | | $ | 27.86 | | | $ | 21.60 | | | $ | 26.88 | |
| Total Return(c) | | | (11.44 | )%(d) | | | 55.64 | % | | | 28.98 | % | | | (19.64 | )% | | | 34.40 | %(d) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 2,537 | | | $ | 3,245 | | | $ | 781 | | | $ | 153 | | | $ | 481 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.44 | %(e) | | | 1.44 | % | | | 1.98 | % | | | 2.57 | % | | | 4.77 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.25 | %(e) | | | 1.25 | % | | | 1.25 | % | | | 1.27 | %(f) | | | 1.24 | %(e) |
| Ratio of net investment loss to average net assets | | | (1.14 | )%(e) | | | (1.04 | )% | | | (0.87 | )% | | | (0.85 | )% | | | (0.92 | )%(e) |
| Portfolio turnover(g)(h) | | | 56 | %(d) | | | 114 | % | | | 128 | % | | | 127 | % | | | 71 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions. |
| (f) | Includes interest expense of 0.02% for the fiscal year ended September 30, 2019. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund - A Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 43.30 | | | $ | 27.83 | | | $ | 21.59 | | | $ | 19.59 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment loss(b) | | | (0.22 | ) | | | (0.43 | ) | | | (0.24 | ) | | | (0.13 | ) |
| Net realized and unrealized gain (loss) on investments | | | (3.80 | ) | | | 15.90 | | | | 6.48 | | | | 2.13 | |
| Total from investment operations | | | (4.02 | ) | | | 15.47 | | | | 6.24 | | | | 2.00 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net realized gains | | | (6.53 | ) | | | — | | | | — | | | | — | |
| Total from distributions | | | (6.53 | ) | | | — | | | | — | | | | — | |
| Net asset value, end of period | | $ | 32.75 | | | $ | 43.30 | | | $ | 27.83 | | | $ | 21.59 | |
| Total Return (excludes sales charge)(c) | | | (11.45 | )%(d) | | | 55.59 | % | | | 28.90 | % | | | 10.21 | %(d) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 378 | | | $ | 365 | | | $ | 60 | | | $ | 4 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.38 | %(e) | | | 1.35 | % | | | 1.91 | % | | | 2.15 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.30 | %(e) | | | 1.30 | % | | | 1.30 | % | | | 1.30 | %(e) |
| Ratio of net investment loss to average net assets | | | (1.19 | )%(e) | | | (1.08 | )% | | | (0.95 | )% | | | (0.75 | )%(e) |
| Portfolio turnover(f)(g) | | | 56 | %(d) | | | 114 | % | | | 128 | % | | | 127 | %(d) |
| (a) | For the period December 19, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Cap Growth Fund - C Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 42.72 | | | $ | 27.60 | | | $ | 21.51 | | | $ | 19.59 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment loss(b) | | | (0.32 | ) | | | (0.64 | ) | | | (0.36 | ) | | | (0.22 | ) |
| Net realized and unrealized gain (loss) on investments | | | (3.72 | ) | | | 15.76 | | | | 6.45 | | | | 2.14 | |
| Total from investment operations | | | (4.04 | ) | | | 15.12 | | | | 6.09 | | | | 1.92 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net realized gains | | | (6.53 | ) | | | — | | | | — | | | | — | |
| Total from distributions | | | (6.53 | ) | | | — | | | | — | | | | — | |
| Net asset value, end of period | | $ | 32.15 | | | $ | 42.72 | | | $ | 27.60 | | | $ | 21.51 | |
| Total Return (excludes sales charge)(c) | | | (11.67 | )%(d) | | | 54.78 | % | | | 28.31 | % | | | 9.80 | %(d) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 626 | | | $ | 726 | | | $ | 28 | | | $ | 2 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 2.05 | %(e) | | | 2.03 | % | | | 2.62 | % | | | 2.87 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.80 | %(e) | | | 1.80 | % | | | 1.80 | % | | | 1.80 | %(e) |
| Ratio of net investment loss to average net assets | | | (1.69 | )%(e) | | | (1.59 | )% | | | (1.45 | )% | | | (1.27 | )%(e) |
| Portfolio turnover(f)(g) | | | 56 | %(d) | | | 114 | % | | | 128 | % | | | 127 | %(d) |
| (a) | For the period December 19, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund - R6 Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 28.97 | | | $ | 19.00 | | | $ | 21.49 | | | $ | 20.56 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | 0.13 | | | | 0.24 | | | | 0.27 | | | | 0.20 | | | | 0.13 | |
| Net realized and unrealized gain (loss) on investments | | | 2.63 | | | | 9.85 | | | | (2.47 | ) | | | 0.85 | | | | 0.43 | |
| Total from investment operations | | | 2.76 | | | | 10.09 | | | | (2.20 | ) | | | 1.05 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.18 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.11 | ) | | | — | |
| Net realized gains | | | (0.33 | ) | | | — | | | | (0.14 | ) | | | (0.01 | ) | | | — | |
| Total from distributions | | | (0.51 | ) | | | (0.12 | ) | | | (0.29 | ) | | | (0.12 | ) | | | — | |
| Net asset value, end of period | | $ | 31.22 | | | $ | 28.97 | | | $ | 19.00 | | | $ | 21.49 | | | $ | 20.56 | |
| Total Return(c) | | | 9.56 | %(d) | | | 53.28 | % | | | (10.42 | )% | | | 5.23 | % | | | 2.80 | %(d) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 188,037 | | | $ | 158,664 | | | $ | 24,324 | | | $ | 2,403 | | | $ | 2,361 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.83 | %(e) | | | 0.90 | % | | | 1.39 | % | | | 1.72 | % | | | 4.29 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.80 | %(e) | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | %(e) |
| Ratio of net investment income to average net assets | | | 0.82 | %(e) | | | 0.88 | % | | | 1.36 | % | | | 0.98 | % | | | 0.82 | %(e) |
| Portfolio turnover(f) | | | 9 | %(d) | | | 14 | % | | | 30 | % | | | 12 | % | | | 44 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Mid-Cap Value Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 28.94 | | | $ | 18.98 | | | $ | 21.47 | | | $ | 20.56 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | 0.13 | | | | 0.20 | | | | 0.21 | | | | 0.18 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 2.61 | | | | 9.86 | | | | (2.43 | ) | | | 0.85 | | | | 0.42 | |
| Total from investment operations | | | 2.74 | | | | 10.06 | | | | (2.22 | ) | | | 1.03 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.16 | ) | | | (0.10 | ) | | | (0.13 | ) | | | (0.11 | ) | | | — | |
| Net realized gains | | | (0.33 | ) | | | — | | | | (0.14 | ) | | | (0.01 | ) | | | — | |
| Total from distributions | | | (0.49 | ) | | | (0.10 | ) | | | (0.27 | ) | | | (0.12 | ) | | | — | |
| Net asset value, end of period | | $ | 31.19 | | | $ | 28.94 | | | $ | 18.98 | | | $ | 21.47 | | | $ | 20.56 | |
| Total Return(c) | | | 9.50 | %(d) | | | 53.13 | % | | | (10.51 | )% | | | 5.09 | % | | | 2.80 | %(d) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 99,228 | | | $ | 25,889 | | | $ | 9,826 | | | $ | 12,511 | | | $ | 10,621 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.94 | %(e) | | | 1.02 | % | | | 1.49 | % | | | 1.81 | % | | | 4.41 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.90 | %(e) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.89 | %(e) |
| Ratio of net investment income to average net assets | | | 0.82 | %(e) | | | 0.76 | % | | | 1.05 | % | | | 0.90 | % | | | 0.89 | %(e) |
| Portfolio turnover(f) | | | 9 | %(d) | | | 14 | % | | | 30 | % | | | 12 | % | | | 44 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Mid-Cap Value Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund - Investor Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019 | | | 2018(a) | |
| | | (Unaudited) | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 28.82 | | | $ | 18.90 | | | $ | 21.39 | | | $ | 20.50 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | 0.07 | | | | 0.13 | | | | 0.15 | | | | 0.14 | | | | 0.10 | |
| Net realized and unrealized gain (loss) on investments | | | 2.61 | | | | 9.82 | | | | (2.41 | ) | | | 0.84 | | | | 0.40 | |
| Total from investment operations | | | 2.68 | | | | 9.95 | | | | (2.26 | ) | | | 0.98 | | | | 0.50 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.10 | ) | | | (0.03 | ) | | | (0.09 | ) | | | (0.08 | ) | | | — | |
| Net realized gains | | | (0.33 | ) | | | — | | | | (0.14 | ) | | | (0.01 | ) | | | — | |
| Total from distributions | | | (0.43 | ) | | | (0.03 | ) | | | (0.23 | ) | | | (0.09 | ) | | | — | |
| Net asset value, end of period | | $ | 31.07 | | | $ | 28.82 | | | $ | 18.90 | | | $ | 21.39 | | | $ | 20.50 | |
| Total Return(c) | | | 9.35 | %(d) | | | 52.70 | % | | | (10.72 | )% | | | 4.84 | % | | | 2.50 | %(d) |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 4,269 | | | $ | 2,509 | | | $ | 1,043 | | | $ | 1,676 | | | $ | 344 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.22 | %(e) | | | 1.31 | % | | | 1.76 | % | | | 2.10 | % | | | 4.65 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.15 | %(e) | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.14 | %(e) |
| Ratio of net investment income to average net assets | | | 0.48 | %(e) | | | 0.50 | % | | | 0.78 | % | | | 0.70 | % | | | 0.65 | %(e) |
| Portfolio turnover(f) | | | 9 | %(d) | | | 14 | % | | | 30 | % | | | 12 | % | | | 44 | %(d) |
| (a) | For the period December 21, 2017 (commencement of operations) to September 30, 2018. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Mid-Cap Value Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund - A Shares
Financial Highlights
(For a share outstanding during the period)
| | | For the
Period Ended
March 31,
2022(a) | |
| | | (Unaudited) | |
| Net asset value, beginning of period | | $ | 29.98 | |
| | | | | |
| Income from investment operations: | | | |
| Net investment income(b) | | | 0.02 | |
| Net realized and unrealized gain on investments | | | 1.22 | |
| Total from investment operations | | | 1.24 | |
| | | | | |
| Net asset value, end of period | | $ | 31.22 | |
| Total Return (excludes sales charge)(c) | | | 4.14 | %(d) |
| | | | | |
| Ratios and Supplemental Data: | | | |
| Net assets, end of period (000 omitted) | | $ | 38 | |
| Before waiver or recoupment: | | | |
| Ratio of expenses to average net assets | | | 1.08 | %(e) |
| After waiver or recoupment: | | | |
| Ratio of net expenses to average net assets | | | 1.08 | %(e) |
| Ratio of net investment income to average net assets | | | 0.91 | %(e) |
| Portfolio turnover(f) | | | 9 | %(d) |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Mid-Cap Value Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Mid-Cap Value Fund - C Shares
Financial Highlights
(For a share outstanding during the period)
| | | For the
Period Ended March 31,
2022(a) | |
| | | (Unaudited) | |
| Net asset value, beginning of period | | $ | 29.98 | |
| | | | | |
| Income from investment operations: | | | | |
| Net investment income(b) | | | 0.01 | |
| Net realized and unrealized gain on investments | | | 1.22 | |
| Total from investment operations | | | 1.23 | |
| | | | | |
| Net asset value, end of period | | $ | 31.21 | |
| Total Return (excludes sales charge)(c) | | | 4.10 | %(d) |
| | | | | |
| Ratios and Supplemental Data: | | | | |
| Net assets, end of period (000 omitted) | | $ | 37 | |
| Before waiver or recoupment: | | | | |
| Ratio of expenses to average net assets | | | 1.82 | %(e) |
| After waiver or recoupment: | | | | |
| Ratio of net expenses to average net assets | | | 1.70 | %(e) |
| Ratio of net investment income to average net assets | | | 0.29 | %(e) |
| Portfolio turnover(f) | | | 9 | %(d) |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Mid-Cap Value Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Unconstrained Equity Fund - R6 Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 38.06 | | | $ | 27.47 | | | $ | 25.83 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.02 | ) | | | (0.03 | ) | | | 0.04 | | | | 0.07 | |
| Net realized and unrealized gain (loss) on investments | | | (2.01 | ) | | | 10.73 | | | | 1.82 | | | | 5.76 | |
| Total from investment operations | | | (2.03 | ) | | | 10.70 | | | | 1.86 | | | | 5.83 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.03 | ) | | | (0.10 | ) | | | — | |
Net realized gains | | | — | | | | (0.08 | ) | | | (0.12 | ) | | | — | |
| Total from distributions | | | — | | | | (0.11 | ) | | | (0.22 | ) | | | — | |
| Net asset value, end of period | | $ | 36.03 | | | $ | 38.06 | | | $ | 27.47 | | | $ | 25.83 | |
| Total Return(c) | | | (5.33 | )%(d) | | | 39.01 | % | | | 7.22 | % | | | 29.15 | %(d) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 45,387 | | | $ | 68,584 | | | $ | 43,131 | | | $ | 1,368 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.18 | %(e) | | | 1.02 | % | | | 1.67 | % | | | 4.33 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.90 | %(e) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | %(e) |
| Ratio of net investment income (loss) to average net assets | | | (0.08 | )%(e) | | | (0.07 | )% | | | 0.15 | % | | | 0.41 | %(e) |
| Portfolio turnover(f)(g) | | | 9 | %(d) | | | 38 | % | | | 32 | % | | | 10 | %(d) |
| (a) | For the period December 26, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Unconstrained Equity Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 38.00 | | | $ | 27.43 | | | $ | 25.81 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.03 | ) | | | (0.06 | ) | | | 0.01 | | | | 0.08 | |
| Net realized and unrealized gain (loss) on investments | | | (2.01 | ) | | | 10.72 | | | | 1.81 | | | | 5.73 | |
| Total from investment operations | | | (2.04 | ) | | | 10.66 | | | | 1.82 | | | | 5.81 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.01 | ) | | | (0.08 | ) | | | — | |
| Net realized gains | | | — | | | | (0.08 | ) | | | (0.12 | ) | | | — | |
| Total from distributions | | | — | | | | (0.09 | ) | | | (0.20 | ) | | | — | |
| Net asset value, end of period | | $ | 35.96 | | | $ | 38.00 | | | $ | 27.43 | | | $ | 25.81 | |
| Total Return(c) | | | (5.37 | )%(d) | | | 38.90 | % | | | 7.09 | % | | | 29.05 | %(d) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 13,197 | | | $ | 10,238 | | | $ | 8,004 | | | $ | 3,265 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.31 | %(e) | | | 1.12 | % | | | 1.77 | % | | | 4.39 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.99 | %(e) | | | 0.99 | % | | | 0.99 | % | | | 0.99 | %(e) |
| Ratio of net investment income (loss) to average net assets | | | (0.16 | )%(e) | | | (0.17 | )% | | | 0.03 | % | | | 0.42 | %(e) |
| Portfolio turnover(f)(g) | | | 9 | %(d) | | | 38 | % | | | 32 | % | | | 10 | %(d) |
| (a) | For the period December 26, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Unconstrained Equity Fund - A Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Period Ended
September 30,
2021(a) | |
| | | (Unaudited) | | | | |
| Net asset value, beginning of period | | $ | 37.99 | | | $ | 37.77 | |
| | | | | | | | | |
| Income from investment operations: | | | | | | | | |
| Net investment loss(b) | | | (0.09 | ) | | | (0.08 | ) |
| Net realized and unrealized gain (loss) on investments | | | (2.00 | ) | | | 0.30 | |
| Total from investment operations | | | (2.09 | ) | | | 0.22 | |
| | | | | | | | | |
| Net asset value, end of period | | $ | 35.90 | | | $ | 37.99 | |
| Total Return (excludes sales charge)(c) | | | (5.50 | )%(d) | | | 0.58 | %(d) |
| | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 45 | | | $ | 47 | |
| Before waiver or recoupment: | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.57 | %(e) | | | 1.31 | %(e) |
| After waiver or recoupment: | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.30 | %(e) | | | 1.30 | %(e) |
| Ratio of net investment loss to average net assets | | | (0.45 | )%(e) | | | (0.61 | )%(e) |
| Portfolio turnover(f)(g) | | | 9 | %(d) | | | 38 | %(d) |
| (a) | For the period May 27, 2021 (commencement of operations) to September 30, 2021. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Unconstrained Equity Fund - C Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Period Ended
September 30,
2021(a) | |
| | | (Unaudited) | | | | |
| Net asset value, beginning of period | | $ | 37.93 | | | $ | 37.77 | |
| | | | | | | | | |
| Income from investment operations: | | | | | | | | |
| Net investment loss(b) | | | (0.18 | ) | | | (0.14 | ) |
| Net realized and unrealized gain (loss) on investments | | | (2.02 | ) | | | 0.30 | |
| Total from investment operations | | | (2.20 | ) | | | 0.16 | |
| | | | | | | | | |
| Net asset value, end of period | | $ | 35.73 | | | $ | 37.93 | |
| Total Return (excludes sales charge)(c) | | | (5.80 | )%(d) | | | 0.42 | %(d) |
| | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 44 | | | $ | 25 | |
| Before waiver or recoupment: | | | | | | | | |
| Ratio of expenses to average net assets | | | 2.21 | %(e) | | | 2.05 | %(e) |
| After waiver or recoupment: | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.80 | %(e) | | | 1.80 | %(e) |
| Ratio of net investment loss to average net assets | | | (0.95 | )%(e) | | | (1.06 | )%(e) |
| Portfolio turnover(f)(g) | | | 9 | %(d) | | | 38 | %(d) |
| (a) | For the period May 27, 2021 (commencement of operations) to September 30, 2021. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Mid Core Equity Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 35.99 | | | $ | 23.59 | | | $ | 23.96 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | 0.11 | | | | 0.10 | | | | 0.13 | | | | 0.13 | |
| Net realized and unrealized gain (loss) on investments | | | (1.54 | ) | | | 12.41 | | | | 0.04 | (c) | | | 3.83 | |
| Total from investment operations | | | (1.43 | ) | | | 12.51 | | | | 0.17 | | | | 3.96 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.13 | ) | | | (0.11 | ) | | | (0.15 | ) | | | — | |
| Net realized gains | | | (1.84 | ) | | | — | | | | (0.39 | ) | | | — | |
| Total from distributions | | | (1.97 | ) | | | (0.11 | ) | | | (0.54 | ) | | | — | |
| Net asset value, end of period | | $ | 32.59 | | | $ | 35.99 | | | $ | 23.59 | | | $ | 23.96 | |
| Total Return(d) | | | (4.38 | )%(e) | | | 53.10 | % | | | 0.63 | % | | | 19.80 | %(e) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 5,361 | | | $ | 5,149 | | | $ | 3,102 | | | $ | 2,494 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 2.64 | %(f) | | | 2.69 | % | | | 4.09 | % | | | 6.27 | %(f) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 0.95 | %(f) | | | 0.95 | % | | | 0.95 | % | | | 0.95 | %(f) |
| Ratio of net investment income to average net assets | | | 0.61 | %(f) | | | 0.30 | % | | | 0.59 | % | | | 0.73 | %(f) |
| Portfolio turnover(g)(h) | | | 24 | %(e) | | | 35 | % | | | 35 | % | | | 25 | %(e) |
| (a) | For the period December 26, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (d) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Mid Core Equity Fund, assuming reinvestment of distributions. |
| (g) | Portfolio turnover is calculated on the basis on the Small-Mid Core Equity Fund as a whole without distinguishing among the classes of shares. |
| (h) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Small-Mid Core Equity Fund - A Shares
Financial Highlights
(For a share outstanding during the period)
| | | For the
Period Ended
March 31,
2022(a) | |
| | | (Unaudited) | |
| Net asset value, beginning of period | | $ | 32.58 | |
| | | | | |
| Income from investment operations: | | | | |
| Net investment income(b) | | | 0.04 | |
| Net realized and unrealized loss on investments | | | (0.04 | ) |
| Total from investment operations | | | — | |
| | | | | |
| Net asset value, end of period | | $ | 32.58 | |
| Total Return (excludes sales charge)(c) | | | — | %(d) |
| | | | | |
| Ratios and Supplemental Data: | | | | |
| Net assets, end of period (000 omitted) | | $ | 4 | |
| Before waiver or recoupment: | | | | |
| Ratio of expenses to average net assets | | | 2.70 | %(e) |
| After waiver or recoupment: | | | | |
| Ratio of net expenses to average net assets | | | 1.26 | %(e) |
| Ratio of net investment income to average net assets | | | 2.29 | %(e) |
| Portfolio turnover(f)(g) | | | 24 | %(d) |
| (a) | For the period March 10, 2022 (commencement of operations) to March 31, 2022. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Mid Core Equity Fund, assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Portfolio turnover is calculated on the basis on the Small-Mid Core Equity Fund as a whole without distinguishing among the classes of shares. |
| (g) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Behavioral Micro-Cap Equity Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 34.45 | | | $ | 17.79 | | | $ | 21.70 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | | |
| Income from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.05 | ) | | | (0.02 | ) | | | 0.16 | | | | (0.20 | ) |
| Net realized and unrealized gain (loss) on investments | | | 0.24 | | | | 16.78 | | | | (2.95 | ) | | | 1.90 | |
| Total from investment operations | | | 0.19 | | | | 16.76 | | | | (2.79 | ) | | | 1.70 | |
| | | | | | | | | | | | | | | | | |
| Less distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.10 | ) | | | — | | | | — | |
Net realized gains | | | (2.75 | ) | | | — | | | | (1.12 | ) | | | — | |
| Total from distributions | | | (2.75 | ) | | | (0.10 | ) | | | (1.12 | ) | | | — | |
| Net asset value, end of period | | $ | 31.89 | | | $ | 34.45 | | | $ | 17.79 | | | $ | 21.70 | |
| Total Return(c) | | | 0.26 | %(d) | | | 94.37 | % | | | (13.88 | )% | | | 8.50 | %(d) |
| | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 16,068 | | | $ | 13,695 | | | $ | 5,770 | | | $ | 2,819 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 2.17 | %(e) | | | 2.30 | % | | | 4.33 | % | | | 5.28 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of net expenses to average net assets | | | 1.45 | %(e) | | | 1.52 | % | | | 1.75 | % | | | 1.75 | %(e) |
| Ratio of net investment income (loss) to average net assets | | | (0.31 | )%(e) | | | (0.05 | )% | | | 0.90 | % | | | (1.16 | )%(e) |
| Portfolio turnover(f) | | | 39 | %(d) | | | 78 | % | | | 82 | % | | | 42 | %(d) |
| (a) | For the period December 28, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Per share net investment income has been calculated using the average shares method. |
| (c) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Micro-Cap Equity Fund, assuming reinvestment of distributions. |
| (f) | Portfolio turnover excludes securities delivered as a result of a redemption in-kind. |
See accompanying notes which are an integral part of these financial statements.
Fuller & Thaler Funds
Notes to the Financial Statements
March 31, 2022 (Unaudited)
NOTE 1. ORGANIZATION
The Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Small-Cap Equity Fund”), the Fuller & Thaler Behavioral Small-Cap Growth Fund (the “Small-Cap Growth Fund”), the Fuller & Thaler Behavioral Mid-Cap Value Fund (the “Mid-Cap Value Fund”), the Fuller & Thaler Behavioral Unconstrained Equity Fund (the “Unconstrained Equity Fund”), the Fuller & Thaler Behavioral Small-Mid Core Equity Fund (the “Small-Mid Core Equity Fund”) and the Fuller & Thaler Behavioral Micro-Cap Equity Fund (the “Micro-Cap Equity Fund”) (each a “Fund” and, collectively the “Funds”) were each registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified (Unconstrained Equity Fund is non-diversified) series of Capitol Series Trust (the “Trust”). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2013 (the “Trust Agreement”). The Trust Agreement permits the Board of Trustees of the Trust (“the Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. The Funds’ investment adviser is Fuller & Thaler Asset Management, Inc. (the “Adviser” or “Fuller & Thaler”). The investment objective of each Fund is to seek long-term capital appreciation.
The Small-Cap Equity Fund, Small-Cap Growth Fund and Mid-Cap Value Fund each currently offer five share classes: R6 Shares, Institutional Shares, Investor Shares, A Shares and C Shares. The Unconstrained Equity Fund currently offers four share classes: R6 Shares, Institutional Shares, A Shares and C Shares. The Small-Mid Core Equity Fund currently offers two share classes: Institutional Shares and A Shares. The Micro-Cap Equity Fund currently offers one share class: Institutional Shares. A Shares have a maximum sales charge on purchases of up to 5.75% and a Contingent Deferred Sales Charge (“CDSC”) on redemptions made within 12 months from the date of purchase and a CDSC of 0.50% on redemptions made more than 12 months but less than 18 months from the date of purchase. C Shares impose a 1.00% CDSC on redemptions made within 12 months from the date of purchase. A Shares and C Shares may be purchased without a sales charge under certain circumstances. Each share represents an equal proportionate interest in the assets and liabilities belonging to each Fund and is entitled to such dividends and distributions out of income belonging to each Fund as are declared by the Board.
The Small-Cap Equity Fund is the accounting successor to a series of Allianz Funds Multi- Strategy Trust, which commenced operations on September 8, 2011, and for which the Adviser served as the sole sub-adviser (the “Predecessor Fund”). In a transaction that was consummated on October 23, 2015 (the “Reorganization”), the Small-Cap Equity Fund acquired the assets and liabilities of: the A, C, and D Classes of the Predecessor Fund, which became the Investor Shares of the Small-Cap Equity Fund; the Class P Shares of the Predecessor Fund, which became the Institutional Shares of the Small-Cap Equity Fund; and the Institutional Shares of the Predecessor Fund, which became the R6 Shares of the Small-Cap Equity Fund.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the unrealized gain or loss from investments.
In-Kind Redemptions – The Funds intend to redeem shares in cash. However, if the amount an investor is redeeming is over the lesser of $250,000 or 1% of a Fund’s NAV, the Funds have the right to redeem such shares by giving the investor the amount that exceeds the lesser of $250,000 or 1% of a Fund’s NAV in securities instead of cash, which is referred to as a “redemption in-kind.” In the event that a redemption in kind is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions, on the sale or other disposition of the securities received from the Funds.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
During the six months ended March 31, 2022, the following Funds had shares redeemed that included in-kind redemption transactions:
| | | Redemptions In-Kind | |
Fund / Class | | Shares | | | Value of Securities | | | Cash | | | Total Amount | | | Realized Gains | |
| Small-Cap Equity Fund - R6 Shares | | | 1,187,164 | | | $ | 41,002,359 | | | $ | 1,283,589 | | | $ | 42,285,948 | | | $ | 25,482,829 | |
| Small-Cap Growth Fund - R6 Shares | | | 463,219 | | | | 15,356,589 | | | | 489,248 | | | | 15,845,837 | | | | 4,800,190 | |
| Mid-Cap Value Fund - R6 Shares | | | - | | | | - | | | | - | | | | - | | | | - | |
| Unconstrained Equity Fund - R6 Shares | | | 664,508 | | | | 24,595,641 | | | | 892,025 | | | | 25,487,666 | | | | 10,020,739 | |
| Small-Mid Core Equity Fund - Institutional Shares | | | 31,124 | | | | 1,072,999 | | | | 36,471 | | | | 1,109,470 | | | | 605,930 | |
| Micro-Cap Equity Fund - Institutional Shares | | | 17,196 | | | | 535,696 | | | | 17,402 | | | | 553,098 | | | | 360,429 | |
The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed securities on the date of redemption exceeds the cost of those securities and recognizes a loss to the extent that the cost of those securities exceeds the value of the distributed securities on the date of redemption. Such net gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, has no effect on the Funds’ net assets or NAV per share.
Federal Income Taxes – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.
The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire fund.
Security Transactions and Related Income – Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income from real estate investment trusts (REITs) and distributions from limited partnerships are recognized on the ex-date and are included in dividend income. The calendar year-end classification of distributions received from REITs, which may include return of capital, during the fiscal year are reported subsequent to year end; accordingly, the Fund estimates the character of REIT distributions based on the most recent information available. Income or loss from limited partnerships is reclassified among the components of net assets upon receipt of K-1’s. Withholding taxes on foreign dividends, if any, have been recorded for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
Securities Lending - The Trust has entered into a Securities Lending Agreement (“SLA”) with BMO Harris Bank N.A. (“BMO”). Following the execution of the SLA, BMO sold its securities lending business to Mitsubishi UFJ Trust and Banking Corp. (“Mitsubishi”) pursuant to a contract in which BMO agreed to transfer its securities lending business to Mitsubishi, and to transfer and assign client contracts related to its securities lending business, including the SLA. In connection with that Agreement, the Funds consented to the assignment of the SLA Agreement to Mitsubishi. Under the terms of the SLA, each Fund may make secured loans of its portfolio securities in an amount not exceeding 33 1/3% of the value of the Fund’s total assets (as permitted by the 1940 Act) to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/ or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Securities Lending Fund II, LLC, as noted in each lending Fund’s respective Schedule of Investments. Securities Lending Fund II, LLC seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to each Fund on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay BMO fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. A Fund does not have the right to vote securities on loan, but could terminate the loan and regain the right to vote if that were considered important with respect to the investment. At March 31, 2022, the Funds did not have any securities on loan.
Disclosures about Offsetting Assets and Liabilities - The Funds are required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. As there are no master netting arrangements relating to the Funds’ participation in securities lending, and all amounts related to securities lending are presented gross on the Funds’ Statements of Assets and Liabilities, no additional disclosures have been made on behalf of the Funds. Please refer to the Securities Lending Note for additional disclosures related to securities lending, including collateral related to securities on loan.
Dividends and Distributions – Each Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Funds.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS
Each Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below.
| ● | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
| ● | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| ● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Board approved policies, the Funds rely on independent third-party pricing services to provide the current market value of securities. Those pricing services value equity securities, including exchange-traded funds, exchange-traded notes, closed-end funds and preferred stocks, traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there is no reported sale on the principal exchange, equity securities are valued at the mean between the most recent quoted bid and asked price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the pricing service of the funds and are generally categorized as Level 1 securities.
In the event that market quotations are not readily available, the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, such securities are valued as determined in good faith by the Trust’s Valuation Committee, based on recommendations from a pricing committee comprised of certain officers of the Trust, certain employees of the Fund’s administrator, and representatives of the Adviser (together the “Pricing Review Committee”). These securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
In accordance with the Trust’s Portfolio Valuation Procedures, the Pricing Review Committee, in making its recommendations with the Adviser’s participation, is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued pursuant to the Trust’s Fair Value Guidelines would be the amount which the Funds might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in accordance with the Trust’s Portfolio Valuation Procedures, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before each Fund’s NAV calculation that may affect a security’s value, or other data calls into question the reliability of market quotations.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022:
| | | Valuation Inputs | | | | |
| Small-Cap Equity Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks(a) | | $ | 5,737,183,935 | | | $ | — | | | $ | — | | | $ | 5,737,183,935 | |
| Money Market Funds | | | 342,960,652 | | | | — | | | | — | | | | 342,960,652 | |
| Total | | $ | 6,080,144,587 | | | $ | — | | | $ | — | | | $ | 6,080,144,587 | |
| Small-Cap Growth Fund | | | | | | | | | | | | | | | | |
| Common Stocks(a) | | $ | 106,503,038 | | | $ | — | | | $ | — | | | $ | 106,503,038 | |
Mid-Cap Value Fund | | | | | | | | | | | | | | | | |
| Common Stocks(a) | | $ | 257,033,540 | | | $ | — | | | $ | — | | | $ | 257,033,540 | |
Unconstrained Equity Fund | | | | | | | | | | | | | | | | |
| Common Stocks(a) | | $ | 57,845,819 | | | $ | — | | | $ | — | | | $ | 57,845,819 | |
Small-Mid Core Equity Fund
|
| Common Stocks(a) | | $ | 5,159,481 | | | $ | — | | | $ | — | | | $ | 5,159,481 | |
Micro-Cap Equity Fund | | | | | | | | | | | | | | | | |
| Common Stocks(a) | | $ | 15,285,759 | | | $ | — | | | $ | — | | | $ | 15,285,759 | |
| Closed End Funds | | | 171,252 | | | | — | | | | — | | | | 171,252 | |
| Total | | $ | 15,457,011 | | | $ | — | | | $ | — | | | $ | 15,457,011 | |
| (a) | Refer to Schedule of Investments for industry classifications. |
The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS
Under the terms of the investment advisory agreement (the “Agreement”), the Adviser manages each Fund’s investments subject to approval of the Board. As compensation for its management services, the Funds are obligated to pay the Adviser a fee computed and accrued daily and paid monthly as follows:
| | | Small-Cap Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| Investment Adviser fee rate | | | 0.60 | % | | | 0.85 | % | | | 0.75 | % | | | 0.85 | % | | | 0.80 | % | | | 1.45 | % |
| Investment Adviser fee earned | | $ | 17,662,746 | | | $ | 489,887 | | | $ | 862,667 | | | $ | 303,358 | | | $ | 20,623 | | | $ | 105,797 | |
| Fees waived and/or expenses reimbursed by Adviser | | $ | – | | | $ | (88,116 | ) | | $ | (38,569 | ) | | $ | (101,852 | ) | | $ | (43,442 | ) | | $ | (52,325 | ) |
| Payable to / (Receivable from) Adviser | | $ | 3,012,936 | | | $ | 63,245 | | | $ | 160,903 | | | $ | 25,816 | | | $ | (3,345 | ) | | $ | 10,008 | |
The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Funds business; and (v) indirect expenses such as acquired fund fees and expenses) do not exceed the following percentages of each Fund’s average daily net assets through January 31, 2023 (“Expense Limitation”):
| | | R6 Shares | | | Institutional Shares | | | Investor Shares | | | A Shares | | | C Shares | |
| Small-Cap Equity Fund | | | 0.80 | % | | | 0.99 | % | | | 1.25 | % | | | 1.30 | % | | | 1.80 | % |
| Small-Cap Growth Fund | | | 0.90 | % | | | 0.99 | % | | | 1.25 | % | | | 1.30 | % | | | 1.80 | % |
| Mid-Cap Value Fund | | | 0.80 | % | | | 0.90 | % | | | 1.15 | % | | | 1.20 | % | | | 1.70 | % |
| Unconstrained Equity Fund | | | 0.90 | % | | | 0.99 | % | | | | | | | 1.30 | % | | | 1.80 | % |
| Small-Mid Core Equity Fund | | | | | | | 0.95 | % | | | | | | | 1.26 | % | | | | |
| Micro-Cap Equity Fund | | | | | | | 1.45 | % | | | | | | | | | | | | |
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
During any fiscal year that the Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement took effect and provided further that such recoupment can be achieved within the Expense Limitation currently in effect and the Expense Limitation in place when the waiver/ reimbursement occurred. This expense cap agreement may be terminated by the Board at any time.
As of March 31, 2022, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:
| Recoverable Through | | Small-Cap
Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| September 30, 2022 | | $ | — | | | $ | 70,742 | | | $ | 53,352 | | | $ | 44,395 | | | $ | 43,341 | | | $ | 45,200 | |
| September 30, 2023 | | | — | | | | 153,508 | | | | 103,543 | | | | 88,162 | | | | 81,772 | | | | 87,750 | |
| September 30, 2024 | | | — | | | | 124,546 | | | | 98,471 | | | | 86,039 | | | | 79,695 | | | | 90,794 | |
| March 31, 2025 | | | — | | | | 88,116 | | | | 38,569 | | | | 101,852 | | | | 43,442 | | | | 52,325 | |
| | | $ | — | | | $ | 436,912 | | | $ | 293,935 | | | $ | 320,448 | | | $ | 248,250 | | | $ | 276,069 | |
The Trust retains Ultimus Fund Solutions, LLC (the “Administrator”) to provide the Funds with administration, fund accounting, transfer agent and compliance services, including all regulatory reporting. For the six months ended March 31, 2022, fees incurred for administration, fund accounting, transfer agent and compliance services, and the amounts due to the Administrator at March 31, 2022 were as follows:
| | | Small-Cap Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| Administration | | $ | 436,110 | | | $ | 8,590 | | | $ | 16,724 | | | $ | 5,490 | | | $ | 4,084 | | | $ | 4,084 | |
| Fund accounting | | | 139,260 | | | | 2,743 | | | | 5,340 | | | | 1,754 | | | | 1,304 | | | | 1,304 | |
| Transfer agent | | | 63,610 | | | | 1,252 | | | | 2,439 | | | | 800 | | | | 596 | | | | 595 | |
| Compliance services | | | 2,992 | | | | 2,992 | | | | 2,992 | | | | 2,992 | | | | 2,992 | | | | 2,992 | |
| Payable to Administrator | | | 109,488 | | | | 2,618 | | | | 4,668 | | | | 1,819 | | | | 1,475 | | | | 1,475 | |
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
The Board supervises the business activities of the Trust. Each Trustee serves as a Trustee for the lifetime of the Trust or until the earlier of his or her retirement as a Trustee at age 78 (which may be extended for up to two years in an emeritus non-voting capacity at the pleasure and request of the Board), or until he/she dies, resigns, or is removed, whichever is sooner. “Independent Trustees,” meaning those Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act, as amended, have each received an annual retainer of $1,500 per Fund and $500 per Fund for each quarterly in-person Board meeting. In addition, each Independent Trustee may be compensated for preparation related to and participation in any special meetings of the Board and/or any Committee of the Board, with such compensation determined on a case-by-case basis based on the length and complexity of the meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings.
The officers and one trustee of the Trust are employees of the Administrator. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the principal distributor of each Fund’s shares. The Distributor is a wholly-owned subsidiary of the Administrator.
The Funds have adopted a Distribution Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 of the 1940 Act. The 12b-1 Plan provides that the Funds will pay the Distributor and/or any registered securities dealer, financial institution or any other person (the “Recipient”) a fee of 0.25% of the average daily net assets of each Fund’s Investor Shares and A Shares and 1.00% of the average daily net assets of each Fund’s C Shares in connection with the promotion and distribution of each Fund’s Investor Shares, A Shares and C Shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current shareholders, the printing and mailing of sales literature and servicing shareholder accounts (“12b-1 Expenses”). Under the 12b-1 Plan, the 1.00% C Share 12b-1 fee includes a 0.25% service fee. Over time, 12b-1 fees will increase the cost of your investment in a Fund’s Investor, A, and C Shares and may cost you more than paying other types of sales charges because these fees are paid out of the Fund’s Investor, A, and C Shares on an on-going basis. For the six months ended March 31, 2022, 12b-1 expenses incurred by the Funds were as follows:
Distribution Fees | | Small-Cap Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap Value Fund | | | Unconstrained
Equity Fund | | | Small-Mid Core
Equity Fund | |
| Investor Shares | | $ | 371,346 | | | $ | 4,001 | | | $ | 4,561 | | | $ | — | | | $ | — | |
| A Shares | | | 10,381 | | | | 572 | | | | 5 | | | | 100 | | | | 1 | |
| C Shares | | | 57,292 | | | | 3,463 | | | | 21 | | | | 189 | | | | — | |
| Payable for 12b-1 fees | | | 172,462 | | | | 2,570 | | | | 1,738 | | | | 160 | | | | 1 | |
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
During the six months ended March 31, 2022, the Distributor retained the following amounts in sales commissions from the sales of A Shares of the Funds:
| Small-Cap Equity Fund | | | $ | 6,139 | |
During the six months ended March 31, 2022, the Distributor received the following amounts in contingent deferred sales charges related to redemptions of C Shares of the Funds:
| Small-Cap Equity Fund | | $ | 31,584 | |
| Small-Cap Growth Fund | | | 1,284 | |
| Unconstrained Equity Fund | | | 265 | |
The Funds have adopted an Administrative Services Plan (the “Plan”) for Institutional Shares, Investor Shares, and A Shares of the Funds. The Plan allows the Funds to pay financial intermediaries that provide services relating to Institutional Shares, Investor Shares, and A Shares. The Plan permits payments for the provision of certain administrative, recordkeeping and other non-distribution related services to Institutional Share, Investor Share and A Share shareholders. The Plan permits the Funds to make service fee payments at an annual rate of up to 0.25% of each Fund’s average daily net assets attributable to its A Shares and up to 0.20% of each Fund’s average daily net assets attributable to its Institutional Shares or Investor Shares. Because these fees are paid respectively out of the assets of each Fund’s Institutional Shares, Investor Shares and A Shares on an ongoing basis, over time they will increase the cost of an investment in Institutional Shares, Investor Shares and A Shares.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the six months ended March 31, 2022, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were as follows:
| | | Purchases | | | Sales | |
| Small-Cap Equity Fund | | $ | 1,236,089,290 | | | $ | 553,709,512 | |
| Small-Cap Growth Fund | | | 85,382,053 | | | | 62,823,870 | |
| Mid-Cap Value Fund | | | 72,276,124 | | | | 19,250,589 | |
| Unconstrained Equity Fund | | | 16,940,727 | | | | 5,871,710 | |
| Small-Mid Core Equity Fund | | | 2,798,813 | | | | 1,193,170 | |
| Micro-Cap Equity Fund | | | 8,117,303 | | | | 5,598,611 | |
There were no purchases or sales of long-term U.S. government obligations during the six months ended March 31, 2022.
For the six months ended March 31, 2022, in-kind purchases and sales transactions were as follows:
| | | In-Kind Purchases | | | In-Kind Sales | |
| Small-Cap Equity Fund | | $ | — | | | $ | 41,002,359 | |
| Small-Cap Growth Fund | | | — | | | | 13,356,589 | |
| Unconstrained Equity Fund | | | — | | | | 24,595,641 | |
| Small-Mid Core Equity Fund | | | — | | | | 1,069,473 | |
| Micro-Cap Equity Fund | | | — | | | | 535,696 | |
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 6. FEDERAL TAX INFORMATION
At March 31, 2022, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:
| | | Small-Cap Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap
Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| Gross unrealized appreciation | | $ | 1,225,506,605 | | | $ | 13,300,196 | | | $ | 35,955,651 | | | $ | 5,737,904 | | | $ | 792,283 | | | $ | 3,676,988 | |
| Gross unrealized depreciation | | | (105,912,958 | ) | | | (4,536,770 | ) | | | (4,839,144 | ) | | | (1,987,612 | ) | | | (239,617 | ) | | | (1,282,045 | ) |
| Net unrealized appreciation/ (depreciation) on investments | | $ | 1,119,593,647 | | | $ | 8,763,426 | | | $ | 31,116,507 | | | $ | 3,750,292 | | | $ | 552,666 | | | $ | 2,394,943 | |
| Tax cost of investments | | $ | 4,960,550,940 | | | $ | 97,739,612 | | | $ | 225,917,033 | | | $ | 54,095,527 | | | $ | 4,606,815 | | | $ | 13,062,068 | |
The tax character of distributions paid for the fiscal year ended September 30, 2021, the Funds’ most recent fiscal year end, was as follows:
| | | Small-Cap Equity Fund | | | Mid-Cap
Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| Ordinary income(a) | | $ | 12,860,575 | | | $ | 208,942 | | | $ | 191,537 | | | $ | 14,032 | | | $ | 32,418 | |
| Tax return of capital | | | — | | | | — | | | | 425 | | | | — | | | | — | |
| Total distributions paid | | $ | 12,860,575 | | | $ | 208,942 | | | $ | 191,962 | | | $ | 14,032 | | | $ | 32,418 | |
| (a) | Short-term capital gain distributions are treated as ordinary income for tax purposes. |
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
At September 30, 2021, the Fund’s most recent fiscal year end, the components of accumulated earnings (deficit) on a tax basis were as follows:
| | | Small-Cap Equity Fund | | | Small-Cap Growth Fund | | | Mid-Cap
Value Fund | | | Unconstrained Equity Fund | | | Small-Mid Core
Equity Fund | | | Micro-Cap Equity Fund | |
| Undistributed Ordinary Income | | $ | 51,457,806 | | | $ | 12,118,923 | | | $ | 1,169,559 | | | $ | — | | | $ | 110,312 | | | $ | 524,684 | |
| Undistributed Long-Term Capital Gains | | | 154,604,078 | | | | 4,496,878 | | | | 1,723,838 | | | | — | | | | 152,217 | | | | 543,922 | |
| Accumulated Capital and Other Losses | | | — | | | | — | | | | — | | | | (138,084 | ) | | | — | | | | — | |
| Unrealized Appreciation on Investments(a) | | | 1,297,742,938 | | | | 27,806,543 | | | | 15,951,142 | | | | 18,615,923 | | | | 1,602,252 | | | | 4,158,866 | |
| Total Accumulated Earnings | | $ | 1,503,804,822 | | | $ | 44,422,344 | | | $ | 18,844,539 | | | $ | 18,477,839 | | | $ | 1,864,781 | | | $ | 5,227,472 | |
| (a) | The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash losses and return of capital adjustments. |
Certain qualified losses incurred after October 31, and within the current taxable year, are deemed to arise on the first business day of the Funds following taxable year. For the tax year ended September 30, 2021, the Unconstrained Equity Fund deferred post October qualified losses in the amount of $52,349.
Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Funds fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Unconstrained Equity Fund had a Qualified Late Year Ordinary Loss in the amount of $85,735.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 7. SECTOR RISK
If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of March 31, 2022, Small-Cap Growth Fund had 27.69% and 30.29% of the value of its net assets invested in securities within the Consumer Discretionary and Technology sectors, respectively. The Unconstrained Equity Fund had 26.44% of the value of its nets assets invested in securities with the Industrials sector.
NOTE 8. COMMITMENTS AND CONTINGENCIES
The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
NOTE 9. REFLOW LIQUIDITY PROGRAM
The Funds may participate in the ReFlow Fund, LLC (“ReFlow”) liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on a fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of each fund’s net redemptions on a given day. ReFlow will purchase shares of a Fund at net asset value and will not be subject to any investment minimum applicable to such shares. ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of each Fund. ReFlow will periodically redeem its entire share position in a Fund. For use of the ReFlow service, each Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.
Fuller & Thaler Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
During the six months ended March 31, 2022, the following Funds utilized ReFlow:
| | | ReFlow
Purchased Shares | | | ReFlow
Service Fees | |
| Small-Cap Equity Fund | | $ | 1,389,787 | | | $ | 124,329 | |
| Small-Cap Growth Fund | | | 626,347 | | | | 23,933 | |
| Mid-Cap Value Fund | | | - | | | | - | |
| Unconstrained Equity Fund | | | 377,606 | | | | 29,328 | |
| Small-Mid Core Equity Fund | | | 35,875 | | | | 2,430 | |
| Micro-Cap Equity Fund | | | 17,201 | | | | 1,210 | |
NOTE 10. SUBSEQUENT EVENTS
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.
Summary of Fund Expenses (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 through March 31, 2022.
Actual Expenses
The first line of the table for each class provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table for each class provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.
| | | | | Beginning Account Value
October 1, 2021 | | | Ending Account Value
March 31, 2022 | | | Expenses
Paid During Period(a) | | | Annualized
Expense Ratio | |
| Small-Cap Equity Fund |
| R6 Shares | | Actual | | $ | 1,000.00 | | | $ | 992.90 | | | $ | 3.19 | | | | 0.64 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,021.73 | | | $ | 3.23 | | | | 0.64 | % |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 992.50 | | | $ | 3.66 | | | | 0.74 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,021.25 | | | $ | 3.72 | | | | 0.74 | % |
| Investor Shares | | Actual | | $ | 1,000.00 | | | $ | 990.90 | | | $ | 5.12 | | | | 1.03 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.79 | | | $ | 5.19 | | | | 1.03 | % |
| A Shares | | Actual | | $ | 1,000.00 | | | $ | 991.10 | | | $ | 5.07 | | | | 1.02 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.84 | | | $ | 5.14 | | | | 1.02 | % |
| C Shares | | Actual | | $ | 1,000.00 | | | $ | 988.10 | | | $ | 8.14 | | | | 1.64 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,016.75 | | | $ | 8.25 | | | | 1.64 | % |
Summary of Fund Expenses (Unaudited) (continued)
| | | | | Beginning Account Value
October 1, 2021 | | | Ending Account Value
March 31, 2022 | | | Expenses
Paid During Period(a) | | | Annualized
Expense Ratio | |
| Small-Cap Growth Fund |
| R6 Shares | | Actual | | $ | 1,000.00 | | | $ | 887.30 | | | $ | 4.24 | | | | 0.90 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.44 | | | $ | 4.53 | | | | 0.90 | % |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 886.90 | | | $ | 4.66 | | | | 0.99 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.99 | | | $ | 4.99 | | | | 0.99 | % |
| Investor Shares | | Actual | | $ | 1,000.00 | | | $ | 885.60 | | | $ | 5.88 | | | | 1.25 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,018.70 | | | $ | 6.29 | | | | 1.25 | % |
| A Shares | | Actual | | $ | 1,000.00 | | | $ | 885.50 | | | $ | 6.11 | | | | 1.30 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,018.45 | | | $ | 6.54 | | | | 1.30 | % |
| C Shares | | Actual | | $ | 1,000.00 | | | $ | 883.30 | | | $ | 8.45 | | | | 1.80 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,015.96 | | | $ | 9.05 | | | | 1.80 | % |
| Mid-Cap Value Fund |
| R6 Shares | | Actual | | $ | 1,000.00 | | | $ | 1,095.60 | | | $ | 4.18 | | | | 0.80 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.94 | | | $ | 4.03 | | | | 0.80 | % |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 1,095.00 | | | $ | 4.70 | | | | 0.90 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.44 | | | $ | 4.53 | | | | 0.90 | % |
| Investor Shares | | Actual | | $ | 1,000.00 | | | $ | 1,093.50 | | | $ | 6.00 | | | | 1.15 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.20 | | | $ | 5.79 | | | | 1.15 | % |
| A Shares | | Actual(c) | | $ | 1,000.00 | | | $ | 1,015.25 | | | $ | 0.63 | | | | 1.08 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.54 | | | $ | 5.44 | | | | 1.08 | % |
| C Shares | | Actual(c) | | $ | 1,000.00 | | | $ | 1,011.96 | | | $ | 0.98 | | | | 1.70 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,016.45 | | | $ | 8.55 | | | | 1.70 | % |
| Unconstrained Equity Fund |
| R6 Shares | | Actual | | $ | 1,000.00 | | | $ | 946.70 | | | $ | 4.37 | | | | 0.90 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.44 | | | $ | 4.53 | | | | 0.90 | % |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 946.30 | | | $ | 4.80 | | | | 0.99 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.99 | | | $ | 4.99 | | | | 0.99 | % |
| A Shares | | Actual | | $ | 1,000.00 | | | $ | 945.00 | | | $ | 6.30 | | | | 1.30 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,018.45 | | | $ | 6.54 | | | | 1.30 | % |
| C Shares | | Actual | | $ | 1,000.00 | | | $ | 942.00 | | | $ | 8.72 | | | | 1.80 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,015.95 | | | $ | 9.05 | | | | 1.80 | % |
| Small-Mid Core Equity Fund |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 956.20 | | | $ | 4.63 | | | | 0.95 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.19 | | | $ | 4.79 | | | | 0.95 | % |
| A Shares | | Actual(c) | | $ | 1,000.00 | | | $ | 993.71 | | | $ | 0.72 | | | | 1.26 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,018.64 | | | $ | 6.35 | | | | 1.26 | % |
Summary of Fund Expenses (Unaudited) (continued)
| | | | | Beginning Account Value
October 1, 2021 | | | Ending Account Value
March 31, 2022 | | | Expenses
Paid During Period(a) | | | Annualized
Expense Ratio | |
| Micro-Cap Equity Fund |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 1,002.60 | | | $ | 7.24 | | | | 1.45 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,017.70 | | | $ | 7.29 | | | | 1.45 | % |
| (a) | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| (b) | Hypothetical assumes 5% annual return before expenses. |
| (c) | Actual expenses are equal to the A Shares and C Shares annualized expense ratios, multiplied by the average account value over the period, multiplied by 21/365 (to reflect the period since commencement of operations on March 10, 2022). The annualized expense ratios reflect reimbursement of expenses by the Funds’ investment adviser for the period beginning March 10, 2022 through March 31, 2022. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements. Hypothetical expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one- half year period). |
| FACTS | WHAT DO THE FULLER & THALER FUNDS (the “Funds”) DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| | |
| ■ | Social Security number |
| | | |
| | ■ | account balances and account transactions |
| | | |
| | ■ | transaction or loss history and purchase history |
| | | |
| | ■ | checking account information and wire transfer instructions |
| | | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Do the Funds share? |
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes |
For our marketing purposes— to offer our products and services to you | No |
| For joint marketing with other financial companies | No |
For our affiliates’ everyday business purposes— information about your transactions and experiences | No |
For our affiliates’ everyday business purposes— information about your creditworthiness | No |
| For nonaffiliates to market to you | No |
| Questions? | Call (888) 912-4562 |
| Who we are |
| Who is providing this notice? | Fuller & Thaler Funds Ultimus Fund Distributors, LLC (Distributor)
Ultimus Fund Solutions, LLC (Administrator) |
| What we do |
| How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| How do the Funds collect my personal information? | We collect your personal information, for example, when you |
| | |
| ■ | open an account or deposit money |
| | |
| ■ | buy securities from us or sell securities to us |
| | |
| ■ | make deposits or withdrawals from your account |
| | |
| ■ | give us your account information |
| | |
| ■ | make a wire transfer |
| | |
| ■ | tell us who receives the money |
| | |
| ■ | tell us where to send the money |
| | |
| ■ | show your government-issued ID |
| | |
| ■ | show your driver’s license |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only |
| |
| ■ | sharing for affiliates’ everyday business purposes — information about your creditworthiness |
| | |
| ■ | affiliates from using your information to market to you |
| | |
| ■ | sharing for nonaffiliates to market to you |
| | | |
| | State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| | | |
| | ■ | Fuller & Thaler Asset Management, Inc., the investment adviser to the Fund, could be deemed to be an affiliate. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| | | |
| | ■ | The Fuller & Thaler Funds do not share your personal information with nonaffiliates so they can market to you |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| | | |
| | ■ | The Fuller & Thaler Funds do not jointly market. |
PROXY VOTING
A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (888) 912- 4562 and (2) in Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
| TRUSTEES | INDEPENDENT REGISTERED PUBLIC |
| Walter B. Grimm, Chairman | ACCOUNTING FIRM |
| David James | Ernst & Young LLP |
| Lori Kaiser | 221 East 4th Street, Suite 2900 |
| Janet Smith Meeks | Cincinnati, OH 45202 |
| Mary M. Madick | |
| | |
OFFICERS | LEGAL COUNSEL |
| Matthew J. Miller, Chief Executive Officer and President | Bernstein Shur |
| Zachary P. Richmond, Chief Financial Officer and Treasurer | 100 Middle Street, 6th Floor |
| Martin R. Dean, Chief Compliance Officer | Portland, ME 04104 |
| Paul Leone, Secretary | |
| | |
INVESTMENT ADVISER Fuller & Thaler Asset Management, Inc. 411 Borel Avenue, Suite 300 San Mateo, CA 94402 | CUSTODIAN Huntington National Bank
41 South High Street Columbus, OH 43215 |
| | |
DISTRIBUTOR Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 | ADMINISTRATOR, TRANSFER AGENT AND
FUND ACCOUNTANT Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 |
This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.
Distributed by Ultimus Fund Distributors, LLC
Member FINRA/SIPC
Fuller-SAR-22
Guardian Capital Dividend Growth Fund
Institutional Shares – DIVGX
Guardian Capital Fundamental Global Equity Fund
Institutional Shares – GFGEX
Alta Quality Growth Fund
Institutional Shares – AQLGX
Semi-Annual Report
March 31, 2022
Investment Results (Unaudited)
Average Annual Total Returns(a) as of March 31, 2022
| | Six Months | One Year | Since
Inception
5/1/2019 |
| Guardian Capital Dividend Growth Fund | | | |
| Institutional Shares | 9.15% | 16.95% | 13.83% |
| MSCI World Index(b) | 2.21% | 10.12% | 14.22% |
| | Expense Ratios(c) |
| | Institutional Shares |
| Gross | 1.78% |
| With Applicable Waivers | 0.95% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Guardian Capital Dividend Growth Fund (the “Guardian Dividend Fund”) distributions or the redemption of Guardian Dividend Fund shares. Current performance of the Guardian Dividend Fund may be lower or higher than the performance quoted. The Guardian Dividend Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.
| (a) | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Fund’s returns reflect any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized. |
| (b) | The MSCI World Index is an unmanaged free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (c) | The expense ratio is from the Guardian Dividend Fund’s prospectus dated January 28, 2022. Guardian Capital LP, the Guardian Dividend Fund’s adviser (the “Adviser”), has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Guardian Dividend Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Guardian Dividend Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the Guardian Dividend Fund’s average daily net assets through January 31, 2023 (the “Expense Limitation”). During any fiscal year that the Investment Advisory Agreement between the Adviser and the Capitol Series Trust (the “Trust”) is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board of Trustees (the “Board”) at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Investment Advisory Agreement with the Adviser. Additional information pertaining to the Guardian Dividend Fund’s expense ratios as of March 31, 2022, can be found in the financial highlights. |
The Guardian Dividend Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Guardian Dividend Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing.
The Guardian Dividend Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns(a) as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/19/2019) |
| Guardian Capital Fundamental Global Equity Fund |
| Institutional Shares | 0.39% | 7.49% | 11.97% |
| MSCI World Index(b) | 2.21% | 10.12% | 14.05% |
| | Expense Ratios(c) |
| | Institutional Shares |
| Gross | 1.53% |
| With Applicable Waivers | 0.99% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Guardian Capital Fundamental Global Equity Fund (“Guardian Equity Fund”) distributions or the redemption of Guardian Equity Fund shares. Current performance of the Guardian Equity Fund may be lower or higher than the performance quoted. The Guardian Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.
| (a) | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Guardian Equity Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized. |
| (b) | The MSCI World Index is an unmanaged free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (c) | The expense ratios are from the Guardian Equity Fund’s prospectus dated January 28, 2022. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Guardian Equity Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Guardian Equity Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.99% of the average daily net assets of the Guardian Equity Fund through January 31, 2023 (the “Expense Limitation”). During any fiscal year that the Investment Advisory Agreement between the Adviser and Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Investment Advisory Agreement with the Adviser. Additional information pertaining to the Guardian Equity Fund’s expense ratios as of March 31, 2022 can be found in the financial highlights. |
The Guardian Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Guardian Equity Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing
The Guardian Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Investment Results (Unaudited) (continued)
Average Annual Total Returns(a) as of March 31, 2022
| | Six Months | One Year | Since
Inception
(12/19/2018) |
| Alta Quality Growth Fund – Institutional Shares | -5.74% | 2.64% | 17.82% |
| S&P 500® Index (b) | 5.92% | 15.65% | 21.86% |
| Russell 1000® Growth Index (c) | 1.54% | 14.98% | 27.17% |
| | Expense Ratios(d) |
| Gross | 1.18% |
| With Applicable Waivers | 0.79% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Alta Quality Growth Fund (“Alta Growth Fund”) distributions or the redemption of Alta Growth Fund shares. Current performance of the Alta Growth Fund may be lower or higher than the performance quoted. The Alta Growth Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.
| (a) | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Alta Growth Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized. |
| (b) | The S&P 500® Index is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Alta Growth Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
| (c) | The Russell 1000® Growth Index is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Alta Growth Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
Investment Results (Unaudited) (continued)
| (d) | The expense ratios are from the Alta Growth Fund’s prospectus dated January 28, 2022. Alta Capital Management, LLC, the Alta Growth Fund’s adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Alta Growth Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Alta Growth Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.79% of the average daily net assets of the Alta Growth Fund through January 31, 2023 (the “Expense Limitation”). During any fiscal year that the Investment Advisory Agreement between Alta Capital Management, LLC and Capitol Series Trust (the “Trust”) is in effect, Alta Capital Management, LLC may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Alta Capital Management, LLC is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Advisory Agreement with Alta Capital Management, LLC. Additional information pertaining to the Alta Growth Fund’s expense ratios as of March 31, 2022, can be found in the financial highlights. |
The Alta Growth Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Alta Growth Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing.
The Alta Growth Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.
Fund Holdings (Unaudited)
Guardian Capital Dividend Growth Fund Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Guardian Capital Fundamental Global Equity Fund Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Fund Holdings (Unaudited) (continued)
Alta Quality Growth Fund Holdings as of March 31, 2022.*
| * | As a percentage of net assets. |
Availability of Portfolio Schedules – (Unaudited)
The Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http:// www.sec.gov or on the Funds’ website at www.guardiancapitalfunds.com.
Guardian Capital Dividend Growth Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 97.04% | | | | | | |
| | | | | | | |
| Australia — 2.39% | | | | | | |
| Materials — 2.39% | | | | | | |
| BHP Group Ltd. - ADR | | | 6,677 | | | $ | 515,798 | |
| Total Australia | | | | | | | 515,798 | |
| | | | | | | | | |
| Canada — 5.30% | | | | | | | | |
| Communications — 1.73% | | | | | | | | |
| TELUS Corp. | | | 14,292 | | | | 373,359 | |
| | | | | | | | | |
| Financials — 3.57% | | | | | | | | |
| Royal Bank of Canada | | | 7,022 | | | | 773,077 | |
| Total Canada | | | | | | | 1,146,436 | |
| | | | | | | | | |
| Denmark — 1.80% | | | | | | | | |
| Health Care — 1.80% | | | | | | | | |
| Novo Nordisk A/S - ADR | | | 3,510 | | | | 389,786 | |
| Total Denmark | | | | | | | 389,786 | |
| | | | | | | | | |
| France — 7.45% | | | | | | | | |
| Consumer Discretionary — 0.55% | | | | | | | | |
| LVMH Moet Hennessy Louis Vuitton SA - ADR | | | 833 | | | | 118,769 | |
| | | | | | | | | |
| Energy — 2.92% | | | | | | | | |
| TotalEnergies S.E. - ADR | | | 12,452 | | | | 629,325 | |
| | | | | | | | | |
| Financials — 1.86% | | | | | | | | |
| AXA S.A. | | | 13,700 | | | | 402,634 | |
| | | | | | | | | |
| Industrials — 2.12% | | | | | | | | |
| Schneider Electric S.E. - ADR | | | 13,574 | | | | 458,530 | |
| Total France | | | | | | | 1,609,258 | |
| | | | | | | | | |
| Germany — 2.00% | | | | | | | | |
| Financials — 2.00% | | | | | | | | |
| Allianz S.E. | | | 1,800 | | | | 431,231 | |
| Total Germany | | | | | | | 431,231 | |
| | | | | | | | | |
| Ireland — 4.11% | | | | | | | | |
| Technology — 4.11% | | | | | | | | |
| Accenture PLC, Class A | | | 2,631 | | | | 887,252 | |
| Total Ireland | | | | | | | 887,252 | |
| | | | | | | | | |
| Netherlands — 2.15% | | | | | | | | |
| Technology — 2.15% | | | | | | | | |
| Wolters Kluwer N.V. - ADR | | | 4,375 | | | | 466,113 | |
| Total Netherlands | | | | | | | 466,113 | |
| | | | | | | | | |
| Switzerland — 3.57% | | | | | | | | |
| Consumer Staples — 3.57% | | | | | | | | |
| Nestle S.A. - ADR | | | 5,939 | | | | 772,664 | |
| Total Switzerland | | | | | | | 772,664 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Dividend Growth Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 97.04% - (continued) | | | | | | | | |
| | | | | | | | | |
| United Kingdom — 6.25% | | | | | | | | |
| Consumer Staples — 1.39% | | | | | | | | |
| Unilever PLC - ADR | | | 6,584 | | | $ | 300,033 | |
| | | | | | | | | |
| Health Care — 2.72% | | | | | | | | |
| AstraZeneca PLC - ADR | | | 8,878 | | | | 588,966 | |
| | | | | | | | | |
| Materials — 2.14% | | | | | | | | |
| Rio Tinto PLC - ADR | | | 5,770 | | | | 463,908 | |
| Total United Kingdom | | | | | | | 1,352,907 | |
| | | | | | | | | |
| United States — 62.02% | | | | | | | | |
| Consumer Discretionary — 4.05% | | | | | | | | |
| Home Depot, Inc. (The) | | | 1,502 | | | | 449,593 | |
| McDonald’s Corp. | | | 1,727 | | | | 427,053 | |
| | | | | | | | 876,646 | |
| Consumer Staples — 4.20% | | | | | | | | |
| Costco Wholesale Corp. | | | 1,581 | | | | 910,419 | |
| | | | | | | | | |
| Energy — 7.80% | | | | | | | | |
| EOG Resources, Inc. | | | 4,575 | | | | 545,477 | |
| Shell PLC - ADR | | | 10,651 | | | | 585,059 | |
| Williams Cos., Inc. (The) | | | 16,727 | | | | 558,849 | |
| | | | | | | | 1,689,385 | |
| Health Care — 5.70% | | | | | | | | |
| Johnson & Johnson | | | 2,505 | | | | 443,961 | |
| UnitedHealth Group, Inc. | | | 991 | | | | 505,380 | |
| Zoetis, Inc., Class A | | | 1,506 | | | | 284,017 | |
| | | | | | | | 1,233,358 | |
| Industrials — 8.50% | | | | | | | | |
| Exponent, Inc. | | | 2,134 | | | | 230,579 | |
| Illinois Tool Works, Inc. | | | 1,319 | | | | 276,199 | |
| Republic Services, Inc. | | | 4,113 | | | | 544,972 | |
| Rockwell Automation, Inc. | | | 1,082 | | | | 302,992 | |
| Waste Management, Inc. | | | 3,061 | | | | 485,168 | |
| | | | | | | | 1,839,910 | |
| Materials — 2.86% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 2,476 | | | | 618,777 | |
| | | | | | | | | |
| Real Estate — 7.28% | | | | | | | | |
| Digital Realty Trust, Inc. | | | 2,003 | | | | 284,025 | |
| EPR Properties | | | 4,529 | | | | 247,782 | |
| Medical Properties Trust, Inc. | | | 36,171 | | | | 764,655 | |
| WP Carey, Inc. | | | 3,447 | | | | 278,655 | |
| | | | | | | | 1,575,117 | |
| Technology — 20.17% | | | | | | | | |
| Apple, Inc. | | | 7,575 | | | | 1,322,671 | |
| Broadcom, Inc. | | | 1,974 | | | | 1,242,988 | |
| CDW Corp. | | | 913 | | | | 163,327 | |
| MasterCard, Inc., Class A | | | 1,326 | | | | 473,886 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Dividend Growth Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 97.04% - (continued) | | | | | | | | |
| | | | | | | | | |
| United States — 62.02% - (continued) | | | | | | | | |
| Technology — 20.17% - (continued) | | | | | | | | |
| Microsoft Corp. | | | 3,779 | | | $ | 1,165,103 | |
| | | | | | | | 4,367,975 | |
| Utilities — 1.46% | | | | | | | | |
| WEC Energy Group, Inc. | | | 3,166 | | | | 315,998 | |
| Total United States | | | | | | | 13,427,585 | |
| | | | | | | | |
Total Common Stocks
(Cost $15,144,498) | | | | | | | 20,999,030 | |
| | | | | | | | | |
| Money Market Funds - 2.74% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 0.18%(a) | | | 592,040 | | | | 592,040 | |
| | | | | | | | |
Total Money Market Funds
(Cost $592,040) | | | | | | | 592,040 | |
| | | | | | | | | |
Total Investments — 99.78%
(Cost $15,736,538) | | | | | | | 21,591,070 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 0.22% | | | | | | | 47,134 | |
| | | | | | | | | |
| Net Assets — 100.00% | | | | | | $ | 21,638,204 | |
| (a) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
ADR - American Depositary Receipt
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Fundamental Global Equity Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 98.34% | | | | | | | | |
| | | | | | | | | |
| China — 3.27% | | | | | | | | |
| Consumer Discretionary — 3.27% | | | | | | | | |
| Yum China Holdings, Inc. | | | 24,909 | | | $ | 1,034,720 | |
| Total China | | | | | | | 1,034,720 | |
| | | | | | | | | |
| Denmark — 12.57% | | | | | | | | |
| Health Care — 7.97% | | | | | | | | |
| Coloplast A/S, Class B | | | 2,547 | | | | 388,137 | |
| Novo Nordisk A/S, Class B | | | 19,126 | | | | 2,130,551 | |
| | | | | | | | 2,518,688 | |
| Materials — 4.60% | | | | | | | | |
| Chr. Hansen Holdings A/S | | | 11,196 | | | | 827,182 | |
| Novozymes A/S, Class B | | | 9,086 | | | | 625,745 | |
| | | | | | | | 1,452,927 | |
| Total Denmark | | | | | | | 3,971,615 | |
| | | | | | | | | |
| France — 9.71% | | | | | | | | |
| Consumer Staples — 3.02% | | | | | | | | |
| L’Oréal S.A. | | | 2,368 | | | | 953,199 | |
| | | | | | | | | |
| Health Care — 6.69% | | | | | | | | |
| EssilorLuxottica S.A. | | | 11,498 | | | | 2,115,409 | |
| Total France | | | | | | | 3,068,608 | |
| | | | | | | | | |
| Ireland — 3.40% | | | | | | | | |
| Technology — 3.40% | | | | | | | | |
| Accenture PLC, Class A | | | 3,189 | | | | 1,075,426 | |
| Total Ireland | | | | | | | 1,075,426 | |
| | | | | | | | | |
| Japan — 4.39% | | | | | | | | |
| Industrials — 4.39% | | | | | | | | |
| FANUC Corp. | | | 4,100 | | | | 729,058 | |
| Keyence Corp. | | | 1,400 | | | | 658,451 | |
| | | | | | | | 1,387,509 | |
| Total Japan | | | | | | | 1,387,509 | |
| | | | | | | | | |
| Switzerland — 3.95% | | | | | | | | |
| Consumer Staples — 3.95% | | | | | | | | |
| Nestle S.A. | | | 9,589 | | | | 1,247,333 | |
| Total Switzerland | | | | | | | 1,247,333 | |
| | | | | | | | | |
| United Kingdom — 5.48% | | | | | | | | |
| Consumer Staples — 2.63% | | | | | | | | |
| Reckitt Benckiser Group PLC | | | 10,846 | | | | 830,910 | |
| | | | | | | | | |
| Industrials — 2.85% | | | | | | | | |
| Intertek Group PLC | | | 13,129 | | | | 900,952 | |
| Total United Kingdom | | | | | | | 1,731,862 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Fundamental Global Equity Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 98.34% - (continued) | | | | | | | | |
| | | | | | | | | |
| United States — 55.57% | | | | | | | | |
| Communications — 12.36% | | | | | | | | |
| Alphabet, Inc., Class A(a) | | | 724 | | | $ | 2,013,697 | |
| Booking Holdings, Inc.(a) | | | 806 | | | | 1,892,851 | |
| | | | | | | | 3,906,548 | |
| Consumer Discretionary — 4.40% | | | | | | | | |
| Nike, Inc., Class B | | | 10,322 | | | | 1,388,928 | |
| | | | | | | | | |
| Consumer Staples — 3.93% | | | | | | | | |
| Colgate-Palmolive Co. | | | 16,437 | | | | 1,246,418 | |
| | | | | | | | | |
| Financials — 8.21% | | | | | | | | |
| CME Group, Inc. | | | 10,904 | | | | 2,593,625 | |
| | | | | | | | | |
| Health Care — 10.23% | | | | | | | | |
| Illumina, Inc.(a) | | | 3,548 | | | | 1,239,671 | |
| UnitedHealth Group, Inc. | | | 3,912 | | | | 1,995,003 | |
| | | | | | | | 3,234,674 | |
| Technology — 16.44% | | | | | | | | |
| Automatic Data Processing, Inc. | | | 4,715 | | | | 1,072,851 | |
| MarketAxess Holdings, Inc. | | | 3,793 | | | | 1,290,379 | |
| MasterCard, Inc., Class A | | | 4,371 | | | | 1,562,108 | |
| Microsoft Corp. | | | 2,274 | | | | 701,097 | |
| Verisk Analytics, Inc. | | | 2,646 | | | | 567,911 | |
| | | | | | | | 5,194,346 | |
| Total United States | | | | | | | 17,564,539 | |
| | | | | | | | |
Total Common Stocks
(Cost $25,647,249) | | | | | | | 31,081,612 | |
| | | | | | | | | |
| Money Market Funds - 4.19% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Treasury Portfolio, Institutional Class, 0.19%(b) | | | 1,324,147 | | | | 1,324,147 | |
| | | | | | | | | |
Total Money Market Funds
(Cost $1,324,147) | | | | | | | 1,324,147 | |
| | | | | | | | | |
Total Investments — 102.53%
(Cost $26,971,396) | | | | | | | 32,405,759 | |
| | | | | | | | | |
| Liabilities in Excess of Other Assets — (2.53)% | | | | | | | (799,439 | ) |
| | | | | | | | | |
| Net Assets — 100.00% | | | | | | $ | 31,606,320 | |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
See accompanying notes which are an integral part of these financial statements.
Alta Quality Growth Fund
Schedule of Investments
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 98.92% | | | | | | | | |
| | | | | | | | | |
| Ireland — 3.03% | | | | | | | | |
| Health Care — 3.03% | | | | | | | | |
| STERIS PLC | | | 6,300 | | | $ | 1,523,151 | |
| Total Ireland | | | | | | | 1,523,151 | |
| | | | | | | | | |
| United States — 95.89% | | | | | | | | |
| Communications — 24.68% | | | | | | | | |
| Alphabet, Inc., Class A(a) | | | 1,300 | | | | 3,615,755 | |
| Booking Holdings, Inc.(a) | | | 805 | | | | 1,890,502 | |
| Match Group, Inc.(a) | | | 12,700 | | | | 1,380,998 | |
| Meta Platforms, Inc., Class A(a) | | | 9,450 | | | | 2,101,302 | |
| Take-Two Interactive Software, Inc.(a) | | | 11,250 | | | | 1,729,575 | |
| Walt Disney Co. (The)(a) | | | 12,200 | | | | 1,673,352 | |
| | | | | | | | 12,391,484 | |
| Consumer Discretionary — 10.12% | | | | | | | | |
| Fortune Brands Home & Security, Inc. | | | 8,800 | | | | 653,664 | |
| Home Depot, Inc. (The) | | | 6,200 | | | | 1,855,846 | |
| IAA, Inc.(a) | | | 31,200 | | | | 1,193,400 | |
| TJX Cos., Inc. (The) | | | 22,750 | | | | 1,378,195 | |
| | | | | | | | 5,081,105 | |
| Financials — 4.54% | | | | | | | | |
| Markel Corp.(a) | | | 1,545 | | | | 2,279,246 | |
| | | | | | | | | |
| Health Care — 9.24% | | | | | | | | |
| PerkinElmer, Inc. | | | 6,815 | | | | 1,188,945 | |
| Thermo Fisher Scientific, Inc. | | | 3,450 | | | | 2,037,743 | |
| Zoetis, Inc., Class A | | | 7,480 | | | | 1,410,653 | |
| | | | | | | | 4,637,341 | |
| Industrials — 5.69% | | | | | | | | |
| Amphenol Corp., Class A | | | 21,400 | | | | 1,612,490 | |
| Raytheon Technologies Corp. | | | 12,550 | | | | 1,243,329 | |
| | | | | | | | 2,855,819 | |
| Materials — 1.86% | | | | | | | | |
| Sherwin-Williams Co. (The) | | | 3,750 | | | | 936,075 | |
| | | | | | | | | |
| Technology — 39.76% | | | | | | | | |
| Adobe Systems, Inc.(a) | | | 3,250 | | | | 1,480,765 | |
| Apple, Inc. | | | 23,280 | | | | 4,064,920 | |
| Autodesk, Inc.(a) | | | 6,800 | | | | 1,457,580 | |
| Broadridge Financial Solutions, Inc. | | | 9,250 | | | | 1,440,318 | |
| Fiserv, Inc.(a) | | | 16,700 | | | | 1,693,379 | |
| MasterCard, Inc., Class A | | | 4,100 | | | | 1,465,258 | |
| Microsoft Corp. | | | 7,900 | | | | 2,435,649 | |
| PayPal Holdings, Inc.(a) | | | 10,900 | | | | 1,260,585 | |
| S&P Global, Inc. | | | 3,225 | | | | 1,322,831 | |
| Visa, Inc., Class A | | | 8,850 | | | | 1,962,664 | |
See accompanying notes which are an integral part of these financial statements.
Alta Quality Growth Fund
Schedule of Investments (continued)
March 31, 2022 (Unaudited)
| | Shares | | | Fair Value | |
| Common Stocks — 98.92% - (continued) | | | | | | |
| | | | | | | |
| United States — 95.89% - (continued) | | | | | | | | |
| Technology — 39.76% - (continued) | | | | | | | | |
| Zebra Technologies Corp., Class A(a) | | | 3,350 | | | $ | 1,385,895 | |
| | | | | | | | 19,969,844 | |
| Total United States | | | | | | | 48,150,914 | |
| | | | | | | | | |
Total Common Stocks/Investments — 98.92%
(Cost $34,222,144) | | | | | | $ | 49,674,065 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 1.08% | | | | | | | 542,874 | |
| | | | | | | | | |
| Net Assets — 100.00% | | | | | | $ | 50,216,939 | |
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Statements of Assets and Liabilities
March 31, 2022 (Unaudited)
| | | Guardian Capital Dividend Growth Fund | | | Guardian Capital Fundamental Global Equity Fund | | | Alta Quality Growth Fund | |
| Assets | | | | | | | | | | | | |
| Investments in securities at fair value (cost $15,736,538, $26,971,396 and $34,222,144) | | $ | 21,591,070 | | | $ | 32,405,759 | | | $ | 49,674,065 | |
| Cash and cash equivalents | | | 5,089 | | | | — | | | | 509,020 | |
| Foreign currency at value (cost $–, $13,973 and $–) | | | — | | | | 13,942 | | | | — | |
| Receivable for fund shares sold | | | 67,302 | | | | — | | | | 52,601 | |
| Dividends and interest receivable | | | 62,546 | | | | 15,550 | | | | 11,245 | |
| Tax reclaims receivable | | | 14,352 | | | | 30,195 | | | | — | |
| Prepaid expenses | | | 10,405 | | | | 7,158 | | | | 10,634 | |
| Total Assets | | | 21,750,764 | | | | 32,472,604 | | | | 50,257,565 | |
| Liabilities | | | | | | | | | | | | |
| Payable for investments purchased | | | — | | | | 830,091 | | | | — | |
| Payable for distributions to shareholders | | | 88,547 | | | | — | | | | — | |
| Payable to Adviser | | | 990 | | | | 7,660 | | | | 14,296 | |
| Payable to Administrator | | | 7,359 | | | | 8,580 | | | | 8,497 | |
| Payable to auditors | | | 11,853 | | | | 11,853 | | | | 11,853 | |
| Payable to trustees | | | 728 | | | | 728 | | | | 728 | |
| Other accrued expenses | | | 3,083 | | | | 7,372 | | | | 5,252 | |
| Total Liabilities | | | 112,560 | | | | 866,284 | | | | 40,626 | |
| Net Assets | | $ | 21,638,204 | | | $ | 31,606,320 | | | $ | 50,216,939 | |
| Net Assets consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 15,580,778 | | | $ | 26,116,611 | | | $ | 34,104,777 | |
| Accumulated earnings | | | 6,057,426 | | | | 5,489,709 | | | | 16,112,162 | |
| Net Assets | | $ | 21,638,204 | | | $ | 31,606,320 | | | $ | 50,216,939 | |
| Institutional Shares: | | | | | | | | | | | | |
| Net Assets | | $ | 21,638,204 | | | $ | 31,606,320 | | | $ | 50,216,939 | |
| Shares outstanding (unlimited number of shares authorized, no par value) | | | 1,550,146 | | | | 2,519,788 | | | | 3,076,655 | |
| Net asset value, offering and redemption price per share | | $ | 13.96 | | | $ | 12.54 | | | $ | 16.32 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Statements of Operations
For the six months ended March 31, 2022 (Unaudited)
| | | Guardian Capital Dividend Growth Fund | | | Guardian Capital Fundamental Global Equity Fund | | | Alta Quality Growth Fund | |
| Investment Income | | | | | | | | | | | | |
| Dividend income (net of foreign taxes withheld of $15,274, $7,686 and $–) | | $ | 254,095 | | | $ | 162,832 | | | $ | 124,524 | |
| Interest income | | | — | | | | 1 | | | | 77 | |
| Total investment income | | | 254,095 | | | | 162,833 | | | | 124,601 | |
| Expenses | | | | | | | | | | | | |
| Adviser | | | 80,188 | | | | 124,013 | | | | 198,123 | |
| Administration | | | 29,820 | | | | 29,773 | | | | 33,066 | |
| Legal | | | 9,763 | | | | 11,251 | | | | 9,742 | |
| Audit and tax preparation | | | 8,153 | | | | 8,153 | | | | 8,153 | |
| Compliance services | | | 7,042 | | | | 7,042 | | | | 7,042 | |
| Trustee | | | 6,931 | | | | 6,931 | | | | 6,931 | |
| Registration | | | 6,311 | | | | 5,385 | | | | 8,352 | |
| Transfer agent | | | 6,036 | | | | 6,036 | | | | 9,054 | |
| Custodian | | | 3,023 | | | | 13,198 | | | | 3,337 | |
| Report printing | | | 2,520 | | | | 3,582 | | | | 4,855 | |
| Pricing | | | 588 | | | | 1,038 | | | | 270 | |
| Miscellaneous | | | 12,414 | | | | 12,574 | | | | 15,538 | |
| Total expenses | | | 172,789 | | | | 228,976 | | | | 304,463 | |
| Fees contractually waived by Adviser | | | (71,166 | ) | | | (75,519 | ) | | | (95,846 | ) |
| Net operating expenses | | | 101,623 | | | | 153,457 | | | | 208,617 | |
| Net investment income (loss) | | | 152,472 | | | | 9,376 | | | | (84,016 | ) |
| Net Realized and Change in Unrealized Gain (Loss) on Investments | | | | | | | | | | | | |
| Net realized gain on investment securities transactions | | | 440,765 | | | | 77,169 | | | | 1,031,033 | |
| Net realized loss on foreign currency transactions | | | (404 | ) | | | (1,880 | ) | | | — | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | 1,217,153 | | | | 32,695 | | | | (4,097,069 | ) |
| Net change in unrealized depreciation on foreign currency translations | | | (73 | ) | | | (464 | ) | | | — | |
| Net realized and change in unrealized gain (loss) on investments | | | 1,657,441 | | | | 107,520 | | | | (3,066,036 | ) |
| Net increase (decrease) in net assets resulting from operations | | $ | 1,809,913 | | | $ | 116,896 | | | $ | (3,150,052 | ) |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Statements of Changes in Net Assets
| | | Guardian Capital
Dividend Growth Fund | |
| | | For the
Six Months Ended March 31,
2022 | | | For the
Five Months Ended September 30,
2021(a) | | | For the
Year Ended
April 30,
2021 | |
| | | (Unaudited) | | | | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | | | | | |
| Operations | | | | | | | | | | | | |
| Net investment income | | $ | 152,472 | | | $ | 163,749 | | | $ | 242,308 | |
| Net realized gain on investment securities transactions | | | 440,361 | | | | 111,946 | | | | 437,995 | |
| Net change in unrealized appreciation of investment securities | | | 1,217,080 | | | | 193,126 | | | | 3,872,282 | |
| Net increase in net assets resulting from operations | | | 1,809,913 | | | | 468,821 | | | | 4,552,585 | |
| Distributions to Shareholders from: | | | | | | | | | | | | |
| Earnings | | | (136,534 | ) | | | (179,059 | ) | | | (224,474 | ) |
| Total distributions | | | (136,534 | ) | | | (179,059 | ) | | | (224,474 | ) |
| Capital Transactions - Institutional Shares | | | | | | | | | | | | |
| Proceeds from shares sold | | | — | | | | — | | | | 4,998 | |
| Reinvestment of distributions | | | 100,897 | | | | 125,357 | | | | 162,721 | |
| Net increase in net assets resulting from capital transactions | | | 100,897 | | | | 125,357 | | | | 167,719 | |
| Total Increase in Net Assets | | | 1,774,276 | | | | 415,119 | | | | 4,495,830 | |
| Net Assets | | | | | | | | | | | | |
| Beginning of period | | | 19,863,928 | | | | 19,448,809 | | | | 14,952,979 | |
| End of period | | $ | 21,638,204 | | | $ | 19,863,928 | | | $ | 19,448,809 | |
| Share Transactions - Institutional Shares | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | 424 | |
| Shares issued in reinvestment of distributions | | | 7,160 | | | | 9,700 | | | | 14,370 | |
| Net increase in shares | | | 7,160 | | | | 9,700 | | | | 14,794 | |
| (a) | The Fund changed its fiscal year end to September 30. |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Statements of Changes in Net Assets (continued)
| | | Guardian Capital
Fundamental Global Equity Fund | |
| | | For the
Six Months Ended March 31,
2022 | | | For the
Year Ended September 30, 2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment income | | $ | 9,376 | | | $ | 59,260 | |
| Net realized gain on investment securities transactions | | | 75,289 | | | | 1,092,213 | |
| Net change in unrealized appreciation of investment securities | | | 32,231 | | | | 3,777,867 | |
| Net increase in net assets resulting from operations | | | 116,896 | | | | 4,929,340 | |
| Distributions to Shareholders from: | | | | | | | | |
| Earnings | | | (875,173 | ) | | | (67,523 | ) |
| Total distributions | | | (875,173 | ) | | | (67,523 | ) |
| Capital Transactions - Institutional Shares | | | | | | | | |
| Proceeds from shares sold | | | 1,817,546 | | | | 2,158,637 | |
| Reinvestment of distributions | | | 846,844 | | | | 47,507 | |
| Amount paid for shares redeemed | | | (55,804 | ) | | | (173,488 | ) |
| Net increase in net assets resulting from capital transactions | | | 2,608,586 | | | | 2,032,656 | |
| Total Increase in Net Assets | | | 1,850,309 | | | | 6,894,473 | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 29,756,011 | | | | 22,861,538 | |
| End of period | | $ | 31,606,320 | | | $ | 29,756,011 | |
| Share Transactions - Institutional Shares | | | | | | | | |
| Shares sold | | | 143,520 | | | | 174,506 | |
| Shares issued in reinvestment of distributions | | | 63,339 | | | | 3,788 | |
| Shares redeemed | | | (4,296 | ) | | | (13,442 | ) |
| Net increase in shares | | | 202,563 | | | | 164,852 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Statements of Changes in Net Assets (continued)
| | | Alta Quality
Growth Fund | |
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended
September 30,
2021 | |
| | | (Unaudited) | | | | |
| Increase (Decrease) in Net Assets due to: | | | | | | | | |
| Operations | | | | | | | | |
| Net investment loss | | $ | (84,016 | ) | | $ | (151,409 | ) |
| Net realized gain on investment securities transactions | | | 1,031,033 | | | | 1,487,943 | |
| Net change in unrealized appreciation (depreciation) of investment securities | | | (4,097,069 | ) | | | 9,587,679 | |
| Net increase (decrease) in net assets resulting from operations | | | (3,150,052 | ) | | | 10,924,213 | |
| Distributions to Shareholders from: | | | | | | | | |
| Earnings | | | (1,061,299 | ) | | | (22,183 | ) |
| Total distributions | | | (1,061,299 | ) | | | (22,183 | ) |
| Capital Transactions - Institutional Shares | | | | | | | | |
| Proceeds from shares sold | | | 2,839,431 | | | | 3,619,696 | |
| Reinvestment of distributions | | | 1,040,689 | | | | 17,007 | |
| Amount paid for shares redeemed | | | (1,257,044 | ) | | | (1,223,699 | ) |
| Net increase in net assets resulting from capital transactions | | | 2,623,076 | | | | 2,413,004 | |
| Total Increase (Decrease) in Net Assets | | | (1,588,275 | ) | | | 13,315,034 | |
| Net Assets | | | | | | | | |
| Beginning of period | | | 51,805,214 | | | | 38,490,180 | |
| End of period | | $ | 50,216,939 | | | $ | 51,805,214 | |
| Share Transactions - Institutional Shares | | | | | | | | |
| Shares sold | | | 159,996 | | | | 219,390 | |
| Shares issued in reinvestment of distributions | | | 57,087 | | | | 1,096 | |
| Shares redeemed | | | (76,235 | ) | | | (73,135 | ) |
| Net increase in shares | | | 140,848 | | | | 147,351 | |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Dividend Growth – Institutional Class
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Five Months Ended
September 30,
2021(a) | | | For the
Year Ended
April 30,
2021 | | | For the
Period Ended
April 30,
2020(b) | |
| | | (Unaudited) | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 12.87 | | | $ | 12.68 | | | $ | 9.85 | | | $ | 10.00 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.10 | | | | 0.11 | | | | 0.16 | | | | 0.17 | |
| Net realized and unrealized gain (loss) on investments | | | 1.08 | | | | 0.20 | | | | 2.82 | | | | (0.16 | ) |
| Total from investment operations | | | 1.18 | | | | 0.31 | | | | 2.98 | | | | 0.01 | |
| Distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.09 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.16 | ) |
| Total from distributions | | | (0.09 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.16 | ) |
| Net asset value, end of period | | $ | 13.96 | | | $ | 12.87 | | | $ | 12.68 | | | $ | 9.85 | |
| Total Return(c) | | | 9.15 | %(d) | | | 2.42 | %(d) | | | 30.41 | % | | | 0.10 | %(d) |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 21,638 | | | $ | 19,864 | | | $ | 19,449 | | | $ | 14,953 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.62 | %(e) | | | 1.78 | %(e) | | | 1.73 | % | | | 1.94 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.95 | %(e) | | | 0.95 | %(e) | | | 0.95 | % | | | 0.95 | %(e) |
| Ratio of net investment income to average net assets | | | 1.43 | %(e) | | | 1.94 | %(e) | | | 1.40 | % | | | 1.64 | %(e) |
| Portfolio turnover rate | | | 9 | %(d) | | | 6 | %(d) | | | 47 | % | | | 29 | %(d) |
| (a) | The Fund changed its fiscal year end to September 30. |
| (b) | For the period May 1, 2019 (commencement of operations) to April 30, 2020. |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund,assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Fundamental Global Equity Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31,
2022 | | | For the
Year Ended September 30,
2021 | | | For the
Period Ended September 30,
2020(a) | |
| | | (Unaudited) | | | | | | | |
Net asset value, beginning of period | | $ | 12.84 | | | $ | 10.62 | | | $ | 10.00 | |
| Investment operations: | | | | | | | | | | | | |
| Net investment income | | | — | (b) | | | 0.03 | | | | 0.02 | |
| Net realized and unrealized gain on investments | | | 0.07 | | | | 2.22 | | | | 0.62 | |
| Total from investment operations | | | 0.07 | | | | 2.25 | | | | 0.64 | |
| Distributions from: | | | | | | | | | | | | |
| Net investment income | | | — | (b) | | | (0.03 | ) | | | (0.02 | ) |
| Net realized gains | | | (0.37 | ) | | | — | | | | — | |
| Total from distributions | | | (0.37 | ) | | | (0.03 | ) | | | (0.02 | ) |
| Net asset value, end of period | | $ | 12.54 | | | $ | 12.84 | | | $ | 10.62 | |
| Total Return(c) | | | 0.39 | %(d) | | | 21.19 | % | | | 6.39 | %(d) |
| Ratios/Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 31,606 | | | $ | 29,756 | | | $ | 22,862 | |
| Before waiver or recoupment: | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.48 | %(e) | | | 1.53 | % | | | 1.82 | %(e) |
| After waiver or recoupment: | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.99 | %(e) | | | 0.99 | % | | | 0.99 | %(e) |
| Ratio of net investment income to average net assets | | | 0.06 | %(e) | | | 0.22 | % | | | 0.26 | %(e) |
| Portfolio turnover rate | | | 1 | %(d) | | | 14 | % | | | 10 | %(d) |
| (a) | For the period December 19, 2019 (commencement of operations) to September 30, 2020. |
| (b) | Rounds to less than $0.005 per share. |
| (c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund,assuming reinvestment of distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
Alta Quality Growth Fund - Institutional Shares
Financial Highlights
(For a share outstanding during each period)
| | | For the
Six Months Ended
March 31, | | | For the Years Ended September 30, | | | For the
Period Ended
September 30, | |
| | | 2022 | | | 2021 | | | 2020 | | | 2019(a) | |
| | | (Unaudited) | | | | | | | | | | |
Net asset value, beginning of period | | $ | 17.65 | | | $ | 13.80 | | | $ | 12.57 | | | $ | 10.00 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.03 | ) | | | (0.05 | ) | | | 0.02 | | | | 0.04 | |
| Net realized and unrealized gain (loss) on investments | | | (0.95 | ) | | | 3.91 | | | | 1.59 | | | | 2.53 | |
| Total from investment operations | | | (0.98 | ) | | | 3.86 | | | | 1.61 | | | | 2.57 | |
| Distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.01 | ) | | | (0.05 | ) | | | — | |
| Net realized gains | | | (0.35 | ) | | | — | | | | (0.33 | ) | | | — | |
| Total from distributions | | | (0.35 | ) | | | (0.01 | ) | | | (0.38 | ) | | | — | |
| Net asset value, end of period | | $ | 16.32 | | | $ | 17.65 | | | $ | 13.80 | | | $ | 12.57 | |
| Total Return(b) | | | (5.74 | )%(c) | | | 27.96 | % | | | 12.92 | % | | | 25.70 | %(c) |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | | $ | 50,217 | | | $ | 51,805 | | | $ | 38,490 | | | $ | 27,446 | |
| Before waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 1.15 | %(d) | | | 1.18 | % | | | 1.30 | % | | | 1.54 | %(d) |
| After waiver or recoupment: | | | | | | | | | | | | | | | | |
| Ratio of expenses to average net assets | | | 0.79 | %(d) | | | 0.79 | % | | | 0.79 | % | | | 0.79 | %(d) |
| Ratio of net investment income (loss) to average net assets | | | (0.32 | )%(d) | | | (0.32 | )% | | | 0.14 | % | | | 0.45 | %(d) |
| Portfolio turnover rate | | | 5 | %(c) | | | 16 | % | | | 26 | % | | | 16 | %(c) |
| (a) | For the period December 19, 2018 (commencement of operations) to September 30, 2019. |
| (b) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
| (c) | Not annualized. |
| (d) | Annualized. |
See accompanying notes which are an integral part of these financial statements.
Guardian Capital Funds
Notes to the Financial Statements
March 31, 2022 (Unaudited)
NOTE 1. ORGANIZATION
The Guardian Capital Dividend Growth Fund (“Guardian Dividend Fund”), Guardian Capital Fundamental Global Equity Fund (“Guardian Equity Fund”) and Alta Quality Growth Fund (“Alta Growth Fund”) (each a “Fund” and, collectively the “Funds”) were organized as a diversified and non-diversified (Guardian Equity Fund) series, respectively, of Capitol Series Trust (the “Trust”). The Funds are registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2013 (the “Trust Agreement”). The Trust Agreement permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. The Guardian Dividend Fund’s and Guardian Equity Fund’s investment adviser is Guardian Capital LP and the Alta Growth Fund’s investment adviser is Alta Capital Management, LLC (each an “Adviser”). Alta Capital Management, LLC is a majority-owned U.S. domiciled subsidiary of Guardian Capital LP. The Guardian Equity Fund’s sub-adviser is GuardCap Asset Management Limited, a non- U.S. wholly-owned subsidiary of Guardian Capital LP domiciled in the United Kingdom. The investment objective of the Guardian Dividend Fund is to provide long-term capital appreciation and current income. The investment objective of the Guardian Equity Fund is to provide long-term capital appreciation. The investment objective of the Alta Growth Fund is to seek long-term growth of capital with lower than market volatility.
Each Fund currently offers one class of shares, Institutional Shares. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Funds and is entitled to such dividends and distributions out of income belonging to the Funds as are declared by the Board.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the unrealized gain or loss from investments.
Federal Income Taxes – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.
The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.
The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis (as determined by the Board).
Security Transactions and Related Income – Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Withholding taxes on foreign dividends have been recorded for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
Dividends and Distributions – The Guardian Dividend Fund and the Guardian Equity Fund intend to distribute their net investment income quarterly and its net realized long- term and short-term capital gains, if any, at least annually. The Alta Growth Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Funds.
NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS
Each Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below.
| ● | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
| ● | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| ● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available) |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Board approved policies, the Funds rely on independent third-party pricing services to provide the current market value of securities. Those pricing services value equity securities, including exchange-traded funds, exchange-traded notes, closed-end funds and preferred stocks, traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there is no reported sale on the principal exchange, equity securities are valued at the mean between the most recent quoted bid and asked price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the pricing service of the funds and are generally categorized as Level 1 securities.
In the event that market quotations are not readily available, the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, such securities are valued as determined in good faith by the Trust’s Valuation Committee, based on recommendations from a pricing committee comprised of certain officers of the Trust, certain employees of the Fund’s administrator, and representatives of the Adviser (together the “Pricing Review Committee”). These securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
In accordance with the Trust’s Portfolio Valuation Procedures, the Pricing Review Committee, in making its recommendations with the Adviser’s participation, is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued pursuant to the Trust’s Fair Value Guidelines would be the amount which the Funds might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in accordance with the Trust’s Portfolio Valuation Procedures, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before each Fund’s NAV calculation that may affect a security’s value, or other data calls into question the reliability of market quotations.
The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022:
| | | Valuation Inputs | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | | | | | | | | | | | |
| Guardian Dividend Fund | | | | | | | | | | | | | | | | |
| Common Stocks (a) | | $ | 20,999,030 | | | $ | — | | | $ | — | | | $ | 20,999,030 | |
| Money Market Funds | | | 592,040 | | | | — | | | | — | | | | 592,040 | |
| Total | | $ | 21,591,070 | | | $ | — | | | $ | — | | | $ | 21,591,070 | |
| Guardian Equity Fund | | | | | | | | | | | | | | | | |
| Common Stocks (a) | | $ | 31,081,612 | | | $ | — | | | $ | — | | | $ | 31,081,612 | |
| Money Market Funds | | | 1,324,147 | | | | — | | | | — | | | | 1,324,147 | |
| Total | | $ | 32,405,759 | | | $ | — | | | $ | — | | | $ | 32,405,759 | |
| Alta Growth Fund | | | | | | | | | | | | | | | | |
| Common Stocks (a) | | $ | 49,674,065 | | | $ | — | | | $ | — | | | $ | 49,674,065 | |
| Total | | $ | 49,674,065 | | | $ | — | | | $ | — | | | $ | 49,674,065 | |
| (a) | Refer to Schedule of Investments for sector classifications. |
The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS
Each Adviser manages its Funds’ investments under the terms of the management agreement with the Trust with respect to each Fund (each an “Agreement”). As compensation for its management services, each Fund pays its Adviser a fee based on the Fund’s average daily net assets as follows:
| | | Guardian
Dividend Fund | | | Guardian
Equity Fund | | | Alta
Growth
Fund | |
| Management fee rate | | | 0.75 | % | | | 0.80 | % | | | 0.75 | % |
| Management fees earned | | $ | 80,188 | | | $ | 124,013 | | | $ | 198,123 | |
| Fees waived | | $ | (71,166 | ) | | $ | (75,519 | ) | | $ | (95,846 | ) |
Each Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of each Fund’s business; (v) dividend expenses on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the Guardian Dividend Fund’s, 0.99% of the Guardian Equity Fund’s and 0.79% of the Alta Growth Fund’s average daily net assets through January 31, 2023 (“Expense Limitation”). During any fiscal year that the Agreements between each Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed with respect to each Fund it advises, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement took effect and provided further that such recoupment can be achieved within the Expense Limitation currently in effect and the Expense Limitation in place when the waiver/reimbursement occurred. This Expense Limitation agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
As of March 31, 2022, each respective Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount as follows:
Recoverable Through | | Guardian
Dividend Fund | |
| April 30, 2023 | | $ | 68,861 | |
| April 30, 2024 | | | 135,107 | |
| September 30, 2024 | | | 70,281 | |
Recoverable Through | | Guardian
Dividend Fund | |
| March 31, 2025 | | | 71,166 | |
| Recoverable Through | | Guardian
Equity
Fund | | | Alta
Growth Fund | |
| September 30, 2022 | | $ | — | | | $ | 76,945 | |
| September 30, 2023 | | | 131,996 | | | | 163,191 | |
| September 30, 2024 | | | 149,026 | | | | 186,178 | |
| March 31, 2025 | | | 75,519 | | | | 95,846 | |
Effective January 28, 2022, Guardian Capital LP has delegated responsibility for the day-to-day management of the Guardian Equity Fund to GuardCap Asset Management Limited (U.K.) (“GuardCap”), the Guardian Equity Fund’s sub-adviser. GuardCap will also provide compliance related services to the Guardian Equity Fund. GuardCap is non- U.S. wholly-owned subsidiary of Guardian Capital LP domiciled in the United Kingdom and registered as an adviser with the SEC. Prior to January 28, 2022, GuardCap provided portfolio management, research and related services to the Guardian Equity Fund under the terms of a Participating Affiliate Memorandum of Understanding between Alta Capital Management, LLC and GuardCap.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
The Trust retains Ultimus Fund Solutions, LLC (the “Administrator”) to provide the Funds with administration, fund accounting, transfer agent and compliance services, including all regulatory reporting. For the six months ended March 31, 2022, fees incurred for administration, fund accounting and transfer agent services, and the amounts due to the Administrator at March 31, 2022 were as follows:
| | | Guardian
Dividend
Fund | | | Guardian
Equity
Fund | | | Alta
Growth Fund | |
| Administration/fund accounting | | $ | 29,820 | | | $ | 29,773 | | | $ | 33,066 | |
| Transfer agent | | | 6,036 | | | | 6,036 | | | | 9,054 | |
| Compliance services | | | 7,042 | | | | 7,042 | | | | 7,042 | |
| Payable to Administrator | | | 7,359 | | | | 8,580 | | | | 8,497 | |
The Board supervises the business activities of the Trust. Each Trustee serves as a Trustee for the lifetime of the Trust or until the earlier of his or her retirement as a Trustee at age 78 (which may be extended for up to two years in an emeritus non-voting capacity at the pleasure and request of the Board), or until he/she dies, resigns, or is removed, whichever is sooner. “Independent Trustees,” meaning those Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act, as amended, have each received an annual retainer of $1,000 per Fund and $500 per Fund for each quarterly in-person Board meeting. Effective April 1, 2022, the annual retainer increased to $1,500 per Fund. In addition, each Independent Trustee may be compensated for preparation related to and participation in any special meetings of the Board and/or any Committee of the Board, with such compensation determined on a case-by-case basis based on the length and complexity of the meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings.
The officers and one trustee of the Trust are employees of the Administrator. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the principal distributor of each Fund’s shares. The Distributor is a wholly-owned subsidiary of the Administrator.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the six months ended March 31, 2022, purchases and sales of investment securities, other than short-term investments were as follows:
| | | Guardian
Dividend
Fund | | | Guardian
Equity
Fund | | | Alta
Growth
Fund | |
| Purchases | | $ | 1,845,493 | | | $ | 1,803,493 | | | $ | 4,304,257 | |
| Sales | | $ | 2,289,058 | | | $ | 160,364 | | | $ | 2,360,875 | |
There were no purchases or sales of long-term U.S. government obligations during the six months ended March 31, 2022.
NOTE 6. FEDERAL TAX INFORMATION
At March 31, 2022, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes was as follows:
| | | Guardian
Dividend
Fund | | | Guardian
Equity
Fund | | | Alta
Growth
Fund | |
| Gross unrealized appreciation | | $ | 5,972,947 | | | $ | 6,216,695 | | | $ | 17,228,903 | |
| Gross unrealized depreciation | | | (118,415 | ) | | | (782,332 | ) | | | (1,776,982 | ) |
| Net unrealized appreciation/(depreciation) on investments | | $ | 5,854,532 | | | $ | 5,434,363 | | | $ | 15,451,921 | |
| Tax cost of investments | | $ | 15,736,538 | | | $ | 26,971,396 | | | $ | 34,222,144 | |
The tax character of distributions paid for the fiscal year ended September 30, 2021, the Funds’ most recent fiscal year end, was as follows:
| | | Guardian
Dividend
Fund | | | Guardian
Equity
Fund | | | Alta
Growth
Fund | |
| Distributions paid from: | | | | | | | | | | | | |
| Ordinary income(a) | | $ | 79,578 | | | $ | 57,717 | | | $ | 22,182 | |
| Long-term capital gains | | | — | | | | 9,806 | | | | 1 | |
| Total distributions paid | | $ | 79,578 | | | $ | 67,523 | | | $ | 22,183 | |
| (a) | Short-term capital gain distributions are treated as ordinary income for tax purposes. |
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
At September 30, 2021, the Fund’s most recent fiscal year end, the components of accumulated earnings (deficit) on a tax basis were as follows:
| | | Guardian
Dividend
Fund | | | Guardian
Equity
Fund | | | Alta
Growth
Fund | |
| Undistributed ordinary income | | $ | 106,113 | | | $ | — | | | $ | — | |
| Undistributed long-term capital gains | | | — | | | | 861,514 | | | | 891,754 | |
| Distributions payable | | | (99,481 | ) | | | — | | | | — | |
| Accumulated capital and other losses | | | (260,072 | ) | | | — | | | | (117,231 | ) |
| Unrealized appreciation on investments(a) | | | 4,637,487 | | | | 5,386,472 | | | | 19,548,990 | |
| Total accumulated earnings | | $ | 4,384,047 | | | $ | 6,247,986 | | | $ | 20,323,513 | |
| (a) | The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash losses. |
Under current tax law, net investment losses after December 31 and capital losses realized after October 31 of the Funds fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Alta Growth Fund had a Qualified Late Year Ordinary Loss in the amount of $117,231.
As of September 30, 2021, the Guardian Dividend Fund had available for tax purposes unused capital loss carryforwards of $260,071 and $1 of short-term and long-term capital loss carryforwards, respectively, with no expiration, which was available to offset against future taxable net capital gains. To the extent that these carryforwards are used to offset future gains, it is probable that the amount offset will not be distributed to shareholders.
NOTE 7. SECTOR RISK
If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund’s portfolio will be adversely affected. As of March 31, 2022, the Guardian Dividend Fund and Alta Growth Fund had 26.43% and 39.76%, respectively, of the value of its net assets invested in stocks within the Technology sector.
Guardian Capital Funds
Notes to the Financial Statements (continued)
March 31, 2022 (Unaudited)
NOTE 8. BENEFICAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a) (9) of the 1940 Act. As of March 31, 2022, Alexandria Bancorp Limited owned 100%, 82% and 68% of the Guardian Dividend Fund, Guardian Equity Fund and Alta Growth Fund, respectively. As a result, Alexandria Bancorp Limited may be deemed to control the Funds.
NOTE 9. COMMITMENTS AND CONTINGENCIES
The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.
NOTE 10. SUBSEQUENT EVENTS
Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.
Summary of Fund Expenses (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 through March 31, 2022.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.
| | | | | Beginning
Account Value
October 1, 2021 | | | Ending
Account Value
March 31, 2022 | | | Expenses Paid During Period(a) | | | Annualized Expense Ratio | |
| Guardian Dividend Fund | |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 1,091.50 | | | $ | 4.95 | | | | 0.95 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.19 | | | $ | 4.79 | | | | 0.95 | % |
| Guardian Equity Fund |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 1,003.90 | | | $ | 4.95 | | | | 0.99 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,019.99 | | | $ | 4.99 | | | | 0.99 | % |
| Alta Growth Fund | | | | | | | | | | | | | | | | | | |
| Institutional Shares | | Actual | | $ | 1,000.00 | | | $ | 942.60 | | | $ | 3.83 | | | | 0.79 | % |
| | | Hypothetical(b) | | $ | 1,000.00 | | | $ | 1,020.99 | | | $ | 3.98 | | | | 0.79 | % |
| (a) | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
| (b) | Hypothetical assumes 5% annual return before expenses. |
Investment Advisory Agreement Approval (Unaudited)
At a quarterly meeting of the Board of Trustees of Capitol Series Trust (the “Trust”) on December 8 and 9, 2021, the Trust’s Board of Trustees (the “Board”), including all of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as that term is defined in Section 2(a) (19) of the Investment Company Act of 1940, as amended (the “1940 Act”), considered and approved the continuation for an additional one-year period the Investment Advisory Agreement between the Trust and Alta Capital Management LLC (“Alta”) (the “Investment Advisory Agreement”) with respect to the Alta Quality Growth Fund (the “Fund”), a series of the Trust.
Prior to the meeting, the Trustees received and considered information from Alta and the Trust’s administrator designed to provide the Trustees with the information necessary to evaluate the terms of the Investment Advisory Agreement between the Trust and Alta, including, but not limited to, Alta’s response to counsel’s due diligence letter requesting information relevant to the approval of the Investment Advisory Agreement, the operating expense limitation agreement between the Trust and Alta (the “Expense Limitation Agreement”), and peer group expense and performance data provided by Broadridge for comparison purposes (collectively, the “Support Materials”). At various times, the Trustees reviewed the Support Materials with Alta, Trust management, and with counsel to the Independent Trustees. The Trustees also noted the completeness of the Support Materials that Alta had provided, which included materials provided in response to both initial and supplemental due diligence requests. Representatives from Alta met with the Trustees and provided further information, including but not limited to, information concerning the following: the services that Alta provides to the Fund and the management fees that the Fund pays for those services; the Adviser’s business strategy for the Fund; the ownership of the Adviser; Adviser resources available to service the Fund, including compliance resources; other investment strategies managed by Alta; business continuity and succession planning; and the profitability of the Fund to the Adviser. This information formed the primary, but not exclusive, basis for the Board’s determinations.
Before voting to approve the Investment Advisory Agreement, the Trustees reviewed the terms and the form of the Investment Advisory Agreement and the Support Materials with Trust management and with counsel to the Independent Trustees. The Trustees also received a memorandum from counsel discussing the legal standards for their consideration of the proposed Investment Advisory Agreement, which memorandum described the various factors that the U.S. Securities and Exchange Commission (“SEC”) and U.S. Courts over the years have suggested would be appropriate for trustee consideration in the advisory agreement approval process, including the factors outlined in the case of Gartenberg v. Merrill Lynch Asset Management Inc., 694 F.2d 923, 928 (2d Cir. 1982); cert. denied sub. nom. and Andre v. Merrill Lynch Ready Assets Trust, Inc., 461 U.S. 906 (1983).
In determining whether to approve the Investment Advisory Agreement, the Trustees considered all factors they believed relevant with respect to the Fund, including the following: (1) the nature, extent, and quality of the services to be provided by Alta; (2) the cost of the services to be provided and the profits to be realized by Alta from services rendered to the Trust with respect to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale may be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the Fund’s benefit; and (5) other financial benefits to Alta resulting from services to be rendered to the Fund. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.
Investment Advisory Agreement Approval (Unaudited) (continued)
Together with the Support Materials, and after having received and reviewed investment performance, compliance, operating, and distribution reports of the Fund on a quarterly basis for an extended time period, and noting additional discussions with representatives of Alta that had occurred at various times, the Trustees determined that they had all of the information they deemed reasonably necessary to make an informed decision concerning the approval of the continuation of the Investment Advisory Agreement. The Trustees discussed the facts and factors relevant to the continuation of the Investment Advisory Agreement, which reflected their knowledge of Alta’s ongoing services to the Fund since the Fund’s inception. Based upon Alta’s presentation to the Board and the Support Materials considered in connection with the renewal of the Investment Advisory Agreement, as well as the information provided throughout the course of the year and since the Fund’s inception, the Board concluded that the overall arrangements between the Trust and Alta as set forth in the Investment Advisory Agreement are fair and reasonable in light of the services that Alta performs, the investment advisory fees that the Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees’ determination to approve the Investment Advisory Agreement are summarized below.
Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Alta provides under the Investment Advisory Agreement, noting that such services include but are not limited to the following: (1) providing overall supervisory responsibility for the general management and investment of the Fund’s securities portfolio, including providing pre-trade portfolio compliance; (2) investing or overseeing the investment of the Fund’s assets consistent with its investment objective and investment policies and relevant policies and procedures of the Trust; (3) directly managing the Fund’s assets and determining or overseeing the portfolio securities to be purchased, sold or otherwise disposed of, as well as the timing of such transactions; (4) voting or overseeing the voting of all proxies with respect to the Fund’s portfolio securities; (5) maintaining or overseeing the maintenance of the required books and records for transactions effected by Alta on behalf of the Fund; (6) selecting or overseeing the selection of broker-dealers to execute orders on behalf of the Fund; (7) conducting in-house proprietary quantitative analysis and fundamental research; and (8) providing compliance management and oversight. The Trustees also noted that from its own resources, Alta also provides marketing support to its financial intermediary partners and client facing support to institutional clients. The Trustees noted no changes to the services that Alta provides to the Fund under the terms of the Investment Advisory Agreement. The Trustees considered Alta’s assets under management and the capitalization of its parent company, Guardian Capital LP. The Trustees also discussed the ownership structure of Alta, which is 70% owned by Guardian Capital LP (which acquired Alta in 2017) and 30% owned by entities owned or controlled by legacy Alta employees. The Trustees also considered the investment philosophy and extensive investment industry experience of Alta’s portfolio management team, as well as Alta’s proprietary “Quality Growth” investment discipline which it utilizes to manage the Fund’s portfolio as well as other investment strategies that the firm manages. The Trustees also noted the Fund’s performance compared to its benchmark index, including the fact that the Fund had underperformed its benchmark index, the S&P 500, for the one-year period ended September 30, 2021, while outperforming the S&P 500 for the one-month, three-month and since inception periods ended the same date. The Trustees also considered the Fund’s performance compared to its Morningstar category (Large Growth) and the custom Broadridge peer group category. The Trustees noted that the Fund underperformed the Broadridge peer group median performance for the one-year and since inception periods ended September 30, 2021, underperformed the Morningstar category median for the since inception period ended September 30, 2021, and outperformed the Morningstar category median for the one- year period ended September 30, 2021. The Board considered and discussed the appropriateness of Broadridge’s custom peer group which was based on actively managed, institutional, single funds from the Morningstar US Large Growth Funds category and filtered for concentrated portfolios and assets under $200 million. Based upon the foregoing, the Trustees concluded that they are satisfied with the nature, extent and quality of services that Alta provides to the Fund under the Investment Advisory Agreement.
Investment Advisory Agreement Approval (Unaudited) (continued)
Cost of Advisory Services and Profitability. The Trustees considered the annual management fee that the Fund pays to Alta under the Investment Advisory Agreement, as well as Alta’s profitability from the services that it renders to the Fund, noting the said services were slightly profitable during the last fiscal year and were projected to be slightly profitable again in the current fiscal year. The Trustees considered that Alta has contractually agreed to reduce its management fees and, if necessary, reimburse the Fund for operating expenses, as specified in the Fund’s prospectus. The Trustees noted that Alta is receiving net advisory fees, but is not yet realizing its full advisory fee. The Trustees considered Alta’s profitability with respect to its advisory relationship with the Fund, and concluded that it is reasonable.
Comparative Fee and Expense Data. The Trustees noted that the Fund’s management fee of 0.75% was higher than the median and average category of the contractual management fee reported for its Morningstar category, and higher than the contract management fee of the median and average of the Broadridge custom peer group. The Trustees then noted that the Fund’s gross expense ratio of 1.22% was above the median and average gross expense ratios reported for the Morningstar category and above the median and average gross expense ratios of the custom Broadridge peer group. The Trustees further noted that the Fund’s net expense ratio of 0.79% was slightly above the average (0.76%) and the median (0.75%) net expense ratio of the Morningstar category and was below the median (0.85%) and average (0.87%) net expense ratios of the custom Broadridge peer group. They further considered the fees paid by Alta’s separately managed accounts and sub- advisory relationships to other accounts with similar investment objectives and strategies to that of the Fund, noting the differences in the services provided to these accounts compared to the services provided to the Fund. In particular, they noted that Alta has additional responsibilities with respect to the Fund, including compliance, reporting and operational responsibilities. While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, or from one investment product to another, the Trustees concluded that Alta’s advisory fee continues to be reasonable.
Economies of Scale. The Trustees considered whether the Fund may benefit from any economies of scale but did not find that any material economies exist at this time. The Trustees also noted Alta’s view that due to the Fund’s net asset total and Alta’s current profitability with respect to the Fund, fee breakpoints are not necessary or appropriate at this time.
Other Benefits. The Trustees noted that Alta does not utilize soft dollar arrangements with respect to portfolio transactions and does not use affiliated brokers to execute the Fund’s portfolio transactions. The Trustees concluded that all things considered, Alta does not receive material additional financial benefits from services rendered to the Fund.
Other Considerations. The Trustees also considered potential conflicts for Alta. Based on the assurances and representations from Alta, the Trustees concluded that no conflict of interest currently exists that could adversely impact the Fund.
| FACTS | WHAT DO THE GUARDIAN CAPITAL FUNDS (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
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| ■ | Social Security number |
| | | |
| | ■ | account balances and account transactions |
| | | |
| | ■ | transaction or loss history and purchase history |
| | | |
| | ■ | checking account information and wire transfer instructions |
| | | |
| When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Do the Funds share? |
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes |
For our marketing purposes— to offer our products and services to you | No |
| For joint marketing with other financial companies | No |
For our affiliates’ everyday business purposes— information about your transactions and experiences | No |
For our affiliates’ everyday business purposes— information about your creditworthiness | No |
| For nonaffiliates to market to you | No |
| Questions? | Call (800) 957-0681 |
| Who we are |
| Who is providing this notice? | Guardian Capital Funds Ultimus Fund Distributors, LLC (Distributor)
Ultimus Fund Solutions, LLC (Administrator) |
| What we do |
| How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| How do the Funds collect my personal information? | We collect your personal information, for example, when you |
| | |
| ■ | open an account or deposit money |
| | |
| | ■ | buy securities from us or sell securities to us |
| | | |
| | ■ | make deposits or withdrawals from your account |
| | | |
| | ■ | give us your account information |
| | | |
| | ■ | make a wire transfer |
| | | |
| | ■ | tell us who receives the money |
| | | |
| | ■ | tell us where to send the money |
| | | |
| | ■ | show your government-issued ID |
| | | |
| | ■ | show your driver’s license |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only |
| | |
| | ■ | sharing for affiliates’ everyday business purposes — information about your creditworthiness |
| | | |
| | ■ | affiliates from using your information to market to you |
| | | |
| | ■ | sharing for nonaffiliates to market to you |
| | | |
| | State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| | | |
| | ■ | Guardian Capital LP and Alta Capital Management, LLC, the investment advisers to the Funds, could be deemed to be affiliates. |
| | | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| | | |
| | ■ | The Guardian Capital Funds do not share your personal information with nonaffiliates so they can market to you |
| | | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| | | |
| | ■ | The Guardian Capital Funds do not jointly market. |
PROXY VOTING
A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (800) 957- 0681 and (2) in Fund documents filed with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
| TRUSTEES | INDEPENDENT REGISTERED PUBLIC |
| Walter B. Grimm, Chairman | ACCOUNTING FIRM |
| David James | Ernst & Young LLP |
| Lori Kaiser | 221 East 4th Street, Suite 2900 |
| Janet Smith Meeks | Cincinnati, OH 45202 |
| Mary M. Madick | |
| | |
OFFICERS | LEGAL COUNSEL |
| Matthew J. Miller, Chief Executive Officer and President | Bernstein Shur |
| Zachary P. Richmond, Chief Financial Officer and Treasurer | 100 Middle Street, 6th Floor |
| Martin R. Dean, Chief Compliance Officer | Portland, ME 04104 |
| Paul F. Leone, Secretary | |
| | |
INVESTMENT ADVISERS Guardian Capital LP 199 Bay Street, Suite 3100 P.O. Box 201 Toronto, Ontario M5L 1E8 | CUSTODIAN Huntington National Bank
41 South High Street Columbus, OH 43215 |
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Alta Capital Management, LLC 6440 South Wasatch Boulevard, Suite 260 Salt Lake City, UT 84121 | |
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DISTRIBUTOR Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 | ADMINISTRATOR, TRANSFER AGENT AND
FUND ACCOUNTANT Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 |
This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.
Distributed by Ultimus Fund Distributors, LLC,
Member FINRA/SIPC
GUARDIAN-SAR-22
(b) Not applicable.
Item 2. Code of Ethics.
NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert.
NOT APPLICABLE – disclosed with annual report
Item 4. Principal Accountant Fees and Services.
NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Registrants.
NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments.
Schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders.
The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant's board of trustees are contained in the statement of additional information of the Trust with respect to the Fund(s) for which this Form N-CSR is being filed.
Item 11. Controls and Procedures.
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
NOT APPLICABLE – applies to closed-end funds only
Item 13. Exhibits.
(a)(1) NOT APPLICABLE – disclosed with annual report
(a)(2) Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.
(a)(3) Not applicable.
(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | | Capitol Series Trust |
| By (Signature and Title) | /s/ Matthew J. Miller | |
| | Matthew J. Miller, Chief Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Matthew J. Miller | |
| | Matthew J. Miller, Chief Executive Officer and President |
| By (Signature and Title) | /s/ Zachary P. Richmond | |
| | Zachary P. Richmond, Treasurer and Chief Financial Officer |
