# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-25-007555
**Filing Date:** 2025-12
**Character Count:** 514547
**Document Hash:** 920b7d71bbbe8c174d1d0b790b92b50d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007555.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001580642-25-007555

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capitol Series Trust
- **CENTRAL INDEX KEY:** 0001587551

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 251547490

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 5135873447

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### FullerThaler Behavioral Small-Cap Equity Fund (Series ID: S000051163)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000161065 | Investor Shares      | FTHNX           |
| C000161066 | R6 Shares            | FTHFX           |
| C000161067 | Institutional Shares | FTHSX           |
| C000206943 | C Shares             | FTYCX           |
| C000206944 | A Shares             | FTHAX           |

### FullerThaler Behavioral Small-Cap Growth Fund (Series ID: S000060086)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196714 | Investor Shares      | FTXNX           |
| C000196715 | Institutional Shares | FTXSX           |
| C000196716 | R6 Shares            | FTXFX           |
| C000206945 | A Shares             | FTXAX           |
| C000206946 | C Shares             | FTXCX           |

### FullerThaler Behavioral Mid-Cap Value Fund (Series ID: S000060087)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196717 | Investor Shares      | FTVNX           |
| C000196718 | Institutional Shares | FTVSX           |
| C000196719 | R6 Shares            | FTVZX           |
| C000206947 | A Shares             | FTVAX           |
| C000225339 | C Shares             | FTVCX           |

### Alta Quality Growth Fund (Series ID: S000063921)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206903 | Institutional Shares | AQLGX           |

### FullerThaler Behavioral Micro-Cap Equity Fund (Series ID: S000063934)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206931 | A Shares             |  |
| C000206932 | Institutional Shares | FTMSX           |
| C000206933 | Investor Shares      |  |
| C000206934 | R6 Shares            |  |
| C000225340 | C Shares             |  |

### FullerThaler Behavioral Small-Mid Core Equity Fund (Series ID: S000063935)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206935 | Investor Shares      |  |
| C000206936 | R6 Shares            | FTSFX           |
| C000206937 | A Shares             | FTSAX           |
| C000206938 | Institutional Shares | FTSIX           |
| C000225341 | C Shares             | FTWCX           |

### FullerThaler Behavioral Unconstrained Equity Fund (Series ID: S000063936)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206939 | Institutional Shares | FTZIX           |
| C000206940 | Investor Shares      |  |
| C000206941 | R6 Shares            | FTZFX           |
| C000206942 | A Shares             | FTZAX           |
| C000225342 | C Shares             | FTZCX           |

### Guardian Capital Dividend Growth Fund (Series ID: S000065242)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000211210 | Institutional Shares | DIVGX           |

### Guardian Capital Fundamental Global Equity Fund (Series ID: S000067477)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000216962 | Institutional Shares | GFGEX           |

### FullerThaler Behavioral Mid-Cap Equity Fund (Series ID: S000081415)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000244273 | FullerThaler Behavioral Mid-Cap Equity Fund C Shares             |  |
| C000244274 | FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares | FTHMX           |
| C000244275 | FullerThaler Behavioral Mid-Cap Equity Fund R6 Shares            |  |
| C000244276 | FullerThaler Behavioral Mid-Cap Equity Fund A Shares             |  |

?xml version='1.0' encoding='ASCII'?

**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: <u>513-587-3400</u>

Date of fiscal year end: <u>September 30</u> <br>Date of reporting period: <u>September 30, 2025</u>

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.**

(a) #### Alta Quality Growth Fund

#### Institutional Class (AQLGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i034bbdbc6484ef73e28dc7ea.jpg)

# Fund Overview
This annual shareholder report contains important information about Alta Quality Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/altacapital/?fund=aqgf?**. You can also request this information by contacting us at (800) 957-0681. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $83 | 0.79% |

---

# How did the Fund perform during the reporting period?
The past year was marked by alternating periods of volatility and recovery. Following a strong 2024, markets entered 2025 facing renewed tariffs, persistent inflation, and policy uncertainty. Technology and growth stocks corrected sharply early in the year but regained momentum as inflation moderated and the Federal Reserve delivered its first rate cut in nearly five years. By late summer, investor confidence returned, and participation broadened across sectors.

For the twelve months ended September 30, 2025, the Fund achieved a net return of 9.67%, reflecting strong absolute results despite selective headwinds. The Fund's disciplined focus on valuation and quality tempered participation in highly speculative areas of the market but rewarded patient investors through consistent exposure to durable, high-conviction holdings. Performance was driven by strength in Information Technology, Communication Services, and Consumer Discretionary companies. Leading contributors included Amphenol Corp., NVIDIA Corp., Alphabet, Inc., Broadcom, Inc., and Microsoft Corp., each supported by robust earnings, expanding market share, and exposure to structural growth themes such as cloud computing and artificial intelligence. Offsetting some of these gains were declines in UnitedHealth Group, Inc. and Novo Nordisk A/S, driven by macro health-care concerns, while Adobe, Inc. faced pressure due to investor uncertainty surrounding its AI strategy and the company's ability to sustain leadership in the evolving creative software landscape.

Equity market returns during the period were heavily concentrated in the largest U.S. companies, with the top ten names accounting for an unprecedented share of total market capitalization. While this concentration has magnified short-term returns, it also increases valuation risk and narrows the opportunity for diversification. The Fund's balanced exposure across high-quality growth businesses aims to mitigate these risks while maintaining participation in durable, long-term growth trends.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3ed9f1befd812800542a8d35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Alta Quality Growth Fund - I** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Sep-2019** | $12570 | $12369 | $12061 |
| **Sep-2020** | $14194 | $17011 | $13888 |
| **Sep-2021** | $18163 | $21658 | $18055 |
| **Sep-2022** | $13177 | $16766 | $15261 |
| **Sep-2023** | $15949 | $21413 | $18561 |
| **Sep-2024** | $20308 | $30447 | $25308 |
| **Sep-2025** | $22273 | $38250 | $29761 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2018)** |
| Alta Quality Growth Fund - I | 9.67% | 9.43% | 12.54% |
| Russell 1000<sup>®</sup> Growth Index | 25.63% | 17.59% | 21.88% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 17.45% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $53378323 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee (net of waivers) | $208490 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](icf78e0f0cd0e51e527693e11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Utilities | 2.0% |
| Materials | 2.3% |
| Health Care | 5.1% |
| Industrials | 10.2% |
| Financials | 12.0% |
| Consumer Discretionary | 16.7% |
| Communications | 17.0% |
| Technology | 34.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;3.4% |

---

# Material Fund Changes
Based upon a recommendation by Guardian Capital LP (the "Adviser"), the Board of Trustees (the "Board") of the Trust has determined to close and liquidate each of the Guardian Capital Fundamental Global Equity Fund and the Alta Quality Growth Fund (each a "Fund" and collectively, the "Funds"). In connection with this, the Board has adopted a plan of liquidation. Please note that each Fund will be liquidating its assets at the close of business on December 3, 2025 (the "Liquidation Date"). You are welcome, however, to redeem your shares before that date.

In anticipation of the liquidation, at the close of business on October 24, 2025 the Funds stopped accepting purchases. In addition, as soon as reasonable and practicable thereafter, the Adviser began an orderly transition of each Fund's portfolio to cash and cash equivalents and each Fund will thereafter no longer be pursuing its investment objective.

Shareholders of the each Fund may redeem their investments as described in the Funds' Prospectus. Accounts not redeemed by December 2, 2025, will automatically be redeemed on the Liquidation Date, and net cash proceeds, less any required withholding, will be sent to the address of record.

If you hold your shares in an individual retirement account (an "IRA"), you have 60 days from the date you receive your proceeds to reinvest or "rollover" your proceeds into another IRA and maintain their tax-deferred status. You must notify the Funds' transfer agent at 800-957-0681 prior to the Liquidation Date of your intent to rollover your IRA account to avoid withholding deductions from your proceeds.

If the Funds have not received your redemption request or other instruction by December 2, 2025, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the applicable Fund, subject to any required withholding. These proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed shares are held in a taxable account, and the proceeds exceed your adjusted basis in the shares redeemed.

If the redeemed shares are held in a qualified retirement account such as an IRA, the redemption proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you. Checks will be issued to all shareholders of record of the Funds as of the close of business on the Liquidation Date.

![Image](i2816d76492f42eeb151555f6.jpg)

#### Alta Quality Growth Fund - Institutional (AQLGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/altacapital/?fund=aqgf?), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-AQLGX

#### FullerThaler Behavioral Micro-Cap Equity Fund

#### Institutional Shares (FTMSX)

#### Annual Shareholder Report - September 30, 2025
![Image](ice37e63c01cccc15036a8632.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Micro-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $141 | 1.33% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Micro-Cap Equity Fund – Institutional Share Class (FTMSX) returned 12.11% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Microcap<sup>®</sup> Index (the "Index"), returned 22.55% for the period.

• This past year, our Fund owned on average 63 micro-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how micro-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US micro caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual micro-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the information technology and the industrials sector contributed to performance relative to the Index.

• The Fund's overweight in consumer discretionary and consumer staples sector as well as stock selection in consumer staples and health care sectors, detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and consumer staples sectors, while its largest sector underweights compared to the Index were in the health care and financials sectors.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i961f3da742fae0e3a7aa800d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Micro-Cap Equity Fund - Institutional** | **Russell 1000 Equal Weight Index** | **Russell Microcap<sup>®</sup> Index** |
| **Dec-2018** | $100000 | $100000 | $100001 |
| **Sep-2019** | $108500 | $117298 | $108776 |
| **Sep-2020** | $93440 | $120493 | $113610 |
| **Sep-2021** | $181615 | $170262 | $182992 |
| **Sep-2022** | $123734 | $143524 | $132751 |
| **Sep-2023** | $136581 | $157916 | $130961 |
| **Sep-2024** | $141663 | $196455 | $163211 |
| **Sep-2025** | $158815 | $214128 | $200032 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 28, 2018)** |
| FullerThaler Behavioral Micro-Cap Equity Fund - Institutional | 12.11% | 11.19% | 7.09% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 11.93% |
| Russell Microcap<sup>®</sup> Index | 22.55% | 11.98% | 10.81% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $21914205 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $126159 |
| Portfolio Turnover | 111% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i00b27f83fcd48f0bbc7c2f65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Collateral for Securities Loaned | 0.6% |
| Materials | 1.1% |
| Real Estate | 2.3% |
| Financials | 4.7% |
| Communications | 5.6% |
| Consumer Staples | 6.6% |
| Industrials | 7.0% |
| Health Care | 11.6% |
| Energy | 17.7% |
| Consumer Discretionary | 20.1% |
| Technology | 22.6% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i840d3f2b70f587323563781e.jpg)

#### FullerThaler Behavioral Micro-Cap Equity Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTMSX

#### FullerThaler Behavioral Mid-Cap Equity Fund

#### Institutional Shares (FTHMX)

#### Annual Shareholder Report - September 30, 2025
![Image](ibbfcb5d797b5a364eda73780.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $86 | 0.82% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Equity Fund – Institutional Share Class (FTHMX) returned 8.71% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Index (the "Index"), returned 11.11% for the period.

• This past year, our Fund owned on average 91 mid-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual mid-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to our Index is our stock picking.

• The Fund's security selection in the consumer staples sector contributed to performance relative to the Index.

• The Fund's underweight in the financials sector, detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and the consumer discretionary sectors, while its largest sector underweights compared to the Index were in the financials and utilities sectors.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ib60821060029a63e8b4fbf42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Equity Fund - Institutional** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Index** |
| **Oct-2023** | $100000 | $100000 | $100000 |
| **Sep-2024** | $128130 | $126385 | $130922 |
| **Sep-2025** | $139288 | $137755 | $145465 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 2, 2023)** |
| FullerThaler Behavioral Mid-Cap Equity Fund - Institutional | 8.71% | 18.05% |
| Russell 1000 Equal Weight Index | 9.00% | 17.39% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 20.64% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $115316644 |
| Number of Portfolio Holdings | 90 |
| Advisory Fee (net of waivers) | $522760 |
| Portfolio Turnover | 19% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ecd8f59694da78185ebc4b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.1% |
| Utilities | 0.6% |
| Real Estate | 3.2% |
| Communications | 4.3% |
| Materials | 5.1% |
| Consumer Staples | 6.4% |
| Energy | 7.1% |
| Financials | 8.2% |
| Health Care | 10.9% |
| Consumer Discretionary | 14.8% |
| Technology | 15.1% |
| Industrials | 20.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i7af147de5ada863b08cefc81.jpg)

#### FullerThaler Behavioral Mid-Cap Equity Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTHMX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### A Shares (FTVAX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia30099a536d601c7690a5d7e.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $121 | 1.22% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Value Fund – A Share Class (FTVAX) returned -1.92% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"), returned 7.58% for the period.

• This past year, our Fund owned on average 65 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• The Fund's average overweight and security selection in the consumer staples sector contributed to performance relative to the Index. The Fund's average overweights to the materials and financials sectors, and security selection in the materials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the financials and materials sectors, while its largest sector underweights compared to the Index were in the information technology and utilities sectors.

• FullerThaler looked for stocks that it believed were mispriced based on behavioral biases. We generally utilize a three-pronged approach that include: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market overreaction due to behavioral factors; and iii) analysis of the company's fundamentals with regard to business model, valuation and credit risk.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib613781a79cfdd5012c8c882.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Value Fund - A** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Mar-2022** | $9425 | $10000 | $10000 |
| **Sep-2022** | $8324 | $8412 | $8496 |
| **Sep-2023** | $8865 | $9255 | $9434 |
| **Sep-2024** | $11291 | $11514 | $12172 |
| **Sep-2025** | $11074 | $12550 | $13095 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 10, 2022)** |
| FullerThaler Behavioral Mid-Cap Value Fund - A | -1.92% | 4.64% |
| Russell 1000 Equal Weight Index | 9.00% | 6.59% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 7.87% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $375397923 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $2312194 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id62a3fe3a7873b207d5aa62f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Collateral for Securities Loaned | 2.6% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Real Estate | 10.5% |
| Technology | 12.4% |
| Industrials | 12.6% |
| Materials | 16.6% |
| Financials | 20.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](if62f123f415903a6562b9cdc.jpg)

#### FullerThaler Behavioral Mid-Cap Value Fund- A Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTVAX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### C Shares (FTVCX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia30099a536d601c7690a5d7e.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $171 | 1.73% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Value Fund – C Share Class (FTVCX) returned -2.42% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"), returned 7.58% for the period.

• This past year, our Fund owned on average 65 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• The Fund's average overweight and security selection in the consumer staples sector contributed to performance relative to the Index. The Fund's average overweights to the materials and financials sectors, and security selection in the materials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the financials and materials sectors, while its largest sector underweights compared to the Index were in the information technology and utilities sectors.

• FullerThaler looked for stocks that it believed were mispriced based on behavioral biases. We generally utilize a three-pronged approach that include: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market overreaction due to behavioral factors; and iii) analysis of the company's fundamentals with regard to business model, valuation and credit risk.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i849b5629bc050e732dbc0d09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Value Fund - C** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Mar-2022** | $10000 | $10000 | $10000 |
| **Sep-2022** | $8806 | $8412 | $8496 |
| **Sep-2023** | $9329 | $9255 | $9434 |
| **Sep-2024** | $11822 | $11514 | $12172 |
| **Sep-2025** | $11536 | $12550 | $13095 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 10, 2022)** |
| FullerThaler Behavioral Mid-Cap Value Fund - C | -2.42% | 4.10% |
| Russell 1000 Equal Weight Index | 9.00% | 6.59% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 7.87% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $375397923 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $2312194 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i91891f86f10e7f34821ab1e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Collateral for Securities Loaned | 2.6% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Real Estate | 10.5% |
| Technology | 12.4% |
| Industrials | 12.6% |
| Materials | 16.6% |
| Financials | 20.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](if62f123f415903a6562b9cdc.jpg)

#### FullerThaler Behavioral Mid-Cap Value Fund- C Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTVCX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### Institutional Shares (FTVSX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia30099a536d601c7690a5d7e.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $81 | 0.82% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Value Fund – Institutional Share Class (FTVSX) returned -1.54% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"), returned 7.58% for the period.

• This past year, our Fund owned on average 65 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• The Fund's average overweight and security selection in the consumer staples sector contributed to performance relative to the Index. The Fund's average overweights to the materials and financials sectors, and security selection in the materials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the financials and materials sectors, while its largest sector underweights compared to the Index were in the information technology and utilities sectors.

• FullerThaler looked for stocks that it believed were mispriced based on behavioral biases. We generally utilize a three-pronged approach that include: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market overreaction due to behavioral factors; and iii) analysis of the company's fundamentals with regard to business model, valuation and credit risk.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i8bd668e4d5e04ff0b3ac1bf0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Value Fund - Institutional** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Dec-2017** | $100000 | $100000 | $100000 |
| **Sep-2018** | $102800 | $108136 | $103442 |
| **Sep-2019** | $108028 | $106322 | $105099 |
| **Sep-2020** | $96674 | $109219 | $97427 |
| **Sep-2021** | $148037 | $154331 | $138735 |
| **Sep-2022** | $137673 | $130095 | $119925 |
| **Sep-2023** | $147087 | $143140 | $133175 |
| **Sep-2024** | $188070 | $178072 | $171815 |
| **Sep-2025** | $185182 | $194092 | $184846 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Mid-Cap Value Fund - Institutional | -1.54% | 13.88% | 8.25% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 8.22% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $375397923 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $2312194 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3410aee5d81ea3ab172e30c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Collateral for Securities Loaned | 2.6% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Real Estate | 10.5% |
| Technology | 12.4% |
| Industrials | 12.6% |
| Materials | 16.6% |
| Financials | 20.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](if62f123f415903a6562b9cdc.jpg)

#### FullerThaler Behavioral Mid-Cap Value Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTVSX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### Investor Shares (FTVNX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia30099a536d601c7690a5d7e.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $116 | 1.17% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Value Fund – Investor Share Class (FTVNX) returned -1.91% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"), returned 7.58% for the period.

• This past year, our Fund owned on average 65 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• The Fund's average overweight and security selection in the consumer staples sector contributed to performance relative to the Index.The Fund's average overweights to the materials and financials sectors, and security selection in the materials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the financials and materials sectors, while its largest sector underweights compared to the Index were in the information technology and utilities sectors.

• FullerThaler looked for stocks that it believed were mispriced based on behavioral biases. We generally utilize a three-pronged approach that include: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market overreaction due to behavioral factors; and iii) analysis of the company's fundamentals with regard to business model, valuation and credit risk.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaadd221320f64721904f3b02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Value Fund - Investor** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Dec-2017** | $10000 | $10000 | $10000 |
| **Sep-2018** | $10250 | $10814 | $10344 |
| **Sep-2019** | $10747 | $10632 | $10510 |
| **Sep-2020** | $9594 | $10922 | $9743 |
| **Sep-2021** | $14651 | $15433 | $13873 |
| **Sep-2022** | $13592 | $13009 | $11993 |
| **Sep-2023** | $14479 | $14314 | $13317 |
| **Sep-2024** | $18452 | $17807 | $17181 |
| **Sep-2025** | $18100 | $19409 | $18485 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Mid-Cap Value Fund - Investor | -1.91% | 13.54% | 7.93% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 8.22% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $375397923 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $2312194 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ebaf758df4751fe145c585a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Collateral for Securities Loaned | 2.6% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Real Estate | 10.5% |
| Technology | 12.4% |
| Industrials | 12.6% |
| Materials | 16.6% |
| Financials | 20.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](if62f123f415903a6562b9cdc.jpg)

#### FullerThaler Behavioral Mid-Cap Value Fund- Investor Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTVNX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### R6 Shares (FTVZX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia30099a536d601c7690a5d7e.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $71 | 0.72% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Mid-Cap Value Fund – R6 Share Class (FTVZX) returned -1.45% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"), returned 7.58% for the period.

• This past year, our Fund owned on average 65 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US mid-caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• The Fund's average overweight and security selection in the consumer staples sector contributed to performance relative to the Index.

• The Fund's average overweights to the materials and financials sectors, and security selection in the materials and information technology sectors detracted from performance relative to the Index. During the reporting period, the Fund's largest sector overweights compared to the Index were in the financials and materials sectors, while its largest sector underweights compared to the Index were in the information technology and utilities sectors.

• FullerThaler looked for stocks that it believed were mispriced based on behavioral biases. We generally utilize a three-pronged approach that include: i) positive signals such as significant share purchases by company insiders or stock repurchase activity by the company; ii) evidence of market overreaction due to behavioral factors; and iii) analysis of the company's fundamentals with regard to business model, valuation and credit risk.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i979670235333683aad0ecaf6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Mid-Cap Value Fund - R6** | **Russell 1000 Equal Weight Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Dec-2017** | $1000000 | $1000000 | $1000000 |
| **Sep-2018** | $1028000 | $1081361 | $1034424 |
| **Sep-2019** | $1081803 | $1063223 | $1050993 |
| **Sep-2020** | $969126 | $1092188 | $974271 |
| **Sep-2021** | $1485449 | $1543311 | $1387350 |
| **Sep-2022** | $1382973 | $1300945 | $1199252 |
| **Sep-2023** | $1478966 | $1431403 | $1331748 |
| **Sep-2024** | $1893106 | $1780725 | $1718146 |
| **Sep-2025** | $1865674 | $1940923 | $1848458 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Mid-Cap Value Fund - R6 | -1.45% | 14.00% | 8.35% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell Midcap<sup>®</sup> Value Index | 7.58% | 13.66% | 8.22% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $375397923 |
| Number of Portfolio Holdings | 63 |
| Advisory Fee (net of waivers) | $2312194 |
| Portfolio Turnover | 18% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idf6af7f6580aeac550bb0ae8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Collateral for Securities Loaned | 2.6% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Health Care | 5.0% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Real Estate | 10.5% |
| Technology | 12.4% |
| Industrials | 12.6% |
| Materials | 16.6% |
| Financials | 20.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](if62f123f415903a6562b9cdc.jpg)

#### FullerThaler Behavioral Mid-Cap Value Fund- R6 Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTVZX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### A Shares (FTHAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i2802f660cddef66e5084a2b6.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $112 | 1.07% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Equity Fund – A Share Class (FTHAX) returned 8.50% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), returned 10.76% for the period.

• This past year, our Fund owned on average 123 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and industrials sectors, as well as the overweight in the industrials sector, contributed to performance relative to the Index. The Fund's security selection in the materials sector detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and consumer discretionary sectors, while its largest sector underweights compared to the Index were in the information technology and the real estate sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9490b606f4662482df7ee7ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Equity Fund - A** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec-2018** | $9425 | $10000 | $10000 |
| **Sep-2019** | $11244 | $11602 | $11422 |
| **Sep-2020** | $10984 | $11918 | $11467 |
| **Sep-2021** | $16344 | $16841 | $16934 |
| **Sep-2022** | $14521 | $14196 | $12955 |
| **Sep-2023** | $17235 | $15620 | $14112 |
| **Sep-2024** | $23330 | $19432 | $17889 |
| **Sep-2025** | $25313 | $21180 | $19813 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2018)** |
| FullerThaler Behavioral Small-Cap Equity Fund - A | 8.50% | 18.17% | 15.68% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 11.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 10.61% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11266487752 |
| Number of Portfolio Holdings | 118 |
| Advisory Fee | $62420437 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a5022d65cb8cd81fb40718c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.4% |
| Collateral for Securities Loaned | 0.5% |
| Real Estate | 0.7% |
| Energy | 3.6% |
| Communications | 3.6% |
| Materials | 5.5% |
| Money Market Funds | 7.4% |
| Consumer Discretionary | 10.9% |
| Technology | 11.3% |
| Health Care | 12.4% |
| Financials | 14.5% |
| Industrials | 29.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i6f557aac5fd012b5afac4c09.jpg)

#### FullerThaler Behavioral Small-Cap Equity Fund- A Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTHAX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### C Shares (FTYCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i2802f660cddef66e5084a2b6.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $170 | 1.64% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Equity Fund – C Share Class (FTYCX) returned 7.87% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), returned 10.76% for the period.

• This past year, our Fund owned on average 123 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and industrials sectors, as well as the overweight in the industrials sector, contributed to performance relative to the Index. The Fund's security selection in the materials sector detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and consumer discretionary sectors, while its largest sector underweights compared to the Index were in the information technology and the real estate sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i77e802550a4f249f3a84a0d7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small Cap Eq - C** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Sep-2019** | $11872 | $11602 | $11422 |
| **Sep-2020** | $11522 | $11918 | $11467 |
| **Sep-2021** | $17050 | $16841 | $16934 |
| **Sep-2022** | $15054 | $14196 | $12955 |
| **Sep-2023** | $17760 | $15620 | $14112 |
| **Sep-2024** | $23904 | $19432 | $17889 |
| **Sep-2025** | $25786 | $21180 | $19813 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2018)** |
| FullerThaler Behavioral Small Cap Eq - C | 7.87% | 17.48% | 14.99% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 11.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 10.61% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11266487752 |
| Number of Portfolio Holdings | 118 |
| Advisory Fee | $62420437 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7d3dafba90b9f3bfc94700ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.4% |
| Collateral for Securities Loaned | 0.5% |
| Real Estate | 0.7% |
| Energy | 3.6% |
| Communications | 3.6% |
| Materials | 5.5% |
| Money Market Funds | 7.4% |
| Consumer Discretionary | 10.9% |
| Technology | 11.3% |
| Health Care | 12.4% |
| Financials | 14.5% |
| Industrials | 29.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i6f557aac5fd012b5afac4c09.jpg)

#### FullerThaler Behavioral Small-Cap Equity Fund- C Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTYCX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### Institutional Shares (FTHSX)

#### Annual Shareholder Report - September 30, 2025
![Image](i2802f660cddef66e5084a2b6.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $79 | 0.76% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Equity Fund – Institutional Share Class (FTHSX) returned 8.84% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), returned 10.76% for the period.

• This past year, our Fund owned on average 123 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and industrials sectors, as well as the overweight in the industrials sector, contributed to performance relative to the Index. The Fund's security selection in the materials sector detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and consumer discretionary sectors, while its largest sector underweights compared to the Index were in the information technology and the real estate sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ie5348c4a99c9410df757492e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Equity Fund - Institutional** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Index** |
| **Sep-2011** | $100000 | $100000 | $100000 |
| **Sep-2011** | $94533 | $92891 | $92842 |
| **Sep-2012** | $128127 | $118095 | $122465 |
| **Sep-2013** | $157559 | $151304 | $159273 |
| **Sep-2014** | $185030 | $176659 | $165533 |
| **Sep-2015** | $186177 | $169452 | $167596 |
| **Sep-2016** | $215702 | $197980 | $193519 |
| **Sep-2017** | $276526 | $226489 | $233658 |
| **Sep-2018** | $305813 | $258668 | $269264 |
| **Sep-2019** | $291578 | $254329 | $245328 |
| **Sep-2020** | $285411 | $261258 | $246285 |
| **Sep-2021** | $425935 | $369169 | $363708 |
| **Sep-2022** | $379500 | $311194 | $278245 |
| **Sep-2023** | $451715 | $342400 | $303092 |
| **Sep-2024** | $613211 | $425960 | $384206 |
| **Sep-2025** | $667438 | $464280 | $425537 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| FullerThaler Behavioral Small-Cap Equity Fund - Institutional | 8.84% | 18.52% | 13.62% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 10.60% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11266487752 |
| Number of Portfolio Holdings | 118 |
| Advisory Fee | $62420437 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i377fefbad0764e54e5d63b93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.4% |
| Collateral for Securities Loaned | 0.5% |
| Real Estate | 0.7% |
| Energy | 3.6% |
| Communications | 3.6% |
| Materials | 5.5% |
| Money Market Funds | 7.4% |
| Consumer Discretionary | 10.9% |
| Technology | 11.3% |
| Health Care | 12.4% |
| Financials | 14.5% |
| Industrials | 29.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i6f557aac5fd012b5afac4c09.jpg)

#### FullerThaler Behavioral Small-Cap Equity Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTHSX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### Investor Shares (FTHNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i2802f660cddef66e5084a2b6.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $109 | 1.05% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Equity Fund – Investor Share Class (FTHNX) returned 8.53% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), returned 10.76% for the period.

• This past year, our Fund owned on average 123 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and industrials sectors, as well as the overweight in the industrials sector, contributed to performance relative to the Index. The Fund's security selection in the materials sector detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and consumer discretionary sectors, while its largest sector underweights compared to the Index were in the information technology and the real estate sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8f5ed92a03a788a6af27dc8c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Equity Fund - Investor** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Index** |
| **Sep-2011** | $10000 | $10000 | $10000 |
| **Sep-2011** | $9453 | $9289 | $9284 |
| **Sep-2012** | $12787 | $11809 | $12247 |
| **Sep-2013** | $15688 | $15130 | $15927 |
| **Sep-2014** | $18391 | $17666 | $16553 |
| **Sep-2015** | $18472 | $16945 | $16760 |
| **Sep-2016** | $21379 | $19798 | $19352 |
| **Sep-2017** | $27359 | $22649 | $23366 |
| **Sep-2018** | $30191 | $25867 | $26926 |
| **Sep-2019** | $28715 | $25433 | $24533 |
| **Sep-2020** | $28025 | $26126 | $24629 |
| **Sep-2021** | $41699 | $36917 | $36371 |
| **Sep-2022** | $37051 | $31119 | $27824 |
| **Sep-2023** | $43960 | $34240 | $30309 |
| **Sep-2024** | $59506 | $42596 | $38421 |
| **Sep-2025** | $64581 | $46428 | $42554 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| FullerThaler Behavioral Small-Cap Equity Fund - Investor | 8.53% | 18.17% | 13.33% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 10.60% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11266487752 |
| Number of Portfolio Holdings | 118 |
| Advisory Fee | $62420437 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if54484ab6bc1247b62c8b3fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.4% |
| Collateral for Securities Loaned | 0.5% |
| Real Estate | 0.7% |
| Energy | 3.6% |
| Communications | 3.6% |
| Materials | 5.5% |
| Money Market Funds | 7.4% |
| Consumer Discretionary | 10.9% |
| Technology | 11.3% |
| Health Care | 12.4% |
| Financials | 14.5% |
| Industrials | 29.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i6f557aac5fd012b5afac4c09.jpg)

#### FullerThaler Behavioral Small-Cap Equity Fund- Investor Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTHNX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### R6 Shares (FTHFX)

#### Annual Shareholder Report - September 30, 2025
![Image](i2802f660cddef66e5084a2b6.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $67 | 0.64% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Equity Fund – R6 Share Class (FTHFX) returned 8.98% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), returned 10.76% for the period.

• This past year, our Fund owned on average 123 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and industrials sectors, as well as the overweight in the industrials sector, contributed to performance relative to the Index. The Fund's security selection in the materials sector detracted from performance relative to the Index.

• The Fund's largest sector overweights compared to the Index were in the industrials and consumer discretionary sectors, while its largest sector underweights compared to the Index were in the information technology and the real estate sectors.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](icefafd77efa0f508483645da.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Equity Fund - R6** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Index** |
| **Sep-2011** | $1000000 | $1000000 | $1000000 |
| **Sep-2011** | $945333 | $928908 | $928416 |
| **Sep-2012** | $1283022 | $1180947 | $1224654 |
| **Sep-2013** | $1579095 | $1513045 | $1592728 |
| **Sep-2014** | $1856807 | $1766589 | $1655333 |
| **Sep-2015** | $1870674 | $1694522 | $1675960 |
| **Sep-2016** | $2172554 | $1979800 | $1935193 |
| **Sep-2017** | $2788511 | $2264887 | $2336583 |
| **Sep-2018** | $3086427 | $2586680 | $2692635 |
| **Sep-2019** | $2946416 | $2543292 | $2453281 |
| **Sep-2020** | $2886931 | $2612579 | $2462854 |
| **Sep-2021** | $4312456 | $3691690 | $3637082 |
| **Sep-2022** | $3846128 | $3111937 | $2782448 |
| **Sep-2023** | $4583067 | $3423999 | $3030922 |
| **Sep-2024** | $6228524 | $4259598 | $3842055 |
| **Sep-2025** | $6787944 | $4642803 | $4255372 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| FullerThaler Behavioral Small-Cap Equity Fund - R6 | 8.98% | 18.65% | 13.76% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 10.60% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11266487752 |
| Number of Portfolio Holdings | 118 |
| Advisory Fee | $62420437 |
| Portfolio Turnover | 28% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8afb442df874b6aa45c5d299.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Consumer Staples | 0.4% |
| Collateral for Securities Loaned | 0.5% |
| Real Estate | 0.7% |
| Energy | 3.6% |
| Communications | 3.6% |
| Materials | 5.5% |
| Money Market Funds | 7.4% |
| Consumer Discretionary | 10.9% |
| Technology | 11.3% |
| Health Care | 12.4% |
| Financials | 14.5% |
| Industrials | 29.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i6f557aac5fd012b5afac4c09.jpg)

#### FullerThaler Behavioral Small-Cap Equity Fund- R6 Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTHFX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### A Shares (FTXAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i6ac049145a121355f73b7566.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $143 | 1.32% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Growth Fund – A Share Class (FTXAX) returned 16.29% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Index"), returned 13.56% for the period.

• This past year, our Fund owned on average 60 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the health care and industrials sectors contributed to performance relative to the Index.

• The Fund's security selection in the information technology and consumer staples sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and the information technology sectors, while its largest sector underweights compared to the Index were in the financials and health care sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7384eb42c641c42df4256d91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Growth Fund - A** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec-2018** | $9423 | $10000 | $10000 |
| **Sep-2019** | $10385 | $11602 | $11589 |
| **Sep-2020** | $13386 | $11918 | $13410 |
| **Sep-2021** | $20827 | $16841 | $17871 |
| **Sep-2022** | $14833 | $14196 | $12640 |
| **Sep-2023** | $18088 | $15620 | $13852 |
| **Sep-2024** | $24744 | $19432 | $17684 |
| **Sep-2025** | $28776 | $21180 | $20081 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2018)** |
| FullerThaler Behavioral Small-Cap Growth Fund - A | 16.29% | 16.54% | 17.90% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 11.70% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 10.83% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3420451871 |
| Number of Portfolio Holdings | 66 |
| Advisory Fee (net of waivers) | $19829512 |
| Portfolio Turnover | 99% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5fc19d1756d0f175e069f326.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 1.1% |
| Materials | 1.3% |
| Communications | 1.5% |
| Financials | 2.2% |
| Energy | 2.3% |
| Consumer Staples | 6.1% |
| Health Care | 16.3% |
| Industrials | 19.3% |
| Consumer Discretionary | 19.6% |
| Technology | 30.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i0e664409c09a946e25a29a63.jpg)

#### FullerThaler Behavioral Small-Cap Growth Fund- A Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTXAX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### C Shares (FTXCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i6ac049145a121355f73b7566.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $198 | 1.84% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Growth Fund – C Share Class (FTXCX) returned 15.70% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Index"), returned 13.56% for the period.

• This past year, our Fund owned on average 60 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the health care and industrials sectors contributed to performance relative to the Index.

• The Fund's security selection in the information technology and consumer staples sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and the information technology sectors, while its largest sector underweights compared to the Index were in the financials and health care sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0b3330fa4fc674aab98d7751.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Growth Fund - C** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec-2018** | $10000 | $10000 | $10000 |
| **Sep-2019** | $10980 | $11602 | $11589 |
| **Sep-2020** | $14089 | $11918 | $13410 |
| **Sep-2021** | $21807 | $16841 | $17871 |
| **Sep-2022** | $15457 | $14196 | $12640 |
| **Sep-2023** | $18752 | $15620 | $13852 |
| **Sep-2024** | $25522 | $19432 | $17684 |
| **Sep-2025** | $29530 | $21180 | $20081 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2018)** |
| FullerThaler Behavioral Small-Cap Growth Fund - C | 15.70% | 15.95% | 17.31% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 11.70% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 10.83% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3420451871 |
| Number of Portfolio Holdings | 66 |
| Advisory Fee (net of waivers) | $19829512 |
| Portfolio Turnover | 99% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3b5d6ee04aaa309691d3252b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 1.1% |
| Materials | 1.3% |
| Communications | 1.5% |
| Financials | 2.2% |
| Energy | 2.3% |
| Consumer Staples | 6.1% |
| Health Care | 16.3% |
| Industrials | 19.3% |
| Consumer Discretionary | 19.6% |
| Technology | 30.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i0e664409c09a946e25a29a63.jpg)

#### FullerThaler Behavioral Small-Cap Growth Fund- C Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTXCX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### Institutional Shares (FTXSX)

#### Annual Shareholder Report - September 30, 2025
![Image](i6ac049145a121355f73b7566.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $108 | 1.00% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Growth Fund – Institutional Share Class (FTXSX) returned 16.68% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Index"), returned 13.56% for the period.

• This past year, our Fund owned on average 60 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the health care and industrials sectors contributed to performance relative to the Index.

• The Fund's security selection in the information technology and consumer staples sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and the information technology sectors, while its largest sector underweights compared to the Index were in the financials and health care sectors.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i5a6245de276928a34e5168a8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Growth Fund - Institutional** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec-2017** | $100000 | $100000 | $100000 |
| **Sep-2018** | $134650 | $108136 | $115202 |
| **Sep-2019** | $108450 | $106322 | $104104 |
| **Sep-2020** | $140300 | $109219 | $120463 |
| **Sep-2021** | $218950 | $154331 | $160535 |
| **Sep-2022** | $156391 | $130095 | $113543 |
| **Sep-2023** | $191385 | $143140 | $124434 |
| **Sep-2024** | $262657 | $178072 | $158850 |
| **Sep-2025** | $306473 | $194092 | $180386 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Small-Cap Growth Fund - Institutional | 16.68% | 16.91% | 15.49% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 7.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3420451871 |
| Number of Portfolio Holdings | 66 |
| Advisory Fee (net of waivers) | $19829512 |
| Portfolio Turnover | 99% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8755c1a6a6ba1a9d6569734d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 1.1% |
| Materials | 1.3% |
| Communications | 1.5% |
| Financials | 2.2% |
| Energy | 2.3% |
| Consumer Staples | 6.1% |
| Health Care | 16.3% |
| Industrials | 19.3% |
| Consumer Discretionary | 19.6% |
| Technology | 30.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i0e664409c09a946e25a29a63.jpg)

#### FullerThaler Behavioral Small-Cap Growth Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTXSX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### Investor Shares (FTXNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i6ac049145a121355f73b7566.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $140 | 1.29% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Growth Fund – Investor Share Class (FTXNX) returned 16.33% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Index"), returned 13.56% for the period.

• This past year, our Fund owned on average 60 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the health care and industrials sectors contributed to performance relative to the Index.

• The Fund's security selection in the information technology and consumer staples sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and the information technology sectors, while its largest sector underweights compared to the Index were in the financials and health care sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8e98fe729edbfbf726ac5336.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Growth Fund - Investor** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec-2017** | $10000 | $10000 | $10000 |
| **Sep-2018** | $13440 | $10814 | $11520 |
| **Sep-2019** | $10800 | $10632 | $10410 |
| **Sep-2020** | $13930 | $10922 | $12046 |
| **Sep-2021** | $21680 | $15433 | $16053 |
| **Sep-2022** | $15450 | $13009 | $11354 |
| **Sep-2023** | $18850 | $14314 | $12443 |
| **Sep-2024** | $25796 | $17807 | $15885 |
| **Sep-2025** | $30010 | $19409 | $18039 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Small-Cap Growth Fund - Investor | 16.33% | 16.59% | 15.18% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 7.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3420451871 |
| Number of Portfolio Holdings | 66 |
| Advisory Fee (net of waivers) | $19829512 |
| Portfolio Turnover | 99% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8bc6155f004edafee433864f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 1.1% |
| Materials | 1.3% |
| Communications | 1.5% |
| Financials | 2.2% |
| Energy | 2.3% |
| Consumer Staples | 6.1% |
| Health Care | 16.3% |
| Industrials | 19.3% |
| Consumer Discretionary | 19.6% |
| Technology | 30.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i0e664409c09a946e25a29a63.jpg)

#### FullerThaler Behavioral Small-Cap Growth Fund- Investor Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTXNX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### R6 Shares (FTXFX)

#### Annual Shareholder Report - September 30, 2025
![Image](i6ac049145a121355f73b7566.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $98 | 0.90% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Cap Growth Fund – R6 Share Class (FTXFX) returned 16.80% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Index"), returned 13.56% for the period.

• This past year, our Fund owned on average 60 small-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small caps, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the health care and industrials sectors contributed to performance relative to the Index.

• The Fund's security selection in the information technology and consumer staples sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and the information technology sectors, while its largest sector underweights compared to the Index were in the financials and health care sectors.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i768036e65a6ba1cc339d6209.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Cap Growth Fund - R6** | **Russell 1000 Equal Weight Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec-2017** | $1000000 | $1000000 | $1000000 |
| **Sep-2018** | $1347500 | $1081361 | $1152020 |
| **Sep-2019** | $1086500 | $1063223 | $1041035 |
| **Sep-2020** | $1406000 | $1092188 | $1204628 |
| **Sep-2021** | $2196000 | $1543311 | $1605349 |
| **Sep-2022** | $1570632 | $1300945 | $1135434 |
| **Sep-2023** | $1923294 | $1431403 | $1244343 |
| **Sep-2024** | $2642048 | $1780725 | $1588501 |
| **Sep-2025** | $3085795 | $1940923 | $1803862 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 21, 2017)** |
| FullerThaler Behavioral Small-Cap Growth Fund - R6 | 16.80% | 17.02% | 15.59% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 8.90% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 7.88% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $3420451871 |
| Number of Portfolio Holdings | 66 |
| Advisory Fee (net of waivers) | $19829512 |
| Portfolio Turnover | 99% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie353ff6cc6949efa5f31d6da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.9% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 1.1% |
| Materials | 1.3% |
| Communications | 1.5% |
| Financials | 2.2% |
| Energy | 2.3% |
| Consumer Staples | 6.1% |
| Health Care | 16.3% |
| Industrials | 19.3% |
| Consumer Discretionary | 19.6% |
| Technology | 30.7% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i0e664409c09a946e25a29a63.jpg)

#### FullerThaler Behavioral Small-Cap Growth Fund- R6 Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTXFX

#### FullerThaler Behavioral Small–Mid Core Equity Fund

#### A Shares (FTSAX)

#### Annual Shareholder Report - September 30, 2025
![Image](id79435e213b80eee45f79654.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $130 | 1.30% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Mid Core Equity Fund – A Share Class (FTSAX) returned 0.41% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2500™ Index (the "Index"), returned 10.16% for the period.

• This past year, our Fund owned on average 57 small- and mid-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small- and mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small- or mid-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small- and mid-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the consumer discretionary sector along with its underweight contributed to performance relative to the Index.

• The Fund's security selection in the information technology and materials sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the industrials and the consumer staples sectors, while its largest sector underweights compared to the Index were in the consumer discretionary and utilities sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i56eca80821c9c50b9202f52a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Mid Core Equity Fund - A** | **Russell 1000 Equal Weight Index** | **Russell 2500<sup>®</sup> Index** |
| **Mar-2022** | $9424 | $10000 | $10000 |
| **Sep-2022** | $7663 | $8412 | $8399 |
| **Sep-2023** | $9058 | $9255 | $9347 |
| **Sep-2024** | $11542 | $11514 | $11793 |
| **Sep-2025** | $11590 | $12550 | $12991 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 10, 2022)** |
| FullerThaler Behavioral Small-Mid Core Equity Fund - A | 0.41% | 5.98% |
| Russell 1000 Equal Weight Index | 9.00% | 6.59% |
| Russell 2500<sup>®</sup> Index | 10.16% | 7.63% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $220893791 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $987499 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib7029511bb714d84872c382b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Communications | 2.3% |
| Energy | 4.4% |
| Materials | 4.4% |
| Consumer Staples | 4.9% |
| Real Estate | 7.6% |
| Health Care | 8.9% |
| Consumer Discretionary | 13.2% |
| Financials | 16.4% |
| Industrials | 17.3% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ie9fe43f8048360f171a47bec.jpg)

#### FullerThaler Behavioral Small–Mid Core Equity Fund- A Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTSAX

#### FullerThaler Behavioral Small–Mid Core Equity Fund

#### C Shares (FTWCX)

#### Annual Shareholder Report - September 30, 2025
![Image](id79435e213b80eee45f79654.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 7, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $178 | 1.81% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Mid Core Equity Fund – C Share Class (FTWCX) returned 0.92% for the period since its inception on October 7, 2024 until September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.85% for the period and the performance benchmark, the Russell 2500™ Index (the "Index"), returned 11.65% for the period.

• This past year, our Fund owned on average 57 small- and mid-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small- and mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small- or mid-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small- and mid-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the consumer discretionary sector along with its underweight contributed to performance relative to the Index.

• The Fund's security selection in the information technology and materials sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the industrials and the consumer staples sectors, while its largest sector underweights compared to the Index were in the consumer discretionary and utilities sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3b15ba1d71299b87c604965c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Mid Core Equity Fund - C** | **Russell 1000 Equal Weight Index** | **Russell 2500<sup>®</sup> Index** |
| **Oct-2024** | $9425 | $10000 | $10000 |
| **Sep-2025** | $9512 | $10985 | $11165 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (October 7, 2024)** |
| FullerThaler Behavioral Small-Mid Core Equity Fund - C | 0.92% |
| Russell 1000 Equal Weight Index | 9.85% |
| Russell 2500<sup>®</sup> Index | 11.65% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $220893791 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $987499 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i633c165dd4f6ca817281d32d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Communications | 2.3% |
| Energy | 4.4% |
| Materials | 4.4% |
| Consumer Staples | 4.9% |
| Real Estate | 7.6% |
| Health Care | 8.9% |
| Consumer Discretionary | 13.2% |
| Financials | 16.4% |
| Industrials | 17.3% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ie9fe43f8048360f171a47bec.jpg)

#### FullerThaler Behavioral Small–Mid Core Equity Fund- C Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025- FTWCX

#### FullerThaler Behavioral Small–Mid Core Equity Fund

#### Institutional Shares (FTSIX)

#### Annual Shareholder Report - September 30, 2025
![Image](id79435e213b80eee45f79654.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $92 | 0.92% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Mid Core Equity Fund – Institutional Share Class (FTSIX) returned 0.80% for the 12 months ended September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.00% for the period and the performance benchmark, the Russell 2500™ Index (the "Index"), returned 10.16% for the period.

• This past year, our Fund owned on average 57 small- and mid-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small- and mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small- or mid-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small- and mid-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the consumer discretionary sector along with its underweight contributed to performance relative to the Index.

• The Fund's security selection in the information technology and materials sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the industrials and the consumer staples sectors, while its largest sector underweights compared to the Index were in the consumer discretionary and utilities sectors.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i599c090cdb0f919eb8b02f65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Mid Core Equity Fund - Institu** | **Russell 1000 Equal Weight Index** | **Russell 2500<sup>®</sup> Index** |
| **Dec-2018** | $100000 | $100000 | $100000 |
| **Sep-2019** | $119800 | $117970 | $119602 |
| **Sep-2020** | $120555 | $121183 | $122256 |
| **Sep-2021** | $184575 | $171238 | $177306 |
| **Sep-2022** | $143728 | $144346 | $139881 |
| **Sep-2023** | $170470 | $158821 | $155665 |
| **Sep-2024** | $218033 | $197580 | $196398 |
| **Sep-2025** | $219779 | $215355 | $216352 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 26, 2018)** |
| FullerThaler Behavioral Small-Mid Core Equity Fund - Institu | 0.80% | 12.76% | 12.35% |
| Russell 1000 Equal Weight Index | 9.00% | 12.19% | 12.01% |
| Russell 2500<sup>®</sup> Index | 10.16% | 12.09% | 12.09% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $220893791 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $987499 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i36211c436e310311ca63f4d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Communications | 2.3% |
| Energy | 4.4% |
| Materials | 4.4% |
| Consumer Staples | 4.9% |
| Real Estate | 7.6% |
| Health Care | 8.9% |
| Consumer Discretionary | 13.2% |
| Financials | 16.4% |
| Industrials | 17.3% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ie9fe43f8048360f171a47bec.jpg)

#### FullerThaler Behavioral Small–Mid Core Equity Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTSIX

#### FullerThaler Behavioral Small–Mid Core Equity Fund

#### R6 Shares (FTSFX)

#### Annual Shareholder Report - September 30, 2025
![Image](id79435e213b80eee45f79654.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 7, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $81 | 0.82% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Small-Mid Core Equity Fund – R6 Share Class (FTSFX) returned 1.90% for the period since its inception on October 7, 2024 until September 30, 2025. The regulatory benchmark, the Russell 1000<sup>®</sup> Equal Weight Index, returned 9.85% for the period and the performance benchmark, the Russell 2500™ Index (the "Index"), returned 11.65% for the period.

• This past year, our Fund owned on average 57 small- and mid-cap US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is how small- and mid-cap stocks performed relative to the overall US stock market.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small- or mid-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual small- and mid-cap stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the consumer discretionary sector along with its underweight contributed to performance relative to the Index.

• The Fund's security selection in the information technology and materials sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the industrials and the consumer staples sectors, while its largest sector underweights compared to the Index were in the consumer discretionary and utilities sectors.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i8bac20bd4a16329c3c754ed9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Small-Mid Core Equity Fund - R6** | **Russell 1000 Equal Weight Index** | **Russell 2500<sup>®</sup> Index** |
| **Oct-2024** | $1000000 | $1000000 | $1000000 |
| **Sep-2025** | $1019016 | $1098501 | $1116476 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (October 7, 2024)** |
| FullerThaler Behavioral Small-Mid Core Equity Fund - R6 | 1.90% |
| Russell 1000 Equal Weight Index | 9.85% |
| Russell 2500<sup>®</sup> Index | 11.65% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $220893791 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $987499 |
| Portfolio Turnover | 25% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5e2c0692c153362b9eb6df1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.4% |
| Communications | 2.3% |
| Energy | 4.4% |
| Materials | 4.4% |
| Consumer Staples | 4.9% |
| Real Estate | 7.6% |
| Health Care | 8.9% |
| Consumer Discretionary | 13.2% |
| Financials | 16.4% |
| Industrials | 17.3% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ie9fe43f8048360f171a47bec.jpg)

#### FullerThaler Behavioral Small–Mid Core Equity Fund- R6 Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTSFX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### A Shares (FTZAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i76a3ff095e2f1edfbea51ef0.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $144 | 1.35% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Unconstrained Equity Fund – A Share Class (FTZAX) returned 13.45% for the 12 months ended September 30, 2025. The benchmark, the Russell 3000<sup>®</sup> Index (the "Index"), returned 17.41% for the period.

• This past year, our Fund owned on average 24 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is our individual stock selection.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small-, mid-, or large-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and health care sectors contributed to performance relative to the Index.

• The Fund's security selection in the industrials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and industrials sectors, while its largest sector underweights compared to the Index were in the communication services and the financials sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i24e97880023fc414fb05ee70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Unconstrained Equity Fund - A** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** |
| **May-2021** | $9426 | $10000 | $10000 |
| **Sep-2021** | $9481 | $10245 | $10066 |
| **Sep-2022** | $7327 | $8439 | $8114 |
| **Sep-2023** | $8862 | $10166 | $9205 |
| **Sep-2024** | $12565 | $13744 | $11904 |
| **Sep-2025** | $14256 | $16137 | $13226 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 27, 2021)** |
| FullerThaler Behavioral Unconstrained Equity Fund - A | 13.45% | 9.99% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.64% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 6.65% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $266642836 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1362415 |
| Portfolio Turnover | 20% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd20c3f115ab40053fd216e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| Communications | 2.9% |
| Materials | 3.2% |
| Financials | 7.4% |
| Health Care | 7.8% |
| Consumer Staples | 8.2% |
| Industrials | 17.0% |
| Consumer Discretionary | 22.1% |
| Technology | 28.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ic1f3e1c450c8b0b1de58b691.jpg)

#### FullerThaler Behavioral Unconstrained Equity Fund- A Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTZAX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### C Shares (FTZCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i76a3ff095e2f1edfbea51ef0.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $196 | 1.84% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Unconstrained Equity Fund – C Share Class (FTZCX) returned 13.11% for the 12 months ended September 30, 2025. The benchmark, the Russell 3000<sup>®</sup> Index (the "Index"), returned 17.41% for the period.

• This past year, our Fund owned on average 24 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is our individual stock selection.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small-, mid-, or large-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and health care sectors contributed to performance relative to the Index.

• The Fund's security selection in the industrials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and industrials sectors, while its largest sector underweights compared to the Index were in the communication services and the financials sectors.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic6e557c1366f73887fd693cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Unconstrained Equity Fund - C** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** |
| **May-2021** | $10000 | $10000 | $10000 |
| **Sep-2021** | $10042 | $10245 | $10066 |
| **Sep-2022** | $7710 | $8439 | $8114 |
| **Sep-2023** | $9293 | $10166 | $9205 |
| **Sep-2024** | $13169 | $13744 | $11904 |
| **Sep-2025** | $14895 | $16137 | $13226 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 27, 2021)** |
| FullerThaler Behavioral Unconstrained Equity Fund - C | 13.11% | 9.60% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.64% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 6.65% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $266642836 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1362415 |
| Portfolio Turnover | 20% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1bfbf1ff6fec60f9662dbd18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| Communications | 2.9% |
| Materials | 3.2% |
| Financials | 7.4% |
| Health Care | 7.8% |
| Consumer Staples | 8.2% |
| Industrials | 17.0% |
| Consumer Discretionary | 22.1% |
| Technology | 28.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ic1f3e1c450c8b0b1de58b691.jpg)

#### FullerThaler Behavioral Unconstrained Equity Fund- C Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTZCX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### Institutional Shares (FTZIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i76a3ff095e2f1edfbea51ef0.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $109 | 1.02% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Unconstrained Equity Fund – Institutional Share Class (FTZIX) returned 13.71% for the 12 months ended September 30, 2025. The benchmark, the Russell 3000<sup>®</sup> Index (the "Index"), returned 17.41% for the period.

• This past year, our Fund owned on average 24 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is our individual stock selection.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small-, mid-, or large-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and health care sectors contributed to performance relative to the Index.

• The Fund's security selection in the industrials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and industrials sectors, while its largest sector underweights compared to the Index were in the communication services and the financials sectors.

# How has the Fund performed since inception?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](i55ee6f50a9befbebd2ea6a02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Unconstrained Equity Fund - Institut** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** |
| **Dec-2018** | $100000 | $100000 | $100000 |
| **Sep-2019** | $129050 | $122057 | $123842 |
| **Sep-2020** | $138202 | $140368 | $129479 |
| **Sep-2021** | $191962 | $185110 | $178821 |
| **Sep-2022** | $148872 | $152480 | $144141 |
| **Sep-2023** | $180495 | $183680 | $163522 |
| **Sep-2024** | $256315 | $248323 | $211480 |
| **Sep-2025** | $291463 | $291554 | $234970 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 26, 2018)** |
| FullerThaler Behavioral Unconstrained Equity Fund - Institut | 13.71% | 16.10% | 17.14% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 17.15% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 13.47% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $266642836 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1362415 |
| Portfolio Turnover | 20% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib2f49e362c662bd088500036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| Communications | 2.9% |
| Materials | 3.2% |
| Financials | 7.4% |
| Health Care | 7.8% |
| Consumer Staples | 8.2% |
| Industrials | 17.0% |
| Consumer Discretionary | 22.1% |
| Technology | 28.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ic1f3e1c450c8b0b1de58b691.jpg)

#### FullerThaler Behavioral Unconstrained Equity Fund- Institutional Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTZIX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### R6 Shares (FTZFX)

#### Annual Shareholder Report - September 30, 2025
![Image](i76a3ff095e2f1edfbea51ef0.jpg)

# Fund Overview
This annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/fuller_thaler/**. You can also request this information by contacting us at (888) 912-4562.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $97 | 0.91% |

---

# How did the Fund perform during the reporting period?
The FullerThaler Behavioral Unconstrained Equity Fund – R6 Share Class (FTZFX) returned 13.72% for the 12 months ended September 30, 2025. The benchmark, the Russell 3000<sup>®</sup> Index (the "Index"), returned 17.41% for the period.

• This past year, our Fund owned on average 24 US stocks, diversified across industries and sectors.

o The main driver of total returns for our diversified US stock portfolio, like most diversified US stock portfolios, is what happened to the overall US stock market.

o The main driver of our performance relative to the overall US stock market is our individual stock selection.

o Academic research finds the main driver of long-term (10+ years) returns for stock markets, or subsets of the stock market like US small-, mid-, or large-cap stocks, is how overall earnings grow, but short-term (less than a year) returns are primarily the result of changes in investor sentiment that are extremely difficult to predict.

• We do not make forecasts of overall investor sentiment, nor do we make macro-economic forecasts; instead, we pick individual stocks bottom-up, based on our behavioral finance insights. Thus, the main driver of performance relative to the Index is our stock picking.

• The Fund's security selection in the financials and health care sectors contributed to performance relative to the Index.

• The Fund's security selection in the industrials and information technology sectors detracted from performance relative to the Index.

• During the reporting period, the Fund's largest sector overweights compared to the Index were in the consumer discretionary and industrials sectors, while its largest sector underweights compared to the Index were in the communication services and the financials sectors.

# How has the Fund performed since inception?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](i30f27a343ce404bbd581531a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FullerThaler Behavioral Unconstrained Equity Fund - R6** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Index** |
| **Dec-2018** | $1000000 | $1000000 | $1000000 |
| **Sep-2019** | $1291500 | $1220574 | $1238416 |
| **Sep-2020** | $1384769 | $1403677 | $1294794 |
| **Sep-2021** | $1924996 | $1851104 | $1788212 |
| **Sep-2022** | $1494578 | $1524804 | $1441406 |
| **Sep-2023** | $1813219 | $1836797 | $1635217 |
| **Sep-2024** | $2574448 | $2483232 | $2114799 |
| **Sep-2025** | $2927756 | $2915539 | $2349700 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 26, 2018)** |
| FullerThaler Behavioral Unconstrained Equity Fund - R6 | 13.72% | 16.15% | 17.22% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 17.15% |
| Russell Midcap<sup>®</sup> Index | 11.11% | 12.66% | 13.47% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $266642836 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1362415 |
| Portfolio Turnover | 20% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i49a773f697356e50dfd7e7ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| Communications | 2.9% |
| Materials | 3.2% |
| Financials | 7.4% |
| Health Care | 7.8% |
| Consumer Staples | 8.2% |
| Industrials | 17.0% |
| Consumer Discretionary | 22.1% |
| Technology | 28.1% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ic1f3e1c450c8b0b1de58b691.jpg)

#### FullerThaler Behavioral Unconstrained Equity Fund- R6 Shares

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/fuller_thaler/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-FTZFX

#### Guardian Capital Dividend Growth Fund

#### Institutional Class (DIVGX)

#### Annual Shareholder Report - September 30, 2025
![Image](i8c8776e12b4504e38da5f950.jpg)

# Fund Overview
This annual shareholder report contains important information about Guardian Capital Dividend Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/altacapital/?fund=gdgf?file=Guardian_DG_Fund_Summary.pdf**. You can also request this information by contacting us at (800) 957-0681. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $100 | 0.95% |

---

# How did the Fund perform during the reporting period?
Global Equity markets produced strong gains during the period, supported by easing trade tensions, expectations of near-term U.S. interest rate cutes, and rallies in technology and AI-related stocks. Expectations of rate cuts also helped extend the U.S. rally to mid and small cap stocks. Emerging markets modestly outperformed developed markets, fueled by a weaker U.S. dollar and a rebound in Chinese equities following the extension of the U.S. – China trade truce.

The Fund produced a 10.94% return during the period, trailing the MSCI World Index's 17.25% return. The Fund benefited from strong selection in the Materials sector, with a modest drag from its underweight allocation. Stock selection also drove performance in the Information Technology sector, which was partially offset by an overweight allocation. Top individual contributors to relative returns came from Broadcom, Inc., Johnson & Jonhson, and AbbVie, Inc. The Industrials sector had the largest negative impact on relative performance due to negative stock selection. Health Care detracted from relative returns from both negative stock selection and its underweight allocation. Communication Services detracted from relative returns due to its underweight allocation, partially offset by positive stock selection. Top individual detractors from relative performance include the absence of NVIDIA Corp. in the portfolio, and positions in Wolters Kluwer N.V. and Republic Services, Inc. During the reporting period, the Fund initiated position in TJX Companies, Inc., Parker-Hannifin Corp., Darden Restaurants, Inc., Motorola Solutions, Inc., and Eli Lilly & Co.

The strategy is overweight Energy, Consumer Staples, Financials and Industrials sectors and underweight Information Technology, Consumer Discretionary, Communication Services, Materials and Utilities sectors. Regionally, the strategy has an approximate 27% weight in Europe, 72% in North America, and 1% in Asia and the Pacific Basin. The Manager's AI-powered total return approach that rewards shareholders with dividends, buybacks, and debt reduction is combined with the discretionary consideration of stock and sector allocations by the portfolio managers.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4db2eec242298ff1a83b8219.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Capital Dividend Growth Fund - I** | **MSCI World Index** |
| **May-2019** | $10000 | $10000 |
| **Sep-2019** | $10708 | $10138 |
| **Sep-2020** | $11407 | $11193 |
| **Sep-2021** | $13369 | $14419 |
| **Sep-2022** | $11884 | $11588 |
| **Sep-2023** | $14131 | $14132 |
| **Sep-2024** | $18510 | $18714 |
| **Sep-2025** | $20536 | $21942 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2019)** |
| Guardian Capital Dividend Growth Fund - I | 10.94% | 12.48% | 11.87% |
| MSCI World Index | 17.25% | 14.41% | 13.03% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $41532295 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee (net of waivers) | $140022 |
| Portfolio Turnover | 66% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idc8c0dcc70c39e6358de89df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Utilities | 1.1% |
| Materials | 1.4% |
| Money Market Funds | 2.2% |
| Real Estate | 2.3% |
| Communications | 5.6% |
| Consumer Staples | 6.7% |
| Consumer Discretionary | 7.2% |
| Health Care | 8.3% |
| Energy | 10.0% |
| Industrials | 10.1% |
| Financials | 19.2% |
| Technology | 25.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;AXA S.A. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Allianz S.E. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;3.0% |

---

# Material Fund Changes
At a meeting held on October 23, 2025, the Board of Trustees (the "Board") of Capitol Series Trust (the "Trust") approved a proposed Agreement and Plan of Reorganization (the "Reorganization") of the Fund into a fund of the same name, a newly created series of Sterling Capital Funds (the "Acquiring Fund"), whereby the Acquiring Fund will acquire the assets and assume the liabilities of the Fund. The proposed Reorganization is subject to shareholder approval and certain other conditions. Guardian Capital LP ("Guardian Capital"), the investment adviser of the Fund, will serve as the subadviser of the Acquiring Fund following the Reorganization. Sterling Capital Management LLC ("Sterling Capital"), an affiliate of Guardian Capital, will serve as the adviser of the Acquiring Fund following the Reorganization.

The Acquiring Fund will have the same investment objective and substantially similar principal investment strategies and principal risks as the Fund. The same portfolio managers of the Fund, who are employees of Guardian Capital, will continue to be responsible for the day-to-day management of the Acquiring Fund. Guardian Capital will continue to handle the trading of portfolio securities for the Acquiring Fund. The management fee and expense ratio of the Acquiring Fund are expected to be the same as those of the Fund.

The proposed Reorganization will occur by transferring all of the assets and liabilities of the Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund. As a result, shareholders of the Fund will become shareholders of the Acquiring Fund and will receive shares of the Acquiring Fund with a value equal to the aggregate net asset value of their shares of the Fund held immediately prior to the Reorganization. The proposed Reorganization is expected to be a tax-free transaction for federal income tax purposes.

The Board of the Trust has determined that the Reorganization is in the best interests of the Fund and its shareholders, and that the interests of the Fund's shareholders will not be diluted as a result of the Reorganization.

Shareholders of record of the Fund will receive a Proxy Statement/Prospectus which contains more information with respect to the proposed Reorganization. The Reorganization is expected to occur in March 2026. Until the Reorganization is complete, Guardian Capital will continue to manage the Fund in the ordinary course of business.

![Image](i5d973b8034845c88d05def0a.jpg)

#### Guardian Capital Dividend Growth Fund - Institutional (DIVGX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/altacapital/?fund=gdgf?file=Guardian_DG_Fund_Summary.pdf), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-DIVGX

#### Guardian Capital Fundamental Global Equity Fund

#### Institutional Class (GFGEX)

#### Annual Shareholder Report - September 30, 2025
![Image](iab287f7cadc0196633d23844.jpg)

# Fund Overview
This annual shareholder report contains important information about Guardian Capital Fundamental Global Equity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/altacapital/?fund=gfgef?file=Guardian_FGE_Fund_Summary.pdf**. You can also request this information by contacting us at (800) 957-0681. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $97 | 0.99% |

---

# How did the Fund perform during the reporting period?
Developed markets delivered strong returns, driven by resilient corporate earnings and optimism around AI-driven productivity. While U.S. mega-cap tech stocks led early on, market leadership broadened across regions and sectors later in the period. Investor sentiment turned cautious following broad U.S. tariffs in early 2025, which increased inflation and disrupted global trade, adding volatility. Amid these challenges, international equities outperformed, supported by changes in U.S. trade policy and robust fiscal spending in Europe.

The Fund produced a -4.59% return during the period, trailing the MSCI World Index's 17.25% return. The portfolio's main overweights and underweights had a mixed impact on performance during the period. On a sector level, overweight allocations to Financials and Consumer Discretionary contributed positively, as both sectors outperformed. Strong stock selection within Consumer Staples also added value. Conversely, stock selection in Information Technology, Financials, and Health Care detracted from performance. Overweight positions in Consumer Discretionary and Health Care also negatively impacted returns due to sector underperformance. At the individual security level, EssilorLuxottica S.A., Booking Holdings, Inc., and CME Group, Inc. were top contributors as the companies delivered strong earnings growth amid sustained demand for their products. On the downside, Novo Nordisk A/S, UnitedHealth Group, Inc., and MarketAxess Holdings, Inc. were key detractors due to guidance revisions, leadership changes, and structural challenges in their respective industries. During the period, the Fund exited its position in Alphabet and initiated a position in Adobe.

The Fund remains overweight Health Care and Consumer Staples, and underweight Information Technology. The Fund's Sub-Adviser believes volatility is likely to be elevated. The dominance of the eight-largest U.S. stocks, dubbed the "AI8", has driven market returns and masked underlying strains in the global economy. They do not believe it is feasible for this to continue indefinitely and with expectations for AI to continue to produce outsized returns growing, it appears that risks to the downside are also growing. They believe that a concentrated portfolio of high quality companies capable of growing earnings at above-market rates over the long-term are likely to outperform over the long run.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i66ef9adabdcdce86c3944a7f.jpg)

---

| | | |
|:---|:---|:---|
| | **Guardian Capital Fundamental Global Equity Fund - I** | **MSCI World Index** |
| **Dec-2019** | $10000 | $10000 |
| **Sep-2020** | $10639 | $10252 |
| **Sep-2021** | $12893 | $13207 |
| **Sep-2022** | $10166 | $10614 |
| **Sep-2023** | $12477 | $12944 |
| **Sep-2024** | $15154 | $17141 |
| **Sep-2025** | $14458 | $20098 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 19, 2019)** |
| Guardian Capital Fundamental Global Equity Fund - I | -4.59% | 6.33% | 6.58% |
| MSCI World Index | 17.25% | 14.41% | 12.83% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of shares.* 

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $50995213 |
| Number of Portfolio Holdings | 26 |
| Advisory Fee (net of waivers) | $543726 |
| Portfolio Turnover | 33% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie7b60b110b4a50cc1e8439c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Money Market Funds | 0.6% |
| Materials | 4.5% |
| Communications | 6.0% |
| Industrials | 7.7% |
| Consumer Discretionary | 9.0% |
| Financials | 14.5% |
| Consumer Staples | 17.2% |
| Technology | 19.0% |
| Health Care | 20.9% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i50b1e8e0100246515f4b738b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 2.4% |
| Switzerland | 2.5% |
| Ireland | 2.7% |
| China | 5.4% |
| United Kingdom | 8.6% |
| Denmark | 8.7% |
| France | 15.7% |
| United States | 53.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;EssilorLuxottica S.A. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;MasterCard, Inc., Class A | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;L'Oréal S.A. | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Novozymes A/S, Class B | &nbsp;&nbsp;4.5% |

---

# Material Fund Changes
Based upon a recommendation by Guardian Capital LP (the "Adviser"), the Board of Trustees (the "Board") of the Trust has determined to close and liquidate each of the Guardian Capital Fundamental Global Equity Fund and the Alta Quality Growth Fund (each a "Fund" and collectively, the "Funds"). In connection with this, the Board has adopted a plan of liquidation. Please note that each Fund will be liquidating its assets at the close of business on December 3, 2025 (the "Liquidation Date"). You are welcome, however, to redeem your shares before that date.

In anticipation of the liquidation, at the close of business on October 24, 2025 the Funds stopped accepting purchases. In addition, as soon as reasonable and practicable thereafter, the Adviser began an orderly transition of each Fund's portfolio to cash and cash equivalents and each Fund will thereafter no longer be pursuing its investment objective.

Shareholders of the each Fund may redeem their investments as described in the Funds' Prospectus. Accounts not redeemed by December 2, 2025, will automatically be redeemed on the Liquidation Date, and net cash proceeds, less any required withholding, will be sent to the address of record.

If you hold your shares in an individual retirement account (an "IRA"), you have 60 days from the date you receive your proceeds to reinvest or "rollover" your proceeds into another IRA and maintain their tax-deferred status. You must notify the Funds' transfer agent at 800-957-0681 prior to the Liquidation Date of your intent to rollover your IRA account to avoid withholding deductions from your proceeds.

If the Funds have not received your redemption request or other instruction by December 2, 2025, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the applicable Fund, subject to any required withholding. These proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed shares are held in a taxable account, and the proceeds exceed your adjusted basis in the shares redeemed.

If the redeemed shares are held in a qualified retirement account such as an IRA, the redemption proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you. Checks will be issued to all shareholders of record of the Funds as of the close of business on the Liquidation Date.

![Image](i2cc2b365a99257fdae3d875a.jpg)

#### Guardian Capital Fundamental Global Equity Fund - Institutional (GFGEX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/altacapital/?fund=gfgef?file=Guardian_FGE_Fund_Summary.pdf), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GFGEX

&nbsp;&nbsp;&nbsp;&nbsp;(b) NOT APPLICABLE.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is Lori Kaiser, who is "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| Fuller & Thaler Behavioral Small-Cap Equity Fund: | FY 2025 | $13810 |
|  | FY 2024 | $13400 |
| Fuller & Thaler Behavioral Small-Cap Growth Fund: | FY 2025 | $13810 |
|  | FY 2024 | $13400 |
| Fuller & Thaler Behavioral Mid-Cap Value Fund: | FY 2025 | $13810 |
|  | FY 2024 | $13400 |
| Fuller & Thaler Behavioral Unconstrained Equity Fund: | FY 2025 | $12240 |
|  | FY 2024 | $11880 |
| Fuller & Thaler Behavioral Small-Mid Core Equity Fund: | FY 2025 | $11980 |
|  | FY 2024 | $11630 |
| Fuller & Thaler Behavioral Micro-Cap Equity Fund: | FY 2025 | $11980 |
|  | FY 2024 | $11630 |
| Fuller & Thaler Mid Cap Equity Fund | FY 2025 | $11980 |
|  | FY 2024 | $11630 |
| Alta Quality Growth Fund: | FY 2025 | $13030 |
|  | FY 2024 | $12650 |
| Guardian Capital Fundamental Global Equity Fund: | FY 2025 | $13030 |
|  | FY 2024 | $12650 |
| Guardian Capital Dividend Growth Fund: | FY 2025 | $13030 |
|  | FY 2024 | $12650 |

---

(b) Audit-Related Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| Fuller & Thaler Behavioral Small-Cap Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Small-Cap Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Mid-Cap Value Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Unconstrained Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Small-Mid Core Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Micro-Cap Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Mid Cap Equity Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Alta Quality Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Guardian Capital Fundamental Global Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Guardian Capital Dividend Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

(c) Tax Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| Fuller & Thaler Behavioral Small-Cap Equity Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Behavioral Small-Cap Growth Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Behavioral Mid-Cap Value Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Behavioral Unconstrained Equity Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Behavioral Small-Mid Core Equity Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Behavioral Micro-Cap Equity Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Fuller & Thaler Mid Cap Equity Fund | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Alta Quality Growth Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Guardian Capital Fundamental Global Equity Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |
| Guardian Capital Dividend Growth Fund: | FY 2025 | $4140 |
|  | FY 2024 | $4015 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review

(d) All other fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| Fuller & Thaler Behavioral Small-Cap Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Small-Cap Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Mid-Cap Value Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Unconstrained Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Small-Mid Core Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Behavioral Micro-Cap Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Fuller & Thaler Mid Cap Equity Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Alta Quality Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Guardian Capital Fundamental Global Equity Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |
| Guardian Capital Dividend Growth Fund: | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

---

| | |
|:---|:---|
| (e)(1) | <u>**Audit Committee's Pre-Approval Policies**</u> |

---

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
 of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal
 accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY 2025 | $41400 | $0 |
| FY 2024 | $40150 | $0 |

---

(h) NOT APPLICABLE. The auditor performed no services for the registrant's investment advisers or any entity
 controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable – applies to listed companies only

 **Item 6. Schedule of Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![](img_002.jpg) |
| **FullerThaler Behavioral Small-Cap Equity Fund** |
| **FullerThaler Behavioral Small-Cap Growth Fund** |
| **FullerThaler Behavioral Mid-Cap Value Fund** |
| **FullerThaler Behavioral Unconstrained Equity Fund** |
| **FullerThaler Behavioral Small-Mid Core Equity Fund** |
| **FullerThaler Behavioral Micro-Cap Equity Fund** |
| **FullerThaler Behavioral Mid-Cap Equity Fund** |
| **Annual Financial Statements** |
| **and Additional Information** |
| **September 30, 2025** |
| **411 Borel Avenue, Suite 300** |
| **San Mateo, CA 94402** |
| **(888)912-4562** |
| **www.fullerthalerfunds.com** |

---

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 91.88%** |  |  |
| **Apparel & Textile Products — 2.13%** |  |  |
| Crocs, Inc.<sup>(a)(b)</sup> | 481110 | $40196741 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 121277 | 12293849 |
| Kontoor Brands, Inc. | 1006665 | 80301667 |
| Ralph Lauren Corp. | 341981 | 107231562 |
|  |  | 240023819 |
| **Asset Management — 3.17%** |  |  |
| Affiliated Managers Group, Inc. | 543700 | 129634391 |
| Federated Hermes, Inc., Class B | 2683107 | 139333747 |
| Stifel Financial Corp. | 576437 | 65408306 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 347526 | 22505784 |
|  |  | 356882228 |
| **Automotive — 2.22%** |  |  |
| BorgWarner, Inc. | 2696100 | 118520556 |
| Dorman Products, Inc.<sup>(a)</sup> | 843523 | 131488365 |
|  |  | 250008921 |
| **Banking — 7.19%** |  |  |
| BancFirst Corp. | 258477 | 32684417 |
| Bank OZK | 456636 | 23279303 |
| Berkshire Hills Bancorp, Inc. | 656769 | 15571993 |
| Cadence Bank | 3439527 | 129119844 |
| F.N.B. Corp. | 2953059 | 47573780 |
| First Commonwealth Financial Corp. | 1915646 | 32661764 |
| First Financial Bancorp | 1731787 | 43727622 |
| First Financial Bankshares, Inc. | 806631 | 27143133 |
| Fulton Financial Corp. | 4065237 | 75735365 |
| Hancock Whitney Corp. | 2067186 | 129426515 |
| Lakeland Financial Corp.<sup>(b)</sup> | 312912 | 20088950 |
| NBT Bancorp, Inc. | 381638 | 15937203 |
| Wintrust Financial Corp. | 621208 | 82272788 |
| Zions Bancorp. | 2405882 | 136124804 |
|  |  | 811347481 |
| **Biotech & Pharma — 6.98%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 1290154 | 34382604 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 1430708 | 50060473 |
| Exelixis, Inc.<sup>(a)</sup> | 7282316 | 300759651 |
| Indivior PLC<sup>(a)</sup> | 3019255 | 72794238 |
| Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 1551145 | 204440911 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Biotech & Pharma — (continued)** |  |  |
| United Therapeutics Corp.<sup>(a)</sup> | 295171 | $123738635 |
|  |  | 786176512 |
| **Chemicals — 1.94%** |  |  |
| Avient Corp. | 299329 | 9862891 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 5629817 | 161125362 |
| Hawkins, Inc.<sup>(b)</sup> | 259614 | 47436670 |
|  |  | 218424923 |
| **Commercial Support Services — 2.28%** |  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 89351 | 20749089 |
| H&R Block, Inc.<sup>(b)</sup> | 3895348 | 196987748 |
| UniFirst Corp. | 231394 | 38686763 |
|  |  | 256423600 |
| **Construction Materials — 1.12%** |  |  |
| Eagle Materials, Inc. | 543552 | 126669358 |
| **Consumer Services — 0.08%** |  |  |
| Upbound Group, Inc.<sup>(b)</sup> | 360675 | 8522750 |
| **Containers & Packaging — 0.46%** |  |  |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 509166 | 9964379 |
| Sonoco Products Co.<sup>(b)</sup> | 969624 | 41781098 |
|  |  | 51745477 |
| **Electrical Equipment — 3.73%** |  |  |
| Acuity Brands, Inc. | 444703 | 153151267 |
| Belden, Inc. | 954394 | 114784966 |
| Vontier Corp. | 3600392 | 151108452 |
|  |  | 419044685 |
| **Engineering & Construction — 12.81%** |  |  |
| Comfort Systems USA, Inc. | 338536 | 279353136 |
| EMCOR Group, Inc. | 392286 | 254805448 |
| Frontdoor, Inc.<sup>(a)</sup> | 2305078 | 155108699 |
| Installed Building Products, Inc.<sup>(b)</sup> | 129521 | 31947650 |
| Primoris Services Corp. | 2312299 | 317548022 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 1050709 | 356904833 |
| TopBuild Corp.<sup>(a)</sup> | 120244 | 46998570 |
|  |  | 1442666358 |
| **Food — 0.40%** |  |  |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 1832850 | 45491337 |
| **Health Care Facilities & Services — 4.40%** |  |  |
| Chemed Corp. | 121904 | 54581297 |
| Encompass Health Corp. | 1958746 | 248799917 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Health Care Facilities & Services — (continued)** |  |  |
| Medpace Holdings, Inc.<sup>(a)(b)</sup> | 55554 | $28563645 |
| Option Care Health, Inc.<sup>(a)</sup> | 5914711 | 164192377 |
|  |  | 496137236 |
| **Home Construction — 3.65%** |  |  |
| Armstrong World Industries, Inc. | 969469 | 190025620 |
| Griffon Corp. | 674709 | 51379090 |
| Interface, Inc. | 805397 | 23308189 |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 2227158 | 147014700 |
|  |  | 411727599 |
| **Industrial Intermediate Products — 0.25%** |  |  |
| Mueller Industries, Inc. | 281106 | 28422628 |
| **Industrial Support Services — 2.04%** |  |  |
| Applied Industrial Technologies, Inc. | 526500 | 137442825 |
| MSC Industrial Direct Co., Inc., Class A<sup>(b)</sup> | 1004570 | 92561080 |
|  |  | 230003905 |
| **Institutional Financial Services — 0.88%** |  |  |
| Evercore, Inc., Class A | 292302 | 98599311 |
| **Insurance — 3.27%** |  |  |
| Assurant, Inc. | 612710 | 132712986 |
| Hanover Insurance Group, Inc. | 910662 | 165403539 |
| Primerica, Inc. | 252683 | 70142274 |
|  |  | 368258799 |
| **Internet Media & Services — 1.98%** |  |  |
| Match Group, Inc.<sup>(b)</sup> | 6325359 | 223411680 |
| **Leisure Facilities & Services — 0.69%** |  |  |
| Boyd Gaming Corp.<sup>(b)</sup> | 470132 | 40642911 |
| Monarch Casino & Resort, Inc. | 347065 | 36733360 |
|  |  | 77376271 |
| **Leisure Products — 1.08%** |  |  |
| Hasbro, Inc. | 927900 | 70381215 |
| Mattel, Inc.<sup>(a)</sup> | 3052002 | 51365194 |
|  |  | 121746409 |
| **Machinery — 2.95%** |  |  |
| Crane Co. | 125103 | 23036466 |
| Donaldson Co., Inc. | 1549092 | 126793181 |
| ESCO Technologies, Inc. | 179791 | 37955678 |
| Mueller Water Products, Inc., Class A | 4862239 | 124084339 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Machinery — (continued)** |  |  |
| Tennant Co. | 242861 | $19686313 |
|  |  | 331555977 |
| **Medical Equipment & Devices — 1.04%** |  |  |
| Integer Holdings Corp.<sup>(a)(b)</sup> | 234174 | 24197199 |
| Merit Medical Systems, Inc.<sup>(a)(b)</sup> | 1120547 | 93263127 |
|  |  | 117460326 |
| **Oil & Gas Producers — 2.47%** |  |  |
| Chord Energy Corp. | 316590 | 31459548 |
| HF Sinclair Corp.<sup>(b)</sup> | 2372494 | 124176336 |
| Murphy USA, Inc.<sup>(b)</sup> | 317952 | 123448044 |
|  |  | 279083928 |
| **Oil & Gas Services & Equipment — 1.08%** |  |  |
| Weatherford International PLC | 1773210 | 121340760 |
| **Publishing & Broadcasting — 1.61%** |  |  |
| Nexstar Media Group, Inc., Class A<sup>(b)</sup> | 821720 | 162486912 |
| TEGNA, Inc. | 941050 | 19131547 |
|  |  | 181618459 |
| **Real Estate — 0.67%** |  |  |
| Apple Hospitality REIT, Inc.<sup>(b)</sup> | 6264047 | 75231204 |
| **Retail - Discretionary — 1.15%** |  |  |
| AutoNation, Inc.<sup>(a)</sup> | 174465 | 38167708 |
| Bath & Body Works, Inc.<sup>(b)</sup> | 2235952 | 57598123 |
| Build-A-Bear Workshop, Inc. | 205606 | 13407567 |
| La-Z-Boy, Inc. | 579802 | 19898805 |
|  |  | 129072203 |
| **Semiconductors — 1.62%** |  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 1459979 | 182920769 |
| **Software — 1.81%** |  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 915450 | 48308297 |
| Blackbaud, Inc. | 332467 | 21380953 |
| Commvault Systems, Inc.<sup>(a)</sup> | 362754 | 68480699 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 220804 | 11355950 |
| Progress Software Corp. | 603961 | 26532007 |
| Ziff Davis, Inc.<sup>(a)(b)</sup> | 739599 | 28178722 |
|  |  | 204236628 |
| **Steel — 2.01%** |  |  |
| Commercial Metals Co. | 3948305 | 226158910 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Technology Hardware — 2.66%** |  |  |
| Avnet, Inc. | 200472 | $10480676 |
| InterDigital, Inc.<sup>(b)</sup> | 316916 | 109408911 |
| Jabil, Inc. | 249900 | 54270783 |
| Plexus Corp.<sup>(a)</sup> | 402357 | 58217034 |
| Sanmina Corp.<sup>(a)</sup> | 589453 | 67851935 |
|  |  | 300229339 |
| **Technology Services — 4.76%** |  |  |
| CACI International, Inc., Class A<sup>(a)</sup> | 117629 | 58670993 |
| CSG Systems International, Inc. | 1353287 | 87124617 |
| EVERTEC, Inc. | 1120301 | 37843768 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 2052956 | 90391652 |
| Genpact Ltd. | 2050234 | 85884302 |
| Parsons Corp.<sup>(a)(b)</sup> | 804692 | 66725061 |
| Science Applications International Corp. | 1095542 | 108864008 |
|  |  | 535504401 |
| **Transportation & Logistics — 2.56%** |  |  |
| Hub Group, Inc., Class A | 1165184 | 40128937 |
| JB Hunt Transport Services, Inc. | 138820 | 18625479 |
| Ryder System, Inc. | 666375 | 125704980 |
| SkyWest, Inc.<sup>(a)</sup> | 886773 | 89227099 |
| Teekay Tankers Ltd., Class A | 302596 | 15296228 |
|  |  | 288982723 |
| **Transportation Equipment — 2.74%** |  |  |
| Allison Transmission Holdings, Inc. | 2429869 | 206247281 |
| REV Group, Inc. | 1817376 | 102990698 |
|  |  | 309237979 |
| **COLLATERAL FOR SECURITIES LOANED — 0.46%** |  |  |
| **Money Market Funds — 0.46%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.13%<sup>(c)</sup> | 51762489 | 51762489 |
| Total Collateral for Securities Loaned/Money Market Funds<br> (Cost $51,762,489) |  | 51762489 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS - 7.41%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.08%<sup>(c)</sup> | 835173542 | $835173542 |
| Total Money Market Funds<br> (Cost $835,173,542) |  | 835173542 |
| Total Investments — 99.75%<br> (Cost $8,559,869,596) |  | 11238680924 |
| Other Assets in Excess of Liabilities<sup>(d)</sup> — 0.25% |  | 27806828 |
| NET ASSETS — 100.00% |  | $11266487752 |

---

(a) Non-income
 producing security.

(b) All
 or a portion of the security is on loan as of September 30, 2025. The total value of the securities on loan as of September 30, 2025 was
 $269,594,905.

(c) Rate
 disclosed is the seven day effective yield as of September 30, 2025.

(d) Includes
 cash collateral for securities loaned in the amount of $224,009,961. This cash is held in deposit accounts as part of the IntraFi Network
 Deposit Placement Agreement (See Note 2).

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Growth Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.34%** |  |  |
| **Aerospace & Defense — 5.05%** |  |  |
| AAR Corp.<sup>(a)</sup> | 356000 | $31922520 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 1541160 | 140815789 |
|  |  | 172738309 |
| **Automotive — 2.58%** |  |  |
| Modine Manufacturing Co.<sup>(a)</sup> | 621260 | 88318322 |
| **Biotech & Pharma — 7.46%** |  |  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 566700 | 30692472 |
| Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 3034100 | 61106774 |
| Guardant Health, Inc.<sup>(a)</sup> | 1559100 | 97412568 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 899455 | 65966030 |
|  |  | 255177844 |
| **Consumer Services — 2.65%** |  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 285800 | 44141810 |
| Stride, Inc.<sup>(a)(b)</sup> | 312770 | 46583964 |
|  |  | 90725774 |
| **Containers & Packaging — 1.28%** |  |  |
| Sealed Air Corp. | 1242700 | 43929445 |
| **Electrical Equipment — 9.91%** |  |  |
| Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 2172010 | 183686885 |
| NEXTracker, Inc., Class A<sup>(a)</sup> | 749415 | 55449216 |
| Vertiv Holdings Co., Class A | 663060 | 100029232 |
|  |  | 339165333 |
| **Engineering & Construction — 3.01%** |  |  |
| Primoris Services Corp. | 395000 | 54245350 |
| VSE Corp.<sup>(b)</sup> | 292200 | 48575328 |
|  |  | 102820678 |
| **Food — 2.09%** |  |  |
| Lamb Weston Holdings, Inc. | 586000 | 34034880 |
| Post Holdings, Inc.<sup>(a)</sup> | 350030 | 37621224 |
|  |  | 71656104 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Health Care Facilities & Services — 3.78%** |  |  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 1713100 | $50639236 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 283000 | 44278180 |
| RadNet, Inc.<sup>(a)</sup> | 450000 | 34294500 |
|  |  | 129211916 |
| **Household Products — 1.48%** |  |  |
| e.l.f. Beauty, Inc.<sup>(a)(b)</sup> | 383200 | 50766336 |
| **Internet Media & Services — 1.49%** |  |  |
| Lyft, Inc., Class A<sup>(a)</sup> | 2311900 | 50884919 |
| **Leisure Facilities & Services — 5.65%** |  |  |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 662545 | 34677605 |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 1655200 | 45683519 |
| MGM Resorts International<sup>(b)</sup> | 1120600 | 38839996 |
| Red Rock Resorts, Inc., Class A | 710000 | 43352600 |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 1475000 | 30208000 |
|  |  | 192761720 |
| **Leisure Products — 4.87%** |  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 124165 | 89105771 |
| Hasbro, Inc. | 610100 | 46276085 |
| Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 3482034 | 31338306 |
|  |  | 166720162 |
| **Machinery — 1.33%** |  |  |
| Zurn Water Solutions Corp. | 965000 | 45383950 |
| **Medical Equipment & Devices — 5.04%** |  |  |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)(b)</sup> | 150000 | 42058500 |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 377500 | 64926225 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 415780 | 34605369 |
| QuidelOrtho Corp.<sup>(a)(b)</sup> | 1043600 | 30734020 |
|  |  | 172324114 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Growth Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Oil & Gas Producers — 1.39%** |  |  |
| California Resources Corp. | 900000 | $47862000 |
| **Renewable Energy — 0.89%** |  |  |
| American Superconductor Corp.<sup>(a)</sup> | 510000 | 30288900 |
| **Retail - Consumer Staples — 2.49%** |  |  |
| Five Below, Inc.<sup>(a)</sup> | 326770 | 50551319 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 315100 | 34282880 |
|  |  | 84834199 |
| **Retail - Discretionary — 3.91%** |  |  |
| American Eagle Outfitters, Inc.<sup>(b)</sup> | 1718300 | 29400113 |
| Boot Barn Holdings, Inc.<sup>(a)(b)</sup> | 256300 | 42474036 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 866000 | 61858380 |
|  |  | 133732529 |
| **Semiconductors — 7.95%** |  |  |
| Ambarella, Inc.<sup>(a)</sup> | 719800 | 59397896 |
| Astera Labs, Inc.<sup>(a)</sup> | 506100 | 99094380 |
| Qorvo, Inc.<sup>(a)</sup> | 512500 | 46678500 |
| Semtech Corp.<sup>(a)(b)</sup> | 933200 | 66677140 |
|  |  | 271847916 |
| **Software — 14.74%** |  |  |
| Box, Inc., Class A<sup>(a)</sup> | 1095000 | 35335650 |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 1356695 | 46344701 |
| Duolingo, Inc.<sup>(a)(b)</sup> | 105090 | 33822166 |
| Elastic N.V.<sup>(a)</sup> | 425500 | 35950495 |
| Five9, Inc.<sup>(a)</sup> | 1093366 | 26459457 |
| Freshworks, Inc., Class A<sup>(a)</sup> | 2724550 | 32067954 |
| Intapp, Inc.<sup>(a)</sup> | 634221 | 25939639 |
| Unity Software, Inc.<sup>(a)</sup> | 1522400 | 60956896 |
| Upstart Holdings, Inc.<sup>(a)(b)</sup> | 667600 | 33914080 |
| Varonis Systems, Inc.<sup>(a)</sup> | 810000 | 46550700 |
| Waystar Holding Corp.<sup>(a)</sup> | 939240 | 35615981 |
| Workiva, Inc., Class A<sup>(a)</sup> | 515000 | 44331200 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 2350000 | 46694500 |
|  |  | 503983419 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Specialty Finance — 1.25%** |  |  |
| FirstCash Holdings, Inc. | 270368 | $42831699 |
| **Technology Hardware — 9.05%** |  |  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 2820000 | 43653600 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 586800 | 85443948 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 825955 | 134391138 |
| ViaSat, Inc.<sup>(a)</sup> | 1575000 | 46147500 |
|  |  | 309636186 |
| **COLLATERAL FOR SECURITIES LOANED — 1.06%** |  |  |
| **Money Market Funds — 1.06%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.13%<sup>(c)</sup> | 36425307 | 36425307 |
| *Total Collateral for Securities Loaned/Money Market Funds<br> (Cost $36,425,307)* |  | 36425307 |
| **MONEY MARKET FUNDS - 0.51%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.08%<sup>(c)</sup> | 17438015 | 17438015 |
| *Total Money Market Funds<br> (Cost $17,438,015)* |  | 17438015 |
| *Total Investments — 100.91%<br> (Cost $2,878,460,955)* |  | 3451465096 |
| *Liabilities in Excess of Other Assets<sup>(d)</sup> — (0.91)%* |  | (31013225) |
| *NET ASSETS — 100.00%* |  | $3420451871 |

---

(a) Non-income
 producing security.

(b) All
 or a portion of the security is on loan as of September 30, 2025. The total value of the securities on loan as of September 30, 2025 was
 $189,681,246.

(c) Rate
 disclosed is the seven day effective yield as of September 30, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Growth Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

(d) Includes
 cash collateral for securities loaned in the amount of $157,635,998. This cash is held in deposit accounts as part of the IntraFi Network
 Deposit Placement Agreement (See Note 2).

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Value Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.25%** |  |  |
| **Banking — 7.70%** |  |  |
| Citizens Financial Group, Inc. | 183255 | $9741836 |
| First Citizens BancShares, Inc., Class A | 2145 | 3837748 |
| KeyCorp | 527815 | 9864862 |
| M&T Bank Corp. | 17530 | 3464279 |
| Old National Bancorp | 90885 | 1994926 |
|  |  | 28903651 |
| **Chemicals — 6.61%** |  |  |
| Celanese Corp. | 91700 | 3858736 |
| Dow, Inc. | 313660 | 7192224 |
| LyondellBasell Industries N.V., Class A | 96760 | 4745110 |
| Olin Corp. | 248510 | 6210265 |
| Sherwin-Williams Co. (The) | 8134 | 2816479 |
|  |  | 24822814 |
| **Commercial Support Services — 3.23%** |  |  |
| Aramark | 114990 | 4415616 |
| Brink's Co. (The) | 51885 | 6063282 |
| Republic Services, Inc. | 7230 | 1659140 |
|  |  | 12138038 |
| **Containers & Packaging — 9.97%** |  |  |
| Amcor PLC<sup>(a)</sup> | 1865138 | 15256829 |
| Graphic Packaging Holding Co.<sup>(a)</sup> | 800930 | 15674200 |
| Smurfit WestRock PLC | 152710 | 6500865 |
|  |  | 37431894 |
| **Electric Utilities — 2.72%** |  |  |
| Alliant Energy Corp.<sup>(a)</sup> | 32740 | 2207003 |
| CenterPoint Energy, Inc. | 74945 | 2907866 |
| CMS Energy Corp. | 24705 | 1809888 |
| Edison International | 23370 | 1291894 |
| Pinnacle West Capital Corp. | 22405 | 2008832 |
|  |  | 10225483 |
| **Electrical Equipment — 1.20%** |  |  |
| AMETEK, Inc. | 13820 | 2598160 |
| Roper Technologies, Inc. | 3840 | 1914970 |
|  |  | 4513130 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Food — 1.93%** |  |  |
| Flowers Foods, Inc.<sup>(a)</sup> | 243150 | $3173108 |
| Ingredion, Inc. | 33250 | 4060157 |
|  |  | 7233265 |
| **Gas & Water Utilities — 0.58%** |  |  |
| Atmos Energy Corp. | 12665 | 2162549 |
| **Health Care Facilities & Services — 2.43%** |  |  |
| Centene Corp.<sup>(b)</sup> | 23355 | 833306 |
| Henry Schein, Inc.<sup>(b)</sup> | 34820 | 2311003 |
| Labcorp Holdings, Inc. | 20770 | 5962237 |
|  |  | 9106546 |
| **Household Products — 1.20%** |  |  |
| Reynolds Consumer Products, Inc.<sup>(a)</sup> | 184600 | 4517162 |
| **Industrial Support Services — 1.99%** |  |  |
| U-Haul Holding Co. | 146945 | 7479501 |
| **Insurance — 8.21%** |  |  |
| Everest Re Group Ltd. | 31000 | 10857129 |
| Globe Life, Inc. | 29655 | 4239775 |
| Kemper Corp. | 143210 | 7382476 |
| Markel Corp.<sup>(b)</sup> | 4370 | 8352643 |
|  |  | 30832023 |
| **Machinery — 5.73%** |  |  |
| AGCO Corp. | 102120 | 10933987 |
| Donaldson Co., Inc. | 62055 | 5079202 |
| Hillenbrand, Inc. | 201670 | 5453157 |
|  |  | 21466346 |
| **Medical Equipment & Devices — 2.56%** |  |  |
| Dentsply Sirona, Inc. | 759880 | 9642877 |
| **Oil & Gas Producers — 3.69%** |  |  |
| Cheniere Energy, Inc. | 18025 | 4235515 |
| Devon Energy Corp. | 274255 | 9615380 |
|  |  | 13850895 |
| **Real Estate — 3.44%** |  |  |
| American Tower Corp., Class A | 27330 | 5256105 |
| Brixmor Property Group, Inc. | 195295 | 5405766 |
| WP Carey, Inc. | 33405 | 2257176 |
|  |  | 12919047 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Value Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **REIT — 7.00%** |  |  |
| Americold Realty Trust, Inc.<sup>(a)</sup> | 958940 | $11737426 |
| Healthpeak Properties, Inc. | 626510 | 11997667 |
| Public Storage | 8785 | 2537547 |
|  |  | 26272640 |
| **Retail - Consumer Staples — 6.25%** |  |  |
| Dollar General Corp. | 103030 | 10648151 |
| Dollar Tree, Inc.<sup>(b)</sup> | 135675 | 12803649 |
|  |  | 23451800 |
| **Retail - Discretionary — 3.47%** |  |  |
| Advance Auto Parts, Inc.<sup>(a)</sup> | 149885 | 9202938 |
| CarMax, Inc.<sup>(a) (b)</sup> | 84865 | 3807893 |
|  |  | 13010831 |
| **Software — 1.32%** |  |  |
| Concentrix Corp.<sup>(a)</sup> | 106990 | 4937589 |
| **Specialty Finance — 4.76%** |  |  |
| Ally Financial, Inc. | 282180 | 11061456 |
| Synchrony Financial | 95593 | 6791883 |
|  |  | 17853339 |
| **Technology Hardware — 0.75%** |  |  |
| NCR Atleos Corp.<sup>(b)</sup> | 42743 | 1680227 |
| NCR Corp.<sup>(b)</sup> | 89160 | 1118958 |
|  |  | 2799185 |
| **Technology Services — 10.89%** |  |  |
| Amdocs Ltd. | 27720 | 2274426 |
| Fidelity National Information Services, Inc.<sup>(a)</sup> | 207930 | 13710904 |
| Global Payments, Inc. | 202105 | 16790883 |
| TransUnion | 74615 | 6251245 |
| Verisk Analytics, Inc. | 7455 | 1875007 |
|  |  | 40902465 |
| **Wholesale - Discretionary — 1.62%** |  |  |
| LKQ Corp.<sup>(a)</sup> | 199090 | 6080209 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COLLATERAL FOR SECURITIES LOANED — 2.63%** |  |  |
| **Money Market Funds — 2.63%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.13%<sup>(c)</sup> | 9887373 | $9887373 |
| *Total Collateral for Securities Loaned/Money Market Funds<br> (Cost $9,887,373)* |  | 9887373 |
| *Total Investments — 101.88%<br> (Cost $406,009,267)* |  | 382440652 |
| *Liabilities in Excess of Other Assets<sup>(d)</sup> — (1.88)%* |  | (7042729) |
| *NET ASSETS — 100.00%* |  | $375397923 |

---

(a) All or a portion of the security is on loan as of September 30, 2025. The total value of the securities on
 loan as of September 30, 2025 was $51,195,290.

(b) Non-income producing security.

(c) Rate disclosed is the seven day effective yield as of September 30, 2025.

(d) Includes cash collateral for securities loaned in the amount of $42,789,093. This cash is held in deposit
 accounts as part of the IntraFi Network Deposit Placement Agreement (See Note 2).

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Unconstrained Equity Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 96.66%** |  |  |
| **Automotive — 3.72%** |  |  |
| Gentex Corp. | 350330 | $9914339 |
| **Banking — 3.96%** |  |  |
| First Citizens BancShares, Inc., Class A | 5895 | 10547098 |
| **Beverages — 4.39%** |  |  |
| Coca-Cola Consolidated, Inc. | 99890 | 11703112 |
| **Biotech & Pharma — 3.92%** |  |  |
| Exelixis, Inc.<sup>(a)</sup> | 253305 | 10461497 |
| **Chemicals — 3.15%** |  |  |
| Ecolab, Inc. | 30646 | 8392714 |
| **Commercial Support Services — 4.54%** |  |  |
| Cintas Corp. | 58972 | 12104593 |
| **E-Commerce Discretionary — 4.59%** |  |  |
| eBay, Inc. | 134460 | 12229137 |
| **Home Construction — 4.63%** |  |  |
| Masco Corp. | 175380 | 12344998 |
| **Machinery — 3.87%** |  |  |
| Parker-Hannifin Corp. | 13623 | 10328277 |
| **Medical Equipment & Devices — 3.89%** |  |  |
| Waters Corp.<sup>(a)</sup> | 34562 | 10362033 |
| **Publishing & Broadcasting — 2.90%** |  |  |
| New York Times Co. (The), Class A | 134670 | 7730058 |
| **Retail - Consumer Staples — 3.80%** |  |  |
| Dollar General Corp. | 98105 | 10139152 |
| **Retail - Discretionary — 9.20%** |  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 114200 | 12311901 |
| Ross Stores, Inc. | 80240 | 12227774 |
|  |  | 24539675 |
| **Semiconductors — 19.60%** |  |  |
| Applied Materials, Inc. | 63260 | 12951852 |
| KLA Corp. | 9975 | 10759035 |
| Lam Research Corp. | 114280 | 15302093 |
| Teradyne, Inc. | 96210 | 13242344 |
|  |  | 52255324 |
| **Software — 4.23%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 32000 | 11288000 |
| **Specialty Finance — 3.43%** |  |  |
| Synchrony Financial | 128850 | 9154793 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Technology Hardware — 4.28%** |  |  |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 38380 | $11405001 |
| **Transportation & Logistics — 4.88%** |  |  |
| Union Pacific Corp. | 55007 | 13002004 |
| **Transportation Equipment — 3.68%** |  |  |
| Allison Transmission Holdings, Inc. | 115715 | 9821889 |
| *Total Common Stocks/ Investments — 96.66%<br> (Cost $234,447,878)* |  | 257723694 |
| *Other Assets in Excess of Liabilities— 3.34%* |  | 8919142 |
| *NET ASSETS — 100.00%* |  | $266642836 |

---

(a) Non-income producing security.

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Mid Core Equity Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.64%** |  |  |
| **Asset Management — 1.79%** |  |  |
| Hamilton Lane, Inc., Class A | 29295 | $3948673 |
| **Automotive — 2.52%** |  |  |
| Gentex Corp. | 196345 | 5556564 |
| **Banking — 8.15%** |  |  |
| First Citizens BancShares, Inc., Class A | 1785 | 3193651 |
| First Commonwealth Financial Corp. | 226140 | 3855687 |
| First Financial Bankshares, Inc. | 116860 | 3932338 |
| Live Oak Bancshares, Inc. | 103962 | 3661542 |
| QCR Holdings, Inc. | 44190 | 3342532 |
|  |  | 17985750 |
| **Beverages — 2.04%** |  |  |
| Coca-Cola Consolidated, Inc. | 38500 | 4510660 |
| **Biotech & Pharma — 2.73%** |  |  |
| Exelixis, Inc.<sup>(a)</sup> | 145885 | 6025051 |
| **Chemicals — 1.12%** |  |  |
| Orion Engineered Carbons SA | 325790 | 2469488 |
| **Construction Materials — 1.94%** |  |  |
| Owens Corning | 30270 | 4281994 |
| **E-Commerce Discretionary — 2.57%** |  |  |
| eBay, Inc. | 62450 | 5679828 |
| **Electrical Equipment — 6.99%** |  |  |
| Acuity Brands, Inc. | 4745 | 1634131 |
| Advanced Energy Industries, Inc. | 15380 | 2616753 |
| Allegion PLC | 38360 | 6803146 |
| Watts Water Technologies, Inc., Class A | 15650 | 4370732 |
|  |  | 15424762 |
| **Engineering & Construction — 5.29%** |  |  |
| Comfort Systems USA, Inc. | 7380 | 6089828 |
| Frontdoor, Inc.<sup>(a)</sup> | 83300 | 5605257 |
|  |  | 11695085 |
| **Food — 2.45%** |  |  |
| Lancaster Colony Corp. | 31240 | 5397959 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Health Care Facilities & Services — 2.55%** |  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 8165 | $4198117 |
| Quest Diagnostics, Inc. | 7480 | 1425538 |
|  |  | 5623655 |
| **Home Construction — 4.05%** |  |  |
| Masco Corp. | 93875 | 6607860 |
| PulteGroup, Inc. | 17800 | 2351914 |
|  |  | 8959774 |
| **Hotels, Restaurants & Leisure — 2.25%** |  |  |
| Expedia Group, Inc. | 23280 | 4976100 |
| **Insurance — 3.84%** |  |  |
| Brown & Brown, Inc. | 30943 | 2902144 |
| Old Republic International Corp. | 131630 | 5590326 |
|  |  | 8492470 |
| **Machinery — 2.51%** |  |  |
| Graco, Inc. | 65270 | 5545339 |
| **Medical Equipment & Devices — 3.63%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 4350 | 544707 |
| Dentsply Sirona, Inc. | 238560 | 3027325 |
| Hologic, Inc.<sup>(a)</sup> | 42850 | 2891947 |
| Waters Corp.<sup>(a)</sup> | 5200 | 1559012 |
|  |  | 8022991 |
| **Oil & Gas Producers — 4.45%** |  |  |
| Coterra Energy, Inc. | 195400 | 4621210 |
| Devon Energy Corp. | 148804 | 5217068 |
|  |  | 9838278 |
| **Publishing & Broadcasting — 2.27%** |  |  |
| New York Times Co. (The), Class A | 87430 | 5018482 |
| **Real Estate — 3.14%** |  |  |
| American Assets Trust, Inc. | 193355 | 3928974 |
| Apple Hospitality REIT, Inc. | 249690 | 2998777 |
|  |  | 6927751 |
| **REIT — 4.46%** |  |  |
| Gaming and Leisure Properties, Inc. | 57900 | 2698719 |
| Matson, Inc. | 40180 | 3961346 |
| National Storage Affiliates Trust | 105490 | 3187908 |
|  |  | 9847973 |
| **Retail - Consumer Staples — 0.44%** |  |  |
| Dollar General Corp. | 9425 | 974074 |
| **Retail - Discretionary — 1.77%** |  |  |
| Advance Auto Parts, Inc. | 63600 | 3905040 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Mid Core Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Semiconductors — 6.40%** |  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 22960 | $2876658 |
| IPG Photonics Corp.<sup>(a)</sup> | 41260 | 3267380 |
| Power Integrations, Inc. | 14080 | 566157 |
| Teradyne, Inc. | 54035 | 7437378 |
|  |  | 14147573 |
| **Software — 3.91%** |  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 45925 | 3479278 |
| Concentrix Corp. | 6765 | 312205 |
| SS&C Technologies Holdings, Inc. | 54610 | 4847183 |
|  |  | 8638666 |
| **Specialty Finance — 2.60%** |  |  |
| Synchrony Financial | 80855 | 5744748 |
| **Steel — 1.40%** |  |  |
| Steel Dynamics, Inc. | 22200 | 3095346 |
| **Technology Hardware — 3.76%** |  |  |
| NetApp, Inc. | 25490 | 3019545 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 17780 | 5283505 |
|  |  | 8303050 |
| **Technology Services — 4.09%** |  |  |
| Leidos Holdings, Inc. | 30050 | 5678248 |
| Science Applications International Corp. | 33875 | 3366159 |
|  |  | 9044407 |
| **Transportation Equipment — 2.53%** |  |  |
| Allison Transmission Holdings, Inc. | 65925 | 5595714 |
| *Total Common Stocks/ Investments — 97.64%<br> (Cost $212,376,745)* |  | 215677245 |
| *Other Assets in Excess of Liabilities— 2.36%* |  | 5216546 |
| *NET ASSETS — 100.00%* |  | $220893791 |

---

(a) Non-income producing security.

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Micro-Cap Equity Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.34%** |  |  |
| **Apparel & Textile Products — 1.06%** |  |  |
| Fossil Group, Inc.<sup>(a)</sup> | 90000 | $231300 |
| **Automotive — 1.73%** |  |  |
| Cooper-Standard Holding, Inc.<sup>(a)</sup> | 10270 | 379271 |
| **Beverages — 0.82%** |  |  |
| Westrock Coffee Co.<sup>(a)</sup> | 36900 | 179334 |
| **Biotech & Pharma — 5.60%** |  |  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 3650 | 334340 |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 80805 | 712700 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 36245 | 180863 |
|  |  | 1227903 |
| **Commercial Support Services — 2.62%** |  |  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 19760 | 264784 |
| LegalZoom.com, Inc.<sup>(a)</sup> | 29705 | 308338 |
|  |  | 573122 |
| **Consumer Services — 1.60%** |  |  |
| Coursera, Inc.<sup>(a)</sup> | 29905 | 350188 |
| **Containers & Packaging — 1.06%** |  |  |
| TriMas Corp. | 6000 | 231840 |
| **Electrical Equipment — 3.03%** |  |  |
| Allient, Inc. | 6700 | 299825 |
| nLIGHT, Inc.<sup>(a)</sup> | 12300 | 364449 |
|  |  | 664274 |
| **Entertainment Content — 1.29%** |  |  |
| Starz Entertainment Corp.<sup>(a)</sup> | 19200 | 282816 |
| **Food — 3.69%** |  |  |
| Limoneira Co.<sup>(a)</sup> | 20795 | 308806 |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 12000 | 242520 |
| Utz Brands, Inc. | 21245 | 258127 |
|  |  | 809453 |
| **Health Care Facilities & Services — 3.63%** |  |  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 38365 | 323033 |
| NeoGenomics, Inc.<sup>(a)</sup> | 33225 | 256497 |
| Owens & Minor, Inc.<sup>(a)</sup> | 45000 | 216000 |
|  |  | 795530 |
| **Home & Office Products — 0.58%** |  |  |
| Traeger, Inc.<sup>(a)</sup> | 105000 | 128100 |
| **Home Construction — 4.45%** |  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 14280 | 350574 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Home Construction — (continued)** |  |  |
| Interface, Inc. | 11910 | $344675 |
| Smith Douglas Homes Corp.<sup>(a)</sup> | 15900 | 280794 |
|  |  | 976043 |
| **Household Products — 1.02%** |  |  |
| Spectrum Brands, Inc. | 4260 | 223778 |
| **Internet Media & Services — 1.25%** |  |  |
| Groupon, Inc.<sup>(a)</sup> | 11775 | 274946 |
| **Leisure Facilities & Services — 6.46%** |  |  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 8460 | 258284 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 28165 | 273200 |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 21180 | 271104 |
| Portillo's, Inc., Class A<sup>(a)</sup> | 37500 | 241875 |
| Red Robin Gourmet Burgers, Inc.<sup>(a)</sup> | 53995 | 370405 |
|  |  | 1414868 |
| **Medical Equipment & Devices — 2.37%** |  |  |
| Neogen Corp.<sup>(a)</sup> | 32275 | 184290 |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 49980 | 335366 |
|  |  | 519656 |
| **Oil & Gas Producers — 6.35%** |  |  |
| Amplify Energy Corp. | 55000 | 288750 |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 79175 | 204272 |
| Delek US Holdings, Inc. | 14765 | 476466 |
| Matador Resources Co. | 9400 | 422342 |
|  |  | 1391830 |
| **Oil & Gas Services & Equipment — 5.60%** |  |  |
| Ameresco, Inc., Class A<sup>(a)</sup> | 24030 | 806927 |
| NPK International, Inc.<sup>(a)</sup> | 37170 | 420393 |
|  |  | 1227320 |
| **Publishing & Broadcasting — 1.61%** |  |  |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 222950 | 352261 |
| **Real Estate — 1.09%** |  |  |
| NexPoint Diversified Real Estate Trust<sup>(a)</sup> | 64614 | 238426 |
| **REIT — 1.24%** |  |  |
| FrontView REIT, Inc. | 19800 | 271458 |
| **Renewable Energy — 4.50%** |  |  |
| Complete Solaria, Inc.<sup>(a)(b)</sup> | 50425 | 88748 |
| Fluence Energy, Inc.<sup>(a)</sup> | 34400 | 371520 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Micro-Cap Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Renewable Energy — (continued)** |  |  |
| Plug Power, Inc.<sup>(a)(b)</sup> | 225500 | $525415 |
|  |  | 985683 |
| **Retail - Discretionary — 3.17%** |  |  |
| Build-A-Bear Workshop, Inc. | 3900 | 254319 |
| Citi Trends, Inc. | 8500 | 263755 |
| Shoe Carnival, Inc. | 8500 | 176715 |
|  |  | 694789 |
| **Semiconductors — 1.29%** |  |  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 10375 | 282719 |
| **Software — 9.96%** |  |  |
| Cerence, Inc.<sup>(a)</sup> | 34935 | 435290 |
| Domo, Inc.<sup>(a)</sup> | 32115 | 508701 |
| Evolent Health, Inc., Class A<sup>(a)</sup> | 27060 | 228928 |
| Porch Group, Inc.<sup>(a)</sup> | 50232 | 842892 |
| PubMatic, Inc., Class A<sup>(a)</sup> | 20100 | 166428 |
|  |  | 2182239 |
| **Specialty Finance — 4.72%** |  |  |
| Dave, Inc.<sup>(a)</sup> | 1695 | 337898 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 20000 | 380801 |
| PROG Holdings, Inc.<sup>(a)</sup> | 9740 | 315186 |
|  |  | 1033885 |
| **Technology Hardware — 5.87%** |  |  |
| Daktronics, Inc.<sup>(a)</sup> | 15000 | 313800 |
| Digital Turbine, Inc.<sup>(a)</sup> | 92750 | 593600 |
| Sonos, Inc.<sup>(a)</sup> | 24000 | 379200 |
|  |  | 1286600 |
| **Technology Services — 5.46%** |  |  |
| Green Dot Corp., Class A<sup>(a)</sup> | 65190 | 875502 |
| Repay Holdings Corp., Class A<sup>(a)</sup> | 61430 | 321279 |
|  |  | 1196781 |
| **Telecommunications — 1.49%** |  |  |
| Shenandoah Telecommunications Co. | 24360 | 326911 |
| **Transportation & Logistics — 2.57%** |  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 7345 | 265008 |
| Forward Air Corp.<sup>(a)</sup> | 11640 | 298450 |
|  |  | 563458 |
| **Wholesale - Consumer Staples — 1.11%** |  |  |
| Calavo Growers, Inc.<sup>(a)</sup> | 9460 | 243500 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Wholesale - Discretionary — 1.05%** |  |  |
| ThredUp, Inc., Class A<sup>(a)</sup> | 24410 | $230675 |
| **COLLATERAL FOR SECURITIES LOANED — 0.57%** |  |  |
| **Money Market Funds — 0.57%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.13%<sup>(c)</sup> | 124591 | 124591 |
| *Total Collateral for Securities Loaned/Money Market Funds*<br> (Cost $124,591) |  | 124591 |
| *Total Investments — 99.91%<br> (Cost $19,492,767)* |  | 21895548 |
| *Other Assets in Excess of Liabilities<sup>(d)</sup> — 0.09%* |  | 18657 |
| *NET ASSETS — 100.00%* |  | $21914205 |

---

(a) Non-income producing security.

(b) All or a portion of the security is on loan as of September 30, 2025. The total value of the securities on
 loan as of September 30, 2025 was $600,908.

(c) Rate disclosed is the seven day effective yield as of September 30, 2025.

(d) Includes cash collateral for securities loaned in the amount of $539,185. This cash is held in deposit accounts
 as part of the IntraFi Network Deposit Placement Agreement (See Note 2).

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Equity Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.91%** |  |  |
| **Advertising & Marketing — 1.13%** |  |  |
| Omnicom Group, Inc. | 16025 | $1306518 |
| **Aerospace & Defense — 0.38%** |  |  |
| Textron, Inc. | 5230 | 441883 |
| **Apparel & Textile Products — 1.64%** |  |  |
| Crocs, Inc.<sup>(a)</sup> | 2530 | 211382 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 5532 | 560779 |
| Ralph Lauren Corp. | 2025 | 634958 |
| Tapestry, Inc. | 4275 | 484016 |
|  |  | 1891135 |
| **Automotive — 1.00%** |  |  |
| BorgWarner, Inc. | 26360 | 1158786 |
| **Banking — 3.01%** |  |  |
| Cullen/Frost Bankers, Inc. | 6330 | 802454 |
| East West Bancorp, Inc. | 8635 | 919196 |
| Fifth Third Bancorp | 39265 | 1749256 |
|  |  | 3470906 |
| **Beverages — 0.41%** |  |  |
| Molson Coors Brewing Co., Class B | 10510 | 475578 |
| **Biotech & Pharma — 3.87%** |  |  |
| Biogen, Inc.<sup>(a)</sup> | 12830 | 1797226 |
| Exelixis, Inc.<sup>(a)</sup> | 23100 | 954030 |
| United Therapeutics Corp.<sup>(a)</sup> | 4085 | 1712473 |
|  |  | 4463729 |
| **Capital Markets — 1.02%** |  |  |
| PPG Industries, Inc. | 11220 | 1179334 |
| **Chemicals — 1.74%** |  |  |
| CF Industries Holdings, Inc. | 22380 | 2007486 |
| **Commercial Support Services — 1.87%** |  |  |
| Cintas Corp. | 8630 | 1771394 |
| Clean Harbors, Inc.<sup>(a)</sup> | 1650 | 383163 |
|  |  | 2154557 |
| **Construction Materials — 0.72%** |  |  |
| Owens Corning | 5845 | 826834 |
| **Electric Utilities — 0.58%** |  |  |
| Vistra Corp. | 3390 | 664169 |
| **Electrical Equipment — 4.20%** |  |  |
| Acuity Brands, Inc. | 1355 | 466648 |
| Trane Technologies PLC | 9365 | 3951656 |
| Vontier Corp. | 10155 | 426205 |
|  |  | 4844509 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Electronic Equipment, Instruments & Components — 1.07%** |  |  |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 4160 | $1236186 |
| **Engineering & Construction — 5.98%** |  |  |
| Comfort Systems USA, Inc. | 3135 | 2586939 |
| EMCOR Group, Inc. | 6245 | 4056377 |
| TopBuild Corp.<sup>(a)</sup> | 610 | 238425 |
|  |  | 6881741 |
| **Entertainment Content — 2.79%** |  |  |
| Electronic Arts, Inc. | 8665 | 1747731 |
| Fox Corp., Class B | 25500 | 1460895 |
|  |  | 3208626 |
| **Health Care Facilities & Services — 4.58%** |  |  |
| Cardinal Health, Inc. | 5085 | 798142 |
| Encompass Health Corp. | 5135 | 652248 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 9595 | 1822473 |
| Labcorp Holdings, Inc. | 3630 | 1042028 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 842 | 432923 |
| Quest Diagnostics, Inc. | 2805 | 534577 |
|  |  | 5282391 |
| **Home Construction — 3.09%** |  |  |
| Masco Corp. | 15070 | 1060777 |
| PulteGroup, Inc. | 15115 | 1997145 |
| Toll Brothers, Inc. | 3670 | 506974 |
|  |  | 3564896 |
| **Hotels, Restaurants & Leisure — 0.65%** |  |  |
| Darden Restaurants, Inc. | 3945 | 750970 |
| **Industrial Support Services — 1.94%** |  |  |
| W.W. Grainger, Inc. | 2351 | 2240409 |
| **Institutional Financial Services — 0.39%** |  |  |
| Bank of New York Mellon Corp. (The) | 4170 | 454363 |
| **Insurance — 3.89%** |  |  |
| Aflac, Inc. | 3185 | 355765 |
| Assurant, Inc. | 4462 | 966469 |
| Hartford Financial Services Group, Inc. (The) | 23700 | 3161343 |
|  |  | 4483577 |
| **Leisure Facilities & Services — 1.28%** |  |  |
| Hilton Worldwide Holdings, Inc. | 1965 | 509800 |
| Texas Roadhouse, Inc. | 5835 | 969485 |
|  |  | 1479285 |
| **Machinery — 2.82%** |  |  |
| Curtiss-Wright Corp. | 2760 | 1498514 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Fair Value** | **Fair Value** |
| **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** | **COMMON STOCKS — (continued)** |
| **Machinery — (continued)** |  |  |  |
| Donaldson Co., Inc. | 6895 | $| 564356 |
| Lincoln Electric Holdings, Inc. | 5065 |  | 1194479 |
|  |  |  | 3257349 |
| **Medical Equipment & Devices — 2.46%** | **Medical Equipment & Devices — 2.46%** | **Medical Equipment & Devices — 2.46%** | **Medical Equipment & Devices — 2.46%** |
| Agilent Technologies, Inc. | 8635 |  | 1108302 |
| GE HealthCare Technologies, Inc. | 4935 |  | 370619 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 610 |  | 748842 |
| ResMed, Inc. | 2210 |  | 604943 |
|  |  |  | 2832706 |
| **Oil & Gas Producers — 3.21%** | **Oil & Gas Producers — 3.21%** | **Oil & Gas Producers — 3.21%** | **Oil & Gas Producers — 3.21%** |
| Cheniere Energy, Inc. | 5755 |  | 1352310 |
| Coterra Energy, Inc. | 23450 |  | 554593 |
| Devon Energy Corp. | 17885 |  | 627048 |
| HF Sinclair Corp. | 9760 |  | 510838 |
| Murphy USA, Inc. | 1680 |  | 652277 |
|  |  |  | 3697066 |
| **Oil & Gas Services & Equipment — 3.88%** | **Oil & Gas Services & Equipment — 3.88%** | **Oil & Gas Services & Equipment — 3.88%** | **Oil & Gas Services & Equipment — 3.88%** |
| Baker Hughes Co., Class A | 33395 |  | 1627004 |
| TechnipFMC PLC | 72145 |  | 2846120 |
|  |  |  | 4473124 |
| **Publishing & Broadcasting — 0.35%** | **Publishing & Broadcasting — 0.35%** | **Publishing & Broadcasting — 0.35%** | **Publishing & Broadcasting — 0.35%** |
| Nexstar Media Group, Inc. | 2065 |  | 408333 |
| **Real Estate — 0.30%** |  |  |  |
| Lineage, Inc. | 9100 |  | 351624 |
| **Real Estate Services — 2.17%** | **Real Estate Services — 2.17%** | **Real Estate Services — 2.17%** | **Real Estate Services — 2.17%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 15890 |  | 2503629 |
| **REIT — 0.72%** |  |  |  |
| Gaming and Leisure Properties, Inc. | 4525 |  | 210910 |
| Mid-America Apartment Communities, Inc. | 1980 |  | 276665 |
| Weyerhaeuser Co. | 13645 |  | 338260 |
|  |  |  | 825835 |
| **Retail - Consumer Staples — 5.96%** | **Retail - Consumer Staples — 5.96%** | **Retail - Consumer Staples — 5.96%** | **Retail - Consumer Staples — 5.96%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 32615 |  | 3041348 |
| Casey's General Stores, Inc. | 1675 |  | 946911 |
| Kroger Co. (The) | 42670 |  | 2876385 |
|  |  |  | 6864644 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Retail - Discretionary — 7.13%**  |  |  |
| Best Buy Co., Inc. | 6690 | $505898 |
| Builders FirstSource, Inc.<sup>(a)</sup>  | 7200 | 873000 |
| O'Reilly Automotive, Inc.<sup>(a)</sup>  | 6300 | 679203 |
| Ross Stores, Inc. | 16745 | 2551771 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 6585 | 3600348 |
|  |  | 8210220 |
| **Software — 1.48%** |  |  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 8310 | 1703384 |
| **Specialty Finance — 0.94%** |  |  |
| Synchrony Financial | 15285 | 1085999 |
| **Steel — 1.63%** |  |  |
| Commercial Metals Co. | 14730 | 843734 |
| Nucor Corp. | 2200 | 297946 |
| Reliance Steel & Aluminum Co.  | 2635 | 739987 |
|  |  | 1881667 |
| **Technology Hardware — 9.39%** |  |  |
| F5, Inc.<sup>(a)</sup> | 11775 | 3805562 |
| Jabil, Inc. | 19095 | 4146862 |
| NetApp, Inc. | 24255 | 2873247 |
|  |  | 10825671 |
| **Technology Services — 3.22%** |  |  |
| Amdocs Ltd. | 4495 | 368815 |
| Cognizant Technology Solutions Corp., Class A  | 6425 | 430925 |
| Corpay, Inc.<sup>(a)</sup> | 3305 | 952038 |
| MSCI, Inc. | 2238 | 1269863 |
| Parsons Corp.<sup>(a)</sup> | 2675 | 221811 |
| Science Applications International Corp.  | 4770 | 473995 |
|  |  | 3717447 |
| **Transportation & Logistics — 0.55%** |  |  |
| JB Hunt Transport Services, Inc.  | 4765 | 639320 |
| **Transportation Equipment — 2.47%** |  |  |
| Cummins, Inc. | 6755 | 2853109 |
| *Total Common Stocks/ Investments — 95.91%*  |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $101,491,663)* |  | 110598995 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Equity Fund**

**Schedule of Investments (continued)**

***September 30, 2025***

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| *Total Common Stocks/ Investments — 95.91%* |  |  |
| *Other Assets in Excess of Liabilities— 4.09%* |  | $4717649 |
| *NET ASSETS — 100.00%* |  | $115316644 |

---

(a) Non-income producing security.

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Assets and Liabilities**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-<br> Cap Equity Fund** | **FullerThaler<br> Behavioral Small-<br> Cap Growth Fund** | **FullerThaler<br> Behavioral Mid-<br> Cap Value Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $8,559,869,596, $2,878,460,955 and $406,009,267) | $11238680924 | $3451465096 | $382440652 |
| Cash and cash equivalents | 56709805 | 50000000 | 2008207 |
| Receivable for fund shares sold | 25874082 | 4797030 | 807726 |
| Receivable for investments sold | 18979406 |  |  |
| Dividends and interest receivable | 8219275 | 157695 | 510412 |
| Cash collateral for securities loaned | 224009961 | 157635998 | 42789093 |
| Securities lending income receivable | 16852 | 7795 | 1731 |
| Prepaid expenses | 125231 | 76816 | 45323 |
| **Total Assets** | 11572615536 | 3664140430 | 428603144 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 14665372 |  |  |
| Payable for fund shares redeemed | 8548660 | 46950041 | 273155 |
| Payable for collateral upon return of securities loaned | 275772450 | 194061305 | 52676466 |
| Payable to Adviser | 5563524 | 2093044 | 177857 |
| Accrued 12b-1 fees | 98773 | 40202 | 5190 |
| Accrued administrative service fees | 944959 | 272316 | 38801 |
| Payable to affiliates | 104383 | 32165 | 4958 |
| Payable to auditors | 4208 | 4208 | 4208 |
| Payable to trustees | 212 | 212 | 212 |
| Other accrued expenses | 425243 | 235066 | 24374 |
| **Total Liabilities** | 306127784 | 243688559 | 53205221 |
| **Net Assets** | $11266487752 | $3420451871 | $375397923 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $8581498237 | $3237137705 | $405164654 |
| Accumulated earnings (deficit) | 2684989515 | 183314166 | (29766731) |
| **Net Assets** | $11266487752 | $3420451871 | $375397923 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Assets and Liabilities (continued)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-<br> Cap Equity Fund** | **FullerThaler<br> Behavioral Small-<br> Cap Growth Fund** | **FullerThaler<br> Behavioral Mid-<br> Cap Value Fund** |
| **R6 Shares:** |  |  |  |
| Net Assets | $2704204504 | $942205322 | $68408253 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 53840518 | 17826746 | 2023408 |
| Net asset value, offering and redemption price per share | $50.23 | $52.85 | $33.81 |
| **Institutional Shares:** |  |  |  |
| Net Assets | $7892008778 | $2349763766 | $297190670 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 158798694 | 44794475 | 8800765 |
| Net asset value, offering and redemption price per share | $49.70 | $52.46 | $33.77 |
| **Investor Shares:** |  |  |  |
| Net Assets | $626857261 | $77728623 | $5781509 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 12738988 | 1515831 | 172198 |
| Net asset value, offering and redemption price per share | $49.21 | $51.28 | $33.57 |
| **A Shares:** |  |  |  |
| Net Assets | $30920531 | $26607262 | $2464404 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 630225 | 520661 | 73547 |
| Net asset value, offering and redemption price per share | $49.06 | $51.10 | $33.51 |
| Maximum offering price per share (Note 1) | $52.05 | $54.22 | $35.55 |
| **C Shares:** |  |  |  |
| Net Assets | $12496678 | $24146898 | $1553087 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 260167 | 489894 | 46799 |
| Net asset value, offering and redemption price per share | $48.03 | $49.29 | $33.19 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Assets and Liabilities (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler**<br> **Behavioral<br> Unconstrained<br> Equity Fund** | **FullerThaler**<br> **Behavioral Small-<br> Mid Core Equity<br> Fund** |
| **Assets** |  |  |
| Investments in securities at fair value (cost $234,447,878 and $212,376,745) | $257723694 | $215677245 |
| Cash and cash equivalents | 7927299 | 5062300 |
| Receivable for fund shares sold | 1171764 | 300802 |
| Dividends and interest receivable | 67733 | 131843 |
| Prepaid expenses | 47979 | 25606 |
| **Total Assets** | 266938469 | 221197796 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | 95873 | 138663 |
| Payable to Adviser | 151272 | 111581 |
| Accrued 12b-1 fees | 3734 | 223 |
| Accrued administrative service fees | 11962 | 26282 |
| Payable to affiliates | 3955 | 3630 |
| Payable to auditors | 4208 | 4047 |
| Payable to trustees | 212 | 212 |
| Other accrued expenses | 24417 | 19367 |
| **Total Liabilities** | 295633 | 304005 |
| **Net Assets** | $266642836 | $220893791 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $252920312 | $224704817 |
| Accumulated earnings (deficit) | 13722524 | (3811026) |
| **Net Assets** | $266642836 | $220893791 |
| **R6 Shares:** |  |  |
| Net Assets | $84899303 | $37464125 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1473642 | 947648 |
| Net asset value, offering and redemption price per share | $57.61 | $39.53 |
| **Institutional Shares:** |  |  |
| Net Assets | $173034509 | $181315602 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 3008369 | 4586333 |
| Net asset value, offering and redemption price per share | $57.52 | $39.53 |
| **A Shares:** |  |  |
| Net Assets | $7027609 | $1983364 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 123093 | 50556 |
| Net asset value, offering and redemption price per share | $57.09 | $39.23 |
| Maximum offering price per share (Note 1) | $60.57 | $41.62 |
| **C Shares:** |  |  |
| Net Assets | $1681415 | $130700 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 29886 | 3334 |
| Net asset value, offering and redemption price per share | $56.26 | $39.20 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Assets and Liabilities (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler**<br> **Behavioral Micro-<br> Cap Equity Fund** | **FullerThaler**<br> **Behavioral Mid-<br> Cap Equity Fund** |
| **Assets** |  |  |
| Investments in securities at fair value (cost $19,492,767 and $101,491,663) | $21895548 | $110598995 |
| Cash and cash equivalents | 146063 | 4707611 |
| Receivable for fund shares sold | 250 |  |
| Dividends and interest receivable | 8783 | 80157 |
| Cash collateral for securities loaned | 539185 |  |
| Securities lending income receivable | 1142 |  |
| Prepaid expenses | 10476 | 11643 |
| **Total Assets** | 22601447 | 115398406 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed |  | 1507 |
| Payable for collateral upon return of securities loaned | 663776 |  |
| Payable to Adviser | 11791 | 52894 |
| Accrued administrative service fees | 1901 | 9180 |
| Payable to affiliates | 1988 | 2072 |
| Payable to auditors | 4208 | 4208 |
| Payable to trustees | 212 | 212 |
| Other accrued expenses | 3366 | 11689 |
| **Total Liabilities** | 687242 | 81762 |
| **Net Assets** | $21914205 | $115316644 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $27351698 | $110476041 |
| Accumulated earnings (deficit) | (5437493) | 4840603 |
| **Net Assets** | $21914205 | $115316644 |
| **Institutional Shares:** |  |  |
| Net Assets | $21914205 | $115316644 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 788876 | 4158943 |
| Net asset value, offering and redemption price per share | $27.78 | $27.73 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Operations**

*For the fiscal year ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-<br> Cap Equity Fund** | **FullerThaler<br> Behavioral Small-<br> Cap Growth Fund** | **FullerThaler<br> Behavioral Mid-<br> Cap Value Fund** |
| **Investment Income:** |  |  |  |
| Dividend income (net of foreign taxes withheld of $10,407, $– and $1,164) | $140965909 | $7032131 | $8971757 |
| Interest income | 2004033 | 1589883 | 389253 |
| Securities lending income | 240794 | 132238 | 25711 |
| **Total investment income** | 143210736 | 8754252 | 9386721 |
| **Expenses:** |  |  |  |
| Adviser | 62420437 | 21930384 | 2974927 |
| Administrative Services - Institutional Shares | 9014439 | 2654736 | 439943 |
| Administrative Services - Investor Shares | 962354 | 100795 | 11737 |
| Administrative Services - A Shares | 42475 | 24474 | 2919 |
| 12b-1 fees - Investor Shares | 1491037 | 153748 | 18124 |
| 12b-1 fees - A Shares | 58889 | 46970 | 6294 |
| 12b-1 fees - C Shares | 127954 | 210984 | 14451 |
| ReFlow fees (Note 9) | 1626915 | 1512248 | 124020 |
| Administration | 878892 | 222303 | 39074 |
| Report printing | 391961 | 152068 | 24942 |
| Custodian | 276253 | 75191 | 17608 |
| Fund accounting | 264735 | 65604 | 10047 |
| Registration | 233544 | 212881 | 104477 |
| Transfer agent | 136252 | 33773 | 5170 |
| Legal | 48488 | 11276 | 11632 |
| Trustee | 18239 | 18240 | 18240 |
| Audit and tax preparation | 17588 | 17588 | 17587 |
| Compliance services | 6000 | 6000 | 6000 |
| Miscellaneous | 254156 | 236365 | 39243 |
| **Total expenses** | 78270608 | 27685628 | 3886435 |
| Fees contractually waived by Adviser |  | (2100872) | (662732) |
| Net operating expenses | 78270608 | 25584756 | 3223703 |
| **Net investment income (loss)** | 64940128 | (16830504) | 6163018 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |  |
| Net realized gain (loss) on investment securities transactions | 201572753 | (289101436) | 7644421 |
| Net realized gain from in-kind redemptions (Note 2) | 775460133 | 373749009 | 29317916 |
| Net change in unrealized appreciation (depreciation) of investment securities | (118790497) | 357432084 | (52334279) |
| **Net realized and change in unrealized gain (loss) on investments and in-kind redemptions** | 858242389 | 442079657 | (15371942) |
| **Net increase (decrease) in net assets resulting from operations** | $923182517 | $425249153 | $(9208924) |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Operations (continued)**

*For the fiscal year ended September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Unconstrained<br> Equity Fund** | **FullerThaler<br> Behavioral Small-<br> Mid Core Equity<br> Fund** |
| **Investment Income:** |  |  |
| Dividend income (net of foreign taxes withheld of $– and $3,020) | $1987784 | $2943961 |
| Interest income | 165878 | 154054 |
| Securities lending income | 1339 | 268 |
| **Total investment income** | 2155001 | 3098283 |
| **Expenses:** |  |  |
| Adviser | 1590608 | 1282965 |
| Administrative Services - Institutional Shares | 128698 | 164951 |
| Administrative Services - A Shares | 6459 | 2829 |
| 12b-1 fees - A Shares | 10366 | 4588 |
| 12b-1 fees - C Shares | 12020 | 756 |
| ReFlow fees (Note 9) | 95379 | 100847 |
| Registration | 85631 | 51318 |
| Administration | 21796 | 18691 |
| Trustee | 18240 | 18239 |
| Audit and tax preparation | 16018 | 15757 |
| Custodian | 12153 | 10854 |
| Legal | 11632 | 11632 |
| Report printing | 8797 | 9491 |
| Compliance services | 6000 | 6000 |
| Fund accounting | 4805 | 4089 |
| Transfer agent | 2474 | 2107 |
| Miscellaneous | 52196 | 44306 |
| **Total expenses** | 2083272 | 1749420 |
| Fees contractually waived by Adviser | (228193) | (295466) |
| Net operating expenses | 1855079 | 1453954 |
| **Net investment income** | 299922 | 1644329 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |
| Net realized loss on investment securities transactions | (5388308) | (7398026) |
| Net realized gain from in-kind redemptions (Note 2) | 25849556 | 19880384 |
| Net change in unrealized appreciation (depreciation) of investment securities | 7287032 | (6730679) |
| **Net realized and change in unrealized gain on investments and in-kind redemptions** | 27748280 | 5751679 |
| **Net increase in net assets resulting from operations** | $28048202 | $7396008 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Operations (continued)**

*For the fiscal year ended September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Micro-<br> Cap Equity Fund** | **FullerThaler<br> Behavioral Mid-<br> Cap Equity Fund** |
| **Investment Income:** |  |  |
| Dividend income | $95841 | $999787 |
| Interest income | 6728 | 144189 |
| Securities lending income | 2017 |  |
| **Total investment income** | 104586 | 1143976 |
| **Expenses:** |  |  |
| Adviser | 288678 | 707873 |
| Administrative Services - Institutional Shares | 18820 | 65812 |
| Trustee | 18240 | 18185 |
| Audit and tax preparation | 15757 | 16300 |
| Administration | 12712 | 12969 |
| Legal | 11632 | 11632 |
| ReFlow fees (Note 9) | 11444 | 34036 |
| Registration | 11371 | 35822 |
| Compliance services | 6000 | 6000 |
| Report printing | 3937 | 7277 |
| Fund accounting | 2658 | 2736 |
| Custodian | 1525 | 7411 |
| Transfer agent | 1367 | 1407 |
| Miscellaneous | 24165 | 32205 |
| **Total expenses** | 428306 | 959665 |
| Fees contractually waived by Adviser | (162519) | (185113) |
| Net operating expenses | 265787 | 774552 |
| **Net investment income (loss)** | (161201) | 369424 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |
| Net realized loss on investment securities transactions | (3067177) | (4214808) |
| Net realized gain from in-kind redemptions (Note 2) | 4219317 | 7436188 |
| Net change in unrealized appreciation of investment securities | 1534985 | 5491767 |
| **Net realized and change in unrealized gain on investments and in-kind redemptions** | 2687125 | 8713147 |
| **Net increase in net assets resulting from operations** | $2525924 | $9082571 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small-Cap Equity Fund** | **FullerThaler Behavioral<br> Small-Cap Equity Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $64940128 | $73196931 |
| Net realized gain on investment securities transactions | 201572753 | 756359745 |
| Net realized gain from in-kind redemptions (Note 2) | 775460133 | 158445440 |
| Net change in unrealized appreciation (depreciation) of investment securities | (118790497) | 1589165386 |
| Net increase in net assets resulting from operations | 923182517 | 2577167502 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (183140083) | (38464493) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (550261959) | (96726072) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (43101094) | (6978693) |
| &nbsp;&nbsp;&nbsp;A Shares | (1470596) | (205854) |
| &nbsp;&nbsp;&nbsp;C Shares | (970315) | (154519) |
| Total distributions | (778944047) | (142529631) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1822709905 | 642118193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 81804274 | 13969899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1684029426) | (622063452) |
| Total R6 Shares | 220484753 | 34024640 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2449918938 | 1992907709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 397298409 | 71521191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (2386364380) | (1062698644) |
| Total Institutional Shares | 460852967 | 1001730256 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 478437188 | 348835436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 40331373 | 6551462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (480099018) | (254713480) |
| Total Investor Shares | 38669543 | 100673418 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19742005 | 3315049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1326751 | 193537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (8637293) | (1508076) |
| Total A Shares | 12431463 | 2000510 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 721163 | 1679705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 851371 | 135608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (3438614) | (4137482) |
| Total C Shares | (1866080) | (2322169) |
| Net increase in net assets resulting from capital transactions | 730572646 | 1136106655 |
| **Total Increase in Net Assets** | 874811116 | 3570744526 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small-Cap Equity Fund** | **FullerThaler Behavioral<br> Small-Cap Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Net Assets** |  |  |
| Beginning of year | 10391676636 | 6820932110 |
| End of year | $11266487752 | $10391676636 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 38937251 | 14582377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1662967 | 343843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (35904489) | (14038485) |
| Total R6 Shares | 4695729 | 887735 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 53522424 | 46161417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 8162866 | 1772109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (52444664) | (24765309) |
| Total Institutional Shares | 9240626 | 23168217 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 10014264 | 8029438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 835193 | 164159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (10105376) | (5720956) |
| Total Investor Shares | 744081 | 2472641 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 436864 | 76199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 27545 | 4865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (191119) | (34502) |
| Total A Shares | 273290 | 46562 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 16600 | 41137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 17980 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (78279) | (97808) |
| Total C Shares | (43699) | (53138) |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small-Cap Growth Fund** | **FullerThaler Behavioral<br> Small-Cap Growth Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(16830504) | $(5978007) |
| Net realized loss on investment securities transactions | (289101436) | (55687020) |
| Net realized gain from in-kind redemptions (Note 2) | 373749009 | 110489198 |
| Net change in unrealized appreciation of investment securities | 357432084 | 176843197 |
| Net increase in net assets resulting from operations | 425249153 | 225667368 |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1639065640 | 834105146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1250981248) | (500171916) |
| Total R6 Shares | 388084392 | 333933230 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2399989380 | 1406680327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1744865750) | (425711117) |
| Total Institutional Shares | 655123630 | 980969210 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 46310186 | 37665104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (24190067) | (11746279) |
| Total Investor Shares | 22120119 | 25918825 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19412655 | 15550783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (10115053) | (4472568) |
| Total A Shares | 9297602 | 11078215 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 8639631 | 13971920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (5776189) | (967762) |
| Total C Shares | 2863442 | 13004158 |
| Net increase in net assets resulting from capital transactions | 1077489185 | 1364903638 |
| **Total Increase in Net Assets** | 1502738338 | 1590571006 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small-Cap Growth Fund** | **FullerThaler Behavioral<br> Small-Cap Growth Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Net Assets** |  |  |
| Beginning of year | 1917713533 | 327142527 |
| End of year | $3420451871 | $1917713533 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 35262398 | 20009860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (27105266) | (12036589) |
| Total R6 Shares | 8157132 | 7973271 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 52112485 | 33462072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (38488188) | (10035698) |
| Total Institutional Shares | 13624297 | 23426374 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1011893 | 932886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (546132) | (288778) |
| Total Investor Shares | 465761 | 644108 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 439408 | 376184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (231556) | (108454) |
| Total A Shares | 207852 | 267730 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 193138 | 365858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (142584) | (24731) |
| Total C Shares | 50554 | 341127 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Mid-Cap Value Fund** | **FullerThaler Behavioral<br> Mid-Cap Value Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $6163018 | $6197434 |
| Net realized gain (loss) on investment securities transactions | 7644421 | (18381914) |
| Net realized gain from in-kind redemptions (Note 2) | 29317916 | 48729315 |
| Net change in unrealized appreciation (depreciation) of investment securities | (52334279) | 53612939 |
| Net increase (decrease) in net assets resulting from operations | (9208924) | 90157774 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (965360) | (3002777) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (4656152) | (3070489) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (84439) | (116331) |
| &nbsp;&nbsp;&nbsp;A Shares | (29494) | (31492) |
| &nbsp;&nbsp;&nbsp;C Shares | (11171) | (5900) |
| Total distributions | (5746616) | (6226989) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 120978429 | 218690831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 219772 | 3002777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (108792635) | (413622813) |
| Total R6 Shares | 12405566 | (191929205) |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 214273019 | 152603512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 4433543 | 2875745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (204337805) | (92487906) |
| Total Institutional Shares | 14368757 | 62991351 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1227438 | 1823305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 81014 | 115706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (3414458) | (3857644) |
| Total Investor Shares | (2106006) | (1918633) |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1148942 | 580151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 29494 | 31492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1136918) | (286474) |
| Total A Shares | 41518 | 325169 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 665825 | 710246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 11171 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (230263) | (50774) |
| Total C Shares | 446733 | 665372 |
| Net increase (decrease) in net assets resulting from capital transactions | 25156568 | (129865946) |
| **Total Increase (Decrease) in Net Assets** | 10201028 | (45935161) |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Mid-Cap Value Fund** | **FullerThaler Behavioral<br> Mid-Cap Value Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Net Assets** | | |
| Beginning of year | 365196895 | 411132056 |
| End of year | $375397923 | $365196895 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3582098 | 6981526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 6424 | 96801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3234954) | (13232869) |
| Total R6 Shares | 353568 | (6154542) |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 6268444 | 4833218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 129674 | 92766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6085948) | (3094930) |
| Total Institutional Shares | 312170 | 1831054 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 36311 | 58866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2377 | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (101673) | (122316) |
| Total Investor Shares | (62985) | (59707) |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 34228 | 18854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 867 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (34514) | (9195) |
| Total A Shares | 581 | 10678 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 20194 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 330 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6997) | (1576) |
| Total C Shares | 13527 | 21540 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Unconstrained Equity Fund** | **FullerThaler Behavioral<br> Unconstrained Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $299922 | $157474 |
| Net realized loss on investment securities transactions | (5388308) | (896346) |
| Net realized gain from in-kind redemptions (Note 2) | 25849556 | 7772890 |
| Net change in unrealized appreciation of investment securities | 7287032 | 16022316 |
| Net increase in net assets resulting from operations | 28048202 | 23056334 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (116155) | (124358) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (75467) | (32753) |
| &nbsp;&nbsp;&nbsp;A Shares | (1377) |  |
| Total distributions | (192999) | (157111) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 100237174 | 34114372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 77098 | 73434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (79194150) | (28838864) |
| Total R6 Shares | 21120122 | 5348942 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 203066493 | 56015936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 73264 | 32139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (104992146) | (19577530) |
| Total Institutional Shares | 98147611 | 36470545 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5825292 | 1605114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1149415) | (107777) |
| Total A Shares | 4677254 | 1497337 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 866387 | 717956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (117097) | (20654) |
| Total C Shares | 749290 | 697302 |
| Net increase in net assets resulting from capital transactions | 124694277 | 44014126 |
| **Total Increase in Net Assets** | 152549480 | 66913349 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Unconstrained Equity Fund** | **FullerThaler Behavioral<br> Unconstrained Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Net Assets** |  |  |
| Beginning of year | 114093356 | 47180007 |
| End of year | $266642836 | $114093356 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1911673 | 785797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1482 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1501436) | (660207) |
| Total R6 Shares | 411719 | 127406 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3861483 | 1174412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1409 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1995977) | (414135) |
| Total Institutional Shares | 1866915 | 761074 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 113023 | 33065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (22290) | (2340) |
| Total A Shares | 90760 | 30725 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 16676 | 15059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2266) | (413) |
| Total C Shares | 14410 | 14646 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small–Mid Core Equity Fund** | **FullerThaler Behavioral<br> Small–Mid Core Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1644329 | $827047 |
| Net realized loss on investment securities transactions | (7398026) | (1334799) |
| Net realized gain from in-kind redemptions (Note 2) | 19880384 | 6112648 |
| Net change in unrealized appreciation (depreciation) of investment securities | (6730679) | 12117215 |
| Net increase in net assets resulting from operations | 7396008 | 17722111 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares<sup>(a)</sup> | (160048) |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (889882) | (427648) |
| &nbsp;&nbsp;&nbsp;A Shares | (10601) | (5372) |
| &nbsp;&nbsp;&nbsp;C Shares<sup>(a)</sup> | (640) |  |
| Total distributions | (1061171) | (433020) |
| **Capital Transactions:** |  |  |
| **R6 Shares:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 105611740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 160047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (69650221) |  |
| Total R6 Shares | 36121566 |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 231542253 | 131713143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 744189 | 367630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (176448935) | (70191869) |
| Total Institutional Shares | 55837507 | 61888904 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 945591 | 1507885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 10519 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (627204) | (684593) |
| Total A Shares | 328906 | 828664 |
| **C Shares:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 132973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (74) |  |
| Total C Shares | 133539 |  |
| Net increase in net assets resulting from capital transactions | 92421518 | 62717568 |
| **Total Increase in Net Assets** | 98756355 | 80006659 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Small–Mid Core Equity Fund** | **FullerThaler Behavioral<br> Small–Mid Core Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Net Assets** |  |  |
| Beginning of year | 122137436 | 42130777 |
| End of year | $220893791 | $122137436 |
| **Share Transactions:** |  |  |
| **R6 Shares:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2784984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 4146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1841482) |  |
| Total R6 Shares | 947648 |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 6146595 | 3674947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 19265 | 10759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4626220) | (1972037) |
| Total Institutional Shares | 1539640 | 1713669 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 24869 | 45726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 274 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (16741) | (21988) |
| Total A Shares | 8402 | 23896 |
| **C Shares:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2) |  |
| Total C Shares | 3334 |  |

---

(a) For the period October 7, 2024 (commencement of operations) to September 30, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Micro-Cap Equity Fund** | **FullerThaler Behavioral<br> Micro-Cap Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(161201) | $43911 |
| Net realized loss on investment securities transactions | (3067177) | (680922) |
| Net realized gain from in-kind redemptions (Note 2) | 4219317 | 2253815 |
| Net change in unrealized appreciation (depreciation) of investment securities | 1534985 | (951458) |
| Net increase in net assets resulting from operations | 2525924 | 665346 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (16290) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (8910) |  |
| Total distributions | (25200) |  |
| **Capital Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 18726241 | 13039835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 24029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (18406293) | (12679496) |
| Total Institutional Shares | 343977 | 360339 |
| Net increase in net assets resulting from capital transactions | 343977 | 360339 |
| **Total Increase in Net Assets** | 2844701 | 1025685 |
| **Net Assets** |  |  |
| Beginning of year | 19069504 | 18043819 |
| End of year | $21914205 | $19069504 |
| **Share Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 743795 | 515061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (724475) | (500871) |
| Total Institutional Shares | 20206 | 14190 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler Behavioral<br> Mid-Cap Equity Fund** | **FullerThaler Behavioral<br> Mid-Cap Equity Fund** |
|  | **For the<br> Year Ended**<br> **September 30,<br> 2025** | **For the<br> Period Ended**<br> **September 30,<br> 2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $369424 | $169830 |
| Net realized loss on investment securities transactions | (4214808) | (325727) |
| Net realized gain from in-kind redemptions (Note 2) | 7436188 | 2196580 |
| Net change in unrealized appreciation of investment securities | 5491767 | 3615565 |
| Net increase in net assets resulting from operations | 9082571 | 5656248 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (250877) | (17386) |
| Total distributions | (250877) | (17386) |
| **Capital Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 102017644 | 80067541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | 148133 | 16879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (61076102) | (20328007) |
| Total Institutional Shares | 41089675 | 59756413 |
| Net increase in net assets resulting from capital transactions | 41089675 | 59756413 |
| **Total Increase in Net Assets** | 49921369 | 65395275 |
| **Net Assets** |  |  |
| Beginning of year | 65395275 |  |
| End of year | $115316644 | $65395275 |
| **Share Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3951151 | 3395766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 5827 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2354873) | (839688) |
| Total Institutional Shares | 1602105 | 2556838 |

---

(a) For the period October 2, 2023 (commencement of operations) to September 30, 2024.

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Small-Cap Equity Fund – R6 Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $49.56 | $37.18 | $31.61 | $36.83 | $24.76 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.34 | 0.42 | 0.40 | 0.33 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.00 | 12.76 | 5.63 | (4.09) | 11.71 |
| Total from investment operations | 4.34 | 13.18 | 6.03 | (3.76) | 12.20 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.45) | (0.29) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.30) | (0.35) | (0.17) | (1.28) |  |
| Total from distributions | (3.67) | (0.80) | (0.46) | (1.46) | (0.13) |
| **Net asset value, end of year** | $50.23 | $49.56 | $37.18 | $31.61 | $36.83 |
| **Total Return <sup>(b)</sup>** | 8.98% | 35.90% | 19.16% | (10.81)% | 49.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $2704205 | $2435752 | $1794005 | $1335836 | $1395653 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.64% | 0.63% | 0.64% | 0.65% | 0.64% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.64% | 0.63% | 0.64% | 0.65% | 0.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.74% | 0.96% | 1.10% | 0.94% | 1.42% |
| Portfolio turnover<sup>(c)(d)</sup> | 28% | 41% | 35% | 35% | 31% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Equity
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $49.08 | $36.83 | $31.32 | $36.51 | $24.55 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.28 | 0.36 | 0.36 | 0.29 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.96 | 12.65 | 5.57 | (4.05) | 11.62 |
| Total from investment operations | 4.24 | 13.01 | 5.93 | (3.76) | 12.06 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.41) | (0.25) | (0.15) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.30) | (0.35) | (0.17) | (1.28) |  |
| Total from distributions | (3.62) | (0.76) | (0.42) | (1.43) | (0.10) |
| **Net asset value, end of year** | $49.70 | $49.08 | $36.83 | $31.32 | $36.51 |
| **Total Return <sup>(b)</sup>** | 8.84% | 35.75% | 19.03% | (10.90)% | 49.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $7892009 | $7340677 | $4654951 | $3439879 | $3599929 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.76% | 0.76% | 0.75% | 0.74% | 0.75% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.76% | 0.76% | 0.75% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.61% | 0.84% | 0.98% | 0.83% | 1.28% |
| Portfolio turnover<sup>(c)(d)</sup> | 28% | 41% | 35% | 35% | 31% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Equity
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

 

**FullerThaler Behavioral Small-Cap Equity Fund – Investor Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $48.64 | $36.53 | $31.08 | $36.25 | $24.39 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.23 | 0.25 | 0.19 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.92 | 12.54 | 5.52 | (4.02) | 11.55 |
| Total from investment operations | 4.07 | 12.77 | 5.77 | (3.83) | 11.89 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.31) | (0.15) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.30) | (0.35) | (0.17) | (1.28) |  |
| Total from distributions | (3.50) | (0.66) | (0.32) | (1.34) | (0.03) |
| **Net asset value, end of year** | $49.21 | $48.64 | $36.53 | $31.08 | $36.25 |
| **Total Return <sup>(b)</sup>** | 8.53% | 35.36% | 18.65% | (11.15)% | 48.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $626857 | $583449 | $347885 | $261786 | $273271 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.03% | 1.03% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.33% | 0.54% | 0.69% | 0.55% | 1.01% |
| Portfolio turnover<sup>(c)(d)</sup> | 28% | 41% | 35% | 35% | 31% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Equity
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Equity Fund – A Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $48.54 | $36.45 | $31.00 | $36.18 | $24.38 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.24 | 0.25 | 0.21 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.89 | 12.51 | 5.52 | (4.04) | 11.48 |
| Total from investment operations | 4.04 | 12.75 | 5.77 | (3.83) | 11.88 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.31) | (0.15) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.30) | (0.35) | (0.17) | (1.28) |  |
| Total from distributions | (3.52) | (0.66) | (0.32) | (1.35) | (0.08) |
| **Net asset value, end of year** | $49.06 | $48.54 | $36.45 | $31.00 | $36.18 |
| **Total Return (excludes sales charge)<sup>(b)</sup>** | 8.50% | 35.36% | 18.69% | (11.15)% | 48.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $30921 | $17326 | $11313 | $9345 | $7408 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.07% | 1.04% | 1.04% | 1.02% | 1.02% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.07% | 1.04% | 1.04% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.33% | 0.55% | 0.69% | 0.60% | 1.15% |
| Portfolio turnover<sup>(c)(d)</sup> | 28% | 41% | 35% | 35% | 31% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Equity
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Equity Fund – C Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $47.63 | $35.79 | $30.49 | $35.75 | $24.16 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.12) | (0.02) | 0.03 | (0.02) | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.82 | 12.30 | 5.44 | (3.96) | 11.42 |
| Total from investment operations | 3.70 | 12.28 | 5.47 | (3.98) | 11.59 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.09) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.30) | (0.35) | (0.17) | (1.28) |  |
| Total from distributions | (3.30) | (0.44) | (0.17) | (1.28) |  |
| **Net asset value, end of year** | $48.03 | $47.63 | $35.79 | $30.49 | $35.75 |
| **Total Return (excludes sales charge)<sup>(b)</sup>** | 7.87% | 34.59% | 17.97% | (11.70)% | 47.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $12497 | $14473 | $12779 | $10923 | $10096 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.64% | 1.63% | 1.64% | 1.65% | 1.64% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.64% | 1.63% | 1.64% | 1.65% | 1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.27)% | (0.04)% | 0.10% | (0.05)% | 0.50% |
| Portfolio turnover<sup>(c)(d)</sup> | 28% | 41% | 35% | 35% | 31% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Equity
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Growth Fund – R6 Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $45.25 | $32.94 | $26.90 | $43.92 | $28.12 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.26) | (0.21) | (0.17) | (0.15) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.86 | 12.52 | 6.21 | (10.34) | 16.07 |
| Total from investment operations | 7.60 | 12.31 | 6.04 | (10.49) | 15.80 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.53) |  |
| Total from distributions |  |  |  | (6.53) |  |
| **Net asset value, end of year** | $52.85 | $45.25 | $32.94 | $26.90 | $43.92 |
| **Total Return <sup>(b)</sup>** | 16.80% | 37.37% | 22.45% | (28.48)% | 56.19% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $942205 | $437569 | $55874 | $16759 | $5940 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.95% | 0.95% | 0.98% | 1.09% | 1.06% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.90% | 0.86% | 0.87% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.56)% | (0.50)% | (0.51)% | (0.46)% | (0.73)% |
| Portfolio turnover<sup>(c)(d)</sup> | 99% | 82% | 101% | 102% | 114% |

---

(a) Per share net investment income has been calculated using the average
 shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Growth
 Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Growth Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $44.96 | $32.76 | $26.77 | $43.79 | $28.06 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.30) | (0.25) | (0.18) | (0.24) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.80 | 12.45 | 6.17 | (10.25) | 16.04 |
| Total from investment operations | 7.50 | 12.20 | 5.99 | (10.49) | 15.73 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.53) |  |
| Total from distributions |  |  |  | (6.53) |  |
| **Net asset value, end of year** | $52.46 | $44.96 | $32.76 | $26.77 | $43.79 |
| **Total Return <sup>(b)</sup>** | 16.68% | 37.24% | 22.38% | (28.57)% | 56.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $2349764 | $1401400 | $253671 | $95249 | $104236 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.09% | 1.08% | 1.12% | 1.18% | 1.12% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.00% | 0.96% | 0.97% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.66)% | (0.60)% | (0.56)% | (0.72)% | (0.79)% |
| Portfolio turnover<sup>(c)(d)</sup> | 99% | 82% | 101% | 102% | 114% |

---

(a) Per share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing
 among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Growth Fund – Investor Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $44.08 | $32.21 | $26.40 | $43.36 | $27.86 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.43) | (0.36) | (0.26) | (0.33) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.63 | 12.23 | 6.07 | (10.10) | 15.91 |
| Total from investment operations | 7.20 | 11.87 | 5.81 | (10.43) | 15.50 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.53) |  |
| Total from distributions |  |  |  | (6.53) |  |
| **Net asset value, end of year** | $51.28 | $44.08 | $32.21 | $26.40 | $43.36 |
| **Total Return <sup>(b)</sup>** | 16.33% | 36.85% | 22.01% | (28.74)% | 55.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $77729 | $46284 | $13075 | $3095 | $3245 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.36% | 1.36% | 1.42% | 1.48% | 1.44% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.29% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.95)% | (0.89)% | (0.84)% | (0.99)% | (1.04)% |
| Portfolio turnover<sup>(c)(d)</sup> | 99% | 82% | 101% | 102% | 114% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Growth Fund – A Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $43.94 | $32.12 | $26.34 | $43.30 | $27.83 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.45) | (0.39) | (0.28) | (0.34) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.61 | 12.21 | 6.06 | (10.09) | 15.90 |
| Total from investment operations | 7.16 | 11.82 | 5.78 | (10.43) | 15.47 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.53) |  |
| Total from distributions |  |  |  | (6.53) |  |
| **Net asset value, end of year** | $51.10 | $43.94 | $32.12 | $26.34 | $43.30 |
| **Total Return (excludes sales charge)<sup>(b)</sup>** | 16.29% | 36.80% | 21.94% | (28.78)% | 55.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $26607 | $13744 | $1448 | $340 | $365 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.33% | 1.32% | 1.39% | 1.41% | 1.35% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.32% | 1.30% | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.99)% | (0.94)% | (0.88)% | (1.04)% | (1.08)% |
| Portfolio turnover<sup>(c)(d)</sup> | 99% | 82% | 101% | 102% | 114% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Small-Cap Growth Fund – C Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $42.60 | $31.30 | $25.80 | $42.72 | $27.60 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.66) | (0.57) | (0.42) | (0.49) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.35 | 11.87 | 5.92 | (9.90) | 15.76 |
| Total from investment operations | 6.69 | 11.30 | 5.50 | (10.39) | 15.12 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.53) |  |
| Total from distributions |  |  |  | (6.53) |  |
| **Net asset value, end of year** | $49.29 | $42.60 | $31.30 | $25.80 | $42.72 |
| **Total Return (excludes sales charge)<sup>(b)</sup>** | 15.70% | 36.10% | 21.32% | (29.12)% | 54.78% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $24147 | $18716 | $3074 | $709 | $726 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.95% | 1.94% | 2.00% | 2.09% | 2.03% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.84% | 1.80% | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (1.50)% | (1.44)% | (1.38)% | (1.52)% | (1.59)% |
| Portfolio turnover<sup>(c)(d)</sup> | 99% | 82% | 101% | 102% | 114% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Mid-Cap Value Fund – R6 Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $34.83 | $27.71 | $26.53 | $28.97 | $19.00 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.56 | 0.51 | 0.41 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.06) | 7.18 | 1.45 | (2.21) | 9.85 |
| Total from investment operations | (0.50) | 7.69 | 1.86 | (1.93) | 10.09 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.52) | (0.57) | (0.23) | (0.18) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.52) | (0.57) | (0.68) | (0.51) | (0.12) |
| **Net asset value, end of year** | $33.81 | $34.83 | $27.71 | $26.53 | $28.97 |
| **Total Return <sup>(b)</sup>** | (1.45)% | 28.00% | 6.94% | (6.90)% | 53.28% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $68408 | $58160 | $216829 | $177423 | $158664 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.86% | 0.88% | 0.83% | 0.83% | 0.90% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.72% | 0.71% | 0.77% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.66% | 1.65% | 1.43% | 0.92% | 0.88% |
| Portfolio turnover<sup>(c)(d)</sup> | 18% | 33% | 15% | 12% | 14% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Mid-Cap Value Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $34.78 | $27.66 | $26.49 | $28.94 | $18.98 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.53 | 0.48 | 0.39 | 0.28 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.06) | 7.16 | 1.44 | (2.24) | 9.86 |
| Total from investment operations | (0.53) | 7.64 | 1.83 | (1.96) | 10.06 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.52) | (0.21) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.48) | (0.52) | (0.66) | (0.49) | (0.10) |
| **Net asset value, end of year** | $33.77 | $34.78 | $27.66 | $26.49 | $28.94 |
| **Total Return <sup>(b)</sup>** | (1.54)% | 27.86% | 6.84% | (7.00)% | 53.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $297191 | $295239 | $184154 | $135239 | $25889 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.99% | 1.04% | 0.97% | 0.95% | 1.02% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.82% | 0.81% | 0.86% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.55% | 1.53% | 1.36% | 0.94% | 0.76% |
| Portfolio turnover<sup>(c)(d)</sup> | 18% | 33% | 15% | 12% | 14% |

---

(a) Per share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing
 among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Mid-Cap Value Fund – Investor Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $34.59 | $27.50 | $26.36 | $28.82 | $18.90 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.31 | 0.19 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.04) | 7.12 | 1.43 | (2.22) | 9.82 |
| Total from investment operations | (0.65) | 7.50 | 1.74 | (2.03) | 9.95 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.41) | (0.15) | (0.10) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.37) | (0.41) | (0.60) | (0.43) | (0.03) |
| **Net asset value, end of year** | $33.57 | $34.59 | $27.50 | $26.36 | $28.82 |
| **Total Return <sup>(b)</sup>** | (1.91)% | 27.44% | 6.53% | (7.23)% | 52.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $5782 | $8135 | $8110 | $5809 | $2509 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.27% | 1.32% | 1.25% | 1.23% | 1.31% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.17% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.16% | 1.20% | 1.08% | 0.63% | 0.50% |
| Portfolio turnover<sup>(c)(d)</sup> | 18% | 33% | 15% | 12% | 14% |

---

(a) Per share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Mid-Cap Value Fund as a whole without distinguishing
 among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Mid-Cap Value Fund – A Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $34.57 | $27.56 | $26.48 | $29.98 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.39 | 0.36 | 0.32 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.05) | 7.13 | 1.42 | (3.64) |
| Total from investment operations | (0.66) | 7.49 | 1.74 | (3.50) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.48) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.45) |  |
| Total from distributions | (0.40) | (0.48) | (0.66) |  |
| **Net asset value, end of period** | $33.51 | $34.57 | $27.56 | $26.48 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | (1.92)% | 27.37% | 6.49% | (11.67)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $2464 | $2523 | $1717 | $76 |
| Before waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.22% | 1.26% | 1.20% | 1.14 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.22% | 1.20% | 1.20% | 1.14 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.14% | 1.15% | 1.11% | 0.83 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 18% | 33% | 15% | 12 %<sup>(d)</sup> |

---

(a) For
 the period March 10, 2022 (commencement of operations) to September 30, 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.

(g) Portfolio
 turnover excludes securities delivered a s a result of a redemption in-kind.

*See accompanying notes which are an integral part of these financial statements.*

**FullerThaler Behavioral Mid-Cap Value Fund – C Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $34.29 | $27.38 | $26.40 | $29.98 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.22 | 0.20 | 0.17 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.04) | 7.07 | 1.42 | (3.60) |
| Total from investment operations | (0.82) | 7.27 | 1.59 | (3.58) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.36) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.45) |  |
| Total from distributions | (0.28) | (0.36) | (0.61) |  |
| **Net asset value, end of period** | $33.19 | $34.29 | $27.38 | $26.40 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | (2.42)% | 26.72% | 5.94% | (11.94)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1553 | $1141 | $321 | $48 |
| Before waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.85% | 1.89% | 1.83% | 1.84 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.73% | 1.70% | 1.70% | 1.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.67% | 0.63% | 0.60% | 0.14 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 18% | 33% | 15% | 12 %<sup>(d)</sup> |

---

(a) For
 the period March 10, 2022 (commencement of operations) to September 30, 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.

(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.*

**FullerThaler Behavioral Unconstrained Equity Fund – R6 Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $50.75 | $35.85 | $29.55 | $38.06 | $27.47 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.13 | 0.12 | 0.11 | 0.01 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.82 | 14.90 | 6.19 | (8.52) | 10.73 |
| Total from investment operations | 6.95 | 15.02 | 6.30 | (8.51) | 10.70 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.12) |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |
| Total from distributions | (0.09) | (0.12) |  |  | (0.11) |
| **Net asset value, end of year** | $57.61 | $50.75 | $35.85 | $29.55 | $38.06 |
| **Total Return <sup>(b)</sup>** | 13.72% | 41.98% | 21.32% | (22.36)% | 39.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $84899 | $53896 | $33502 | $31913 | $68584 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.03% | 1.14% | 1.23% | 1.19% | 1.02% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.91% | 0.87% | 0.88% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.25% | 0.28% | 0.32% | 0.02% | (0.07)% |
| Portfolio turnover<sup>(c)(d)</sup> | 20% | 19% | 19% | 25% | 38% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Unconstrained Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $50.64 | $35.73 | $29.47 | $38.00 | $27.43 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.07 | 0.07 | 0.08 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.87 | 14.92 | 6.18 | (8.51) | 10.72 |
| Total from investment operations | 6.94 | 14.99 | 6.26 | (8.53) | 10.66 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.08) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.08) |
| Total from distributions | (0.06) | (0.08) |  |  | (0.09) |
| **Net asset value, end of year** | $57.52 | $50.64 | $35.73 | $29.47 | $38.00 |
| **Total Return <sup>(b)</sup>** | 13.71% | 42.01% | 21.24% | (22.45)% | 38.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $173035 | $57800 | $13592 | $10313 | $10238 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.14% | 1.27% | 1.42% | 1.31% | 1.12% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.02% | 0.97% | 0.98% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.13% | 0.15% | 0.23% | (0.04)% | (0.17)% |
| Portfolio turnover<sup>(c)(d)</sup> | 20% | 19% | 19% | 25% | 38% |

---

(a) Per
 share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio
 turnover is calculated on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares.

(d) 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.*

**FullerThaler Behavioral Unconstrained Equity Fund – A Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> September 30,**<br>**2021<sup>(a)</sup>** |
| **Net asset value, beginning of year** | $50.35 | $35.51 | $29.36 | $37.99 | $37.77 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.11) | (0.13) | (0.03) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.88 | 14.97 | 6.18 | (8.49) | 0.30 |
| Total from investment operations | 6.77 | 14.84 | 6.15 | (8.63) | 0.22 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  |  |  |  |
| Total from distributions | (0.03) |  |  |  |  |
| **Net asset value, end of year** | $57.09 | $50.35 | $35.51 | $29.36 | $37.99 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 13.45% | 41.79% | 20.95% | (22.72)% | 0.58 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $7028 | $1628 | $57 | $37 | $47 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.44% | 1.58% | 1.73% | 1.56% | 1.31 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.35% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.21)% | (0.29)% | (0.09)% | (0.38)% | (0.61)%<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 20% | 19% | 19% | 25% | 38 %<sup>(d)</sup> |

---

(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.*

**FullerThaler Behavioral Unconstrained Equity Fund – C Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> September 30,**<br>**2021<sup>(a)</sup>** |
| **Net asset value, beginning of year** | $49.74 | $35.10 | $29.12 | $37.93 | $37.77 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.34) | (0.36) | (0.20) | (0.28) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 6.86 | 15.00 | 6.18 | (8.53) | 0.30 |
| Total from investment operations | 6.52 | 14.64 | 5.98 | (8.81) | 0.16 |
| **Net asset value, end of year** | $56.26 | $49.74 | $35.10 | $29.12 | $37.93 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 13.11% | 41.71% | 20.54% | (23.23)% | 0.42 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $1681 | $770 | $29 | $24 | $25 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.05% | 2.11% | 2.32% | 2.21% | 2.05 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.84% | 1.80% | 1.80% | 1.80% | 1.80 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.67)% | (0.79)% | (0.58)% | (0.80)% | (1.06)%<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 20% | 19% | 19% | 25% | 38 %<sup>(d)</sup> |

---

(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.* 

**FullerThaler Behavioral Small-Mid Core Equity Fund – R6 Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended**<br> **September 30,<br> 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $39.15 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.30 |
| Total from investment operations | 0.74 |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) |
| Total from distributions | (0.36) |
| **Net asset value, end of period** | $39.53 |
| **Total Return<sup>(c)</sup>** | 1.90 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $37464 |
| Before waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.94 %<sup>(e)</sup> |
| After waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.79 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.14 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 25 %<sup>(d)</sup> |

---

(a) For the period October 7, 2024 (commencement of operations) to September 30, 2025.

(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.* 

**FullerThaler Behavioral Small-Mid Core Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $39.54 | $31.18 | $26.54 | $35.99 | $23.59 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.38 | 0.41 | 0.34 | 0.32 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 8.24 | 4.58 | (7.80) | 12.41 |
| Total from investment operations | 0.31 | 8.65 | 4.92 | (7.48) | 12.51 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.29) | (0.28) | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.84) |  |
| Total from distributions | (0.32) | (0.29) | (0.28) | (1.97) | (0.11) |
| **Net asset value, end of year** | $39.53 | $39.54 | $31.18 | $26.54 | $35.99 |
| **Total Return<sup>(b)</sup>** | 0.80% | 27.90% | 18.61% | (22.13)% | 53.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $181316 | $120481 | $41564 | $6757 | $5149 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.11% | 1.19% | 1.35% | 2.56% | 2.69% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.92% | 0.88% | 0.93% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.00% | 1.15% | 1.09% | 0.99% | 0.30% |
| Portfolio turnover<sup>(c)(d)</sup> | 25% | 19% | 41% | 37% | 35% |

---

(a) Per share net investment income has been calculated using the average shares method.

(b) 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.

(c) Portfolio turnover is calculated on the basis on the Small-Mid Core Equity Fund as a whole without distinguishing
 among the classes of shares.

(d) 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.* 

**FullerThaler Behavioral Small-Mid Core Equity Fund – A Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $39.30 | $31.05 | $26.49 | $32.58 |
| Income from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.25 | 0.28 | 0.26 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.09) | 8.20 | 4.55 | (6.26) |
| Total from investment operations | 0.16 | 8.48 | 4.81 | (6.09) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.23) | (0.25) |  |
| Total from distributions | (0.23) | (0.23) | (0.25) |  |
| **Net asset value, end of period** | $39.23 | $39.30 | $31.05 | $26.49 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 0.41% | 27.43% | 18.20% | (18.69)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1983 | $1657 | $567 | $3 |
| Before waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.39% | 1.50% | 1.62% | 2.72 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.30% | 1.26% | 1.26% | 1.26 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.67% | 0.79% | 0.82% | 1.00 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 25% | 19% | 41% | 37 %<sup>(d)</sup> |

---

(a) For the period March 10, 2022 (commencement of operations) to September 30, 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.*

 

 

**FullerThaler Behavioral Small-Mid Core Equity Fund – C Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> September 30,<br> 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $39.15 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.27 |
| Total from investment operations | 0.36 |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) |
| Total from distributions | (0.31) |
| **Net asset value, end of period** | $39.20 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 0.92 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $131 |
| Before waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.91 %<sup>(e)</sup> |
| After waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.74 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.23 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 25 %<sup>(d)</sup> |

---

(a) For the period October 7, 2024 (commencement of operations) to September 30, 2025.

(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.*

**FullerThaler Behavioral Micro-Cap Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $24.81 | $23.92 | $21.67 | $34.45 | $17.79 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.20) | 0.06 | 0.11 | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.20 | 0.83 | 2.14 | (9.86) | 16.78 |
| Total from investment operations | 3.00 | 0.89 | 2.25 | (10.03) | 16.76 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) |  |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.75) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) |  |  |  |  |
| Total from distributions | (0.03) |  |  | (2.75) | (0.10) |
| **Net asset value, end of year** | $27.78 | $24.81 | $23.92 | $21.67 | $34.45 |
| **Total Return <sup>(b)</sup>** | 12.11% | 3.72% | 10.38% | (31.87)% | 94.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $21914 | $19070 | $18044 | $13674 | $13695 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.15% | 2.14% | 2.13% | 2.19% | 2.30% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.33% | 1.32% | 1.41% | 1.45% | 1.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.81)% | 0.23% | 0.45% | (0.58)% | (0.05)% |
| Portfolio turnover<sup>(c)</sup> | 111% | 86% | 78% | 74% | 78% |

---

(a) Per share net investment income has been calculated using the average shares method.

(b) 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.

(c) 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.*

 

**FullerThaler Behavioral Mid-Cap Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | |
|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **September 30,<br> 2025** | **For the**<br> **Period Ended**<br> **September 30,**<br> **2024<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.58 | $20.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.10 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.12 | 5.46 |
| Total from investment operations | 2.22 | 5.62 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.04) |
| Total from distributions | (0.07) | (0.04) |
| **Net asset value, end of period** | $27.73 | $25.58 |
| **Total Return <sup>(c)</sup>** | 8.71% | 28.13 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $115317 | $65395 |
| Before waiver or recoupment: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.02% | 1.49 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.82% | 0.80 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.39% | 0.68 %<sup>(e)</sup> |
| Portfolio turnover<sup>(g)(h)</sup> | 19% | 13 %<sup>(d)</sup> |

---

(a) For the period October 2, 2023 (commencement of operations) to September 30, 2024.

(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 Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

(f) The expense cap changed from 0.88% to 0.79% effective January 29, 2024.

(g) Portfolio turnover is calculated on the basis on the Mid-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.*

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements** |
| *September 30, 2025* |

---

**NOTE 1. ORGANIZATION**

The FullerThaler Behavioral Small-Cap Equity Fund (the "Small-Cap Equity Fund"), the FullerThaler Behavioral Small-Cap Growth Fund (the "Small-Cap Growth Fund"), the FullerThaler Behavioral Mid-Cap Value Fund (the "Mid-Cap Value Fund"), the FullerThaler Behavioral Unconstrained Equity Fund (the "Unconstrained Equity Fund"), the FullerThaler Behavioral Small-Mid Core Equity Fund (the "Small-Mid Core Equity Fund"), the FullerThaler Behavioral Micro-Cap Equity Fund (the "Micro-Cap Equity Fund") and the FullerThaler Behavioral Mid-Cap Equity Fund (the "Mid-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 as amended and restated November 18, 2021 (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 "FullerThaler"). 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 Unconstrained Equity Fund's Investor Shares have been approved by the Board, but are not yet available for purchase. The Small-Mid Core Equity Fund currently offers four share classes: Institutional Shares, A Shares, R6 Shares and C Shares. The Micro-Cap Equity Fund and Mid-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 Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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", including Accounting Standard Update 2013-08. 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

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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.

During the fiscal year ended September 30, 2025, the following Funds had shares redeemed that included in-kind redemption transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Redemptions In-Kind** | **Redemptions In-Kind** | **Redemptions In-Kind** | **Redemptions In-Kind** | **Redemptions In-Kind** |
| <br>**Fund / Class** | **Shares** | **Value of<br> Securities** | **Cash** | **Total<br> Amount** | **Realized<br> Gains** |
| Small-Cap Equity Fund - R6 Shares | 24036018 | $1094604230 | $37920448 | $1132524678 | $775460133 |
| Small-Cap Growth Fund - R6 Shares | 20414548 | 912148182 | 23312425 | 935460607 | 373749009 |
| Mid-Cap Value Fund - R6 Shares | 2374417 | 77800804 | 2151997 | 79952801 | 29317916 |
| Unconstrained Equity Fund - R6 Shares | 1364355 | 70240876 | 1936935 | 72177811 | 25849556 |
| Small-Mid Core Equity Fund - R6 | 1393912 | 51003832 | 1389589 | 52393421 | 15132565 |
| Small-Mid Core Equity Fund - Institutional Shares | 451770 | 17559474 | 481495 | 18040969 | 4747819 |
| Micro-Cap Equity Fund - Institutional Shares | 346520 | 8617550 | 229922 | 8847472 | 4219317 |
| Mid-Cap Equity Fund - Institutional Shares | 931903 | 23554955 | 636807 | 24191762 | 7436188 |

---

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 realized 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.

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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). 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. The calendar year-end classification of distributions received from real estate investment trusts (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 the underlying K-1. 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.

**Securities Lending** – The Trust has entered into a Securities Lending Agreement ("SLA") with Mitsubishi UFJ Trust and Banking Corp. ("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

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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 Invesco Government & Agency Portfolio, as noted in each lending Fund's respective Schedule of Investments. Cash collateral is also invested in deposit accounts as part of the IntraFi Network Deposit Placement Agreement. IntraFi Network Deposits is a service that provides FDIC insurance for large deposits through a network of banks. 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 Mitsubishi 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 September 30, 2025, the value of securities loaned and cash collateral received are as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of Securities Loaned** | **Cash Collateral Received** |
| Small-Cap Equity Fund | $269594905 | $275772450 |
| Small-Cap Growth Fund | 189681246 | 194061305 |
| Mid-Cap Value Fund | 51195290 | 52676466 |
| Unconstrained Equity Fund |  |  |
| Small-Mid Core Equity Fund |  |  |
| Micro-Cap Equity Fund | 600908 | 663776 |
| Mid-Cap Equity Fund |  |  |

---

**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.

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

**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.

For the fiscal year ended September 30, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  | **Paid-In Capital** | **Accumulated**<br> **Earnings (Deficit)** |
| Small-Cap Equity Fund | $956043514 | $(956043514) |
| Small-Cap Growth Fund | 366372337 | (366372337) |
| Mid-Cap Value Fund | 28091169 | (28091169) |
| Unconstrained Equity Fund | 25403810 | (25403810) |
| Small-Mid Core Equity Fund | 19376524 | (19376524) |
| Micro-Cap Equity Fund | 4168626 | (4168626) |
| Mid-Cap Equity Fund | 7433780 | (7433780) |

---

**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

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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.

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 or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Adviser has adopted written policies and

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Small-Cap Equity Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $10351744893 | $— | $— | $10351744893 |
| Collateral for Securities Loaned | 51762489 |  |  | 51762489 |
| Money Market Funds | 835173542 |  |  | 835173542 |
| Total | $11238680924 | $— | $— | $11238680924 |
| **Small-Cap Growth Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $3397601774 | $— | $— | $3397601774 |
| Collateral for Securities Loaned | 36425307 |  |  | 36425307 |
| Money Market Funds | 17438015 |  |  | 17438015 |
| Total | $3451465096 | $— | $— | $3451465096 |
| **Mid-Cap Value Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $372553279 | $— | $— | $372553279 |
| Collateral for Securities Loaned | 9887373 |  |  | 9887373 |
| Total | $382440652 | $— | $— | $382440652 |
| **Unconstrained Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $257723694 | $— | $— | $257723694 |
| **Small-Mid Core Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $215677245 | $— | $— | $215677245 |
| **Micro-Cap Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $21770957 | $— | $— | $21770957 |
| Collateral for Securities Loaned | 124591 |  |  | 124591 |
| Total | $21895548 | $— | $— | $21895548 |
| **Mid-Cap Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $110598995 | $— | $— | $110598995 |

---

<sup>(a)</sup> Refer to Schedule of Investments for industry classifications.

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

The Funds did not hold any investments during or at the end of the reporting period in 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.

**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<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
| Investment Adviser fee rate | 0.60% | 0.85% | 0.74% | 0.85% | 0.74% | 1.00% | 0.75% |
| Investment Adviser fee earned | $62420437 | $21930384 | $2974927 | $1590608 | $1282965 | $288678 | $707873 |
| Fees waived and/or expenses reimbursed by Adviser | $— | $(2100872) | $(662732) | $(228193) | $(295466) | $(162519) | $(185113) |
| Payable to / (Receivable from) Adviser | $5563524 | $2093044 | $177857 | $151272 | $111581 | $11791 | $52894 |

---

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest (other than custodial overdraft fees and expenses associated with the 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 Fund's business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Fund in any fiscal year) do not exceed the following percentages of each Fund's average daily net assets through January 31, 2026 ("Expense Limitation"):

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**R6 Shares** | **Institutional**<br>**Shares** | **Investor**<br>**Shares** | <br>**A Shares** | <br>**C Shares** |
| Small-Cap Equity Fund |  |  |  |  |  |
| Small-Cap Growth Fund | 0.87% | 0.97% | 1.26% | 1.31% | 1.81% |
| Mid-Cap Value Fund | 0.69% | 0.79% | 1.15% | 1.20% | 1.70% |
| Unconstrained Equity Fund | 0.87% | 0.97% |  | 1.30% | 1.80% |
| Small-Mid Core Equity Fund | 0.77% | 0.87% |  | 1.26% | 1.76% |
| Micro-Cap Equity Fund |  | 1.29% |  |  |  |
| Mid-Cap Equity |  | 0.79% |  |  |  |

---

Prior to January 29, 2025, the Adviser contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest (other than custodial overdraft fees and expenses associated with the 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 Fund's business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Fund in any fiscal year) did not exceed 0.75% and 0.85% for the R6 Shares and Institutional Shares of the Mid-Cap Value Fund; 0.93% for the Institutional Shares of the Small-Mid Core Equity Fund; and 1.40% for the Institutional Shares of the Micro-Cap Equity Fund.

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.

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

As of September 30, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Recoverable Through** | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** |
| September 30, 2026 | $— | $299044 | $353753 | $160352 |
| September 30, 2027 |  | 1142539 | 820587 | 187338 |
| September 30, 2028 |  | 2100872 | 662732 | 228193 |
|  | $— | $3542455 | $1837072 | $575883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Through** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
| September 30, 2026 | $118926 | $110062 | $— |
| September 30, 2027 | 221795 | 155207 | 173776 |
| September 30, 2028 | 295466 | 162519 | 185113 |
|  | $636187 | $427788 | $358889 |

---

The Trust retains Ultimus Fund Solutions, LLC (the "Administrator") to provide the Funds with administration, fund accounting and transfer agent services, including all regulatory reporting. Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust.

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 required retirement as a Trustee at age 78 (which may be extended for up to two years in an emeritus 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 $2,000 per Fund and $500 per Fund for each quarterly Board meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings.

The officers 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 Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

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

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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 fiscal year ended September 30, 2025, 12b-1 expenses incurred by the Funds were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distribution Fees** | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity<br> Fund** |
| Investor Shares | $1491037 | $153748 | $18124 | $— | $— |
| A Shares | 58889 | 46970 | 6294 | 10366 | 4588 |
| C Shares | 127954 | 210984 | 14451 | 12020 | 756 |
| Payable for 12b-1 fees | 98773 | 40202 | 5190 | 3734 | 223 |

---

During the fiscal year ended September 30, 2025, the Distributor retained the following amounts in sales commissions from the sales of A Shares of the Funds:

---

| | |
|:---|:---|
| Small-Cap Equity Fund | $1429 |
| Small-Cap Growth Fund | 18590 |
| Mid-Cap Value Fund | 1095 |
| Unconstrained Equity Fund | 1359 |
| Small-Mid Core Equity Fund | 1617 |

---

During the fiscal year ended September 30, 2025, the Distributor received the following amounts in contingent deferred sales charges related to redemptions of C Shares of the Funds:

---

| | |
|:---|:---|
| Small-Cap Equity Fund | $5249 |
| Small-Cap Growth Fund | 86018 |
| Mid-Cap Value Fund | 6428 |
| Unconstrained Equity Fund | 8664 |
| Small-Mid Core Equity Fund | 1130 |

---

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

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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. Effective March 7, 2023, Institutional Shares, Investor Shares and A Shares include an allocation of up to 0.03% of service fees payable to the Adviser for certain non-distribution related shareholder services that it provides pursuant to the Plan. 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.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended September 30, 2025, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small-Cap Equity Fund | $3473793239 | $2771127083 |
| Small-Cap Growth Fund | 4522934158 | 2519574498 |
| Mid-Cap Value Fund | 192706724 | 68512479 |
| Unconstrained Equity Fund | 224812829 | 36161674 |
| Small-Mid Core Equity Fund | 199654404 | 38978079 |
| Micro-Cap Equity Fund | 30787483 | 22021500 |
| Mid-Cap Equity Fund | 78900118 | 17054572 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended September 30, 2025.

For the fiscal year ended September 30, 2025, in-kind purchases and sales transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind Purchases** | **In-Kind Sales** |
| Small-Cap Equity Fund | $– $| 1094604230 |
| Small-Cap Growth Fund | – | 912148182 |
| Mid-Cap Value Fund | – | 77800804 |
| Unconstrained Equity Fund | – | 70240876 |
| Small-Mid Core Equity Fund | – | 68563306 |
| Micro-Cap Equity Fund | – | 8617550 |
| Mid-Cap Equity Fund | – | 23554955 |

---

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

**NOTE 6. FEDERAL TAX INFORMATION**

At September 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small-Cap**<br> **Equity Fund** | **Small-Cap**<br> **Growth Fund** | **Mid-Cap**<br> **Value Fund** | **Unconstrained**<br> **Equity Fund** |
| Gross unrealized appreciation | $2840282028 | $693404690 | $18245429 | $29009956 |
| Gross unrealized depreciation | (201690465) | (122840169) | (48856052) | (7092289) |
| Net unrealized appreciation/(depreciation) on investments | $2638591563 | $570564521 | $(30610623) | $21917667 |
| Tax cost of investments | $8600089361 | $2880900575 | $413051275 | $235806027 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Mid**<br>**Core Equity**<br>**Fund** |<br>**Micro-Cap**<br>**Equity Fund** |<br>**Mid-Cap**<br>**Equity Fund** |
| Gross unrealized appreciation | $14865017 | $3681340 | $11479243 |
| Gross unrealized depreciation | (13501813) | (1332440) | (2742672) |
| Net unrealized appreciation/(depreciation) on investments | $1363204 | $2348900 | $8736571 |
| Tax cost of investments | $214314041 | $19546648 | $101862424 |

---

The tax character of distributions paid for the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Unconstrained<br> Equity Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |  |  |
| Ordinary income<sup>(a)</sup> | $76359703 | $77800214 | $— | $— | $5746616 | $6226989 | $192999 | $157111 |
| Long-term capital gains | 702584344 | 64729417 |  |  |  |  |  |  |
| Total distributions paid | $778944047 | $142529631 | $— | $— | $5746616 | $6226989 | $192999 | $157111 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Mid<br> Core Equity<br> Fund** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income<sup>(a)</sup> | $1061171 | $433020 | $16290 | $— | $250877 | $17386 |
| Tax return of capital |  |  | 8910 |  |  |  |
| Long-term capital gains |  |  |  |  |  |  |
| Total distributions paid | $1061171 | $433020 | $25200 | $— | $250877 | $17386 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

At September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity Fund** | **Micro-Cap<br> Equity Fund** |
| Undistributed Ordinary Income | $46397952 | $— | $4856959 | $233478 | $1268694 | $— |
| Undistributed Long-Term Capital Gains |  |  |  |  |  |  |
| Accumulated Capital and Other Losses |  | (387250355) | (4013067) | (8428621) | (6442924) | (7786393) |
| Unrealized Appreciation (Depreciation) on Investments<sup>(a)</sup> | 2638591563 | 570564521 | (30610623) | 21917667 | 1363204 | 2348900 |
| Total Accumulated Earnings (Deficits) | $2684989515 | $183314166 | $(29766731) | $13722524 | $(3811026) | $(5437493) |

---

---

| | |
|:---|:---|
|  | **Mid-Cap<br> Equity Fund** |
| Undistributed Ordinary Income | $292877 |
| Undistributed Long-Term Capital Gains |  |
| Accumulated Capital and Other Losses | (4188845) |
| Unrealized Appreciation on Investments<sup>(a)</sup> | 8736571 |
| Total Accumulated Earnings | $4840603 |

---

<sup>(a)</sup> 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.

As of September 30, 2025, the following Funds had net capital loss carryforwards which are available to offset future net capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | **Short-term**<br>**gains** | **Long-term**<br>**gains** |
| **FullerThaler Behavioral Small-Cap Growth Fund** | $374719206 | $— |
| **FullerThaler Behavioral Mid-Cap Value Fund** | 1652450 | 2360617 |
| **FullerThaler Behavioral Unconstrained Equity Fund** | 5422582 | 3006040 |
| **FullerThaler Behavioral Small–Mid Core Equity Fund** | 4172308 | 2270616 |
| **FullerThaler Behavioral Micro-Cap Equity Fund** | 6461242 | 1182840 |
| **FullerThaler Behavioral Mid-Cap Equity Fund** | 3515749 | 673096 |

---

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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. For the tax year ended September 30, 2025, the Small-Cap Growth Fund and the Micro-Cap Equity Fund had Qualified Late Year Ordinary Losses in the amount of $12,531,148 and $142,311, respectively.

**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 September 30, 2025, the Small-Cap Equity Fund had 29.0% of the value of its net assets invested in securities within the Industrials sector, the Small-Cap Growth Fund had 30.7% of the value of its net assets invested in the Technology sector and the Unconstrained Fund had 28.1% of the value of its net assets invested in securities within the Technology sector, respectively.

**NOTE 8. IDEMNIFICATIONS**

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%

---

| |
|:---|
| **FullerThaler Funds** |
| **Notes to the Financial Statements (continued)** |
| *September 30, 2025* |

---

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. Reflow fees charged to the Funds are not subject to the Expense Limitation, as described in Note 4.

During the fiscal year ended September 30, 2025, the following Funds utilized ReFlow:

---

| | | | |
|:---|:---|:---|:---|
|  | **ReFlow Purchased<br> Shares** | **Reflow<br> Amount** | **ReFlow Service<br> Fees** |
| Small-Cap Equity Fund | 29146088 | $1206215116 | $1626915 |
| Small-Cap Growth Fund | 23536893 | 972299727 | 1512248 |
| Mid-Cap Value Fund | 2640959 | 89006415 | 124020 |
| Unconstrained Equity Fund | 1428812 | 74541320 | 95379 |
| Small-Mid Core Equity Fund | 2046608 | 78022614 | 100847 |
| Micro-Cap Equity Fund | 348939 | 8737060 | 11444 |
| Mid-Cap Equity Fund | 1069983 | 25025569 | 34036 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of FullerThaler Behavioral Small-Cap Equity Fund, FullerThaler Behavioral Small-Cap Growth Fund, FullerThaler Behavioral Mid-Cap Value Fund, FullerThaler Behavioral Unconstrained Equity Fund, FullerThaler Behavioral Small-Mid Core Equity Fund, FullerThaler Behavioral Micro-Cap Equity Fund, and FullerThaler Behavioral Mid-Cap Equity Fund and the Board of Trustees of Capitol Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of FullerThaler Behavioral Small-Cap Equity Fund, FullerThaler Behavioral Small-Cap Growth Fund, FullerThaler Behavioral Mid-Cap Value Fund, FullerThaler Behavioral Unconstrained Equity Fund, FullerThaler Behavioral Small-Mid Core Equity Fund, FullerThaler Behavioral Micro-Cap Equity Fund, and FullerThaler Behavioral Mid-Cap Equity Fund (collectively referred to as the "Funds") (seven of the funds constituting Capitol Series Trust (the "Trust")), including the schedules of investments, as of September 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting Capitol Series Trust) at September 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting<br> the Capitol Series Trust** | **Statement of<br> Operations** | **Statements of<br> Changes in Net<br> Assets** | **Financial<br> Highlights** |
| FullerThaler Behavioral Small-Cap Equity Fund<br> FullerThaler Behavioral Small-Cap Growth Fund<br> FullerThaler Behavioral Mid-Cap Value Fund<br> FullerThaler Behavioral Unconstrained Equity Fund<br> FullerThaler Behavioral Small-Mid Core Equity Fund<br> FullerThaler Behavioral Micro-Cap Equity Fund | For the year ended September 30, 2025 | For each of the two years in the period ended September 30, 2025 | For each of the five years in the period ended September 30, 2025 |
| FullerThaler Behavioral Mid-Cap Equity Fund | For the year ended September 30, 2025 | For the year ended September 30, 2025 and the period from October 2, 2023 (commencement of operations) to September 30, 2024 | For the year ended September 30, 2025 and the period from October 2, 2023 (commencement of operations) to September 30, 2024 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the

**Report of Independent Registered Public Accounting Firm**

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_003.jpg)

We have served as the auditor of one or more Capitol Series Trust investment companies since 2017.

Cincinnati, Ohio

November 26, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** |
| Qualified Dividend Income | 100% | 0% | 100% | 100% | 100% | 100% |

---

---

| | |
|:---|:---|
|  | **Mid-Cap**<br>**Equity Fund** |
| Qualified Dividend Income | 100% |

---

**Qualified Business Income.** The Funds designate the following percentage of ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** |
| Qualified Business Income | 0% | 0% | 0% | 0% | 0% | 0% |

---

---

| | |
|:---|:---|
|  | **Mid-Cap**<br>**Equity Fund** |
| Qualified Business Income | 0% |

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds' dividend distribution that qualifies under tax law. For the Funds' calendar year 2026 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid<br> Core Equity<br> Fund** | **Micro-Cap<br> Equity Fund** |
| Dividends Received Deduction | 100% | –% | 100% | 100% | 100% | 100% |

---

---

| | |
|:---|:---|
|  | **Mid-Cap**<br>**Equity Fund** |
| Dividends Received Deduction | 100% |

---

**Additional Federal Income Tax Information (Unaudited) (continued)**

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Micro-Cap<br> Equity Fund** |
| Long-Term Capital Gains Distributions | $884016317 | $– $– $– $– $|  |

---

---

| | | |
|:---|:---|:---|
|  | | **Mid-Cap**<br>**Equity Fund** |
| Long-Term Capital Gains Distributions | $|  |

---

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

![](img_001.jpg)

**Guardian Capital Dividend Growth Fund**

*Institutional Shares – DIVGX*

**Guardian Capital Fundamental Global Equity Fund**

*Institutional Shares – GFGEX*

**Alta Quality Growth Fund**

*Institutional Shares – AQLGX*

**Annual Financial Statements and**

**Additional Information**

**September 30, 2025**

**Guardian Capital Dividend Growth Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 97.74%** |  |  |
| **Canada — 3.73%** |  |  |
| **Financials — 3.73%** |  |  |
| Royal Bank of Canada | 10509 | $1549180 |
| **Total Canada** |  | 1549180 |
| **France — 10.40%** |  |  |
| **Energy — 2.36%** |  |  |
| TotalEnergies S.E. - ADR | 16387 | 978140 |
| **Financials — 5.06%** |  |  |
| AXA S.A. | 44111 | 2104567 |
| **Health Care — 0.57%** |  |  |
| Sanofi - ADR | 5043 | 238030 |
| **Industrials — 2.41%** |  |  |
| Schneider Electric S.E. - ADR | 17865 | 1000797 |
| **Total France** |  | 4321534 |
| **Germany — 4.55%** |  |  |
| **Financials — 4.55%** |  |  |
| Allianz S.E. | 4504 | 1889798 |
| **Total Germany** |  | 1889798 |
| **India — 1.41%** |  |  |
| **Financials — 1.41%** |  |  |
| ICICI Bank Ltd. - ADR | 19310 | 583741 |
| **Total India** |  | 583741 |
| **Netherlands — 6.13%** |  |  |
| **Technology — 6.13%** |  |  |
| ASML Holding N.V. | 1432 | 1386305 |
| Wolters Kluwer N.V. - ADR | 8439 | 1157493 |
| **Total Netherlands** |  | 2543798 |
| **United Kingdom — 3.06%** |  |  |
| **Consumer Staples — 0.90%** |  |  |
| Unilever PLC - ADR | 6297 | 373286 |
| **Health Care — 2.16%** |  |  |
| AstraZeneca PLC - ADR | 11682 | 896242 |
| **Total United Kingdom** |  | 1269528 |
| **United States — 68.46%** |  |  |
| **Communications — 5.59%** |  |  |
| Alphabet, Inc., Class A | 5030 | 1222793 |

---

*See accompanying notes which are an integral part of these financial statements.*

 

**Guardian Capital Dividend Growth Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 97.74% - (continued)** |  |  |
| **United States — 68.46% - (continued)** |  |  |
| **Communications — 5.59% - (continued)** |  |  |
| Meta Platforms, Inc., Class A | 1498 | $1100101 |
|  |  | 2322894 |
| **Consumer Discretionary — 7.22%** |  |  |
| Darden Restaurants, Inc. | 2871 | 546524 |
| Home Depot, Inc. (The) | 1976 | 800655 |
| McDonald's Corp. | 2663 | 809259 |
| TJX Companies, Inc. (The) | 5826 | 842090 |
|  |  | 2998528 |
| **Consumer Staples — 5.75%** |  |  |
| Costco Wholesale Corp. | 2081 | 1926236 |
| Procter & Gamble Co. (The) | 3016 | 463409 |
|  |  | 2389645 |
| **Energy — 7.63%** |  |  |
| EOG Resources, Inc. | 2282 | 255858 |
| Shell PLC - ADR | 14016 | 1002564 |
| Williams Cos., Inc. (The) | 30191 | 1912600 |
|  |  | 3171022 |
| **Financials — 4.50%** |  |  |
| Hartford Financial Services Group, Inc. (The) | 6571 | 876506 |
| MasterCard, Inc., Class A | 1744 | 992005 |
|  |  | 1868511 |
| **Health Care — 5.61%** |  |  |
| AbbVie, Inc. | 3277 | 758757 |
| Amgen, Inc. | 1017 | 286997 |
| Eli Lilly & Co. | 393 | 299859 |
| Johnson & Johnson | 5304 | 983468 |
|  |  | 2329081 |
| **Industrials — 7.67%** |  |  |
| Illinois Tool Works, Inc. | 1024 | 267018 |
| Parker-Hannifin Corp. | 556 | 421531 |
| Republic Services, Inc. | 5411 | 1241717 |
| W.W. Grainger, Inc. | 386 | 367843 |
| Waste Management, Inc. | 4027 | 889282 |
|  |  | 3187391 |
| **Materials — 1.37%** |  |  |
| Air Products & Chemicals, Inc. | 2087 | 569167 |
| **Real Estate — 2.25%** |  |  |
| Equinix, Inc. | 1195 | 935972 |
| **Technology — 19.72%** |  |  |
| Apple, Inc. | 9047 | 2303637 |
| Broadcom, Inc. | 7111 | 2345990 |
| Microsoft Corp. | 4972 | 2575247 |
| Motorola Solutions, Inc. | 2102 | 961224 |
|  |  | 8186098 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Dividend Growth Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 97.74% - (continued)** |  |  |
| **United States — 68.46% - (continued)** |  |  |
| **Utilities — 1.15%** |  |  |
| WEC Energy Group, Inc. | 4167 | $477497 |
| **Total United States** |  | 28435806 |
| **Total Common Stocks<br> (Cost $35,134,690)** |  | 40593385 |
| **Money Market Funds - 2.18%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 3.97%<sup>(a)</sup> | 905176 | 905176 |
| **Total Money Market Funds<br> (Cost $905,176)** |  | 905176 |
| **Total Investments — 99.92%<br> (Cost $36,039,866)** |  | 41498561 |
| **Other Assets in Excess of Liabilities — 0.08%** |  | 33734 |
| **Net Assets — 100.00%** |  | $41532295 |

---

(a) Rate disclosed is the seven day
 effective yield as of September 30, 2025.

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**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 98.72%** |  |  |
| **China — 5.37%** |  |  |
| **Consumer Discretionary — 5.37%** |  |  |
| Yum China Holdings, Inc. | 63822 | $2739240 |
| **Total China** |  | 2739240 |
| **Denmark — 8.70%** |  |  |
| **Health Care — 4.18%** |  |  |
| Coloplast A/S, Class B | 8371 | 714887 |
| Novo Nordisk A/S, Class B | 26197 | 1420006 |
|  |  | 2134893 |
| **Materials — 4.52%** |  |  |
| Novozymes A/S, Class B | 37632 | 2302920 |
| **Total Denmark** |  | 4437813 |
| **France — 15.65%** |  |  |
| **Consumer Staples — 5.71%** |  |  |
| L'Oréal S.A. | 6745 | 2917977 |
| **Health Care — 6.98%** |  |  |
| EssilorLuxottica S.A. | 10968 | 3553848 |
| **Technology — 2.96%** |  |  |
| Dassault Systems SE | 45122 | 1510247 |
| **Total France** |  | 7982072 |
| **Ireland — 2.73%** |  |  |
| **Technology — 2.73%** |  |  |
| Accenture PLC, Class A | 5644 | 1391810 |
| **Total Ireland** |  | 1391810 |
| **Japan — 2.41%** |  |  |
| **Industrials — 2.41%** |  |  |
| Keyence Corp. | 3300 | 1231480 |
| **Total Japan** |  | 1231480 |
| **Switzerland — 2.53%** |  |  |
| **Consumer Staples — 2.53%** |  |  |
| Nestle S.A. | 14037 | 1288563 |
| **Total Switzerland** |  | 1288563 |
| **United Kingdom — 8.54%** |  |  |
| **Consumer Staples — 5.19%** |  |  |
| Reckitt Benckiser Group PLC | 34391 | 2644714 |
| **Industrials — 3.35%** |  |  |
| Intertek Group PLC | 26866 | 1706156 |
| **Total United Kingdom** |  | 4350870 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Fundamental Global Equity Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 98.72% - (continued)** |  |  |
| **United States — 52.79%** |  |  |
| **Communications — 5.98%** |  |  |
| Booking Holdings, Inc. | 565 | $3050588 |
| **Consumer Discretionary — 3.58%** |  |  |
| Nike, Inc., Class B | 26178 | 1825392 |
| **Consumer Staples — 3.77%** |  |  |
| Colgate-Palmolive Co. | 24023 | 1920399 |
| **Financials — 14.52%** |  |  |
| CME Group, Inc. | 15956 | 4311152 |
| MasterCard, Inc., Class A | 5440 | 3094326 |
|  |  | 7405478 |
| **Health Care — 9.77%** |  |  |
| Illumina, Inc.<sup>(a)</sup> | 13007 | 1235275 |
| UnitedHealth Group, Inc. | 6996 | 2415719 |
| Waters Corp.<sup>(a)</sup> | 4441 | 1331456 |
|  |  | 4982450 |
| **Industrials — 1.93%** |  |  |
| Verisk Analytics, Inc. | 3906 | 982398 |
| **Technology — 13.24%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 3300 | 1164075 |
| Automatic Data Processing, Inc. | 4784 | 1404104 |
| MarketAxess Holdings, Inc. | 9702 | 1690574 |
| Microsoft Corp. | 4813 | 2492893 |
|  |  | 6751646 |
| **Total United States** |  | 26918351 |
| **Total Common Stocks<br> (Cost $47,434,220)** |  | 50340199 |
| **Money Market Funds - 0.64%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Treasury Portfolio, Institutional Class, 3.99%<sup>(b)</sup> | 326693 | 326693 |
| **Total Money Market Funds<br> (Cost $326,693)** |  | 326693 |
| **Total Investments — 99.36%<br> (Cost $47,760,913)** |  | 50666892 |
| **Other Assets in Excess of Liabilities — 0.64%** |  | 328321 |
| **Net Assets — 100.00%** |  | $50995213 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of September
 30, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**Alta Quality Growth Fund**

**Schedule of Investments**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 99.68%** |  |  |
| **Argentina — 2.93%** |  |  |
| **Consumer Discretionary — 2.93%** |  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 670 | $1565750 |
| **Total Argentina** |  | 1565750 |
| **Netherlands — 3.33%** |  |  |
| **Technology — 3.33%** |  |  |
| ASML Holding N.V. | 1835 | 1776445 |
| **Total Netherlands** |  | 1776445 |
| **United States — 93.42%** |  |  |
| **Communications — 17.00%** |  |  |
| Alphabet, Inc., Class A | 16800 | 4084080 |
| Booking Holdings, Inc. | 314 | 1695371 |
| Meta Platforms, Inc., Class A | 2920 | 2144390 |
| VeriSign, Inc. | 4119 | 1151549 |
|  |  | 9075390 |
| **Consumer Discretionary — 13.78%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 13755 | 3020185 |
| AutoZone, Inc.<sup>(a)</sup> | 385 | 1651742 |
| Copart, Inc.<sup>(a)</sup> | 18965 | 852856 |
| TJX Companies, Inc. (The) | 12660 | 1829877 |
|  |  | 7354660 |
| **Financials — 11.99%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2700 | 1357398 |
| Kinsale Capital Group, Inc. | 2100 | 893046 |
| MasterCard, Inc., Class A | 3200 | 1820192 |
| S&P Global, Inc. | 2630 | 1280047 |
| Visa, Inc., Class A | 3073 | 1049061 |
|  |  | 6399744 |
| **Health Care — 5.05%** |  |  |
| Thermo Fisher Scientific, Inc. | 2800 | 1358056 |
| Zoetis, Inc., Class A | 9150 | 1338828 |
|  |  | 2696884 |
| **Industrials — 10.24%** |  |  |
| Amphenol Corp., Class A | 22000 | 2722499 |
| Eaton Corp. PLC | 3630 | 1358528 |
| Waste Management, Inc. | 6265 | 1383500 |
|  |  | 5464527 |
| **Materials — 2.27%** |  |  |
| Sherwin-Williams Co. (The) | 3500 | 1211910 |
| **Technology — 31.04%** |  |  |
| Apple, Inc. | 9900 | 2520837 |
| Autodesk, Inc.<sup>(a)</sup> | 1820 | 578159 |
| Booz Allen Hamilton Holding Corp. | 8330 | 832584 |
| Broadcom, Inc. | 7220 | 2381950 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Alta Quality Growth Fund**

**Schedule of Investments (continued)**

*September 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Common Stocks — 99.68% - (continued)** |  |  |
| **United States — 93.42% - (continued)** |  |  |
| **Technology — 31.04% - (continued)** |  |  |
| Fiserv, Inc.<sup>(a)</sup> | 11900 | $1534267 |
| Intuit, Inc. | 1665 | 1137045 |
| Microsoft Corp. | 7800 | 4040011 |
| NVIDIA Corp. | 19000 | 3545020 |
|  |  | 16569873 |
| **Utilities — 2.05%** |  |  |
| Constellation Energy Corp. | 3320 | 1092512 |
| **Total United States** |  | 49865500 |
| **Total Common Stocks/Investments — 99.68%<br> (Cost $36,724,124)** |  | $53207695 |
| **Other Assets in Excess of Liabilities — 0.32%** |  | 170628 |
| **Net Assets — 100.00%** |  | $53378323 |

---

(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**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Capital<br> Dividend<br> Growth Fund** | **Guardian<br> Capital<br> Fundamental<br> Global Equity<br> Fund** | **Alta Quality<br> Growth Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $36,039,866, $47,760,913 and $36,724,124) | $41498561 | $50666892 | $53207695 |
| Cash and cash equivalents |  |  | 641060 |
| Receivable for fund shares sold | 10841 | 5208 |  |
| Receivable for investments sold |  | 150096 |  |
| Dividends and interest receivable | 20809 | 43927 | 6580 |
| Tax reclaims receivable | 34247 | 169453 | 1558 |
| Prepaid expenses | 12220 | 13547 | 12297 |
| **Total Assets** | 41576678 | 51049123 | 53869190 |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 2103 |  | 37296 |
| Payable for investments purchased |  |  | 417873 |
| Payable for distributions to shareholders | 8331 |  |  |
| Payable to Adviser | 12712 | 26499 | 16909 |
| Payable to affiliates | 8638 | 8856 | 8796 |
| Payable to auditors | 4208 | 4208 | 4208 |
| Payable to trustees | 226 | 226 | 226 |
| Other accrued expenses | 8165 | 14121 | 5559 |
| **Total Liabilities** | 44383 | 53910 | 490867 |
| **Net Assets** | $41532295 | $50995213 | $53378323 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $27115368 | $41824748 | $29647764 |
| Accumulated earnings | 14416927 | 9170465 | 23730559 |
| **Net Assets** | $41532295 | $50995213 | $53378323 |
| **Institutional Shares:** |  |  |  |
| Net Assets | $41532295 | $50995213 | $53378323 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2249649 | 4080040 | 2926284 |
| Net asset value, offering and redemption price per share | $18.46 | $12.50 | $18.24 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Funds**

**Statements of Operations**

*For the year ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Capital<br> Dividend<br> Growth Fund** | **Guardian<br> Capital<br> Fundamental<br> Global Equity<br> Fund** | **Alta Quality<br> Growth Fund** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $75,829, $88,795 and $5,082) | $808417 | $1555835 | $349093 |
| **Total investment income** | 808417 | 1555835 | 349093 |
| **Expenses** |  |  |  |
| Adviser | 293126 | 674268 | 416753 |
| Administration | 79792 | 88958 | 78337 |
| Registration | 26079 | 27999 | 24534 |
| Trustee | 19228 | 19228 | 19228 |
| Legal | 19132 | 22132 | 19132 |
| Audit and tax preparation | 17222 | 17223 | 17222 |
| Transfer agent | 14407 | 16756 | 20023 |
| Custodian | 12099 | 54471 | 6986 |
| Compliance services | 9375 | 9431 | 9375 |
| Report printing | 7171 | 5300 | 8070 |
| Pricing | 1084 | 1569 | 601 |
| Miscellaneous | 27162 | 30203 | 28731 |
| **Total expenses** | 525877 | 967538 | 648992 |
| Fees contractually waived and expenses reimbursed by Adviser | (153104) | (130542) | (208263) |
| Net operating expenses | 372773 | 836996 | 440729 |
| **Net investment income (loss)** | 435644 | 718839 | (91636) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain on investment securities transactions | 9067020 | 10374639 | 9363560 |
| Net realized loss on foreign currency transactions | (32108) | (124136) |  |
| Net change in unrealized depreciation of investment securities | (5365594) | (14054028) | (4182120) |
| Net change in unrealized appreciation on foreign currency translations | 1108 | 5669 |  |
| **Net realized and change in unrealized gain (loss) on investments** | 3670426 | (3797856) | 5181440 |
| **Net increase (decrease) in net assets resulting from operations** | $4106070 | $(3079017) | $5089804 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Guardian Capital Dividend<br> Growth Fund** | **Guardian Capital Dividend<br> Growth Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $435644 | $313035 |
| Net realized gain on investment securities transactions | 9034912 | 356044 |
| Net change in unrealized appreciation (depreciation) of investment securities and foreign currency translations | (5364486) | 5783858 |
| **Net increase in net assets resulting from operations** | 4106070 | 6452937 |
| **Distributions to Shareholders from:** |  |  |
| Earnings | (406395) | (321603) |
| **Total distributions** | (406395) | (321603) |
| **Capital Transactions - Institutional Shares** |  |  |
| Proceeds from shares sold | 32858896 | 318604 |
| Reinvestment of distributions | 325303 | 225783 |
| Amount paid for shares redeemed | (22816127) | (576) |
| Net increase in net assets resulting from capital transactions | 10368072 | 543811 |
| **Total Increase in Net Assets** | 14067747 | 6675145 |
| **Net Assets** |  |  |
| Beginning of year | 27464548 | 20789403 |
| **End of year** | $41532295 | $27464548 |
| **Share Transactions - Institutional Shares** |  |  |
| Shares sold | 1932275 | 20179 |
| Shares issued in reinvestment of distributions | 18697 | 14464 |
| Shares redeemed | (1336144) | (35) |
| **Net increase in shares** | 614828 | 34608 |

---

*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<br> Global Equity Fund** | **Guardian Capital Fundamental<br> Global Equity Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $718839 | $598250 |
| Net realized gain on investment securities transactions | 10250503 | 4664896 |
| Net change in unrealized appreciation (depreciation) of investment securities and foreign currency translations | (14048359) | 11608910 |
| **Net increase (decrease) in net assets resulting from operations** | (3079017) | 16872056 |
| **Distributions to Shareholders from:** |  |  |
| Earnings | (6236743) | (2590264) |
| **Total distributions** | (6236743) | (2590264) |
| **Capital Transactions - Institutional Shares** |  |  |
| Proceeds from shares sold | 18512758 | 9046296 |
| Reinvestment of distributions | 6150702 | 2530939 |
| Amount paid for shares redeemed | (57706455) | (11333692) |
| Net increase (decrease) in net assets resulting from capital transactions | (33042995) | 243543 |
| **Total Increase (Decrease) in Net Assets** | (42358755) | 14525335 |
| **Net Assets** |  |  |
| Beginning of year | 93353968 | 78828633 |
| **End of year** | $50995213 | $93353968 |
| **Share Transactions - Institutional Shares** |  |  |
| Shares sold | 1441803 | 678055 |
| Shares issued in reinvestment of distributions | 481456 | 198752 |
| Shares redeemed | (4473926) | (840695) |
| **Net increase (decrease) in shares** | (2550667) | 36112 |

---

*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** | **Alta Quality Growth Fund** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(91636) | $12122 |
| Net realized gain on investment securities transactions | 9363560 | 4969334 |
| Net change in unrealized appreciation (depreciation) of investment securities | (4182120) | 9940027 |
| **Net increase in net assets resulting from operations** | 5089804 | 14921483 |
| **Distributions to Shareholders from:** |  |  |
| Earnings | (5576665) | (73256) |
| **Total distributions** | (5576665) | (73256) |
| **Capital Transactions - Institutional Shares** |  |  |
| Proceeds from shares sold | 1179967 | 7360473 |
| Reinvestment of distributions | 5478701 | 61721 |
| Amount paid for shares redeemed | (18720034) | (14162215) |
| Net decrease in net assets resulting from capital transactions | (12061366) | (6740021) |
| **Total Increase (Decrease) in Net Assets** | (12548227) | 8108206 |
| **Net Assets** |  |  |
| Beginning of year | 65926550 | 57818344 |
| **End of year** | $53378323 | $65926550 |
| **Share Transactions - Institutional Shares** |  |  |
| Shares sold | 66613 | 444900 |
| Shares issued in reinvestment of distributions | 324375 | 3884 |
| Shares redeemed | (1097103) | (868276) |
| **Net decrease in shares** | (706115) | (419492) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Dividend Growth Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the<br> Five Months Ended<br> September 30,** | **For the<br> Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021 <sup>(a)</sup>** | **2021** |
| **Net asset value, beginning of period** | $16.80 | $12.99 | $11.24 | $12.87 | $12.68 | $9.85 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.19 | 0.22 | 0.22 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.65 | 3.82 | 1.89 | (1.63) | 0.20 | 2.82 |
| Total from investment operations | 1.83 | 4.01 | 2.11 | (1.41) | 0.31 | 2.98 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.20) | (0.22) | (0.22) | (0.12) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.14) |  |  |  |
| Total from distributions | (0.17) | (0.20) | (0.36) | (0.22) | (0.12) | (0.15) |
| **Net asset value, end of period** | $18.46 | $16.80 | $12.99 | $11.24 | $12.87 | $12.68 |
| **Total Return<sup>(b)</sup>** | 10.94% | 30.99% | 18.91% | (11.11)% | 2.42 %<sup>(c)</sup> | 30.41% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41532 | $27465 | $20789 | $17573 | $19864 | $19449 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.34% | 1.59% | 1.66% | 1.67% | 1.78 %<sup>(d)</sup> | 1.73% |
| After waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.95% | 0.95% | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.11% | 1.28% | 1.71% | 1.71% | 1.94 %<sup>(d)</sup> | 1.40% |
| Portfolio turnover rate | 66% | 8% | 7% | 25% | 6 %<sup>(c)</sup> | 47% |

---

(a) The Fund changed its fiscal year end to September 30.

(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 Fundamental Global Equity Fund – Institutional Shares**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $14.08 | $11.95 | $9.83 | $12.84 | $10.62 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.09 | 0.07 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.76) | 2.43 | 2.16 | (2.65) | 2.22 |
| Total from investment operations | (0.63) | 2.52 | 2.23 | (2.62) | 2.25 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.09) | (0.05) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (0.30) | (0.06) | (0.37) |  |
| Total from distributions | (0.95) | (0.39) | (0.11) | (0.39) | (0.03) |
| **Net asset value, end of year** | $12.50 | $14.08 | $11.95 | $9.83 | $12.84 |
| **Total Return<sup>(a)</sup>** | (4.59)% | 21.45% | 22.73% | (21.15)% | 21.19% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $50995 | $93354 | $78829 | $28247 | $29756 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.15% | 1.10% | 1.13% | 1.51% | 1.53% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.85% | 0.68% | 0.58% | 0.28% | 0.22% |
| Portfolio turnover rate | 33% | 24% | 4% | 4% | 14% |

---

(a) Total return represents the rate that the investor would have earned
 or lost on an investment in the Fund, assuming reinvestment of distributions.

*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 year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $18.15 | $14.27 | $12.56 | $17.65 | $13.80 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | — <sup>(a)</sup> | 0.01 | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.66 | 3.90 | 2.51 | (4.70) | 3.91 |
| Total from investment operations | 1.63 | 3.90 | 2.52 | (4.74) | 3.86 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | — <sup>(a)</sup> |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.54) | (0.02) | (0.81) | (0.35) |  |
| Total from distributions | (1.54) | (0.02) | (0.81) | (0.35) | (0.01) |
| **Net asset value, end of year** | $18.24 | $18.15 | $14.27 | $12.56 | $17.65 |
| **Total Return<sup>(b)</sup>** | 9.67% | 27.33% | 21.04% | (27.45)% | 27.96% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $53378 | $65927 | $57818 | $39128 | $51805 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.17% | 1.15% | 1.16% | 1.18% | 1.18% |
| After waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.16)% | 0.02% | 0.04% | (0.24)% | (0.32)% |
| Portfolio turnover rate | 28% | 27% | 22% | 19% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rounds to less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return represents the rate that the investor would have earned
 or lost on an investment in the Fund, assuming reinvestment of distributions.

*See accompanying notes which are an integral part of these financial statements.*

**Guardian Capital Funds**

**Notes to the Financial Statements**

*September 30, 2025*

**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 diversified (Guardian Dividend Fund and Alta Growth Fund) and non-diversified (Guardian Equity Fund) series 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 as amended and restated November 18, 2021 (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 Guardian Capital LP (the "Adviser"). The Alta Growth Fund's sub-adviser is Alta Capital Management, LLC ("Alta Capital"). Alta Capital and Guardian Capital are under the common control of Guardian Capital Group and as such are corporate affiliates. 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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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", including Accounting Standard Update 2013-08. 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.

**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 realized 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.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

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 are allocated to the individual funds of the Trust 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.

**Dividends and Distributions** – The Guardian Dividend Fund and the Guardian Equity Fund intend to distribute their net investment income quarterly and their 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.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

For the fiscal year ended September 30, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets.

---

| | | |
|:---|:---|:---|
|  | **Paid-In<br> Capital** | **Accumulated<br> Earnings (Deficit)** |
| **Guardian Dividend Fund** | $— | $— |
| **Guardian Equity Fund** | 2973964 | (2973964) |
| **Alta Growth Fund** | 1240497 | (1240497) |

---

**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 or transferring a liability 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

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

● 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 or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the 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)**

*September 30, 2025*

The following is a summary of the inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Guardian Dividend Fund** |  |  |  |  |
| Common Stocks <sup>(a)</sup> | $40593385 | $— | $— | $40593385 |
| Money Market Funds | 905176 |  |  | 905176 |
| Total | $41498561 | $— | $— | $41498561 |
| **Guardian Equity Fund** |  |  |  |  |
| Common Stocks <sup>(a)</sup> | $50340199 | $— | $— | $50340199 |
| Money Market Funds | 326693 |  |  | 326693 |
| Total | $50666892 | $— | $— | $50666892 |
| **Alta Growth Fund** |  |  |  |  |
| Common Stocks <sup>(a)</sup> | $53207695 | $— | $— | $53207695 |
| Total | $53207695 | $— | $— | $53207695 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Funds did not hold any investments during or at the end of the reporting period in 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.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser manages its Funds' investments under the terms of the investment advisory agreement with the Trust with respect to each Fund (each an "Agreement"). As compensation for its management services, each Fund pays the Adviser a fee based on the Fund's average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| Management fee rate | 0.75% | 0.80% | 0.75% |
| Management fees earned | $293126 | $674268 | $416753 |
| Fees waived/expenses reimbursed | $(153104) | $(130542) | $(208263) |

---

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 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%

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

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, 2026 ("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.

As of September 30, 2025, each respective Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Through** | **Guardian<br> Dividend Fund** | **Guardian**<br> **Equity Fund** | **Alta**<br> **Growth Fund** |
| September 30, 2026 | $144066 | $102610 | $183313 |
| September 30, 2027 | 154852 | 96636 | 229529 |
| September 30, 2028 | 153104 | 130542 | 208263 |

---

The Trust retains Ultimus Fund Solutions, LLC (the "Administrator") to provide the Funds with administration, fund accounting and transfer agent services, including all regulatory reporting. Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust.

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 required 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 $2,000 per Fund and $500 per Fund for each quarterly Board. 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

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

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 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 Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended September 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian**<br> **Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| **Purchases** | $35303081 | $27293329 | $15319455 |
| **Sales** | $25588288 | $65395980 | $31705285 |

---

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended September 30, 2025.

**NOTE 6. FEDERAL TAX INFORMATION**

At September 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian**<br> **Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| Gross unrealized appreciation | $5925460 | $4504756 | $17258786 |
| Gross unrealized depreciation | (454355) | (3352210) | (775216) |
| Net unrealized appreciation/(depreciation) on investments | $5471105 | $1152546 | $16483570 |
| Tax cost of investments | $36027456 | $49514346 | $36724125 |

---

The tax character of distributions paid for the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Guardian Dividend<br> Fund** | **Guardian Dividend<br> Fund** | **Guardian Equity<br> Fund** | **Guardian Equity<br> Fund** | **Alta Growth<br> Fund** | **Alta Growth<br> Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $383860 | $328123 | $594036 | $564474 | $72309 | $— |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 27891 |  | 5649102 | 2021237 | 5504356 | 73256 |
| Total | $411751 | $328123 | $6243138 | $2585711 | $5576665 | $73256 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

At September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian**<br> **Equity Fund** | &nbsp;&nbsp; **Alta<br> Growth Fund** |
| Undistributed ordinary income | $— | $— | $— |
| Undistributed long-term capital gains | 8952746 | 8005686 | 7497409 |
| Distributions payable | (8331) |  |  |
| Accumulated capital and other losses |  |  | (250420) |
| Unrealized appreciation on investments<sup>(a)</sup> | 5472512 | 1164779 | 16483570 |
| Unrealized appreciation on foreign currency translations |  |  |  |
| Total accumulated earnings | $14416927 | $9170465 | $23730559 |

---

<sup>(a)</sup> The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash losses.

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, 2025, the Alta Growth Fund deferred post October qualified losses in the amount of $67,169.

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. For the tax year ended September 30, 2025, the Alta Growth Fund had Qualified Late Year Ordinary Losses in the amount of $183,251.

For the fiscal year ended September 30, 2025, the Guardian Dividend Fund utilized short-term capital loss carryforwards and long-term capital loss carryforwards of $112,639 & $0, respectively.

**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 September 30, 2025,

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

the Alta Growth Fund had 34.4% and 25.8% of the value of its net assets invested in stocks within the Technology sector, respectively.

**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 September 30, 2025, Alexandria Bancorp Limited owned 72%, 56% and 74% of the Guardian Dividend Fund, Guardian Equity Fund and Alta Growth Fund, respectively. Raymond James owned 28% of the Guardian Dividend Fund. As a result, Alexandria Bancorp Limited and Raymond James may be deemed to control the Funds.

**NOTE 9. INDEMNIFICATIONS**

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**

GUARDIAN CAPITAL DIVIDEND GROWTH FUND

At a meeting held on October 23, 2025, the Board of Trustees (the "Board") of Capitol Series Trust (the "Trust") approved a proposed Agreement and Plan of Reorganization (the "Reorganization") of the Fund into a fund of the same name, a newly created series of Sterling Capital Funds (the "Acquiring Fund"), whereby the Acquiring Fund will acquire the assets and assume the liabilities of the Fund. The proposed Reorganization is subject to shareholder approval and certain other conditions. Guardian Capital LP ("Guardian Capital"), the investment adviser of the Fund, will serve as the subadviser of the Acquiring Fund following the Reorganization. Sterling Capital Management LLC ("Sterling Capital"), an affiliate of Guardian Capital, will serve as the adviser of the Acquiring Fund following the Reorganization.

The Acquiring Fund will have the same investment objective and substantially similar principal investment strategies and principal risks as the Fund. The same portfolio managers of the Fund, who are employees of Guardian Capital, will continue to be responsible for the day-to-day management of the Acquiring Fund. Guardian Capital will continue to handle the trading of portfolio securities for the Acquiring Fund. The management fee and expense ratio of the Acquiring Fund are expected to be the same as those of the Fund.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

The proposed Reorganization will occur by transferring all of the assets and liabilities of the Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund. As a result, shareholders of the Fund will become shareholders of the Acquiring Fund and will receive shares of the Acquiring Fund with a value equal to the aggregate net asset value of their shares of the Fund held immediately prior to the Reorganization. The proposed Reorganization is expected to be a tax-free transaction for federal income tax purposes.

The Board of the Trust has determined that the Reorganization is in the best interests of the Fund and its shareholders, and that the interests of the Fund's shareholders will not be diluted as a result of the Reorganization.

Shareholders of record of the Fund will receive a Proxy Statement/Prospectus which contains more information with respect to the proposed Reorganization. The Reorganization is expected to occur in March 2026. Until the Reorganization is complete, Guardian Capital will continue to manage the Fund in the ordinary course of business.

GUARDIAN CAPITAL FUNDAMENTAL GLOBAL EQUITY FUND & ALTA QUALITY GROWTH FUND

Based upon a recommendation by Guardian Capital LP (the "Adviser"), the Board of Trustees (the "Board") of the Trust has determined to close and liquidate each of the Guardian Capital Fundamental Global Equity Fund and the Alta Quality Growth Fund (each a "Fund" and collectively, the "Funds"). In connection with this, the Board has adopted a plan of liquidation. Please note that each Fund will be liquidating its assets at the close of business on December 3, 2025 (the "Liquidation Date"). You are welcome, however, to redeem your shares before that date.

In anticipation of the liquidation, at the close of business on October 24, 2025 the Funds stopped accepting purchases. In addition, as soon as reasonable and practicable thereafter, the Adviser began an orderly transition of each Fund's portfolio to cash and cash equivalents and each Fund will thereafter no longer be pursuing its investment objective.

Shareholders of the each Fund may redeem their investments as described in the Funds' Prospectus. Accounts not redeemed by December 2, 2025, will automatically be redeemed on the Liquidation Date, and net cash proceeds, less any required withholding, will be sent to the address of record.

If you hold your shares in an individual retirement account (an "IRA"), you have 60 days from the date you receive your proceeds to reinvest or "rollover" your proceeds into another IRA and maintain their tax-deferred status. You must notify the Funds' transfer agent at 800-957-0681 prior to the Liquidation Date of your intent to rollover your IRA account to avoid withholding deductions from your proceeds.

**Guardian Capital Funds**

**Notes to the Financial Statements (continued)**

*September 30, 2025*

If the Funds have not received your redemption request or other instruction by December 2, 2025, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the applicable Fund, subject to any required withholding. These proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed shares are held in a taxable account, and the proceeds exceed your adjusted basis in the shares redeemed.

If the redeemed shares are held in a qualified retirement account such as an IRA, the redemption proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you. Checks will be issued to all shareholders of record of the Funds as of the close of business on the Liquidation Date.

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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Alta Quality Growth Fund, Guardian Capital Dividend Growth Fund and Guardian Capital Fundamental Global Equity Fund and the Board of Trustees of Capitol Series Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Alta Quality Growth Fund, Guardian Capital Dividend Growth Fund, and Guardian Capital Fundamental Global Equity Fund (collectively referred as the "Funds") (three of the funds constituting Capitol Series Trust (the "Trust")), including the schedules of investments, as of September 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting Capitol Series Trust) at September 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting the Capitol Series Trust** | **Statement of<br> Operations** | **Statements of<br> Changes in Net Assets** | **Financial Highlights** |
| Alta Quality Growth Fund Guardian Capital Fundamental Global Equity Fund | For the year ended September 30, 2025 | For each of the two years in the period ended September 30, 2025 | For each of the five years in the period ended September 30, 2025 |
| Guardian Capital Dividend Growth Fund | For the year ended September 30, 2025 | For each of the two years in the period ended September 30, 2025 | For each of the four years ended September 30, 2025, the five-month period ended September 30, 2021, and the year ended April 30, 2021 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

**Report of Independent Registered Public Accounting Firm**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_003.jpg)

We have served as the auditor of one or more Capitol Series Trust investment companies since 2017.

Cincinnati, Ohio

November 26, 2025

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Funds designate the following percentage or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| **Qualified Dividend Income** | 100% | 100% | 100% |

---

**Qualified Business Income.** The Funds designate the following percentage of ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| **Qualified Business Income** | –% | –% | –% |

---

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Funds' dividend distribution that qualifies under tax law. For the Funds' calendar year 2026 ordinary income dividends, the following percentage qualifies for the corporate dividends received deduction.

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| **Dividends Received Deduction** | 100% | 100% | 100% |

---

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long-term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian<br> Dividend Fund** | **Guardian<br> Equity Fund** | **Alta<br> Growth Fund** |
| **Long-Term Capital Gains Distributions** | $27891 | $8623066 | $6769320 |

---

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a quarterly meeting of the Board of Trustees of Capitol Series Trust (the "Trust") on March 11 and 13, 2025, the Trust's Board of Trustees (the "Board"), which consists entirely of 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 following advisory agreements and related arrangements with respect to the Alta Quality Growth Fund (the "Alta Fund"), the Guardian Capital Dividend Growth Fund (the "Guardian Dividend Growth Fund") and the Guardian Capital Fundamental Global Equity Fund (the "Guardian Global Equity Fund," and collectively the "Guardian Funds"), each a series of the Trust:

1) Continuation of the Investment Advisory Agreements for an additional one-year period between the Trust and Guardian Capital with respect to the Guardian Funds (the "Guardian Funds Advisory Agreements");

2) Continuation of the Investment Subadvisory Agreement for an additional one-year period between Guardian Capital and its wholly owned subsidiary, GuardCap Asset Management Limited ("GuardCap") with respect to the Guardian Global Equity Fund (the "GuardCap Subadvisory Agreement"); and

3) Continuation of the Investment Subadvisory Agreement for an additional one-year period between Guardian Capital and its wholly owned subsidiary, Alta Capital Management LLC ("Alta Capital"), on behalf of the Alta Fund (the "Alta Capital Subadvisory Agreement").

The aforementioned agreements are collectively referred to herein as the "Advisory Agreements."

Prior to the meeting, the Trustees received and considered information from each of Guardian Capital, GuardCap, and Alta Capital, and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the terms of the Guardian Funds Advisory Agreements, the GuardCap Subadvisory Agreement and the Alta Capital Subadvisory Agreement including, but not limited to, each of Guardian Capital's, GuardCap's and Alta Capital's response to counsel's due diligence letters requesting information relevant to the approvals of the respective Advisory Agreements, the current operating expense limitation agreement between the Trust and Guardian Capital with respect to each Fund (the "Expense Limitation Agreements"), and peer group expense and performance data provided by Broadridge for comparison purposes (collectively, the "Support Materials") for each of the Funds.

**Additional Information (Unaudited) (continued)**

At various times, the Trustees reviewed the Support Materials with Guardian Capital, GuardCap, Alta Capital, Trust management, and with counsel to the Independent Trustees. The Trustees also noted the completeness of the Support Materials that Guardian Capital, GuardCap and Alta Capital had provided, which included materials provided in response to both initial and supplemental due diligence requests. Representatives from Guardian Capital, GuardCap and Alta Capital met with the Trustees and provided further information, including but not limited to, information concerning the following: the services that Guardian Capital provides to the Guardian Funds and the respective management fees that each Fund pays for those services; the services provided by GuardCap pursuant to the GuardCap Subadvisory Agreement; the subadvisory fee between Guardian Capital and GuardCap with respect to the Guardian Global Equity Fund; the services that Alta Capital provides on behalf of the Alta Fund under the terms of the Alta Capital Subadvisory Agreement; the subadvisory fee between Guardian Capital and Alta Capital on behalf of the Alta Fund; each Adviser's business strategy for the Funds individually and as a whole; Adviser and Subadviser resources available to service the respective Funds, including compliance resources; other investment strategies managed by Guardian Capital, GuardCap and Alta Capital; the portfolio management, research and other resources of GuardCap that are utilized in the subadvisory structure for the Guardian Global Equity Fund; Guardian Capital's oversight of GuardCap; the portfolio management, research and other resources of Alta Capital that are utilized in the subadvisory structure for the Alta Fund; Guardian Capital's oversight of Alta Capital; business continuity and succession planning; each firm's ownership structure and financial condition as reflected in its financial statements; and the profitability of the Funds to each Adviser and Subadviser. This information, together with the information provided to the Board throughout the course of the year, formed the primary, but not exclusive, basis for the Board's determinations.

Before voting to approve the Advisory Agreements, the Trustees reviewed the terms of each 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 approval each 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).

Together with the Support Materials, and after having received and reviewed investment performance, compliance, operating, and distribution reports of each Fund on a quarterly basis since that Fund's inception, the Trustees discussed the facts and factors relevant to the approval of the continuation of the Advisory Agreements, which reflected their knowledge of Guardian Capital's, GuardCap's and Alta Capital's services to each Fund, as applicable. The Trustees discussed the services that Guardian Capital, GuardCap and Alta Capital each provide to the Funds, as reflected in their respective responses, including portfolio management, stock selection, trade execution, asset allocation, proxy voting and, from their own resources, marketing activities. The Trustees also noted the comparative fee and performance information for each Fund relative to its Morningstar category and to a custom peer group compiled by Broadridge. The Trustees discussed Guardian Capital's, GuardCap's and Alta Capital's organizational structure and ownership, noting Alta Capital and GuardCap are wholly-owned subsidiary companies of Guardian Capital. The Trustees also reviewed each Fund's

**Additional Information (Unaudited) (continued)**

profitability and discussed the growth of assets of each Fund since its inception, the capital stock activity in the Funds during calendar year 2024, and each firm's continued commitments to promote the Funds. The Board also noted Guardian Capital's plans with regard to the Funds. The Trustees also noted the continuity of the portfolio management teams for each of the Funds.

In determining whether to approve the Advisory Agreements, the Trustees considered all factors they believed relevant, including the following: (1) the nature, extent, and quality of the services provided by each of Guardian Capital, GuardCap and Alta Capital to the Guardian Dividend Growth Fund, Guardian Global Equity Fund and Alta Fund, as applicable; (2) the cost of the services provided and the profits realized by each of Guardian Capital, GuardCap and Alta Capital from services rendered to the Trust with respect to the Guardian Dividend Growth Fund, Guardian Global Equity Fund and Alta Fund, as applicable; (3) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale may be realized as each Fund grows, and whether the advisory fees for each Fund reflect such economies of scale for the Fund's benefit; and (5) other financial benefits to Guardian Capital, GuardCap and Alta Capital and their affiliates resulting from services rendered to the Funds. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

Based upon the information provided to the Board throughout the course of the year and the Support Materials, the Board considered whether the overall arrangements between the Trust and each of Guardian Capital, GuardCap and Alta Capital, as set forth in the Advisory Agreements continue to be fair and reasonable in light of the services that each Adviser performs, the investment advisory fees that each Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. After reviewing the Support Materials and considering other information provided to the Board during the course of the previous year, the Board determined that it had all the information it deemed reasonably necessary to make an informed decision about the approval of the Advisory Agreements, as follows: continuation of the Guardian Funds Advisory Agreements for an additional one-year period between the Trust and Guardian Capital with respect to the Guardian Funds; continuation of the GuardCap Subadvisory Agreement for an additional one-year period between Guardian Capital and GuardCap with respect to the Guardian Global Equity Fund; and continuation of the Alta Capital Subadvisory Agreement for an additional one-year period between Guardian Capital and Alta Capital on behalf of the Alta Fund. The material factors and conclusions that formed the basis of the Trustees' determination to approve the aforementioned Advisory Agreements are summarized below.

*Guardian Dividend Growth Fund – Guardian Capital Advisory Agreement*

Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Guardian Capital provides under the Guardian Capital Advisory Agreement on behalf of the Guardian Dividend Growth Fund, noting that such services include but are not limited to the following: (1) investing the Guardian Dividend Growth Fund's assets consistent with the Fund's investment objective (the achievement of attractive dividend income coupled with long-term growth of capital) and its investment policies; (2) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (3) voting all proxies with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that Guardian Capital effects on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) performing compliance services on behalf of the Fund. They also

**Additional Information (Unaudited) (continued)**

noted that from its own resources, Guardian Capital provides marketing support services to the Fund and its intermediary partners. The Trustees noted no changes to the services that Guardian Capital provides to the Guardian Dividend Growth Fund under the terms of the Guardian Capital Advisory Agreement. The Trustees considered Guardian Capital's capitalization and its assets under management and the support and commitment of Guardian Capital's parent company. The Trustees further considered the investment philosophy and investment industry experience of the Fund's portfolio managers. The Trustees also noted the research models utilized by Guardian Capital to manage the Fund's portfolio in accordance with its investment strategy.

The Trustees evaluated the Guardian Dividend Growth Fund's performance, noting that the Fund slightly underperformed its benchmark, the MSCI World Index for the one-year, three-year, five-year, and since inception periods ended December 31, 2024, and outperformed the benchmark index for the three-year period ended December 31, 2024. The Trustees further considered the Guardian Dividend Growth Fund's performance compared to the Large-Stock Blend Morningstar category (consisting of between 85 and 100 funds for the reported time periods) and the Broadridge custom peer group. They noted that the Broadridge custom peer group was comprised of funds from the Morningstar Global Small/Mid Stock and Global Large-Stock Blend categories, with an emphasis on selecting funds that have a dividend focused strategy. In particular, the Trustees noted that the Guardian Dividend Growth Fund outperformed the Morningstar category median for the one-year, three-year, five-year and since inception periods ended December 31, 2024, ranking as follows: 28th out of 100 funds in the Morningstar category for its 16.20% one year net return performance;16th out of 97 funds in the Morningstar category for its 5.82% annualized three year net return performance; 15th out of 85 funds in the Morningstar category for its 10.58.% annualized five year net return performance; and 22nd out of 84 funds in the Morningstar category for its 11.67% annualized since inception (05/01/2019) net return performance. The Trustees also noted that the Guardian Dividend Growth Fund's performance also exceeded the Broadridge custom peer group median, ranking 4th out of 12 funds in the custom peer group for its 16.20% one-year net return performance; 2nd out of 12 funds for its 5.82% three year annualized net return performance, and 3rd out of 10 funds for both its five-year 10.58% annualized net return and its 11.67 percent since inception (5/01/2019) annualized net return. Finally, the Trustees noted that the Guardian Dividend Growth Fund slightly underperformed its benchmark index (the MSCI World Index) for each of the reported time periods as follows: one-year (16.20% fund net return versus 18.67% index); three-year (5.82% fund net return versus 6.34% index); five-year (10.58% fund net return versus 11.17% index); and since inception (05/01/2019) (11.67% fund net return versus 12.9% index).

The Trustees also considered Guardian Capital's GIPS compliant performance presentation for the Global Dividend Composite, noting that the composite's total return net of fees slightly underperformed the MSCI World benchmark index for the one-year, three-year, five-year, 10 year and since inception (2007) time periods, as follows: one-year (15.74% composite net return versus 18.67% index); three-year (5.72% composite net return versus 6.34% index); five-year (10.34% composite net return versus 11.17% index); ten-year (8.34% composite net return versus 9.95% index); and since inception (01/01/2007) (7.23% composite net return versus 7.25% index). Based upon the foregoing, the Trustees concluded that they were satisfied with the nature, extent, and quality of services that Guardian Capital provides to the Guardian Dividend Growth Fund under the Guardian Capital Advisory Agreement.

**Additional Information (Unaudited) (continued)**

*Cost of Advisory Services and Profitability.* The Trustees considered the 0.75% annual management fee that the Guardian Dividend Growth Fund pays to Guardian Capital under the Guardian Capital Advisory Agreement, as well as Guardian Capital's profitability from the services that it renders to the Guardian Dividend Growth Fund, noting the said services were not profitable during the last fiscal year and are projected to again be unprofitable in the current fiscal year based on an average net asset assumption of $28 million for the year.

*Comparative Fee and Expense Data.* The Trustees evaluated the Guardian Dividend Growth Fund's contractual management fee of 0.75%, noting that it was equal to the Morningstar category average and median contractual fees (both 0.75%), and slightly higher than both the median (0.71%) and the average (0.73%) contractual fee for the Broadridge custom peer group. The Trustees also noted that the Guardian Dividend Growth Fund's gross total expense ratio of 1.59% was higher than the median (1.05%) and average (1.23%) of the Morningstar category, as well as the median of the Broadridge custom peer group (1.25%), but was lower than the peer group average gross expense ratio (1.65%). The Trustees noted that the Guardian Dividend Growth Fund's total net expense ratio of 0.95%, which reflected the Fund's contractual expense limitation agreement, was slightly higher than the median (0.90%) and average (0.88%) net expense ratios for the Morningstar category, as well as slightly higher than the median and average of the Broadridge custom peer group (both 0.89%). The Trustees further considered the lower fees paid by Guardian Capital's separately managed accounts and other investment advisory relationships to other accounts with similar investment objectives and strategies to that of the Guardian Dividend Growth Fund, noting the differences in the services provided to these accounts compared to the services provided to the Guardian Dividend Growth Fund. In particular, they noted that Guardian Capital has additional responsibilities with respect to the Guardian Dividend Growth 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 Guardian Capital's advisory fee for the Guardian Dividend Growth Fund continues to be reasonable.

*Morningstar Ranking.* The Trustees noted the overall Morningstar ranking for the Guardian Dividend Growth Fund as presented in the Support Materials. Morningstar fund ratings are a purely quantitative, backward-looking measure of a fund's past performance, measured from one to five stars. Star ratings are calculated at the end of every month. The overall star rating for the Fund is based on a weighted average (rounded to the nearest integer) of the number of stars assigned to it in the three-, five-, and ten-year rating periods. The Trustees observed that the Guardian Dividend Growth Fund had an overall Morningstar rating of five stars as of December 31, 2024.

*Economies of Scale.* The Trustees considered whether the Guardian Dividend Growth Fund may benefit from any economies of scale. They noted that the Guardian Dividend Growth Fund was small and not yet profitable and that material economies of scale do not exist at this time, and therefore determined that fee breakpoints are not currently necessary or appropriate.

*Other Benefits.* The Trustees noted that Guardian Capital does not utilize soft dollar arrangements with respect to portfolio transactions and does not use affiliated brokers to execute the Guardian Dividend Growth Fund's portfolio transactions. The Trustees noted that Guardian Capital had confirmed that there were no economic or other benefits to the Guardian Capital or its affiliates associated with the selection or use of any particular providers for the Guardian Dividend Growth Fund's portfolio. The

**Additional Information (Unaudited) (continued)**

Trustees concluded that all things considered, Guardian Capital does not receive material additional financial benefits from services rendered to the Guardian Dividend Growth Fund.

*Conclusions.* Based upon Guardian Capital's presentation to the Board and the Support Materials considered in connection with the renewal of the Guardian Capital Advisory Agreement, as well as the information provided throughout the course of the year and since the Guardian Dividend Growth Fund's inception, the Board concluded that the overall arrangements between the Trust and Guardian Capital, as set forth in the Guardian Capital Advisory Agreement, are fair and reasonable in light of the services that Guardian Capital performs, the investment advisory fees paid and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment.

*Guardian Global Equity Fund - Guardian Capital Advisory Agreement; GuardCap Subadvisory Agreement*

*Nature, Extent and Quality of Services Provided.* The Trustees considered the scope of services that Guardian Capital provides to the Guardian Global Equity Fund under the Guardian Capital Advisory Agreement and that GuardCap provides under the GuardCap Subadvisory Agreement, noting that such services include but are not limited to the following: (1) obtaining and evaluating such information and advice relating to the economy, securities markets, and securities and other investments as it deems necessary or useful to discharge its duties under the Advisory Agreement and Subadvisory Agreement, respectively; (2) investing the Guardian Global Equity Fund's assets consistent with the Fund's investment objective and investment policies; (3) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (4) voting all proxies with respect to the Fund's portfolio securities; (5) maintaining the required books and records for transactions that Guardian Capital and/or GuardCap effects on behalf of the Fund; (6) selecting broker-dealers to execute orders on behalf of the Fund; and (7) performing compliance services on behalf of the Fund. They also noted that from its own resources, Guardian Capital provides marketing support services to the Fund and its intermediary partners. The Trustees further noted that Guardian Capital has delegated responsibility for the day-to-day management of the Guadian Global Equity Fund to GuardCap. The Trustees noted no changes to the services that Guardian Capital provides to the Guardian Global Equity Fund under the terms of the Guardian Capital Advisory Agreement nor to changes to the services that GuardCap provides under the terms of the GuardCap Subadvisory Agreement. The Trustees considered GuardCap's capitalization and its assets under management and the support and commitment of GuardCap's parent company. The Trustees further considered the investment philosophy and investment industry experience of the portfolio managers. The Trustees also noted the research models utilized by GuardCap to manage the Fund's portfolio in accordance with its investment strategy.

The Trustees evaluated the Guardian Global Equity Fund's performance, noting that the Guardian Global Equity Fund underperformed its benchmark, the MSCI World Index, for the one- and three-year and since inception periods ended December 31, 2024. The Trustees considered the Guardian Global Equity Fund's performance compared to its benchmark, the MSCI World Index (Institutional), the Global Large Stock Growth Morningstar category, and the Broadridge custom peer group. They noted that the Broadridge custom peer group was comprised of institutional actively managed funds from the Global Large Stock Growth Morningstar category with filters excluding fund-of-funds, retirement share classes and funds with a 12b-1 fee.

**Additional Information (Unaudited) (continued)**

Regarding performance, the Trustees noted that:

● The Guardian Global Equity Fund's net one year return of 5.93% for the year ended December 31, 2024 underperformed its MSCI World Index benchmark (18.67%), as well as the Morningstar category median (Global Large Stock Growth) (14.25%) and the custom peer group median (11.06%), ranking in the bottom quartile of both the custom peer group and the Morningstar category;

● The Guardian Global Equity Fund's net three-year annualized return of 1.03% for the period ended December 31, 2024 underperformed its MSCI World Index benchmark (6.34%), as well as the Morningstar category median (1.85%) and the custom peer group median (2.20%), ranking in the bottom quartile of the custom peer group and the third quartile of Morningstar category;

● The Guardian Global Equity Fund's net five-year annualized return of 7.77% for the period ended December 31, 2024 underperformed its MSCI World Index benchmark (11.17%), as well as the Morningstar category median (10.03%) and the custom peer group median (2.20%), ranking in the bottom quartile of both the custom peer group and the Morningstar category, and

● The Guardian Global Equity Fund's net annualized return since inception (12/19/2019) of 7.77% for the period ended December 31, 2024 underperformed its MSCI World Index benchmark (11.17%), as well as the Morningstar category median (10.03%) and the custom peer group median (10.04%), ranking in the bottom quartile of the custom peer group and the third quartile of Morningstar category.

The Trustees also evaluated Guardian's GIPS compliant performance presentation for the Fundamental Global Equity Composite, and noted that the composite total return net of fees was slightly lower than the benchmark index for the year ended December 31, 2024.

In connection with the discussion of the performance of the Guardian Global Equity Fund relative to the Fund's benchmark, Morningstar category, and custom peer group, representatives of the Guardian Capital and GuardCap affirmed that the same factors that caused the Alta Fund's performance to show poorly relative to its benchmarks, Morningstar category and custom peer group over the past few years also apply to the Guardian Global Equity Fund, namely that the Guardian Global Equity Fund did not invest in the "Magnificent Seven" and other strong performance growth stocks that are a huge component of the Morningstar category performance and the relevant benchmarks' performance. Guardian Capital's representatives stated that the Fund has performed better relative to these comparative measurements as the markets have cooled down, and they expect that to continue. In that regard, they noted that the Guardian Global Equity Fund has produced a positive return of 1.89% (net of fees) on a year-to-date basis, far ahead of the index's negative return (-0.57%) and the peer group's negative return (-1.25%). They also noted that the Guardian Global Equity Fund ranks in the 11th percentile on a year-to-date basis in its Morningstar category.

Based upon the foregoing, the Trustees concluded that they were satisfied with the nature, extent, and quality of services that Guardian Capital and GuardCap each provide to the Guardian Global Equity Fund under the Guardian Capital Advisory Agreement and the GuardCap Subadvisory Agreement, respectively.

*Cost of Advisory Services and Profitability.* The Trustees considered the annual management fee that the Guardian Global Equity Fund pays to Guardian Capital under the Guardian Capital Advisory Agreement, as well as the sub-advisory fee that Guardian Capital pays to GuardCap under the

**Additional Information (Unaudited) (continued)**

GuardCap Subadvisory Agreement. In that regard, the Trustees noted that the Fund has an expense ratio cap of 99 bps. The contractual advisory fee is 80 bps. The contractual subadvisory fee is 60 bps. They further noted that the Adviser will be contractually responsible to the Guardian Global Equity Fund for waiving fees and reimbursing expenses to meet the expense ratio cap. In recognition of the expenses that will borne by the Adviser in connection with the launch of the Guardian Global Equity Fund, the subadvisor has agreed to contractually waive 20 bps of its subadvisory fee until Fund assets under management reach $100 million. The Subadviser may also voluntarily waive a portion of its fee at any asset level. The Trustees also considered Guardian Capital's profitability from the services that it renders to the Guardian Global Equity Fund pursuant to the Guardian Capital Advisory Agreement, noting the said services were moderately profitable during the last fiscal year and were projected to be moderately profitable in the current fiscal year should projected asset growth materialize.

*Comparative Fee and Expense Data.* The Trustees noted that the Guardian Global Equity Fund's total gross expense ratio was lower than the median and average of both the Morningstar category and the Broadridge custom peer group. The Trustees also noted that the Guardian Global Equity Fund's total net expense ratio of 0.99%, reflecting the contractual expense limitation arrangement with Guardian Capital, was higher than the average and median of the Morningstar category and slightly higher than the average and median of the custom peer group. The Trustees evaluated the Guardian Global Equity Fund's contractual management fee of 0.80% which was higher than the Morningstar category median and average, equal to Broadridge custom peer group median, and lower than the peer group average. They further considered the fees paid by GuardCap's separately managed accounts and other investment advisory relationships to other accounts with similar investment objectives and strategies to those of the Guardian Global Equity Fund, noting the differences in the services provided to these accounts compared to the services provided to the Guardian Global Equity Fund. In particular, they noted that Guardian Capital and GuardCap each have additional responsibilities with respect to the Guardian Global Equity 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 both Guardian Capital's advisory fee and GuardCap's subadvisory fee continue to be reasonable.

*Morningstar Ranking.* The Trustees noted the overall Morningstar ranking for the Guardian Global Equity Fund as presented in the Support Materials. Morningstar fund ratings are a purely quantitative, backward-looking measure of a fund's past performance, measured from one to five stars. Star ratings are calculated at the end of every month. The overall star rating for the Fund is based on a weighted average (rounded to the nearest integer) of the number of stars assigned to it in the three-, five-, and ten-year rating periods. The Trustees observed that for the period ended December 31, 2024, the Guardian Global Equity Fund had a three-star overall Morningstar rating.

*Economies of Scale.* The Trustees considered whether the Guardian Global Equity Fund may benefit from any economies of scale. They noted that the Guardian Global Equity Fund was moderately profitable but did not find that any material economies of scale exist at this time, and therefore determined that fee breakpoints are not currently necessary or appropriate.

*Other Benefits.* The Trustees noted that GuardCap does not utilize soft dollar arrangements with respect to portfolio transactions and does not use affiliated brokers to execute the Guardian Global

**Additional Information (Unaudited) (continued)**

Equity Fund's portfolio transactions. The Trustees noted that Guardian Capital had confirmed that there were no economic or other benefits to GuardCap or its affiliates associated with the selection or use of any particular providers for the Guardian Global Equity Fund's portfolio. The Trustees concluded that all things considered, neither Guardian Capital nor GuardCap receives material additional financial benefits from services rendered to the Guardian Global Equity Fund.

*Conclusions.* Based upon Guardian Capital and GuardCap's presentation to the Board and the Support Materials considered in connection with the renewal of the Guardian Capital Advisory Agreement and the GuardCap Subadvisory Agreement with respect to the Guardian Global Equity Fund, including discussion and explanation with respect to periods of unfavorable performance, 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, Guardian Capital, and GuardCap, as set forth in the Guardian Capital Advisory Agreement and the GuardCap Subadvisory Agreement are fair and reasonable in light of the services that Guardian Capital and GuardCap each perform, the investment advisory fees paid and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment.

*Alta Fund – Guardian Capital Advisory Agreement; Alta Capital Subadvisory Agreement*

*Nature, Extent and Quality of Services Provided.* The Trustees considered the scope of services that Guardian Capital and Alta Capital provide under the Guardian Capital Advisory Agreement on behalf of the Alta Fund and under the Alta Capital Subadvisory Agreement Fund, noting that such services include but are not limited to the following: (1) investing the Alta Fund's assets consistent with the Fund's investment objective (long-term capital growth with lower than market volatility) and its investment policies; (2) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (3) voting all proxies with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that Guardian Capital effects on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) performing compliance services on behalf of the Fund. The Trustees noted that Guardian Capital has delegated responsibility for the day-to-day management of the Fund to Alta Capital. They also noted that from their own resources, Guardian Capital and Alta Capital provide marketing support services to the Fund and its intermediary partners. It was noted that there were no changes to the services that Guardian Capital and Alta Capital provide to the Alta Fund under their respective agreements. The Trustees considered Guardian Capital's and Alta Capital's capitalization and assets under management and their support and commitment to the Alta Fund. The Trustees further considered the investment philosophy and investment industry experience of the portfolio managers. The Trustees finally noted the research models utilized by Alta Capital to manage the Fund's portfolio in accordance with its investment strategy.

The Trustees then evaluated the Alta Fund's performance compared to its benchmark indices, the S&P 500<sup>®</sup> Index and the Russell 1000 Growth Index, noting that for the period ending December 31, 2024, the Fund's one-year return of 12.91%, its three-year annualized return of 1.37%, its five-year annualized return of 8.49%, and its since inception (12/19/2018) annualized return of 12.38% had each significantly underperformed both the S&P 500<sup>®</sup> Index and the Russell 1000 Growth Index. In particular, it was noted that with respect to the S&P 500<sup>®</sup> Index, the Alta Fund's underperformance ranged with from a low of 4.55% (since inception performance as of 12/31/2024) to a high of 12.11% (one-year performance as of 12/31/2024), while with respect to the Russell 1000 Growth Index,

**Additional Information (Unaudited) (continued)**

the Fund's underperformance ranged with from a low of 9.09% (since inception performance as of 12/31/2024) to a high of 20.45% (one-year performance as of 12/31/2024).

The Trustees further considered the Alta Fund's performance compared to the Large Growth Morningstar category (consisting of between 215 and 231 funds for the reported time periods) and to the Broadridge custom peer group (consisting of between 12 to 14 Funds for the reported time periods). With respect to the Morningstar category comparisons, it was noted that as of December 31, 2024, the Fund's one-year performance of 12.91%, its three-year annualized performance of 1.37%, and its five-year annualized performance of 8.49% all ranked in the bottom quartile of category fund performance. In particular, the Fund's one-year annualized performance ranked 219th of 231 funds in the category; its three-year annualized performance ranked 202nd of 224 funds in the category; its five-year annualized performance ranked 213th of 215 funds in the category; and its since inception (12/19/2018) annualized performance ranked 207th of 209 funds in the category.

With respect to the Broadridge peer group comparisons, it was noted that the Broadridge custom peer group was comprised of actively managed single funds from the Morningstar Large Cap Growth Category, screened for funds with concentrated portfolios, with assets under $200 million and market allocations that lean towards Large–Mid Cap. The Trustees noted that the Alta Fund also significantly underperformed the Broadridge custom peer group median for the one-year, three-year, five-year and since inception periods ended December 31, 2024, also ranking in the bottom quartile for each reported time period. In particular, the Fund ranked 13th of 14 funds in the peer group for one-year annualized performance, 12th of 13 peer group funds for three-year annualized performance, 13th of 13 peer group funds for five-year annualized performance and 11th of 12 peer group funds for since inception performance.

Finally, the Trustees evaluated Alta Capital's most recent GIPS compliant performance presentation for the Large Cap Quality Growth Composite, which covered the time period from the beginning of 2000 through December 31, 2023), and noted that while the composite's annualized total return net of fees underperformed the Russell 1000 Growth Index for the one-year, three-year, five-year and ten-year periods ended December 31, 2023, and also underperformed the S&P 500 Index for the three-year, five-year, and 10 year periods ended December 31, 2023, the level of underperformance was not as great as the Fund's December 31, 2024 performance numbers, and the composite actually overperformed the S&P 500<sup>®</sup> Index for the one-year period ended December 31, 2023 (30.82% Alta Fund v. 26.28% S&P 500<sup>®</sup> Index).

Following the presentation and discussion of the performance numbers for the Alta Fund, the Trustees asked Alta's representatives for an explanation as to why the performance of the Alta Fund across all measured time periods compared so unfavorably to the Fund's benchmarks, to the Morningstar category performance figures and to the peer group performance figures. In response, Guardian and Alta's representatives noted that stock market performance over the past couple of years has been driven by the strength of the U.S. market and U.S. dollar - specifically U.S. technology stocks and the "Magnificent 7". They further noted that the past few years have been a difficult environment for many quality managers, like Alta Capital and GuardCap, who typically do not perform well on a relative basis in strongly rising markets. They now believe however, that with the recent cooling of the market, both the Alta Fund and the Guardian Global Equity Fund are performing in-line with expectations, and after a strong and sustained up market in the years post-COVID, we are finally experiencing a market environment that tends to be more favorable for our investment strategies.

**Additional Information (Unaudited) (continued)**

In that regard, they noted that the Alta Fund has produced a return of -5.09% (net of fees) on a year-to-date basis, that return far exceeds its peer group (-7.58%) and the Russell 1000 Growth Index (-9.34%). The S&P 500<sup>®</sup> Index has done slightly better than the Alta Fund on a year-to-date basis, returning -4.26%. The Alta Fund ranks in the 17th percentile on a year-to-date basis in its Morningstar peer group.

Finally, it was noted that despite the Alta Fund's poor performance in the past few years relative to its benchmarks, its Morningstar category, and the peer group universe, the Alta Fund had nonetheless managed to achieve a positive double-digit net annualized return (+12.38%) since its December 19, 2018 inception. Based upon the foregoing, the Trustees concluded that they are satisfied with the nature, extent, and quality of services that Guardian Capital as Adviser and Alta Capital as Subadviser each provide to the Alta Fund under the Guardian Capital Advisory Agreement and Alta Capital Subadvisory Agreement, respectively.

*Cost of Advisory Services and Profitability.* The Trustees next considered the 0.75% annual management fee that the Alta Fund pays to Guardian Capital under the Guardian Capital Advisory Agreement, as well as the subadvisory fees that Guardian Capital pays to Alta Capital (0.60%). They also considered both Guardian Capital's and Alta Capital's respective profitability from the services that that they render to the Fund, noting the said services were unprofitable during the last fiscal year.

*Comparative Fee and Expense Data.* The Trustees noted that the Alta Fund's gross expense ratio of 1.15% was higher than the Morningstar category average and median (ranking in the 88th percentile, 203 out of 233 funds), but was lower than the average and median for the Broadridge custom peer group. The Trustees also noted that the Alta Fund's net contractually-capped expense ratio of 0.79% was slightly higher than both the Morningstar category median and average, and lower than the median and average for the Broadridge custom peer group. The Trustees noted that the Alta Fund's contractual management fee of 0.75% was higher than the Morningstar category median and average, was equal to the Broadridge custom peer group median, and was slightly higher than the custom peer group average. In particular, they noted that Guardian Capital has additional responsibilities with respect to the Alta 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 Guardian Capital's advisory fee continues to be reasonable.

*Morningstar Ranking.* The Trustees noted the overall Morningstar ranking for the Alta Fund as presented in the Support Materials. Morningstar fund ratings are a purely quantitative, backward-looking measure of a fund's past performance, measured from one to five stars. Star ratings are calculated at the end of every month. The overall star rating for the Fund is based on a weighted average (rounded to the nearest integer) of the number of stars assigned to it in the three-, five-, and ten-year rating periods. The Trustees observed that for the period ended December 31, 2024, the Alta Fund had an overall Morningstar rating of one star.

*Economies of Scale.* The Trustees considered whether the Alta Fund may benefit from any economies of scale. They noted that the Alta Fund was moderately profitable but did not find that any material economies of scale exist at this time, and determined that fee breakpoints are not currently necessary or appropriate. They further noted that because the Alta Fund's contractually capped expense ratio of

**Additional Information (Unaudited) (continued)**

0.79% is only 4 basis points higher than the Fund's contractual advisory fee rate, the Adviser would still be waiving significant portion of its fee even if the Fund grew to a billion-dollar fund.

*Other Benefits.* The Trustees noted that neither Guardian Capital nor Alta Capital utilize soft dollar arrangements with respect to portfolio transactions and do not use affiliated brokers to execute the Alta Fund's portfolio transactions. The Trustees noted that Guardian Capital and Alta Capital have each confirmed that there were no economic or other benefits to the Adviser or Subadviser associated with the selection or use of any particular providers for the Alta Fund's portfolio, and noted the benefit to the Alta Fund of the cross-selling of the Alta Fund's shares by Guardian Capital's wholesalers. The Trustees concluded that all things considered, neither Guardian Capital nor Alta Capital receives material additional financial benefits from services rendered to the Alta Fund.

*Conclusions.* Based upon Guardian Capital's and Alta Capital's presentation to the Board and the Support Materials considered in connection with the renewal of the Guardian Capital Advisory Agreement and the Alta Capital Subadvisory Agreement with respect to the Alta Fund, 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, Guardian Capital and Alta Capital with respect to the Alta Fund, as set forth in the Guardian Capital Advisory Agreement and the Alta Capital Subadvisory Agreement, are fair and reasonable in light of the services that Guardian Capital and Alta Capital perform, the investment advisory and subadvisory fees that are paid to each and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable – applies to closed-end funds only

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

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| | |
|:---|:---|
| (a)(1) | [Code of Ethics attached hereto.](capitolseries_ex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [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.](capitolseries_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](capitolseries_ex99-906cert.htm) |

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**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.

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| | |
|:---|:---|
| (Registrant) | <u>Capitol Series Trust</u> |
| By (Signature and Title) | /s/ Matthew J. Miller |
|  | Matthew J. Miller, Principal Executive Officer |

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Date <u>12/02/2025</u>

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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Matthew J. Miller |
|  | Matthew J. Miller, Principal Executive Officer |

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Date <u>12/02/2025</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |

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Date <u>12/02/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONs</u>

I, Matthew J. Miller, certify that:

1. I have reviewed this report on Form N-CSR of Capitol Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/02/2025 | /s/ Matthew J. Miller |
|  |  | Matthew J. Miller<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONs</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of Capitol Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/02/2025 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Ex-99.Code

**EX-99.CODE ETH**

**CAPITOL SERIES TRUST<br> 1.3 Code of Ethics for Principal Officers<br> November 19, 2013**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Capitol Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Chief Executive Officer, Chief Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally to the detriment of the Fund;

● cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the Fund; or

● retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the Trust, its service providers or the Principal Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**6.** **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers
to the Audit Committee as well as the full Board of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
will comply with the Code of Ethics for Principal Officers in all other respects.

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Trust or Fund Organization: |
| Date: |

---

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Trust or Fund Organization: |
| Date: |

---

## Exhibit 99.906

**EX-99.906CERT**

**section 906 CERTIFICATION**

Matthew J. Miller, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer, of Capitol Series Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Matthew J. Miller | /s/ Zachary P. Richmond |
| Matthew J. Miller | Zachary P. Richmond |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |

---

Date: <u>12/02/2025</u> Date: <u>12/02/2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capitol Series Trust and will be retained by Capitol Series Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.