# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-26-003492
**Filing Date:** 2026-6
**Character Count:** 304631
**Document Hash:** 9ff3ee17b44b7aaf5b10e67f3b66f3ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003492.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001580642-26-003492

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 261060013

**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           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206932 | Institutional Shares | FTMSX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| 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           |
| C000206941 | R6 Shares            | FTZFX           |
| C000206942 | A Shares             | FTZAX           |
| C000225342 | C Shares             | FTZCX           |

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

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000244274 | FullerThaler Behavioral Mid-Cap Equity Fund Institutional Shares | FTHMX           |

?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: <u>811-22895</u>

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>

Date of reporting period: <u>March 31, 2026</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) #### FullerThaler Behavioral Micro-Cap Equity Fund

#### Institutional Shares (FTMSX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Micro-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $64 | 1.31% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $22062144 |
| Number of Portfolio Holdings | 70 |
| Advisory Fee (net of waivers) | $77027 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i36eef4bd0d75e6d990fbcbd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Collateral for Securities Loaned | 0.8% |
| Materials | 0.9% |
| Real Estate | 3.8% |
| Consumer Staples | 5.5% |
| Communications | 6.5% |
| Financials | 9.0% |
| Industrials | 9.7% |
| Health Care | 11.2% |
| Energy | 15.6% |
| Consumer Discretionary | 16.8% |
| Technology | 20.3% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTMSX

#### FullerThaler Behavioral Mid-Cap Equity Fund

#### Institutional Shares (FTHMX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $41 | 0.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $135859769 |
| Number of Portfolio Holdings | 92 |
| Advisory Fee (net of waivers) | $387049 |
| Portfolio Turnover | 10% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifde5a28096c857aa91259832.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.4% |
| Utilities | 0.4% |
| Real Estate | 2.5% |
| Communications | 3.0% |
| Materials | 4.3% |
| Consumer Staples | 6.0% |
| Energy | 8.3% |
| Financials | 8.7% |
| Health Care | 12.2% |
| Technology | 13.7% |
| Consumer Discretionary | 14.4% |
| Industrials | 22.1% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTHMX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### A Shares (FTVAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $60 | 1.22% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $355195880 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1021147 |
| Portfolio Turnover | 27% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i46c3bd9907e4afe34607e217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 2.3% |
| Utilities | 3.6% |
| Health Care | 3.9% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Real Estate | 10.1% |
| Industrials | 10.8% |
| Technology | 15.2% |
| Financials | 17.0% |
| Materials | 18.9% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTVAX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### C Shares (FTVCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $85 | 1.72% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $355195880 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1021147 |
| Portfolio Turnover | 27% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i46c3bd9907e4afe34607e217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 2.3% |
| Utilities | 3.6% |
| Health Care | 3.9% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Real Estate | 10.1% |
| Industrials | 10.8% |
| Technology | 15.2% |
| Financials | 17.0% |
| Materials | 18.9% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTVCX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### Institutional Shares (FTVSX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $40 | 0.81% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $355195880 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1021147 |
| Portfolio Turnover | 27% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i46c3bd9907e4afe34607e217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 2.3% |
| Utilities | 3.6% |
| Health Care | 3.9% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Real Estate | 10.1% |
| Industrials | 10.8% |
| Technology | 15.2% |
| Financials | 17.0% |
| Materials | 18.9% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTVSX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### Investor Shares (FTVNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $58 | 1.17% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $355195880 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1021147 |
| Portfolio Turnover | 27% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i46c3bd9907e4afe34607e217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 2.3% |
| Utilities | 3.6% |
| Health Care | 3.9% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Real Estate | 10.1% |
| Industrials | 10.8% |
| Technology | 15.2% |
| Financials | 17.0% |
| Materials | 18.9% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTVNX

#### FullerThaler Behavioral Mid-Cap Value Fund

#### R6 Shares (FTVZX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Mid-Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $35 | 0.71% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $355195880 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee (net of waivers) | $1021147 |
| Portfolio Turnover | 27% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i46c3bd9907e4afe34607e217.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 2.3% |
| Utilities | 3.6% |
| Health Care | 3.9% |
| Consumer Discretionary | 5.5% |
| Energy | 5.7% |
| Consumer Staples | 8.1% |
| Real Estate | 10.1% |
| Industrials | 10.8% |
| Technology | 15.2% |
| Financials | 17.0% |
| Materials | 18.9% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTVZX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### A Shares (FTHAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $57 | 1.13% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11184051587 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $34028785 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie891f09fc5145377480c0543.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Consumer Staples | 0.4% |
| Real Estate | 0.6% |
| Communications | 3.4% |
| Energy | 3.9% |
| Materials | 4.9% |
| Money Market Funds | 5.9% |
| Technology | 11.8% |
| Health Care | 13.0% |
| Consumer Discretionary | 13.6% |
| Financials | 15.0% |
| Industrials | 27.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTHAX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### C Shares (FTYCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $82 | 1.63% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11184051587 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $34028785 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie891f09fc5145377480c0543.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Consumer Staples | 0.4% |
| Real Estate | 0.6% |
| Communications | 3.4% |
| Energy | 3.9% |
| Materials | 4.9% |
| Money Market Funds | 5.9% |
| Technology | 11.8% |
| Health Care | 13.0% |
| Consumer Discretionary | 13.6% |
| Financials | 15.0% |
| Industrials | 27.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTYCX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### Institutional Shares (FTHSX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $39 | 0.77% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11184051587 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $34028785 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie891f09fc5145377480c0543.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Consumer Staples | 0.4% |
| Real Estate | 0.6% |
| Communications | 3.4% |
| Energy | 3.9% |
| Materials | 4.9% |
| Money Market Funds | 5.9% |
| Technology | 11.8% |
| Health Care | 13.0% |
| Consumer Discretionary | 13.6% |
| Financials | 15.0% |
| Industrials | 27.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTHSX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### Investor Shares (FTHNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $53 | 1.05% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11184051587 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $34028785 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie891f09fc5145377480c0543.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Consumer Staples | 0.4% |
| Real Estate | 0.6% |
| Communications | 3.4% |
| Energy | 3.9% |
| Materials | 4.9% |
| Money Market Funds | 5.9% |
| Technology | 11.8% |
| Health Care | 13.0% |
| Consumer Discretionary | 13.6% |
| Financials | 15.0% |
| Industrials | 27.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTHNX

#### FullerThaler Behavioral Small-Cap Equity Fund

#### R6 Shares (FTHFX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $32 | 0.63% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11184051587 |
| Number of Portfolio Holdings | 116 |
| Advisory Fee | $34028785 |
| Portfolio Turnover | 14% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie891f09fc5145377480c0543.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Consumer Staples | 0.4% |
| Real Estate | 0.6% |
| Communications | 3.4% |
| Energy | 3.9% |
| Materials | 4.9% |
| Money Market Funds | 5.9% |
| Technology | 11.8% |
| Health Care | 13.0% |
| Consumer Discretionary | 13.6% |
| Financials | 15.0% |
| Industrials | 27.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTHFX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### A Shares (FTXAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4206377756 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $15432437 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ffb76e07ab2afc856d3672c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Materials | 0.8% |
| Collateral for Securities Loaned | 1.5% |
| Financials | 2.7% |
| Consumer Staples | 2.8% |
| Money Market Funds | 3.2% |
| Energy | 3.8% |
| Consumer Discretionary | 14.7% |
| Health Care | 15.7% |
| Industrials | 24.2% |
| Technology | 32.8% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTXAX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### C Shares (FTXCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $93 | 1.83% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4206377756 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $15432437 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ffb76e07ab2afc856d3672c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Materials | 0.8% |
| Collateral for Securities Loaned | 1.5% |
| Financials | 2.7% |
| Consumer Staples | 2.8% |
| Money Market Funds | 3.2% |
| Energy | 3.8% |
| Consumer Discretionary | 14.7% |
| Health Care | 15.7% |
| Industrials | 24.2% |
| Technology | 32.8% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTXCX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### Institutional Shares (FTXSX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $50 | 0.99% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4206377756 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $15432437 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ffb76e07ab2afc856d3672c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Materials | 0.8% |
| Collateral for Securities Loaned | 1.5% |
| Financials | 2.7% |
| Consumer Staples | 2.8% |
| Money Market Funds | 3.2% |
| Energy | 3.8% |
| Consumer Discretionary | 14.7% |
| Health Care | 15.7% |
| Industrials | 24.2% |
| Technology | 32.8% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTXSX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### Investor Shares (FTXNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $65 | 1.28% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4206377756 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $15432437 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ffb76e07ab2afc856d3672c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Materials | 0.8% |
| Collateral for Securities Loaned | 1.5% |
| Financials | 2.7% |
| Consumer Staples | 2.8% |
| Money Market Funds | 3.2% |
| Energy | 3.8% |
| Consumer Discretionary | 14.7% |
| Health Care | 15.7% |
| Industrials | 24.2% |
| Technology | 32.8% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTXNX

#### FullerThaler Behavioral Small-Cap Growth Fund

#### R6 Shares (FTXFX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small-Cap Growth Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $45 | 0.89% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4206377756 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $15432437 |
| Portfolio Turnover | 57% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2ffb76e07ab2afc856d3672c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.2% |
| Materials | 0.8% |
| Collateral for Securities Loaned | 1.5% |
| Financials | 2.7% |
| Consumer Staples | 2.8% |
| Money Market Funds | 3.2% |
| Energy | 3.8% |
| Consumer Discretionary | 14.7% |
| Health Care | 15.7% |
| Industrials | 24.2% |
| Technology | 32.8% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTXFX

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

#### A Shares (FTSAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $67 | 1.29% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $305326665 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $864396 |
| Portfolio Turnover | 3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i124a6b0b046b38b034aaa526.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Communications | 2.8% |
| Materials | 5.3% |
| Energy | 5.5% |
| Consumer Staples | 5.5% |
| Real Estate | 9.0% |
| Health Care | 9.6% |
| Consumer Discretionary | 10.5% |
| Financials | 15.5% |
| Industrials | 16.6% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTSAX

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

#### C Shares (FTWCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $93 | 1.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $305326665 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $864396 |
| Portfolio Turnover | 3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i124a6b0b046b38b034aaa526.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Communications | 2.8% |
| Materials | 5.3% |
| Energy | 5.5% |
| Consumer Staples | 5.5% |
| Real Estate | 9.0% |
| Health Care | 9.6% |
| Consumer Discretionary | 10.5% |
| Financials | 15.5% |
| Industrials | 16.6% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126- FTWCX

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

#### Institutional Shares (FTSIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 0.90% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $305326665 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee (net of waivers) | $864396 |
| Portfolio Turnover | 3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i124a6b0b046b38b034aaa526.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Communications | 2.8% |
| Materials | 5.3% |
| Energy | 5.5% |
| Consumer Staples | 5.5% |
| Real Estate | 9.0% |
| Health Care | 9.6% |
| Consumer Discretionary | 10.5% |
| Financials | 15.5% |
| Industrials | 16.6% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTSIX

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

#### R6 Shares (FTSFX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Small–Mid Core Equity Fund for the period of October 1, 2025 to April 30, 2026. 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. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last six months?
(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 | $41 | 0.79% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $305326665 |
| Number of Portfolio Holdings | 55 |
| Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history)) | $864396 |
| Portfolio Turnover | 3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i124a6b0b046b38b034aaa526.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Communications | 2.8% |
| Materials | 5.3% |
| Energy | 5.5% |
| Consumer Staples | 5.5% |
| Real Estate | 9.0% |
| Health Care | 9.6% |
| Consumer Discretionary | 10.5% |
| Financials | 15.5% |
| Industrials | 16.6% |
| Technology | 18.2% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTSFX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### A Shares (FTZAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $71 | 1.33% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $535168889 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1491926 |
| Portfolio Turnover | 5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1c95cc71ec8ec60f361f888.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 3.9% |
| Communications | 4.8% |
| Consumer Staples | 8.6% |
| Financials | 8.9% |
| Health Care | 9.1% |
| Industrials | 17.0% |
| Technology | 20.4% |
| Consumer Discretionary | 26.7% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTZAX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### C Shares (FTZCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $97 | 1.82% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $535168889 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1491926 |
| Portfolio Turnover | 5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1c95cc71ec8ec60f361f888.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 3.9% |
| Communications | 4.8% |
| Consumer Staples | 8.6% |
| Financials | 8.9% |
| Health Care | 9.1% |
| Industrials | 17.0% |
| Technology | 20.4% |
| Consumer Discretionary | 26.7% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTZCX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### Institutional Shares (FTZIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $53 | 0.99% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $535168889 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1491926 |
| Portfolio Turnover | 5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1c95cc71ec8ec60f361f888.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 3.9% |
| Communications | 4.8% |
| Consumer Staples | 8.6% |
| Financials | 8.9% |
| Health Care | 9.1% |
| Industrials | 17.0% |
| Technology | 20.4% |
| Consumer Discretionary | 26.7% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTZIX

#### FullerThaler Behavioral Unconstrained Equity Fund

#### R6 Shares (FTZFX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ifc84bcf9b2383b3cac36125c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about FullerThaler Behavioral Unconstrained Equity Fund for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 0.90% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $535168889 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1491926 |
| Portfolio Turnover | 5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1c95cc71ec8ec60f361f888.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 3.9% |
| Communications | 4.8% |
| Consumer Staples | 8.6% |
| Financials | 8.9% |
| Health Care | 9.1% |
| Industrials | 17.0% |
| Technology | 20.4% |
| Consumer Discretionary | 26.7% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i51c8a48563359ec4f53be0dd.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026

# 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-SAR 033126-FTZFX

(b) Not Applicable.

**Item 2. Code of Ethics.** 

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

**Item 6. 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_001.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**

**Semi-Annual Financial Statements**

**and Additional Information**

**March 31, 2026**

**411 Borel Avenue, Suite 300**

**San Mateo, CA 94402**

**(888) 912-4562**

**www.fullerthalerfunds.com**

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 93.75%** |  |  |
| **Aerospace & Defense — 0.48%** |  |  |
| Moog, Inc., Class A | 182813 | $53498396 |
| **Apparel & Textile Products — 2.75%** |  |  |
| Crocs, Inc.<sup>(a)</sup> | 1187957 | 98624190 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 448577 | 44898072 |
| Kontoor Brands, Inc. | 283460 | 19924403 |
| Ralph Lauren Corp. | 420289 | 144575214 |
|  |  | 308021879 |
| **Asset Management — 4.04%** |  |  |
| Affiliated Managers Group, Inc. | 723800 | 200275460 |
| Federated Hermes, Inc., Class B | 2525817 | 143239082 |
| Stifel Financial Corp. | 1162506 | 85932407 |
| Victory Capital Holdings, Inc., Class A<sup>(b)</sup> | 347526 | 22756002 |
|  |  | 452202951 |
| **Automotive — 3.25%** |  |  |
| BorgWarner, Inc. | 3891540 | 211154960 |
| Dorman Products, Inc.<sup>(a)</sup> | 292892 | 30566209 |
| Garrett Motion, Inc. | 6671950 | 121229332 |
|  |  | 362950501 |
| **Banking — 6.33%** |  |  |
| BancFirst Corp. | 258477 | 28044755 |
| Beacon Financial Corp. | 656769 | 19703070 |
| F.N.B. Corp. | 2953059 | 49375146 |
| First Commonwealth Financial Corp. | 1915646 | 33677057 |
| First Financial Bancorp | 1731787 | 48282222 |
| First Financial Bankshares, Inc. | 1729131 | 50922908 |
| Fulton Financial Corp.<sup>(b)</sup> | 4065237 | 82686921 |
| Hancock Whitney Corp.<sup>(b)</sup> | 2067186 | 131452357 |
| Lakeland Financial Corp.<sup>(b)</sup> | 312912 | 17954891 |
| NBT Bancorp, Inc. | 381638 | 16250146 |
| Wintrust Financial Corp. | 621208 | 86310639 |
| Zions Bancorp. | 2476682 | 142706416 |
|  |  | 707366528 |
| **Biotech & Pharma — 7.80%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 1336827 | 26188441 |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 1430708 | 47313514 |
| Exelixis, Inc.<sup>(a)</sup> | 7048116 | 302293695 |
| Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | 1257555 | 38330276 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1601163 | 302699865 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Biotech & Pharma — (continued)** |  |  |
| United Therapeutics Corp.<sup>(a)</sup> | 261071 | $154809882 |
|  |  | 871635673 |
| **Chemicals — 0.83%** |  |  |
| Avient Corp. | 766470 | 27822861 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 1587841 | 43983196 |
| Hawkins, Inc.<sup>(b)</sup> | 139624 | 21446246 |
|  |  | 93252303 |
| **Commercial Support Services — 1.29%** |  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 50251 | 14408469 |
| H&R Block, Inc. | 4095477 | 129990440 |
|  |  | 144398909 |
| **Construction Materials — 0.26%** |  |  |
| Eagle Materials, Inc. | 150964 | 28600130 |
| **Consumer Services — 1.37%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 1128086 | 92649703 |
| Stride, Inc.<sup>(a)(b)</sup> | 682788 | 60201418 |
|  |  | 152851121 |
| **Containers & Packaging — 1.83%** |  |  |
| Crown Holdings, Inc. | 1441091 | 144469372 |
| Sonoco Products Co. | 1100824 | 59543570 |
|  |  | 204012942 |
| **Electrical Equipment — 3.78%** |  |  |
| Acuity Brands, Inc. | 501303 | 140475127 |
| Belden, Inc. | 1003474 | 115228919 |
| Sensata Technologies Holding PLC | 958700 | 33765414 |
| Vontier Corp. | 3771792 | 133785462 |
|  |  | 423254922 |
| **Engineering & Construction — 10.59%** |  |  |
| Comfort Systems USA, Inc. | 216711 | 298842302 |
| EMCOR Group, Inc. | 270031 | 199366588 |
| Frontdoor, Inc.<sup>(a)</sup> | 1592853 | 84198210 |
| Installed Building Products, Inc.<sup>(b)</sup> | 169011 | 44813267 |
| Primoris Services Corp. | 2139194 | 305990310 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 383178 | 156056904 |
| Tetra Tech, Inc. | 3166100 | 95362932 |
|  |  | 1184630513 |
| **Food — 0.24%** |  |  |
| Simply Good Foods Co. (The)<sup>(a)</sup> | 1832850 | 26301398 |
| **Health Care Facilities & Services — 4.29%** |  |  |
| Chemed Corp. | 121904 | 46048017 |

---

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

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Health Care Facilities & Services — (continued)** |  |  |
| Encompass Health Corp. | 2124246 | $205478316 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 42354 | 20337967 |
| Option Care Health, Inc.<sup>(a)</sup> | 6805644 | 183207936 |
| Pediatrix Medical Group, Inc.<sup>(a)(b)</sup> | 1178528 | 25208714 |
|  |  | 480280950 |
| **Home Construction — 3.65%** |  |  |
| Armstrong World Industries, Inc. | 993879 | 163791259 |
| Griffon Corp. | 956494 | 69517984 |
| Interface, Inc. | 1801330 | 44889144 |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 2227158 | 129709682 |
|  |  | 407908069 |
| **Industrial Intermediate Products — 0.19%** |  |  |
| Mueller Industries, Inc. | 196006 | 21717465 |
| **Industrial Support Services — 2.29%** |  |  |
| Applied Industrial Technologies, Inc. | 536631 | 142378937 |
| MSC Industrial Direct Co., Inc., Class A | 1232519 | 113724528 |
|  |  | 256103465 |
| **Institutional Financial Services — 0.84%** |  |  |
| Evercore, Inc., Class A | 315652 | 94225279 |
| **Insurance — 3.78%** |  |  |
| Assurant, Inc. | 661438 | 144067811 |
| Hanover Insurance Group, Inc. | 945262 | 163861167 |
| NMI Holdings, Inc.<sup>(a)</sup> | 1021077 | 38300598 |
| Primerica, Inc. | 304693 | 76319503 |
|  |  | 422549079 |
| **Internet Media & Services — 2.03%** |  |  |
| Match Group, Inc.<sup>(b)</sup> | 7393659 | 227059267 |
| **Leisure Facilities & Services — 0.58%** |  |  |
| Boyd Gaming Corp. | 470132 | 38635448 |
| Monarch Casino & Resort, Inc. | 280069 | 26774596 |
|  |  | 65410044 |
| **Leisure Products — 0.98%** |  |  |
| Hasbro, Inc. | 927900 | 86851440 |
| Mattel, Inc.<sup>(a)</sup> | 1574802 | 22881873 |
|  |  | 109733313 |
| **Machinery — 3.39%** |  |  |
| Crane Co. | 132264 | 22617144 |
| Donaldson Co., Inc. | 2007302 | 170359721 |
| ESCO Technologies, Inc. | 179791 | 50587794 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Machinery — (continued)** |  |  |
| Mueller Water Products, Inc., Class A | 4931339 | $135562509 |
|  |  | 379127168 |
| **Medical Equipment & Devices — 0.93%** |  |  |
| Integer Holdings Corp.<sup>(a)</sup> | 183074 | 16110512 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 1280783 | 88284372 |
|  |  | 104394884 |
| **Oil & Gas Producers — 2.14%** |  |  |
| Chord Energy Corp. | 316590 | 45012766 |
| HF Sinclair Corp. | 2137894 | 133383207 |
| Murphy USA, Inc. | 123667 | 61087788 |
|  |  | 239483761 |
| **Oil & Gas Services & Equipment — 1.75%** |  |  |
| Weatherford International PLC | 2069184 | 195703423 |
| **Publishing & Broadcasting — 1.33%** |  |  |
| Nexstar Media Group, Inc., Class A | 821720 | 148591628 |
| **Real Estate — 0.64%** |  |  |
| Apple Hospitality REIT, Inc. | 6264047 | 72099181 |
| **Retail - Consumer Staples — 0.19%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(a)(b)</sup> | 276600 | 21334158 |
| **Retail - Discretionary — 1.00%** |  |  |
| AutoNation, Inc.<sup>(a)</sup> | 142375 | 27800143 |
| Bath & Body Works, Inc. | 2235952 | 41745223 |
| Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 586199 | 21953153 |
| La-Z-Boy, Inc. | 647773 | 20819424 |
|  |  | 112317943 |
| **Semiconductors — 1.89%** |  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 1459979 | 211142163 |
| **Software — 1.70%** |  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 2055037 | 84277066 |
| Blackbaud, Inc. | 656932 | 25364145 |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 442498 | 20859356 |
| Pegasystems, Inc. | 1024536 | 43604252 |
| Progress Software Corp.<sup>(b)</sup> | 603961 | 15491600 |
|  |  | 189596419 |
| **Steel — 1.55%** |  |  |
| Commercial Metals Co. | 2829623 | 173823741 |
| **Technology Hardware — 3.12%** |  |  |
| InterDigital, Inc.<sup>(b)</sup> | 273786 | 82683372 |

---

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

**FullerThaler Behavioral Small-Cap Equity Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Technology Hardware — (continued)** |  |  |
| Jabil, Inc. | 249900 | $66380937 |
| Plexus Corp.<sup>(a)</sup> | 562351 | 113898572 |
| Sanmina Corp.<sup>(a)</sup> | 663958 | 86075515 |
|  |  | 349038396 |
| **Technology Services — 4.62%** |  |  |
| CACI International, Inc., Class A<sup>(a)</sup> | 117629 | 63974884 |
| CSG Systems International, Inc. | 1353287 | 108181762 |
| EVERTEC, Inc. | 1755054 | 49527624 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 2052956 | 62512510 |
| Genpact Ltd. | 2524137 | 94024103 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 1798555 | 47697679 |
| Science Applications International Corp. | 955342 | 90681063 |
|  |  | 516599625 |
| **Transportation & Logistics — 3.06%** |  |  |
| Hub Group, Inc., Class A | 544084 | 19608787 |
| JB Hunt Transport Services, Inc. | 228483 | 48415548 |
| Ryder System, Inc. | 720875 | 147570321 |
| SkyWest, Inc.<sup>(a)</sup> | 1134451 | 104176635 |
| Teekay Tankers Ltd., Class A | 302596 | 22186339 |
|  |  | 341957630 |
| **Transportation Equipment — 2.97%** |  |  |
| Allison Transmission Holdings, Inc. | 2836599 | 332052279 |
| *Total Common Stocks* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $8,168,624,203)* |  | 10485227496 |
| **COLLATERAL FOR SECURITIES LOANED — 0.20%** |  |  |
| **Money Market Funds — 0.20%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.67%<sup>(c)</sup> | 22138140 | 22138140 |
| *Total Collateral for Securities Loaned/Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $22,138,140)* |  | 22138140 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS — 5.71%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.57%<sup>(c)</sup> | 638310638 | $638310638 |
| *Total Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $638,310,638)* |  | 638310638 |
| *Total Investments — 99.66%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $8,829,072,981)* |  | 11145676274 |
| *Other Assets in Excess of Liabilities — 0.34%<sup>(d)</sup>* |  | 38375313 |
| *NET ASSETS — 100.00%* |  | $11184051587 |

---

(a) Non-income producing security.

(b) All or a portion of the security
 was on loan as of March 31, 2026. The total value of securities on loan as of March 31, 2026 was $59,418,465.

(c) Rate disclosed is the seven day effective
 yield as of March 31, 2026.

(d) Includes cash collateral for securities
 loaned in the amount of $38,630,842. 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**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 97.59%** |  |  |
| **Aerospace & Defense — 1.20%** |  |  |
| AAR Corp.<sup>(a)</sup> | 462360 | $50609926 |
| **Automotive — 4.68%** |  |  |
| Garrett Motion, Inc. | 2529100 | 45953747 |
| Modine Manufacturing Co.<sup>(a)</sup> | 694660 | 150539768 |
|  |  | 196493515 |
| **Beverages — 0.68%** |  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 804800 | 28554304 |
| **Biotech & Pharma — 8.73%** |  |  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 3844500 | 91998885 |
| Guardant Health, Inc.<sup>(a)</sup> | 1639500 | 151440615 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 936255 | 60510161 |
| Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | 2080004 | 63398522 |
|  |  | 367348183 |
| **E-Commerce Discretionary — 1.19%** |  |  |
| FIGS, Inc., Class A<sup>(a)</sup> | 1371000 | 20249670 |
| Revolve Group, Inc., Class A<sup>(a)</sup> | 1323900 | 29933379 |
|  |  | 50183049 |
| **Electrical Equipment — 16.34%** |  |  |
| Advanced Energy Industries, Inc. | 271100 | 87486681 |
| Argan, Inc. | 75000 | 40848750 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | 1508600 | 204400214 |
| Cognex Corp. | 1093000 | 53546070 |
| Nextpower, Inc., Class A<sup>(a)</sup> | 868315 | 104675373 |
| Vertiv Holdings Co., Class A | 783160 | 196244233 |
|  |  | 687201321 |
| **Engineering & Construction — 4.53%** |  |  |
| Everus Contruction Group, Inc.<sup>(a)</sup> | 507600 | 59927256 |
| Primoris Services Corp. | 463900 | 66356256 |
| VSE Corp. | 349500 | 64447800 |
|  |  | 190731312 |
| **Forestry, Paper & Wood Products — 0.84%** |  |  |
| Trex Co., Inc.<sup>(a)</sup> | 970100 | 35331042 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Health Care Facilities & Services — 2.79%** |  |  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 2071600 | $88270876 |
| RadNet, Inc.<sup>(a)</sup> | 523200 | 29241648 |
|  |  | 117512524 |
| **Home Construction — 1.30%** |  |  |
| Skyline Champion Corp.<sup>(a)</sup> | 735000 | 54661950 |
| **Industrial Intermediate Prod — 0.88%** |  |  |
| Xometry, Inc., Class A<sup>(a)(b)</sup> | 902300 | 36849932 |
| **Leisure Facilities & Services — 3.37%** |  |  |
| Dutch Bros, Inc., Class A<sup>(a)</sup> | 758945 | 38448154 |
| PENN Entertainment, Inc.<sup>(a)</sup> | 1399600 | 21035988 |
| Red Rock Resorts, Inc., Class A<sup>(b)</sup> | 835200 | 44566272 |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 1735600 | 37749300 |
|  |  | 141799714 |
| **Machinery — 1.21%** |  |  |
| Zurn Water Solutions Corp. | 1133200 | 50812688 |
| **Medical Equipment & Devices — 4.22%** |  |  |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 713800 | 61501008 |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 432100 | 50996442 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 499880 | 34456728 |
| Veracyte, Inc.<sup>(a)</sup> | 944700 | 30428787 |
|  |  | 177382965 |
| **Oil & Gas Producers — 2.69%** |  |  |
| California Resources Corp. | 1107800 | 76681916 |
| Murphy Oil Corp. | 883000 | 36423750 |
|  |  | 113105666 |
| **Oil & Gas Services & Equipment — 1.09%** |  |  |
| Liberty Oilfield Services, Inc., Class A | 1599200 | 46056960 |
| **Retail - Consumer Staples — 2.13%** |  |  |
| Five Below, Inc.<sup>(a)</sup> | 308570 | 70502074 |

---

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

**FullerThaler Behavioral Small-Cap Growth Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Retail - Consumer Staples — (continued)** |  |  |
| Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 915000 | $18995400 |
|  |  | 89497474 |
| **Retail - Discretionary — 4.21%** |  |  |
| American Eagle Outfitters, Inc. | 2007600 | 33526920 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 294400 | 43088384 |
| National Vision Holdings, Inc.<sup>(a)</sup> | 712800 | 18461520 |
| Victoria's Secret & Co.<sup>(a)(b)</sup> | 1088700 | 50472132 |
| Warby Parker, Inc., Class A<sup>(a)</sup> | 1506000 | 31731420 |
|  |  | 177280376 |
| **Semiconductors — 6.62%** |  |  |
| Astera Labs, Inc.<sup>(a)</sup> | 535900 | 58734640 |
| Diodes, Inc.<sup>(a)</sup> | 281700 | 19228842 |
| FormFactor, Inc.<sup>(a)</sup> | 735004 | 71288038 |
| IPG Photonics Corp.<sup>(a)</sup> | 283800 | 32520642 |
| Kulicke & Soffa Industries, Inc. | 571900 | 37585268 |
| SiTime Corp.<sup>(a)</sup> | 116500 | 40233275 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 306400 | 19051952 |
|  |  | 278642657 |
| **Software — 12.13%** |  |  |
| BILL Holdings, Inc.<sup>(a)</sup> | 1323900 | 50705370 |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 1641595 | 140816019 |
| Fastly, Inc., Class A<sup>(a)</sup> | 1364100 | 39640746 |
| Figma, Inc., Class A<sup>(a)</sup> | 1653100 | 34946534 |
| Hinge Health, Inc.<sup>(a)</sup> | 1065400 | 41081824 |
| Klaviyo, Inc., Class A<sup>(a)</sup> | 1965667 | 38251880 |
| Navan, Inc.<sup>(a)</sup> | 1550500 | 20528620 |
| Planet Labs PBC, Class A<sup>(a)</sup> | 1199600 | 33528820 |
| ServiceTitan, Inc., Class A<sup>(a)</sup> | 578300 | 36698918 |
| Teradata Corp.<sup>(a)</sup> | 1482714 | 38001960 |
| Workiva, Inc., Class A<sup>(a)</sup> | 606600 | 36171558 |
|  |  | 510372249 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Specialty Finance — 2.72%** |  |  |
| Dave, Inc., Class A<sup>(a)</sup> | 129200 | $22492428 |
| FirstCash Holdings, Inc. | 315568 | 59326784 |
| LendingClub Corp.<sup>(a)</sup> | 2272800 | 32546496 |
|  |  | 114365708 |
| **Technology Hardware — 12.80%** |  |  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 3314900 | 60331180 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 734900 | 68985063 |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 379600 | 266767695 |
| ViaSat, Inc.<sup>(a)</sup> | 1851700 | 84807860 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 1713600 | 57028608 |
|  |  | 537920406 |
| **Technology Services — 1.24%** |  |  |
| Paymentus Holdings, Inc., Class A<sup>(a)</sup> | 1281500 | 32550100 |
| Remitly Global, Inc.<sup>(a)</sup> | 1263800 | 19803746 |
|  |  | 52353846 |
| *Total Common Stocks* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $3,391,669,670)* |  | 4105067767 |
| **COLLATERAL FOR SECURITIES LOANED — 1.46%** |  |  |
| **Money Market Funds — 1.46%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.67%<sup>(c)</sup> | 61219553 | 61219553 |
| *Total Collateral for Securities Loaned/Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $61,219,553)* |  | 61219553 |
| **MONEY MARKET FUNDS — 3.17%** |  |  |
| Fidelity Investments Money Market Government Portfolio, Institutional Class, 3.57%<sup>(c)</sup> | 133462173 | 133462173 |
| *Total Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $133,462,173)* |  | 133462173 |

---

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

**FullerThaler Behavioral Small-Cap Growth Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| *Total Investments — 102.22%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $3,586,351,396)* |  | $4299749493 |
| *Liabilities in Excess of Other Assets<sup>(d)</sup> — (2.22)%* |  | (93371737) |
| *NET ASSETS — 100.00%* |  | $4206377756 |

---

(a) Non-income
 producing security.

(b) All
 or a portion of the security was on loan as of March 31, 2026. The total value of securities on loan as of March 31, 2026 was
 $164,700,703.

(c) Rate
 disclosed is the seven day effective yield as of March 31, 2026.

(d) Includes
 cash collateral for securities loaned in the amount of $106,827,532. 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**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.77%** |  |  |
| **Banking — 3.42%** |  |  |
| First Citizens BancShares, Inc., Class A<sup>(a)</sup> | 1345 | $2534868 |
| KeyCorp | 425515 | 8531575 |
| Old National Bancorp | 48385 | 1069309 |
|  |  | 12135752 |
| **Beverages — 2.11%** |  |  |
| Primo Brands Corp. | 397300 | 7481159 |
| **Biotech & Pharma — 0.58%** |  |  |
| Perrigo Co. PLC | 192600 | 2068524 |
| **Chemicals — 6.82%** |  |  |
| Celanese Corp. | 113900 | 7491203 |
| Dow, Inc. | 129860 | 5408669 |
| LyondellBasell Industries N.V., Class A | 29660 | 2389410 |
| Olin Corp.<sup>(a)</sup> | 195710 | 5818458 |
| Sherwin-Williams Co. (The) | 9734 | 3120234 |
|  |  | 24227974 |
| **Commercial Support Services — 2.63%** |  |  |
| Aramark | 101590 | 4118459 |
| Republic Services, Inc. | 23830 | 5219246 |
|  |  | 9337705 |
| **Containers & Packaging — 12.07%** |  |  |
| Amcor PLC | 404627 | 16083923 |
| Graphic Packaging Holding Co. | 1713430 | 17031493 |
| Smurfit WestRock PLC | 147610 | 5882259 |
| Sonoco Products Co. | 72200 | 3905298 |
|  |  | 42902973 |
| **Electric Utilities — 2.99%** |  |  |
| Alliant Energy Corp.<sup>(a)</sup> | 31640 | 2270486 |
| CenterPoint Energy, Inc. | 61545 | 2656282 |
| CMS Energy Corp. | 23805 | 1846792 |
| Edison International | 22570 | 1651673 |
| Pinnacle West Capital Corp. | 21705 | 2186779 |
|  |  | 10612012 |
| **Electrical Equipment — 2.79%** |  |  |
| AMETEK, Inc. | 13220 | 2833839 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Electrical Equipment — (continued)** |  |  |
| Roper Technologies, Inc. | 20040 | $7091355 |
|  |  | 9925194 |
| **Electronic Equipment, Instruments & Components — 1.51%** |  |  |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 25620 | 5356630 |
| **Food — 1.57%** |  |  |
| Flowers Foods, Inc.<sup>(a)</sup> | 237650 | 1936848 |
| Ingredion, Inc. | 32150 | 3622019 |
|  |  | 5558867 |
| **Gas & Water Utilities — 0.64%** |  |  |
| Atmos Energy Corp. | 12265 | 2265591 |
| **Health Care Facilities & Services — 0.91%** |  |  |
| Centene Corp.<sup>(b)</sup> | 22555 | 738451 |
| Henry Schein, Inc.<sup>(b)</sup> | 33620 | 2477794 |
|  |  | 3216245 |
| **Industrial Support Services — 1.79%** |  |  |
| U-Haul Holding Co. | 142045 | 6345150 |
| **Insurance — 10.22%** |  |  |
| Brown & Brown, Inc.<sup>(a)</sup> | 116230 | 7579358 |
| Everest Re Group Ltd. | 39700 | 12975945 |
| Globe Life, Inc. | 28655 | 3987916 |
| Kemper Corp. | 157510 | 4813506 |
| Markel Corp.<sup>(b)</sup> | 3620 | 6928933 |
|  |  | 36285658 |
| **Machinery — 3.22%** |  |  |
| AGCO Corp. | 98720 | 11438687 |
| **Medical Equipment & Devices — 2.40%** |  |  |
| Dentsply Sirona, Inc. | 734380 | 8518808 |
| **Oil & Gas Producers — 5.68%** |  |  |
| Cheniere Energy, Inc. | 9525 | 2702814 |
| ConocoPhillips | 40400 | 5332800 |
| Devon Energy Corp. | 241355 | 12144984 |
|  |  | 20180598 |
| **Real Estate — 2.61%** |  |  |
| American Tower Corp., Class A | 41030 | 7080957 |

---

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

**FullerThaler Behavioral Mid-Cap Value Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Real Estate — (continued)** |  |  |
| WP Carey, Inc. | 32205 | $2188652 |
|  |  | 9269609 |
| **REIT — 7.45%** |  |  |
| Americold Realty Trust, Inc.<sup>(a)</sup> | 926840 | 10621586 |
| Healthpeak Properties, Inc. | 825110 | 13556558 |
| Public Storage | 8485 | 2298417 |
|  |  | 26476561 |
| **Retail - Consumer Staples — 4.46%** |  |  |
| Dollar General Corp. | 99630 | 11829070 |
| Dollar Tree, Inc.<sup>(b)</sup> | 36775 | 4027230 |
|  |  | 15856300 |
| **Retail - Discretionary — 3.60%** |  |  |
| Advance Auto Parts, Inc.<sup>(a)</sup> | 144885 | 7642684 |
| CarMax, Inc.<sup>(b)</sup> | 124065 | 5158623 |
|  |  | 12801307 |
| **Software — 0.80%** |  |  |
| Concentrix Corp.<sup>(a)</sup> | 103390 | 2828750 |
| **Specialty Finance — 3.34%** |  |  |
| Ally Financial, Inc. | 232980 | 9139805 |
| Synchrony Financial | 40193 | 2733928 |
|  |  | 11873733 |
| **Technology Hardware — 0.66%** |  |  |
| NCR Atleos Corp.<sup>(b)</sup> | 41243 | 1797370 |
| NCR Corp.<sup>(b)</sup> | 86160 | 545393 |
|  |  | 2342763 |
| **Technology Services — 12.65%** |  |  |
| Amdocs Ltd. | 26820 | 1750273 |
| Fidelity National Information Services, Inc. | 346430 | 16251031 |
| Global Payments, Inc. | 247805 | 16677276 |
| Science Applications International Corp. | 31700 | 3008964 |
| TransUnion | 85515 | 5916783 |
| Verisk Analytics, Inc. | 7155 | 1357661 |
|  |  | 44961988 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Wholesale - Discretionary — 1.85%** |  |  |
| LKQ Corp. | 223390 | $6560964 |
| *Total Common Stocks* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $395,499,880)* |  | 350829502 |
| **COLLATERAL FOR SECURITIES LOANED — 2.30%** |  |  |
| **Money Market Funds — 2.30%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.67%<sup>(c)</sup> | 8151853 | 8151853 |
| *Total Collateral for Securities Loaned/Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $8,151,853)* |  | 8151853 |
| *Total Investments — 101.07%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $403,651,733)* |  | 358981355 |
| *Liabilities in Excess of Other Assets<sup>(d)</sup> — (1.07)%* |  | (3785475) |
| *NET ASSETS — 100.00%* |  | $355195880 |

---

(a) All
 or a portion of the security was on loan as of March 31, 2026. The total value of securities on loan as of March 31, 2026 was
 $21,850,461.

(b) Non-income
 producing security.

(c) Rate
 disclosed is the seven day effective yield as of March 31, 2026.

(d) Includes
 cash collateral for securities loaned in the amount of $14,224,905. 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**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.37%** |  |  |
| **Automotive — 4.47%** |  |  |
| Gentex Corp. | 1093820 | $23899967 |
| **Banking — 4.38%** |  |  |
| First Citizens BancShares, Inc., Class A | 12430 | 23426324 |
| **Beverages — 4.91%** |  |  |
| Coca-Cola Consolidated, Inc. | 137205 | 26307687 |
| **Biotech & Pharma — 4.54%** |  |  |
| Exelixis, Inc.<sup>(a)</sup> | 567010 | 24319059 |
| **Chemicals — 3.93%** |  |  |
| Ecolab, Inc. | 78981 | 21010526 |
| **Commercial Support Services — 4.17%** |  |  |
| Cintas Corp. | 131902 | 22309904 |
| **E-Commerce Discretionary — 4.60%** |  |  |
| eBay, Inc. | 270450 | 24616359 |
| **Home Construction — 3.92%** |  |  |
| Masco Corp. | 347495 | 20978273 |
| **Hotels, Restaurants & Leisure — 4.57%** |  |  |
| Expedia Group, Inc. | 105900 | 24451251 |
| **Machinery — 3.90%** |  |  |
| Parker-Hannifin Corp. | 23288 | 20848349 |
| **Medical Equipment & Devices — 4.58%** |  |  |
| Waters Corp.<sup>(a)</sup> | 82202 | 24479756 |
| **Publishing & Broadcasting — 4.82%** |  |  |
| New York Times Co. (The), Class A | 308100 | 25797213 |
| **Retail - Consumer Staples — 3.69%** |  |  |
| Dollar General Corp. | 166110 | 19722240 |
| **Retail - Discretionary — 9.11%** |  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 257855 | 23802595 |
| Ross Stores, Inc. | 115210 | 24957942 |
|  |  | 48760537 |
| **Semiconductors — 16.17%** |  |  |
| Applied Materials, Inc. | 58750 | 20080163 |
| KLA Corp. | 12975 | 19104520 |
| Lam Research Corp. | 114260 | 24412791 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Semiconductors — (continued)** |  |  |
| Teradyne, Inc. | 77275 | $22908946 |
|  |  | 86506420 |
| **Specialty Finance — 4.49%** |  |  |
| Synchrony Financial | 353735 | 24061055 |
| **Technology Hardware — 4.24%** |  |  |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 108630 | 22712360 |
| **Transportation & Logistics — 4.38%** |  |  |
| Union Pacific Corp. | 96542 | 23423020 |
| **Transportation Equipment — 4.50%** |  |  |
| Allison Transmission Holdings, Inc. | 206315 | 24151234 |
| *Total Common Stocks/Investments — 99.37%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $480,151,185)* |  | 531781534 |
| *Other Assets in Excess of Liabilities — 0.63%* |  | 3387355 |
| *NET ASSETS — 100.00%* |  | $535168889 |

---

(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**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.48%** |  |  |
| **Asset Management — 2.04%** |  |  |
| Hamilton Lane, Inc., Class A | 62595 | $6221943 |
| **Automotive — 1.90%** |  |  |
| Gentex Corp. | 265245 | 5795603 |
| **Banking — 9.01%** |  |  |
| First Citizens BancShares, Inc., Class A<sup>(a)</sup> | 2385 | 4494914 |
| First Commonwealth Financial Corp. | 350440 | 6160735 |
| First Financial Bankshares, Inc. | 192360 | 5665002 |
| Live Oak Bancshares, Inc. | 157762 | 5217189 |
| QCR Holdings, Inc. | 70090 | 5989191 |
|  |  | 27527031 |
| **Beverages — 2.42%** |  |  |
| Coca-Cola Consolidated, Inc. | 38500 | 7381990 |
| **Biotech & Pharma — 4.16%** |  |  |
| Exelixis, Inc.<sup>(a)</sup> | 169585 | 7273500 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 41400 | 5454036 |
|  |  | 12727536 |
| **Chemicals — 1.52%** |  |  |
| Orion Engineered Carbons SA | 713890 | 4640285 |
| **Construction Materials — 1.88%** |  |  |
| Owens Corning | 53170 | 5754057 |
| **E-Commerce Discretionary — 1.52%** |  |  |
| eBay, Inc. | 50950 | 4637469 |
| **Electrical Equipment — 7.55%** |  |  |
| Acuity Brands, Inc. | 9925 | 2781184 |
| Advanced Energy Industries, Inc. | 24000 | 7745039 |
| Allegion PLC | 45260 | 6575825 |
| Watts Water Technologies, Inc., Class A | 20550 | 5965460 |
|  |  | 23067508 |
| **Engineering & Construction — 4.10%** |  |  |
| Comfort Systems USA, Inc. | 5270 | 7267277 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Engineering & Construction — (continued)** |  |  |
| Frontdoor, Inc.<sup>(a)</sup> | 99400 | $5254284 |
|  |  | 12521561 |
| **Food — 2.01%** |  |  |
| Marzetti Co. (The) | 44440 | 6147385 |
| **Health Care Facilities & Services — 2.48%** |  |  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 12365 | 5937550 |
| Quest Diagnostics, Inc. | 8280 | 1622714 |
|  |  | 7560264 |
| **Home Construction — 3.37%** |  |  |
| Masco Corp. | 109775 | 6627117 |
| PulteGroup, Inc. | 31100 | 3657671 |
|  |  | 10284788 |
| **Hotels, Restaurants & Leisure — 1.94%** |  |  |
| Expedia Group, Inc. | 25680 | 5929255 |
| **Insurance — 2.66%** |  |  |
| Brown & Brown, Inc. | 44943 | 2930733 |
| Old Republic International Corp. | 130130 | 5192187 |
|  |  | 8122920 |
| **Machinery — 2.38%** |  |  |
| Graco, Inc. | 85870 | 7268896 |
| **Medical Equipment & Devices — 2.99%** |  |  |
| Align Technology, Inc.<sup>(a)</sup> | 5650 | 968580 |
| Dentsply Sirona, Inc. | 101870 | 1181692 |
| Hologic, Inc.<sup>(a)</sup> | 63850 | 4826421 |
| Waters Corp.<sup>(a)</sup> | 7180 | 2138204 |
|  |  | 9114897 |
| **Oil & Gas Producers — 5.45%** |  |  |
| Coterra Energy, Inc. | 229300 | 8057602 |
| Devon Energy Corp. | 170804 | 8594857 |
|  |  | 16652459 |
| **Publishing & Broadcasting — 2.85%** |  |  |
| New York Times Co. (The), Class A | 103830 | 8693686 |
| **Real Estate — 3.29%** |  |  |
| American Assets Trust, Inc. | 292255 | 5380414 |

---

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

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

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Real Estate — (continued)** |  |  |
| Apple Hospitality REIT, Inc. | 404390.0 | $4654529 |
|  |  | 10034943 |
| **REIT — 5.75%** |  |  |
| Gaming and Leisure Properties, Inc. | 81200.0 | 3602844 |
| Matson, Inc. | 49980.0 | 8193721 |
| National Storage Affiliates Trust | 152990.0 | 5773843 |
|  |  | 17570408 |
| **Retail - Consumer Staples — 1.11%** |  |  |
| Dollar General Corp. | 28435.0 | 3376088 |
| **Retail - Discretionary — 1.75%** |  |  |
| Advance Auto Parts, Inc. | 101400.0 | 5348850 |
| **Semiconductors — 8.19%** |  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 36260.0 | 5243921 |
| IPG Photonics Corp.<sup>(a)</sup> | 60140.0 | 6891443 |
| Power Integrations, Inc. | 14580.0 | 746496 |
| Teradyne, Inc. | 41015.0 | 12159307 |
|  |  | 25041167 |
| **Software — 3.40%** |  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 57525.0 | 6606747 |
| SS&C Technologies Holdings, Inc. | 55790.0 | 3769730 |
|  |  | 10376477 |
| **Specialty Finance — 1.74%** |  |  |
| Synchrony Financial | 77955.0 | 5302499 |
| **Steel — 1.88%** |  |  |
| Steel Dynamics, Inc. | 31840.0 | 5731200 |
| **Technology Hardware — 2.52%** |  |  |
| NetApp, Inc. | 23390.0 | 2394902 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 25280.0 | 5285543 |
|  |  | 7680445 |
| **Technology Services — 4.10%** |  |  |
| Leidos Holdings, Inc. | 40210.0 | 6253459 |
| Science Applications International Corp. | 65875.0 | 6252855 |
|  |  | 12506314 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Transportation Equipment — 2.52%** |  |  |
| Allison Transmission Holdings, Inc. | 65625.0 | $7682063 |
| *Total Common Stocks/Investments — 98.48%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $279,909,192)* |  | 300699987 |
| *Other Assets in Excess of Liabilities — 1.52%* |  | 4626678 |
| *NET ASSETS — 100.00%* |  | $305326665 |

---

(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**

*March 31, 2026 - (Unaudited)*

 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.29%** |  |  |
| **Apparel & Textile Products — 1.05%** |  |  |
| Fossil Group, Inc.<sup>(a)</sup> | 54000 | $232740 |
| **Biotech & Pharma — 6.01%** |  |  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 81655 | 677737 |
| Evolus, Inc.<sup>(a)</sup> | 40300 | 165633 |
| Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 66100 | 232011 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 36245 | 250453 |
|  |  | 1325834 |
| **Commercial Support Services — 1.45%** |  |  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 34000 | 319600 |
| **Consumer Services — 0.99%** |  |  |
| American Public Education, Inc.<sup>(a)</sup> | 3850 | 218988 |
| **E-Commerce Discretionary — 0.97%** |  |  |
| Liquidity Services, Inc.<sup>(a)</sup> | 7000 | 213990 |
| **Electrical Equipment — 3.16%** |  |  |
| Allient, Inc. | 6150 | 363403 |
| nLIGHT, Inc.<sup>(a)</sup> | 5850 | 333567 |
|  |  | 696970 |
| **Engineering & Construction — 1.12%** |  |  |
| Latham Group, Inc.<sup>(a)</sup> | 46000 | 247020 |
| **Entertainment Content — 2.07%** |  |  |
| Inspired Entertainment, Inc.<sup>(a)</sup> | 32500 | 231725 |
| Starz Entertainment Corp.<sup>(a)</sup> | 19650 | 225975 |
|  |  | 457700 |
| **Food — 3.31%** |  |  |
| Limoneira Co.<sup>(a)</sup> | 20995 | 281754 |
| Phibro Animal Health Corp., Class A | 5000 | 276550 |
| Utz Brands, Inc. | 21645 | 171428 |
|  |  | 729732 |
| **Health Care Facilities & Services — 1.12%** |  |  |
| NeoGenomics, Inc.<sup>(a)</sup> | 33325 | 247272 |
| **Home Construction — 2.20%** |  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 14480 | 278595 |
| Smith Douglas Homes Corp.<sup>(a)</sup> | 16200 | 207360 |
|  |  | 485955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Internet Media & Services — 1.03%** |  |  |
| fuboTV, Inc., Class A<sup>(a)</sup> | 24000 | $227040 |
| **Leisure Facilities & Services — 8.67%** |  |  |
| Accel Entertainment, Inc., Class A<sup>(a)</sup> | 18700 | 204017 |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 8610 | 302211 |
| Bloomin' Brands, Inc. | 39900 | 215460 |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 28265 | 391753 |
| Genius Sports Ltd.<sup>(a)</sup> | 55700 | 246751 |
| Red Robin Gourmet Burgers, Inc.<sup>(a)</sup> | 54845 | 160696 |
| Target Hospitality Corp.<sup>(a)</sup> | 42000 | 389760 |
|  |  | 1910648 |
| **Machinery — 2.15%** |  |  |
| Ichor Holdings Ltd.<sup>(a)</sup> | 10200 | 475422 |
| **Medical Equipment & Devices — 4.05%** |  |  |
| Neogen Corp.<sup>(a)</sup> | 32775 | 304480 |
| OraSure Technologies, Inc.<sup>(a)</sup> | 72000 | 216000 |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 14300 | 373659 |
|  |  | 894139 |
| **Metals & Mining — 0.86%** |  |  |
| Hallador Energy Co.<sup>(a)</sup> | 11700 | 190476 |
| **Oil & Gas Producers — 6.50%** |  |  |
| Amplify Energy Corp. | 57250 | 357240 |
| Delek US Holdings, Inc. | 10565 | 476165 |
| Matador Resources Co. | 9500 | 600209 |
|  |  | 1433614 |
| **Oil & Gas Services & Equipment — 4.43%** |  |  |
| Ameresco, Inc., Class A<sup>(a)</sup> | 19500 | 497250 |
| NPK International, Inc.<sup>(a)</sup> | 33170 | 480633 |
|  |  | 977883 |
| **Real Estate — 2.35%** |  |  |
| Global Medical REIT, Inc. | 6500 | 215020 |
| NexPoint Diversified Real Estate Trust | 65099 | 304012 |
|  |  | 519032 |
| **REIT — 1.41%** |  |  |
| FrontView REIT, Inc. | 20150 | 311721 |
| **Renewable Energy — 3.10%** |  |  |
| Fluence Energy, Inc.<sup>(a)</sup> | 30800 | 423808 |
| Green Plains, Inc.<sup>(a)</sup> | 15800 | 259910 |
|  |  | 683718 |
| **Retail - Discretionary — 2.89%** |  |  |
| Citi Trends, Inc. | 8500 | 368220 |

---

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

**FullerThaler Behavioral Micro-Cap Equity Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Retail - Discretionary — (continued)** |  |  |
| Monro, Inc. | 16700 | $267868 |
|  |  | 636088 |
| **Semiconductors — 4.48%** |  |  |
| Photronics, Inc.<sup>(a)</sup> | 9100 | 367731 |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 9975 | 620246 |
|  |  | 987977 |
| **Software — 11.05%** |  |  |
| ACV Auctions, Inc.<sup>(a)</sup> | 47600 | 201824 |
| Adeia, Inc. | 13650 | 328010 |
| Fastly, Inc., Class A<sup>(a)(b)</sup> | 32350 | 940090 |
| GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 8000 | 363040 |
| Porch Group, Inc.<sup>(a)</sup> | 53932 | 386692 |
| PubMatic, Inc., Class A<sup>(a)</sup> | 26650 | 217997 |
|  |  | 2437653 |
| **Specialty Finance — 9.01%** |  |  |
| Dave, Inc., Class A<sup>(a)</sup> | 1895 | 329901 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 21650 | 549477 |
| LendingTree, Inc.<sup>(a)</sup> | 8300 | 355904 |
| Oportun Financial Corp.<sup>(a)</sup> | 49400 | 227734 |
| Paysign, Inc.<sup>(a)</sup> | 41000 | 241900 |
| PROG Holdings, Inc.<sup>(a)</sup> | 9890 | 283744 |
|  |  | 1988660 |
| **Technology Hardware — 3.52%** |  |  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 51000 | 283050 |
| Digital Turbine, Inc.<sup>(a)</sup> | 100600 | 289728 |
| Sonos, Inc.<sup>(a)</sup> | 15150 | 203010 |
|  |  | 775788 |
| **Technology Services — 1.29%** |  |  |
| Sezzle, Inc.<sup>(a)</sup> | 4500 | 284805 |
| **Telecommunications — 3.40%** |  |  |
| 8x8, Inc.<sup>(a)</sup> | 102000 | 169320 |
| GOGO, Inc.<sup>(a)</sup> | 47450 | 190749 |
| Shenandoah Telecommunications Co. | 25210 | 388738 |
|  |  | 748807 |
| **Transportation & Logistics — 3.44%** |  |  |
| Allegiant Travel Co.<sup>(a)</sup> | 2650 | 214756 |
| Bristow Group, Inc.<sup>(a)</sup> | 7395 | 346752 |
| Forward Air Corp.<sup>(a)</sup> | 11790 | 197011 |
|  |  | 758519 |
| **Wholesale - Consumer Staples — 2.21%** |  |  |
| Calavo Growers, Inc.<sup>(a)</sup> | 9460 | 243973 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Wholesale - Consumer Staples — (continued)** |  |  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 34600 | $243930 |
|  |  | 487903 |
| *Total Common Stocks* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $20,175,934)* |  | 21905694 |
| **COLLATERAL FOR SECURITIES LOANED — 0.79%** |  |  |
| **Money Market Funds — 0.79%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.67%<sup>(c)</sup> | 175001 | 175001 |
| *Total Collateral for Securities Loaned/Money Market Funds* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $175,001)* |  | 175001 |
| *Total Investments — 100.08%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $20,350,935)* |  | 22080695 |
| *Liabilities in Excess of Other Assets<sup>(d)</sup> — (0.08)%* |  | (18551) |
| *NET ASSETS — 100.00%* |  | $22062144 |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026. The total
 value of securities on loan as of March 31, 2026 was $467,016.

(c) Rate disclosed is the seven day effective yield as of March 31, 2026.

(d) Includes cash collateral for securities loaned in the amount of $305,374. 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**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — 95.63%** |  |  |
| **Advertising & Marketing — 0.49%** |  |  |
| Omnicom Group, Inc. | 8925 | $672142 |
| **Aerospace & Defense — 0.88%** |  |  |
| Textron, Inc. | 4430 | 387891 |
| Woodward, Inc. | 2265 | 810689 |
|  |  | 1198580 |
| **Apparel & Textile Products — 3.37%** |  |  |
| Crocs, Inc.<sup>(a)</sup> | 5630 | 467403 |
| Deckers Outdoor Corp.<sup>(a)</sup> | 14082 | 1409467 |
| Ralph Lauren Corp. | 5150 | 1771549 |
| Tapestry, Inc. | 6675 | 941909 |
|  |  | 4590328 |
| **Asset Management — 0.47%** |  |  |
| Affiliated Managers Group, Inc. | 2300 | 636410 |
| **Automotive — 1.78%** |  |  |
| BorgWarner, Inc. | 44560 | 2417826 |
| **Banking — 2.76%** |  |  |
| Cullen/Frost Bankers, Inc. | 6330 | 867716 |
| East West Bancorp, Inc. | 8635 | 921873 |
| Fifth Third Bancorp | 42065 | 1954340 |
|  |  | 3743929 |
| **Biotech & Pharma — 4.77%** |  |  |
| Biogen, Inc.<sup>(a)</sup> | 13185 | 2417206 |
| Exelixis, Inc.<sup>(a)</sup> | 16300 | 699107 |
| United Therapeutics Corp.<sup>(a)</sup> | 5665 | 3359232 |
|  |  | 6475545 |
| **Capital Markets — 0.88%** |  |  |
| PPG Industries, Inc. | 11220 | 1199194 |
| **Chemicals — 2.39%** |  |  |
| CF Industries Holdings, Inc. | 24960 | 3240806 |
| **Commercial Support Services — 1.25%** |  |  |
| Cintas Corp. | 10030 | 1696474 |
| **Construction Materials — 0.31%** |  |  |
| Owens Corning | 3945 | 426928 |
| **Electric Utilities — 0.38%** |  |  |
| Vistra Corp. | 3390 | 509619 |
| **Electrical Equipment — 4.44%** |  |  |
| Acuity Brands, Inc. | 3355 | 940138 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2500 | 705925 |
| Trane Technologies PLC | 9665 | 4027792 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Electrical Equipment — (continued)** |  |  |
| Vontier Corp. | 10155 | $360198 |
|  |  | 6034053 |
| **Electronic Equipment, Instruments & Components — 0.84%** |  |  |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 5460 | 1141577 |
| **Engineering & Construction — 6.21%** |  |  |
| Comfort Systems USA, Inc. | 3060 | 4219709 |
| EMCOR Group, Inc. | 5715 | 4219442 |
|  |  | 8439151 |
| **Entertainment Content — 2.21%** |  |  |
| Electronic Arts, Inc. | 5865 | 1195698 |
| Fox Corp., Class B | 33700 | 1789469 |
|  |  | 2985167 |
| **Health Care Facilities & Services — 5.32%** |  |  |
| Cardinal Health, Inc. | 6900 | 1458039 |
| Encompass Health Corp. | 5135 | 496709 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 11295 | 1926249 |
| Labcorp Holdings, Inc. | 4340 | 1157955 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1462 | 702038 |
| Quest Diagnostics, Inc. | 7640 | 1497287 |
|  |  | 7238277 |
| **Home Construction — 1.39%** |  |  |
| Masco Corp. | 15070 | 909776 |
| PulteGroup, Inc. | 4015 | 472204 |
| Toll Brothers, Inc. | 3670 | 500845 |
|  |  | 1882825 |
| **Hotels, Restaurants & Leisure — 0.28%** |  |  |
| Darden Restaurants, Inc. | 1945 | 381298 |
| **Industrial Support Services — 1.89%** |  |  |
| W.W. Grainger, Inc. | 2351 | 2564494 |
| **Institutional Financial Services — 1.48%** |  |  |
| Bank of New York Mellon Corp. (The) | 4170 | 494687 |
| Northern Trust Corp. | 10900 | 1521313 |
|  |  | 2016000 |
| **Insurance — 3.42%** |  |  |
| Aflac, Inc. | 3185 | 349426 |
| Assurant, Inc. | 5062 | 1102554 |
| Hartford Insurance Group, Inc. (The) | 23700 | 3204951 |
|  |  | 4656931 |
| **It Services — 0.51%** |  |  |
| Fidelity National Information Services, Inc. | 14800 | 694268 |

---

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

**FullerThaler Behavioral Mid-Cap Equity Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Leisure Facilities & Services — 0.73%** |  |  |
| Hilton Worldwide Holdings, Inc. | 1965 | $597518 |
| Texas Roadhouse, Inc. | 2360 | 389730 |
|  |  | 987248 |
| **Machinery — 3.34%** |  |  |
| Curtiss-Wright Corp. | 3150 | 2145528 |
| Donaldson Co., Inc. | 9495 | 805841 |
| Lincoln Electric Holdings, Inc. | 6390 | 1591621 |
|  |  | 4542990 |
| **Medical Equipment & Devices — 2.09%** |  |  |
| Agilent Technologies, Inc. | 9635 | 1098197 |
| GE HealthCare Technologies, Inc. | 6635 | 472279 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 610 | 769332 |
| ResMed, Inc. | 2210 | 496101 |
|  |  | 2835909 |
| **Oil & Gas Producers — 3.24%** |  |  |
| Cheniere Energy, Inc. | 6355 | 1803295 |
| Coterra Energy, Inc. | 18650 | 655361 |
| Devon Energy Corp. | 26485 | 1332725 |
| HF Sinclair Corp. | 9760 | 608926 |
|  |  | 4400307 |
| **Oil & Gas Services & Equipment — 5.04%** |  |  |
| Baker Hughes Co., Class A | 34645 | 2115077 |
| TechnipFMC PLC | 68405 | 4728838 |
|  |  | 6843915 |
| **Publishing & Broadcasting — 0.27%** |  |  |
| Nexstar Media Group, Inc. | 2065 | 373414 |
| **Real Estate — 0.22%** |  |  |
| Lineage, Inc. | 9100 | 298116 |
| **Real Estate Services — 1.67%** |  |  |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 16690 | 2260828 |
| **REIT — 0.67%** |  |  |
| Gaming and Leisure Properties, Inc. | 7625 | 338321 |
| Mid-America Apartment Communities, Inc. | 1980 | 241798 |
| Weyerhaeuser Co. | 13645 | 333347 |
|  |  | 913466 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **Retail - Consumer Staples — 6.03%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 32615 | $3209968 |
| Casey's General Stores, Inc. | 2385 | 1735946 |
| Kroger Co. (The) | 44820 | 3243176 |
|  |  | 8189090 |
| **Retail - Discretionary — 6.85%** |  |  |
| Best Buy Co., Inc. | 8790 | 564318 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 7200 | 592776 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 6300 | 581553 |
| Ross Stores, Inc. | 18935 | 4101888 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 6665 | 3483862 |
|  |  | 9324397 |
| **Semiconductors — 1.04%** |  |  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 5100 | 737562 |
| Teradyne, Inc. | 2300 | 681858 |
|  |  | 1419420 |
| **Software — 0.53%** |  |  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 5410 | 720179 |
| **Specialty Finance — 0.60%** |  |  |
| Synchrony Financial | 11885 | 808418 |
| **Steel — 0.68%** |  |  |
| Commercial Metals Co. | 4925 | 302543 |
| Nucor Corp. | 950 | 160645 |
| Reliance Steel & Aluminum Co. | 1510 | 458919 |
|  |  | 922107 |
| **Technology Hardware — 6.50%** |  |  |
| F5, Inc.<sup>(a)</sup> | 3075 | 889690 |
| Jabil, Inc. | 19745 | 5244864 |
| NetApp, Inc. | 26255 | 2688249 |
|  |  | 8822803 |
| **Technology Services — 4.32%** |  |  |
| Amdocs Ltd. | 4495 | 293344 |
| Cognizant Technology Solutions Corp., Class A | 25675 | 1575161 |
| Corpay, Inc.<sup>(a)</sup> | 5355 | 1558251 |
| MSCI, Inc. | 3688 | 1987870 |
| Science Applications International Corp. | 4770 | 452768 |
|  |  | 5867394 |

---

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

**FullerThaler Behavioral Mid-Cap Equity Fund**

**Schedule of Investments (continued)**

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — (continued)** |  |  |
| **Transportation & Logistics — 1.41%** |  |  |
| JB Hunt Transport Services, Inc. | 9070 | $1921933 |
| **Transportation Equipment — 2.68%** |  |  |
| Cummins, Inc. | 6755 | 3634325 |
| *Total Common Stocks/Investments — 95.63%* |  |  |
| &nbsp;&nbsp;&nbsp;*(Cost $113,541,860)* |  | 129928081 |
| *Other Assets in Excess of Liabilities — 4.37%* |  | 5931688 |
| *NET ASSETS — 100.00%* |  | $135859769 |

---

(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**

*March 31, 2026 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Small-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral<br> Small-Cap<br> Growth Fund** | **FullerThaler<br> Behavioral<br> Mid-Cap<br> Value Fund** |
| **Assets** |  |  |  |
| Investments in securities at fair value (cost $8,829,072,981, $3,586,351,396 and $403,651,733) | $11145676274 | $4299749493 | $358981355 |
| Cash and cash equivalents | 51460140 | 50009828 | 4191926 |
| Receivable for fund shares sold | 5767341 | 7171261 | 77460 |
| Receivable for investments sold | 11037838 |  |  |
| Dividends and interest receivable | 6211201 | 771858 | 445040 |
| Cash collateral for securities loaned | 38630842 | 106827532 | 14224905 |
| Securities lending income receivable | 4916 | 8413 | 514 |
| Prepaid expenses | 170624 | 162531 | 47953 |
| **Total Assets** | 11258959176 | 4464700916 | 377969153 |
| **Liabilities** |  |  |  |
| Payable for investments purchased |  | 82998538 |  |
| Payable for fund shares redeemed | 6642787 | 3571095 | 129762 |
| Payable for collateral upon return of securities loaned | 60768982 | 168047085 | 22376759 |
| Payable to Adviser | 5749630 | 2805804 | 171517 |
| Accrued 12b-1 fees | 235987 | 101159 | 9159 |
| Accrued administrative service fees | 1185192 | 725520 | 60595 |
| Payable to affiliates | 111045 | 28106 | 5495 |
| Payable to auditors | 13349 | 13349 | 13349 |
| Other accrued expenses | 200617 | 32504 | 6637 |
| **Total Liabilities** | 74907589 | 258323160 | 22773273 |
| **Net Assets** | $11184051587 | $4206377756 | $355195880 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | $8333337984 | $3872144848 | $396302157 |
| Accumulated earnings (deficit) | 2850713603 | 334232908 | (41106277) |
| **Net Assets** | $11184051587 | $4206377756 | $355195880 |

---

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

**FullerThaler Funds**

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

*March 31, 2026 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Small-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral**<br> **Small-Cap<br> Growth Fund** | **FullerThaler<br> Behavioral<br> Mid-Cap<br> Value Fund** |
| **R6 Shares:** |  |  |  |
| Net Assets | $2651118606 | $1172371730 | $63443127 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 52026359 | 21209174 | 1935913 |
| Net asset value, offering and redemption price per share | $50.96 | $55.28 | $32.77 |
| **Institutional Shares:** |  |  |  |
| Net Assets | $7859975855 | $2888096297 | $283435175 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 155821374 | 52669617 | 8649438 |
| Net asset value, offering and redemption price per share | $50.44 | $54.83 | $32.77 |
| **Investor Shares:** |  |  |  |
| Net Assets | $622179375 | $86429607 | $4526398 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 12443574 | 1614757 | 138723 |
| Net asset value, offering and redemption price per share | $50.00 | $53.52 | $32.63 |
| **A Shares:** |  |  |  |
| Net Assets | $39439093 | $31216897 | $2451446 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 791755 | 585345 | 75399 |
| Net asset value, offering and redemption price per share | $49.81 | $53.33 | $32.51 |
| Maximum offering price per share (Note 1) | $52.85 | $56.58 | $34.49 |
| **C Shares:** |  |  |  |
| Net Assets | $11338658 | $28263225 | $1339734 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 232346 | 550842 | 41413 |
| Net asset value, offering and redemption price per share | $48.80 | $51.31 | $32.35 |

---

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

**FullerThaler Funds**

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

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Unconstrained<br> Equity Fund** | **FullerThaler<br> Behavioral<br> Small-Mid Core<br> Equity Fund** |
| **Assets** |  |  |
| Investments in securities at fair value (cost $480,151,185 and $279,909,192) | $531781534 | $300699987 |
| Cash and cash equivalents | 2705631 | 4021388 |
| Receivable for fund shares sold | 1000651 | 847442 |
| Dividends and interest receivable | 104498 | 192487 |
| Prepaid expenses | 95335 | 41011 |
| **Total Assets** | 535687649 | 305802315 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | 110548 | 242249 |
| Payable to Adviser | 348189 | 171134 |
| Accrued 12b-1 fees | 10196 | 164 |
| Accrued administrative service fees | 34337 | 45304 |
| Payable to affiliates | 2879 | 3620 |
| Payable to auditors | 12565 | 12356 |
| Other accrued expenses | 46 | 823 |
| **Total Liabilities** | 518760 | 475650 |
| **Net Assets** | $535168889 | $305326665 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $485092000 | $289811432 |
| Accumulated earnings | 50076889 | 15515233 |
| **Net Assets** | $535168889 | $305326665 |
| **R6 Shares:** |  |  |
| Net Assets | $109590082 | $53385479 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 1679451 | 1251747 |
| Net asset value, offering and redemption price per share | $65.25 | $42.65 |
| **Institutional Shares:** |  |  |
| Net Assets | $410633824 | $249214797 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 6300807 | 5840608 |
| Net asset value, offering and redemption price per share | $65.17 | $42.67 |
| **A Shares:** |  |  |
| Net Assets | $10840290 | $2510743 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 167607 | 59245 |
| Net asset value, offering and redemption price per share | $64.68 | $42.38 |
| Maximum offering price per share (Note 1) | $68.63 | $44.97 |
| **C Shares:** |  |  |
| Net Assets | $4104693 | $215646 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 64436 | 5087 |
| Net asset value, offering and redemption price per share | $63.70 | $42.39 |

---

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

**FullerThaler Funds**

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

*March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Micro-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral<br> Mid-Cap<br> Equity Fund** |
| **Assets** |  |  |
| Investments in securities at fair value (cost $20,350,935 and $113,541,860) | $22080695 | $129928081 |
| Cash and cash equivalents | 127123 | 5900230 |
| Receivable for fund shares sold | 439 | 14689 |
| Receivable for investments sold | 256810 |  |
| Dividends and interest receivable | 6584 | 103660 |
| Cash collateral for securities loaned | 305374 |  |
| Prepaid expenses | 8400 | 21843 |
| **Total Assets** | 22785425 | 135968503 |
| **Liabilities** |  |  |
| Payable for investments purchased | 215323 |  |
| Payable for fund shares redeemed |  | 10720 |
| Payable for collateral upon return of securities loaned | 480375 |  |
| Payable to Adviser | 12932 | 71926 |
| Accrued administrative service fees |  | 7328 |
| Payable to affiliates | 1966 | 1940 |
| Payable to auditors | 12436 | 12436 |
| Other accrued expenses | 249 | 4384 |
| **Total Liabilities** | 723281 | 108734 |
| **Net Assets** | $22062144 | $135859769 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | $28305585 | $122540784 |
| Accumulated earnings (deficit) | (6243441) | 13318985 |
| **Net Assets** | $22062144 | $135859769 |
| **Institutional Shares:** |  |  |
| Net Assets | $22062144 | $135859769 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 822174 | 4577136 |
| Net asset value, offering and redemption price per share | $26.83 | $29.68 |

---

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

**FullerThaler Funds**

**Statements of Operations**

*For the six months ended March 31, 2026 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Small-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral<br> Small-Cap<br> Growth Fund** | **FullerThaler<br> Behavioral<br> Mid-Cap<br> Value Fund** |
| **Investment Income:** | | | |
| Dividend income (net of foreign taxes withheld of $8,285, $– and $–) | $70892704 | $7287816 | $5225333 |
| Interest income | 818975 | 816650 | 96421 |
| Securities lending income | 71949 | 85772 | 12138 |
| **Total investment income** | 71783628 | 8190238 | 5333892 |
| **Expenses:** |  |  |  |
| Adviser | 34028785 | 16556865 | 1361771 |
| Administrative Services - Institutional Shares | 5285753 | 2318669 | 247648 |
| Administrative Services - Investor Shares | 552527 | 73296 | 4274 |
| Administrative Services - A Shares | 46858 | 26918 | 1742 |
| 12b-1 fees - Investor Shares | 807791 | 105920 | 6475 |
| 12b-1 fees - A Shares | 47620 | 38236 | 3111 |
| 12b-1 fees - C Shares | 60797 | 133455 | 6948 |
| ReFlow fees (Note 9) | 748273 | 434883 | 38982 |
| Administration | 431516 | 140059 | 17084 |
| Report printing | 196994 | 77838 | 11924 |
| Custodian | 147450 | 50154 | 8466 |
| Fund accounting | 127885 | 40890 | 4213 |
| Registration | 101026 | 100286 | 41178 |
| Transfer agent | 67759 | 21684 | 2232 |
| Legal | 23948 | 5748 | 5748 |
| Trustee | 9241 | 9241 | 9241 |
| Audit and tax preparation | 9141 | 9142 | 9142 |
| Compliance services | 2992 | 2992 | 2992 |
| Miscellaneous | 62293 | 62636 | 18853 |
| **Total expenses** | 42758649 | 20208912 | 1802024 |
| Fees contractually waived by Adviser |  | (1124428) | (340624) |
| Net operating expenses | 42758649 | 19084484 | 1461400 |
| **Net investment income (loss)** | 29024979 | (10894246) | 3872492 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |  |
| Net realized gain (loss) on investment securities transactions | 248104377 | (108279509) | 8904427 |
| Net realized gain from in-kind redemptions (Note 2) | 312720824 | 129698541 | 3898961 |
| Net change in unrealized appreciation (depreciation) of investment securities | (362208035) | 140393956 | (21101763) |
| **Net realized and change in unrealized gain (loss) on investments and in-kind redemptions** | 198617166 | 161812988 | (8298375) |
| **Net increase (decrease) in net assets resulting from operations** | $227642145 | $150918742 | $(4425883) |

---

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

**FullerThaler Funds**

**Statements of Operations (continued)**

*For the six months ended March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Unconstrained<br> Equity Fund** | **FullerThaler<br> Behavioral <br>Small-Mid Core<br> Equity Fund** |
| **Investment Income:** |  |  |
| Dividend income (net of foreign taxes withheld of $– and $3,238) | $1642317 | $2368318 |
| Interest income | 130253 | 92200 |
| Securities lending income |  | 81 |
| **Total investment income** | 1772570 | 2460599 |
| **Expenses:** |  |  |
| Adviser | 1624887 | 1033898 |
| Administrative Services - Institutional Shares | 174514 | 140211 |
| Administrative Services - A Shares | 8897 | 1728 |
| 12b-1 fees - A Shares | 11465 | 2635 |
| 12b-1 fees - C Shares | 12661 | 560 |
| Registration | 50488 | 24030 |
| ReFlow fees (Note 9) | 49938 | 32324 |
| Administration | 14810 | 11757 |
| Trustee | 9241 | 9241 |
| Audit and tax preparation | 8358 | 8308 |
| Custodian | 7772 | 6747 |
| Legal | 5748 | 5748 |
| Report printing | 4912 | 4961 |
| Fund accounting | 3529 | 2647 |
| Compliance services | 2992 | 2992 |
| Transfer agent | 1875 | 1404 |
| Miscellaneous | 22311 | 18397 |
| **Total expenses** | 2014398 | 1307588 |
| Fees contractually waived by Adviser | (132961) | (169502) |
| Net operating expenses | 1881437 | 1138086 |
| **Net investment income (loss)** | (108867) | 1322513 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |
| Net realized loss on investment securities transactions | (2407238) | (2629343) |
| Net realized gain from in-kind redemptions (Note 2) | 10749819 | 4846310 |
| Net change in unrealized appreciation of investment securities | 28354533 | 17490295 |
| **Net realized and change in unrealized gain on investments and in-kind redemptions** | 36697114 | 19707262 |
| **Net increase in net assets resulting from operations** | $36588247 | $21029775 |

---

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

**FullerThaler Funds**

**Statements of Operations (continued)**

*For the six months ended March 31, 2026 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral<br> Micro-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral<br> Mid-Cap<br> Equity Fund** |
| **Investment Income:** |  |  |
| Dividend income | $82731 | $646067 |
| Interest income | 2530 | 97172 |
| Securities lending income | 1735 |  |
| **Total investment income** | 86996 | 743239 |
| **Expenses:** |  |  |
| Adviser | 159260 | 478294 |
| Administrative Services - Institutional Shares | 9446 | 47192 |
| Trustee | 9241 | 9241 |
| Audit and tax preparation | 8228 | 8228 |
| Administration | 6078 | 6493 |
| Legal | 5748 | 5748 |
| Registration | 5351 | 12225 |
| Compliance services | 2992 | 2992 |
| ReFlow fees (Note 9) | 1934 | 4140 |
| Report printing | 1593 | 3018 |
| Fund accounting | 1225 | 1350 |
| Custodian | 846 | 4301 |
| Transfer agent | 650 | 716 |
| Miscellaneous | 13208 | 15373 |
| **Total expenses** | 225800 | 599311 |
| Fees contractually waived by Adviser | (82233) | (91245) |
| Net operating expenses | 143567 | 508066 |
| **Net investment income (loss)** | (56571) | 235173 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions** |  |  |
| Net realized loss on investment securities transactions | (171047) | (561403) |
| Net realized gain from in-kind redemptions (Note 2) | 94691 | 1925630 |
| Net change in unrealized appreciation (depreciation) of investment securities | (673021) | 7278889 |
| **Net realized and change in unrealized gain (loss) on investments and in-kind redemptions** | (749377) | 8643116 |
| **Net increase (decrease) in net assets resulting from operations** | $(805948) | $8878289 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral Small-Cap<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $29024979 | $64940128 |
| Net realized gain on investment securities transactions | 248104377 | 201572753 |
| Net realized gain from in-kind redemptions (Note 2) | 312720824 | 775460133 |
| Net change in unrealized depreciation of investment securities | (362208035) | (118790497) |
| Net increase in net assets resulting from operations | 227642145 | 923182517 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (17431419) | (183140083) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (42539668) | (550261959) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (1825869) | (43101094) |
| &nbsp;&nbsp;&nbsp;A Shares | (121101) | (1470596) |
| &nbsp;&nbsp;&nbsp;C Shares |  | (970315) |
| Total distributions | (61918057) | (778944047) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 528834558 | 1822709905 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 7473908 | 81804274 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (629456144) | (1684029426) |
| Total R6 Shares | (93147678) | 220484753 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1139431945 | 2449918938 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 29424301 | 397298409 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1315112678) | (2386364380) |
| Total Institutional Shares | (146256432) | 460852967 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 109628451 | 478437188 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1696639 | 40331373 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (126735038) | (480099018) |
| Total Investor Shares | (15409948) | 38669543 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19054814 | 19742005 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 89099 | 1326751 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (11100132) | (8637293) |
| Total A Shares | 8043781 | 12431463 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 80958 | 721163 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 851371 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1470934) | (3438614) |
| Total C Shares | (1389976) | (1866080) |
| Net increase (decrease) in net assets resulting from capital transactions | (248160253) | 730572646 |
| **Total Increase (Decrease) in Net Assets** | (82436165) | 874811116 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral Small-Cap<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended**<br> **September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Net Assets** |  |  |
| Beginning of period | 11266487752 | 10391676636 |
| End of period | $11184051587 | $11266487752 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10322227 | 38937251 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 144731 | 1662967 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (12281117) | (35904489) |
| Total R6 Shares | (1814159) | 4695729 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 22312119 | 53522424 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 575367 | 8162866 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25864806) | (52444664) |
| Total Institutional Shares | (2977320) | 9240626 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2152940 | 10014264 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 33444 | 835193 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2481798) | (10105376) |
| Total Investor Shares | (295414) | 744081 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 379871 | 436864 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1763 | 27545 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (220104) | (191119) |
| Total A Shares | 161530 | 273290 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1648 | 16600 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 17980 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (29469) | (78279) |
| Total C Shares | (27821) | (43699) |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Cap<br> Growth Fund** | **FullerThaler<br> Behavioral Small-Cap<br> Growth Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended**<br> **September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(10894246) | $(16830504) |
| Net realized loss on investment securities transactions | (108279509) | (289101436) |
| Net realized gain from in-kind redemptions (Note 2) | 129698541 | 373749009 |
| Net change in unrealized appreciation of investment securities | 140393956 | 357432084 |
| Net increase in net assets resulting from operations | 150918742 | 425249153 |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 523595840 | 1639065640 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (339689278) | (1250981248) |
| Total R6 Shares | 183906562 | 388084392 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1067099766 | 2399989380 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (627916321) | (1744865750) |
| Total Institutional Shares | 439183445 | 655123630 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 20131571 | 46310186 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (14938124) | (24190067) |
| Total Investor Shares | 5193447 | 22120119 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 11622251 | 19412655 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (8060286) | (10115053) |
| Total A Shares | 3561965 | 9297602 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4819014 | 8639631 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1657290) | (5776189) |
| Total C Shares | 3161724 | 2863442 |
| Net increase in net assets resulting from capital transactions | 635007143 | 1077489185 |
| **Total Increase in Net Assets** | 785925885 | 1502738338 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Cap<br> Growth Fund** | **FullerThaler<br> Behavioral Small-Cap<br> Growth Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Net Assets** |  |  |
| Beginning of period | 3420451871 | 1917713533 |
| End of period | $4206377756 | $3420451871 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 9541422 | 35262398 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (6158994) | (27105266) |
| Total R6 Shares | 3382428 | 8157132 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 19349536 | 52112485 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11474394) | (38488188) |
| Total Institutional Shares | 7875142 | 13624297 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 373060 | 1011893 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (274134) | (546132) |
| Total Investor Shares | 98926 | 465761 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 214165 | 439408 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (149481) | (231556) |
| Total A Shares | 64684 | 207852 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 93352 | 193138 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (32404) | (142584) |
| Total C Shares | 60948 | 50554 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Mid-Cap<br> Value Fund** | **FullerThaler<br> Behavioral Mid-Cap<br> Value Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $3872492 | $6163018 |
| Net realized gain on investment securities transactions | 8904427 | 7644421 |
| Net realized gain from in-kind redemptions (Note 2) | 3898961 | 29317916 |
| Net change in unrealized depreciation of investment securities | (21101763) | (52334279) |
| Net decrease in net assets resulting from operations | (4425883) | (9208924) |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (1325797) | (965360) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (5447718) | (4656152) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (84966) | (84439) |
| &nbsp;&nbsp;&nbsp;A Shares | (41775) | (29494) |
| &nbsp;&nbsp;&nbsp;C Shares | (13407) | (11171) |
| Total distributions | (6913663) | (5746616) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 22306328 | 120978429 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 240561 | 219772 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (25491524) | (108792635) |
| Total R6 Shares | (2944635) | 12405566 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 50012279 | 214273019 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 5075176 | 4433543 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (59780426) | (204337805) |
| Total Institutional Shares | (4692971) | 14368757 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 377289 | 1227438 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 81129 | 81014 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (1574495) | (3414458) |
| Total Investor Shares | (1116077) | (2106006) |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 882328 | 1148942 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 40873 | 29494 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (855905) | (1136918) |
| Total A Shares | 67296 | 41518 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 55517 | 665825 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 12114 | 11171 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (243741) | (230263) |
| Total C Shares | (176110) | 446733 |
| Net increase (decrease) in net assets resulting from capital transactions | (8862497) | 25156568 |
| **Total Increase (Decrease) in Net Assets** | (20202043) | 10201028 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Mid-Cap<br> Value Fund** | **FullerThaler<br> Behavioral Mid-Cap<br> Value Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Net Assets** |  |  |
| Beginning of period | 375397923 | 365196895 |
| End of period | $355195880 | $375397923 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 693920 | 3582098 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 7272 | 6424 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (788687) | (3234954) |
| Total R6 Shares | (87495) | 353568 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1518568 | 6268444 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 153421 | 129674 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1823316) | (6085948) |
| Total Institutional Shares | (151327) | 312170 |
| **Investor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11339 | 36311 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2461 | 2377 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (47275) | (101673) |
| Total Investor Shares | (33475) | (62985) |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 26643 | 34228 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1244 | 867 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (26035) | (34514) |
| Total A Shares | 1852 | 581 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1706 | 20194 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 370 | 330 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7462) | (6997) |
| Total C Shares | (5386) | 13527 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Unconstrained<br> Equity Fund** | **FullerThaler<br> Behavioral Unconstrained<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(108867) | $299922 |
| Net realized loss on investment securities transactions | (2407238) | (5388308) |
| Net realized gain from in-kind redemptions (Note 2) | 10749819 | 25849556 |
| Net change in unrealized appreciation of investment securities | 28354533 | 7287032 |
| Net increase in net assets resulting from operations | 36588247 | 28048202 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (112297) | (116155) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (121585) | (75467) |
| &nbsp;&nbsp;&nbsp;A Shares |  | (1377) |
| Total distributions | (233882) | (192999) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 51433492 | 100237174 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 71779 | 77098 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (38174276) | (79194150) |
| Total R6 Shares | 13330995 | 21120122 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 268902785 | 203066493 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 117060 | 73264 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (55180327) | (104992146) |
| Total Institutional Shares | 213839518 | 98147611 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5966692 | 5825292 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 1377 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (3180706) | (1149415) |
| Total A Shares | 2785986 | 4677254 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2246828 | 866387 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (31639) | (117097) |
| Total C Shares | 2215189 | 749290 |
| Net increase in net assets resulting from capital transactions | 232171688 | 124694277 |
| **Total Increase in Net Assets** | 268526053 | 152549480 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Unconstrained<br> Equity Fund** | **FullerThaler<br> Behavioral Unconstrained<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Net Assets** |  |  |
| Beginning of period | 266642836 | 114093356 |
| End of period | $535168889 | $266642836 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 839169 | 1911673 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1123 | 1482 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (634483) | (1501436) |
| Total R6 Shares | 205809 | 411719 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4219448 | 3861483 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1834 | 1409 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (928844) | (1995977) |
| Total Institutional Shares | 3292438 | 1866915 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 93714 | 113023 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 27 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (49200) | (22290) |
| Total A Shares | 44514 | 90760 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 35077 | 16676 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (527) | (2266) |
| Total C Shares | 34550 | 14410 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Mid Core<br> Equity Fund** | **FullerThaler<br> Behavioral Small-Mid Core<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1322513 | $1644329 |
| Net realized loss on investment securities transactions | (2629343) | (7398026) |
| Net realized gain from in-kind redemptions (Note 2) | 4846310 | 19880384 |
| Net change in unrealized appreciation (depreciation) of investment securities | 17490295 | (6730679) |
| Net increase in net assets resulting from operations | 21029775 | 7396008 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares | (385332) | (160048) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1310989) | (889882) |
| &nbsp;&nbsp;&nbsp;A Shares | (7195) | (10601) |
| &nbsp;&nbsp;&nbsp;C Shares |  | (640) |
| Total distributions | (1703516) | (1061171) |
| **Capital Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 41530048 | 105611740 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 218643 | 160047 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (29592614) | (69650221) |
| Total R6 Shares | 12156077 | 36121566 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 84865963 | 231542253 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1159419 | 744189 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (33514937) | (176448935) |
| Total Institutional Shares | 52510445 | 55837507 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 957596 | 945591 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 6934 | 10519 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (600670) | (627204) |
| Total A Shares | 363860 | 328906 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 119994 | 132973 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 640 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (43761) | (74) |
| Total C Shares | 76233 | 133539 |
| Net increase in net assets resulting from capital transactions | 65106615 | 92421518 |
| **Total Increase in Net Assets** | 84432874 | 98756355 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Small-Mid Core<br> Equity Fund** | **FullerThaler<br> Behavioral Small-Mid Core<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Net Assets** |  |  |
| Beginning of period | 220893791 | 122137436 |
| End of period | $305326665 | $220893791 |
| **Share Transactions:** |  |  |
| **R6 Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1007173 | 2784984 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 5344 | 4146 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (708418) | (1841482)<sup>(a)</sup> |
| Total R6 Shares | 304099 | 947648 |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2044840 | 6146595 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 28320 | 19265 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (818885) | (4626220) |
| Total Institutional Shares | 1254275 | 1539640 |
| **A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 22770 | 24869 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 170 | 274 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14251) | (16741) |
| Total A Shares | 8689 | 8402 |
| **C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2845 | 3319 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 17 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1092) | (2)<sup>(a)</sup> |
| Total C Shares | 1753 | 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<br> Behavioral Micro-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral Micro-Cap<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment loss | $(56571) | $(161201) |
| Net realized loss on investment securities transactions | (171047) | (3067177) |
| Net realized gain from in-kind redemptions (Note 2) | 94691 | 4219317 |
| Net change in unrealized appreciation (depreciation) of investment securities | (673021) | 1534985 |
| Net increase (decrease) in net assets resulting from operations | (805948) | 2525924 |
| **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;Proceeds from shares sold | 1544599 | 18726241 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 24029 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (590712) | (18406293) |
| Total Institutional Shares | 953887 | 343977 |
| Net increase in net assets resulting from capital transactions | 953887 | 343977 |
| **Total Increase in Net Assets** | 147939 | 2844701 |
| **Net Assets** |  |  |
| Beginning of period | 21914205 | 19069504 |
| End of period | $22062144 | $21914205 |
| **Share Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 54512 | 743795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (21214) | (724475) |
| Total Institutional Shares | 33298 | 20206 |

---

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

**FullerThaler Funds**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **FullerThaler<br> Behavioral Mid-Cap<br> Equity Fund** | **FullerThaler<br> Behavioral Mid-Cap<br> Equity Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> September 30,<br> 2025** |
|  | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $235173 | $369424 |
| Net realized loss on investment securities transactions | (561403) | (4214808) |
| Net realized gain from in-kind redemptions (Note 2) | 1925630 | 7436188 |
| Net change in unrealized appreciation of investment securities | 7278889 | 5491767 |
| Net increase in net assets resulting from operations | 8878289 | 9082571 |
| **Distributions to Shareholders from Earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (399907) | (250877) |
| Total distributions | (399907) | (250877) |
| **Capital Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 25411029 | 102017644 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 239401 | 148133 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (13585687) | (61076102) |
| Total Institutional Shares | 12064743 | 41089675 |
| Net increase in net assets resulting from capital transactions | 12064743 | 41089675 |
| **Total Increase in Net Assets** | 20543125 | 49921369 |
| **Net Assets** |  |  |
| Beginning of period | 115316644 | 65395275 |
| End of period | $135859769 | $115316644 |
| **Share Transactions:** |  |  |
| **Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 871281 | 3951151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 8379 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (461467) | (2354873) |
| Total Institutional Shares | 418193 | 1602105 |

---

*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 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $50.23 | $49.56 | $37.18 | $31.61 | $36.83 | $24.76 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.34 | 0.42 | 0.40 | 0.33 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.90 | 4.00 | 12.76 | 5.63 | (4.09) | 11.71 |
| Total from investment operations | 1.06 | 4.34 | 13.18 | 6.03 | (3.76) | 12.20 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (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 | (0.33) | (3.67) | (0.80) | (0.46) | (1.46) | (0.13) |
| **Net asset value, end of period** | $50.96 | $50.23 | $49.56 | $37.18 | $31.61 | $36.83 |
| **Total Return<sup>(b)</sup>** | 2.10 %<sup>(c)</sup> | 8.98% | 35.90% | 19.16% | (10.81)% | 49.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2651119 | $2704205 | $2435752 | $1794005 | $1335836 | $1395653 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.63 %<sup>(d)</sup> | 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 | 0.63 %<sup>(d)</sup> | 0.64% | 0.63% | 0.64% | 0.65% | 0.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.63 %<sup>(d)</sup> | 0.74% | 0.96% | 1.10% | 0.94% | 1.42% |
| Portfolio turnover<sup>(e)(f)</sup> | 14 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Equity 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $49.70 | $49.08 | $36.83 | $31.32 | $36.51 | $24.55 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.13 | 0.28 | 0.36 | 0.36 | 0.29 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.88 | 3.96 | 12.65 | 5.57 | (4.05) | 11.62 |
| Total from investment operations | 1.01 | 4.24 | 13.01 | 5.93 | (3.76) | 12.06 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (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 | (0.27) | (3.62) | (0.76) | (0.42) | (1.43) | (0.10) |
| **Net asset value, end of period** | $50.44 | $49.70 | $49.08 | $36.83 | $31.32 | $36.51 |
| **Total Return<sup>(b)</sup>** | 2.03 %<sup>(c)</sup> | 8.84% | 35.75% | 19.03% | (10.90)% | 49.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7859976 | $7892009 | $7340677 | $4654951 | $3439879 | $3599929 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.77 %<sup>(d)</sup> | 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 | 0.77 %<sup>(d)</sup> | 0.76% | 0.76% | 0.75% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.50 %<sup>(d)</sup> | 0.61% | 0.84% | 0.98% | 0.83% | 1.28% |
| Portfolio turnover<sup>(e)(f)</sup> | 14 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Equity Fund - Investor 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $49.21 | $48.64 | $36.53 | $31.08 | $36.25 | $24.39 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.05 | 0.15 | 0.23 | 0.25 | 0.19 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.88 | 3.92 | 12.54 | 5.52 | (4.02) | 11.55 |
| Total from investment operations | 0.93 | 4.07 | 12.77 | 5.77 | (3.83) | 11.89 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (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 | (0.14) | (3.50) | (0.66) | (0.32) | (1.34) | (0.03) |
| **Net asset value, end of period** | $50.00 | $49.21 | $48.64 | $36.53 | $31.08 | $36.25 |
| **Total Return<sup>(b)</sup>** | 1.89 %<sup>(c)</sup> | 8.53% | 35.36% | 18.65% | (11.15)% | 48.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $622179 | $626857 | $583449 | $347885 | $261786 | $273271 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.05 %<sup>(d)</sup> | 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 %<sup>(d)</sup> | 1.05% | 1.05% | 1.05% | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.21 %<sup>(d)</sup> | 0.33% | 0.54% | 0.69% | 0.55% | 1.01% |
| Portfolio turnover<sup>(e)(f)</sup> | 14 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap 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,** | **For the Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $49.06 | $48.54 | $36.45 | $31.00 | $36.18 | $24.38 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.04 | 0.15 | 0.24 | 0.25 | 0.21 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.87 | 3.89 | 12.51 | 5.52 | (4.04) | 11.48 |
| Total from investment operations | 0.91 | 4.04 | 12.75 | 5.77 | (3.83) | 11.88 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (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 | (0.16) | (3.52) | (0.66) | (0.32) | (1.35) | (0.08) |
| **Net asset value, end of period** | $49.81 | $49.06 | $48.54 | $36.45 | $31.00 | $36.18 |
| **Total Return (excludes sales** **charge)<sup>(b)</sup>** | 1.85 %<sup>(c)</sup> | 8.50% | 35.36% | 18.69% | (11.15)% | 48.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39439 | $30921 | $17326 | $11313 | $9345 | $7408 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.13 %<sup>(d)</sup> | 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 | 1.13 %<sup>(d)</sup> | 1.07% | 1.04% | 1.04% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.15 %<sup>(d)</sup> | 0.33% | 0.55% | 0.69% | 0.60% | 1.15% |
| Portfolio turnover<sup>(e)(f)</sup> | 14 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap 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,** | **For the Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $48.03 | $47.63 | $35.79 | $30.49 | $35.75 | $24.16 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.09) | (0.12) | (0.02) | 0.03 | (0.02) | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.86 | 3.82 | 12.30 | 5.44 | (3.96) | 11.42 |
| Total from investment operations | 0.77 | 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 period** | $48.80 | $48.03 | $47.63 | $35.79 | $30.49 | $35.75 |
| **Total Return (excludes sales** **charge)<sup>(b)</sup>** | 1.60 %<sup>(c)</sup> | 7.87% | 34.59% | 17.97% | (11.70)% | 47.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11339 | $12497 | $14473 | $12779 | $10923 | $10096 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.63 %<sup>(d)</sup> | 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 | 1.63 %<sup>(d)</sup> | 1.64% | 1.63% | 1.64% | 1.65% | 1.64% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.37)%<sup>(d)</sup> | (0.27)% | (0.04)% | 0.10% | (0.05)% | 0.50% |
| Portfolio turnover<sup>(e)(f)</sup> | 14 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Growth Fund - R6 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $52.85 | $45.25 | $32.94 | $26.90 | $43.92 | $28.12 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.13) | (0.26) | (0.21) | (0.17) | (0.15) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.56 | 7.86 | 12.52 | 6.21 | (10.34) | 16.07 |
| Total from investment operations | 2.43 | 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 period** | $55.28 | $52.85 | $45.25 | $32.94 | $26.90 | $43.92 |
| **Total Return<sup>(b)</sup>** | 4.60 %<sup>(c)</sup> | 16.80% | 37.37% | 22.45% | (28.48)% | 56.19% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1172372 | $942205 | $437569 | $55874 | $16759 | $5940 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.90 %<sup>(d)</sup> | 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 | 0.89 %<sup>(d)</sup> | 0.90% | 0.86% | 0.87% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.47)%<sup>(d)</sup> | (0.56)% | (0.50)% | (0.51)% | (0.46)% | (0.73)% |
| Portfolio turnover<sup>(e)(f)</sup> | 57 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $52.46 | $44.96 | $32.76 | $26.77 | $43.79 | $28.06 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.16) | (0.30) | (0.25) | (0.18) | (0.24) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.53 | 7.80 | 12.45 | 6.17 | (10.25) | 16.04 |
| Total from investment operations | 2.37 | 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 period** | $54.83 | $52.46 | $44.96 | $32.76 | $26.77 | $43.79 |
| **Total Return<sup>(b)</sup>** | 4.52 %<sup>(c)</sup> | 16.68% | 37.24% | 22.38% | (28.57)% | 56.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2888096 | $2349764 | $1401400 | $253671 | $95249 | $104236 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.07 %<sup>(d)</sup> | 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 | 0.99 %<sup>(d)</sup> | 1.00% | 0.96% | 0.97% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.57)%<sup>(d)</sup> | (0.66)% | (0.60)% | (0.56)% | (0.72)% | (0.79)% |
| Portfolio turnover<sup>(e)(f)</sup> | 57 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Growth Fund - Investor 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 Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $51.28 | $44.08 | $32.21 | $26.40 | $43.36 | $27.86 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.23) | (0.43) | (0.36) | (0.26) | (0.33) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.47 | 7.63 | 12.23 | 6.07 | (10.10) | 15.91 |
| Total from investment operations | 2.24 | 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 period** | $53.52 | $51.28 | $44.08 | $32.21 | $26.40 | $43.36 |
| **Total Return<sup>(b)</sup>** | 4.37 %<sup>(c)</sup> | 16.33% | 36.85% | 22.01% | (28.74)% | 55.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $86430 | $77729 | $46284 | $13075 | $3095 | $3245 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.32 %<sup>(d)</sup> | 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 | 1.28 %<sup>(d)</sup> | 1.29% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.87)%<sup>(d)</sup> | (0.95)% | (0.89)% | (0.84)% | (0.99)% | (1.04)% |
| Portfolio turnover<sup>(e)(f)</sup> | 57 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Growth 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,** | **For the Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $51.10 | $43.94 | $32.12 | $26.34 | $43.30 | $27.83 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.24) | (0.45) | (0.39) | (0.28) | (0.34) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.47 | 7.61 | 12.21 | 6.06 | (10.09) | 15.90 |
| Total from investment operations | 2.23 | 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 period** | $53.33 | $51.10 | $43.94 | $32.12 | $26.34 | $43.30 |
| **Total Return (excludes sales** **charge)<sup>(b)</sup>** | 4.36 %<sup>(c)</sup> | 16.29% | 36.80% | 21.94% | (28.78)% | 55.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31217 | $26607 | $13744 | $1448 | $340 | $365 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.32 %<sup>(d)</sup> | 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 %<sup>(d)</sup> | 1.32% | 1.30% | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.91)%<sup>(d)</sup> | (0.99)% | (0.94)% | (0.88)% | (1.04)% | (1.08)% |
| Portfolio turnover<sup>(e)(f)</sup> | 57 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Small-Cap Growth 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,** | **For the Years Ended September 30,** |
|  | **For the**<br>**Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $49.29 | $42.60 | $31.30 | $25.80 | $42.72 | $27.60 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.37) | (0.66) | (0.57) | (0.42) | (0.49) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.39 | 7.35 | 11.87 | 5.92 | (9.90) | 15.76 |
| Total from investment operations | 2.02 | 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 period** | $51.31 | $49.29 | $42.60 | $31.30 | $25.80 | $42.72 |
| **Total Return (excludes sales** **charge)<sup>(b)</sup>** | 4.10 %<sup>(c)</sup> | 15.70% | 36.10% | 21.32% | (29.12)% | 54.78% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28263 | $24147 | $18716 | $3074 | $709 | $726 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.90 %<sup>(d)</sup> | 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 | 1.83 %<sup>(d)</sup> | 1.84% | 1.80% | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (1.41)%<sup>(d)</sup> | (1.50)% | (1.44)% | (1.38)% | (1.52)% | (1.59)% |
| Portfolio turnover<sup>(e)(f)</sup> | 57 %<sup>(c)</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) Not
 annualized.

(d) Annualized.

(e) Portfolio
 turnover is calculated on the basis on the Small-Cap Growth Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio
 turnover excludes securities delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Mid-Cap Value Fund - R6 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 Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $33.81 | $34.83 | $27.71 | $26.53 | $28.97 | $19.00 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.37 | 0.56 | 0.51 | 0.41 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.72) | (1.06) | 7.18 | 1.45 | (2.21) | 9.85 |
| Total from investment operations | (0.35) | (0.50) | 7.69 | 1.86 | (1.93) | 10.09 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.69) | (0.52) | (0.57) | (0.23) | (0.18) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.69) | (0.52) | (0.57) | (0.68) | (0.51) | (0.12) |
| **Net asset value, end of period** | $32.77 | $33.81 | $34.83 | $27.71 | $26.53 | $28.97 |
| **Total Return<sup>(b)</sup>** | (1.07)%<sup>(c)</sup> | (1.45)% | 28.00% | 6.94% | (6.90)% | 53.28% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63443 | $68408 | $58160 | $216829 | $177423 | $158664 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.84 %<sup>(d)</sup> | 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 | 0.71 %<sup>(d)</sup> | 0.72% | 0.71% | 0.77% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.22 %<sup>(d)</sup> | 1.66% | 1.65% | 1.43% | 0.92% | 0.88% |
| Portfolio turnover<sup>(e)(f)</sup> | 27 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated
 on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes securities
 delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Mid-Cap Value 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 Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $33.77 | $34.78 | $27.66 | $26.49 | $28.94 | $18.98 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.35 | 0.53 | 0.48 | 0.39 | 0.28 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.72) | (1.06) | 7.16 | 1.44 | (2.24) | 9.86 |
| Total from investment operations | (0.37) | (0.53) | 7.64 | 1.83 | (1.96) | 10.06 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.63) | (0.48) | (0.52) | (0.21) | (0.16) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.63) | (0.48) | (0.52) | (0.66) | (0.49) | (0.10) |
| **Net asset value, end of period** | $32.77 | $33.77 | $34.78 | $27.66 | $26.49 | $28.94 |
| **Total Return<sup>(b)</sup>** | (1.10)%<sup>(c)</sup> | (1.54)% | 27.86% | 6.84% | (7.00)% | 53.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $283435 | $297191 | $295239 | $184154 | $135239 | $25889 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.02 %<sup>(d)</sup> | 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 | 0.81 %<sup>(d)</sup> | 0.82% | 0.81% | 0.86% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.13 %<sup>(d)</sup> | 1.55% | 1.53% | 1.36% | 0.94% | 0.76% |
| Portfolio turnover<sup>(e)(f)</sup> | 27 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated
 on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes securities
 delivered as a result of a redemption in-kind.

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

**FullerThaler Behavioral Mid-Cap Value Fund - Investor 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 Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $33.57 | $34.59 | $27.50 | $26.36 | $28.82 | $18.90 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.29 | 0.39 | 0.38 | 0.31 | 0.19 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.71) | (1.04) | 7.12 | 1.43 | (2.22) | 9.82 |
| Total from investment operations | (0.42) | (0.65) | 7.50 | 1.74 | (2.03) | 9.95 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.52) | (0.37) | (0.41) | (0.15) | (0.10) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.45) | (0.33) |  |
| Total from distributions | (0.52) | (0.37) | (0.41) | (0.60) | (0.43) | (0.03) |
| **Net asset value, end of period** | $32.63 | $33.57 | $34.59 | $27.50 | $26.36 | $28.82 |
| **Total Return<sup>(b)</sup>** | (1.26)%<sup>(c)</sup> | (1.91)% | 27.44% | 6.53% | (7.23)% | 52.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4526 | $5782 | $8135 | $8110 | $5809 | $2509 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.26 %<sup>(d)</sup> | 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 %<sup>(d)</sup> | 1.17% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.73 %<sup>(d)</sup> | 1.16% | 1.20% | 1.08% | 0.63% | 0.50% |
| Portfolio turnover<sup>(e)(f)</sup> | 27 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated
 on the basis on the Mid-Cap Value Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes securities
 delivered as a result of a redemption in-kind.

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

**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,** | |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $33.51 | $34.57 | $27.56 | $26.48 | $29.98 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.28 | 0.39 | 0.36 | 0.32 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.72) | (1.05) | 7.13 | 1.42 | (3.64) |
| Total from investment operations | (0.44) | (0.66) | 7.49 | 1.74 | (3.50) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.40) | (0.48) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.45) |  |
| Total from distributions | (0.56) | (0.40) | (0.48) | (0.66) |  |
| **Net asset value, end of period** | $32.51 | $33.51 | $34.57 | $27.56 | $26.48 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | (1.32)%<sup>(d)</sup> | (1.92)% | 27.37% | 6.49% | (11.67)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2451 | $2464 | $2523 | $1717 | $76 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.23 %<sup>(e)</sup> | 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 %<sup>(e)</sup> | 1.22% | 1.20% | 1.20% | 1.14 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.72 %<sup>(e)</sup> | 1.14% | 1.15% | 1.11% | 0.83 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 27 %<sup>(d)</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 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,** | |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> September 30,**<br>**2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $33.19 | $34.29 | $27.38 | $26.40 | $29.98 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.20 | 0.22 | 0.20 | 0.17 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.72) | (1.04) | 7.07 | 1.42 | (3.60) |
| Total from investment operations | (0.52) | (0.82) | 7.27 | 1.59 | (3.58) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.28) | (0.36) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.45) |  |
| Total from distributions | (0.32) | (0.28) | (0.36) | (0.61) |  |
| **Net asset value, end of period** | $32.35 | $33.19 | $34.29 | $27.38 | $26.40 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | (1.56)%<sup>(d)</sup> | (2.42)% | 26.72% | 5.94% | (11.94)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1340 | $1553 | $1141 | $321 | $48 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.85 %<sup>(e)</sup> | 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 | 1.72 %<sup>(e)</sup> | 1.73% | 1.70% | 1.70% | 1.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.21 %<sup>(e)</sup> | 0.67% | 0.63% | 0.60% | 0.14 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 27 %<sup>(d)</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 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 Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $57.61 | $50.75 | $35.85 | $29.55 | $38.06 | $27.47 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.13 | 0.12 | 0.11 | 0.01 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.71 | 6.82 | 14.90 | 6.19 | (8.52) | 10.73 |
| Total from investment operations | 7.72 | 6.95 | 15.02 | 6.30 | (8.51) | 10.70 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.09) | (0.12) |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (0.08) |
| Total from distributions | (0.08) | (0.09) | (0.12) |  |  | (0.11) |
| **Net asset value, end of period** | $65.25 | $57.61 | $50.75 | $35.85 | $29.55 | $38.06 |
| **Total Return<sup>(b)</sup>** | 13.40 %<sup>(c)</sup> | 13.72% | 41.98% | 21.32% | (22.36)% | 39.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $109590 | $84899 | $53896 | $33502 | $31913 | $68584 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.95 %<sup>(d)</sup> | 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 | 0.90 %<sup>(d)</sup> | 0.91% | 0.87% | 0.88% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.03 %<sup>(d)</sup> | 0.25% | 0.28% | 0.32% | 0.02% | (0.07)% |
| Portfolio turnover<sup>(e)(f)</sup> | 5 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated
 on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes securities
 delivered as a result of a redemption in-kind.

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

 

**FullerThaler Behavioral Unconstrained Equity 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 Years Ended September 30,** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $57.52 | $50.64 | $35.73 | $29.47 | $38.00 | $27.43 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.02) | 0.07 | 0.07 | 0.08 | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.70 | 6.87 | 14.92 | 6.18 | (8.51) | 10.72 |
| Total from investment operations | 7.68 | 6.94 | 14.99 | 6.26 | (8.53) | 10.66 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.06) | (0.08) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  | (0.08) |
| Total from distributions | (0.03) | (0.06) | (0.08) |  |  | (0.09) |
| **Net asset value, end of period** | $65.17 | $57.52 | $50.64 | $35.73 | $29.47 | $38.00 |
| **Total Return<sup>(b)</sup>** | 13.36 %<sup>(c)</sup> | 13.71% | 42.01% | 21.24% | (22.45)% | 38.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $410634 | $173035 | $57800 | $13592 | $10313 | $10238 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.07 %<sup>(d)</sup> | 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 | 0.99 %<sup>(d)</sup> | 1.02% | 0.97% | 0.98% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.07)%<sup>(d)</sup> | 0.13% | 0.15% | 0.23% | (0.04)% | (0.17)% |
| Portfolio turnover<sup>(e)(f)</sup> | 5 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated
 on the basis on the Unconstrained Equity Fund as a whole without distinguishing among the classes of shares.

(f) Portfolio turnover excludes securities
 delivered as a result of a redemption in-kind.

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

**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,** | |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> September 30,**<br>**2021<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $57.09 | $50.35 | $35.51 | $29.36 | $37.99 | $37.77 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.12) | (0.11) | (0.13) | (0.03) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.71 | 6.88 | 14.97 | 6.18 | (8.49) | 0.30 |
| Total from investment operations | 7.59 | 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 period** | $64.68 | $57.09 | $50.35 | $35.51 | $29.36 | $37.99 |
| **Total Return (excludes sales** **charge)<sup>(c)</sup>** | 13.29 %<sup>(d)</sup> | 13.45% | 41.79% | 20.95% | (22.72)% | 0.58 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10840 | $7028 | $1628 | $57 | $37 | $47 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.40 %<sup>(e)</sup> | 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 | 1.33 %<sup>(e)</sup> | 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 | (0.40)%<sup>(e)</sup> | (0.21)% | (0.29)% | (0.09)% | (0.38)% | (0.61)%<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 5 %<sup>(d)</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,** | |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the<br> Period Ended<br> September 30,**<br>**2021<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $56.26 | $49.74 | $35.10 | $29.12 | $37.93 | $37.77 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.27) | (0.34) | (0.36) | (0.20) | (0.28) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.71 | 6.86 | 15.00 | 6.18 | (8.53) | 0.30 |
| Total from investment operations | 7.44 | 6.52 | 14.64 | 5.98 | (8.81) | 0.16 |
| **Net asset value, end of period** | $63.70 | $56.26 | $49.74 | $35.10 | $29.12 | $37.93 |
| **Total Return (excludes sales** **charge)<sup>(c)</sup>** | 13.22 %<sup>(d)</sup> | 13.11% | 41.71% | 20.54% | (23.23)% | 0.42 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4105 | $1681 | $770 | $29 | $24 | $25 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.96 %<sup>(e)</sup> | 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 | 1.82 %<sup>(e)</sup> | 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 | (0.87)%<sup>(e)</sup> | (0.67)% | (0.79)% | (0.58)% | (0.80)% | (1.06)%<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 5 %<sup>(d)</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>Six Months Ended**<br>**March 31,<br>2026**<br>**(Unaudited)**.1 | **For the**<br>**Period Ended**<br>**September 30,**<br>**2025<sup>(a)</sup>**.1 |
| **Net asset value, beginning of period** | $39.53 | $39.15 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.23 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.19 | 0.30 |
| Total from investment operations | 3.42 | 0.74 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.36) |
| Total from distributions | (0.30) | (0.36) |
| **Net asset value, end of period** | $42.65 | $39.53 |
| **Total Return<sup>(c)</sup>** | 8.68 %<sup>(d)</sup> | 1.90 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $53385 | $37464 |
| Before waiver or recoupment: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.90 %<sup>(e)</sup> | 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> | 0.79 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.10 %<sup>(e)</sup> | 1.14 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 3 %<sup>(d)</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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months Ended**<br>**March 31,<br>2026** | **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,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $39.53 | $39.54 | $31.18 | $26.54 | $35.99 | $23.59 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.21 | 0.38 | 0.41 | 0.34 | 0.32 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.19 | (0.07) | 8.24 | 4.58 | (7.80) | 12.41 |
| Total from investment operations | 3.40 | 0.31 | 8.65 | 4.92 | (7.48) | 12.51 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.32) | (0.29) | (0.28) | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (1.84) |  |
| Total from distributions | (0.26) | (0.32) | (0.29) | (0.28) | (1.97) | (0.11) |
| **Net asset value, end of period** | $42.67 | $39.53 | $39.54 | $31.18 | $26.54 | $35.99 |
| **Total Return<sup>(b)</sup>** | 8.63 %<sup>(c)</sup> | 0.80% | 27.90% | 18.61% | (22.13)% | 53.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $249215 | $181316 | $120481 | $41564 | $6757 | $5149 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.03 %<sup>(d)</sup> | 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 | 0.90 %<sup>(d)</sup> | 0.92% | 0.88% | 0.93% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.01 %<sup>(d)</sup> | 1.00% | 1.15% | 1.09% | 0.99% | 0.30% |
| Portfolio turnover<sup>(e)(f)</sup> | 3 %<sup>(c)</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) Not annualized.

(d) Annualized.

(e) Portfolio turnover is calculated on the basis on the Small-Mid Core Equity Fund as a whole without distinguishing
 among the classes of shares.

(f) Portfolio turnover excludes securities delivered as a result of a redemption in-kind.

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

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

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months Ended**<br>**March 31,<br>2026** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the**<br>**Period Ended**<br>**September 30,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $39.23 | $39.30 | $31.05 | $26.49 | $32.58 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.12 | 0.25 | 0.28 | 0.26 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.17 | (0.09) | 8.20 | 4.55 | (6.26) |
| Total from investment operations | 3.29 | 0.16 | 8.48 | 4.81 | (6.09) |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.23) | (0.23) | (0.25) |  |
| Total from distributions | (0.14) | (0.23) | (0.23) | (0.25) |  |
| **Net asset value, end of period** | $42.38 | $39.23 | $39.30 | $31.05 | $26.49 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 8.41 %<sup>(d)</sup> | 0.41% | 27.43% | 18.20% | (18.69)%<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2511 | $1983 | $1657 | $567 | $3 |
| Before waiver or recoupment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.31 %<sup>(e)</sup> | 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 | 1.29 %<sup>(e)</sup> | 1.30% | 1.26% | 1.26% | 1.26 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.58 %<sup>(e)</sup> | 0.67% | 0.79% | 0.82% | 1.00 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 3 %<sup>(d)</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>Six Months Ended**<br>**March 31,<br>2026**<br>**(Unaudited)**.1 | **For the**<br>**Period Ended**<br>**September 30,**<br> **2025<sup>(a)</sup>**.1 |
| **Net asset value, beginning of period** | $39.20 | $39.15 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | (0.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.20 | 0.27 |
| Total from investment operations | 3.19 | 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** | $42.39 | $39.20 |
| **Total Return (excludes sales charge)<sup>(c)</sup>** | 8.14 %<sup>(d)</sup> | 0.92 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $216 | $131 |
| Before waiver or recoupment: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 1.90 %<sup>(e)</sup> | 1.91 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.79 %<sup>(e)</sup> | 1.74 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.04)%<sup>(e)</sup> | 0.23 %<sup>(e)</sup> |
| Portfolio turnover<sup>(f)(g)</sup> | 3 %<sup>(d)</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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br>Six Months Ended**<br>**March 31,<br>2026** | **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,** |
|  | **(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $27.78 | $24.81 | $23.92 | $21.67 | $34.45 | $17.79 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.07) | (0.20) | 0.06 | 0.11 | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.88) | 3.20 | 0.83 | 2.14 | (9.86) | 16.78 |
| Total from investment operations | (0.95) | 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 period** | $26.83 | $27.78 | $24.81 | $23.92 | $21.67 | $34.45 |
| **Total Return<sup>(b)</sup>** | (3.42)%<sup>(c)</sup> | 12.11% | 3.72% | 10.38% | (31.87)% | 94.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22062 | $21914 | $19070 | $18044 | $13674 | $13695 |
| Before waiver or recoupment: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 2.06 %<sup>(d)</sup> | 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 | 1.31 %<sup>(d)</sup> | 1.33% | 1.32% | 1.41% | 1.45% | 1.52% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.52)%<sup>(d)</sup> | (0.81)% | 0.23% | 0.45% | (0.58)% | (0.05)% |
| Portfolio turnover<sup>(e)</sup> | 57 %<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) Not annualized.

(d) Annualized.

(e) 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>Six Months Ended<br>March 31,<br>2026**<br>**(Unaudited)**.1 | **For the**<br>**Year Ended**<br>**September 30,**<br>**2025**.1 | **For the**<br>**Period Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>**.1 |
| **Net asset value, beginning of period** | $27.73 | $25.58 | $20.00 |
| Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.05 | 0.10 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.99 | 2.12 | 5.46 |
| Total from investment operations | 2.04 | 2.22 | 5.62 |
| Less distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.07) | (0.04) |
| Total from distributions | (0.09) | (0.07) | (0.04) |
| **Net asset value, end of period** | $29.68 | $27.73 | $25.58 |
| **Total Return<sup>(c)</sup>** | 7.38 %<sup>(d)</sup> | 8.71% | 28.13 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000 omitted) | $135860 | $115317 | $65395 |
| Before waiver or recoupment: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.94 %<sup>(e)</sup> | 1.02% | 1.49 %<sup>(e)</sup> |
| After waiver or recoupment: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.80 %<sup>(e)</sup> | 0.82% | 0.80 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.37 %<sup>(e)</sup> | 0.39% | 0.68 %<sup>(e)</sup> |
| Portfolio turnover<sup>(g)(h)</sup> | 10 %<sup>(d)</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**

*March 31, 2026 - (Unaudited)*

**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)**

*March 31, 2026 - (Unaudited)*

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 FASB 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)**

*March 31, 2026 - (Unaudited)*

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 six months ended March 31, 2026, 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 Amount** | **Realized Gains** |
| Small-Cap Equity Fund - R6 Shares | 8267915 | $395264743 | $27014551 | $422279294 | $312720824 |
| Small-Cap Growth Fund - R6 Shares | 3971716 | 208974828 | 6238276 | 215213104 | 129698541 |
| Mid-Cap Value Fund - R6 Shares | 383794 | 11898998 | 298767 | 12197765 | 3898961 |
| Unconstrained Equity Fund - R6 Shares | 487243 | 27537580 | 798859 | 28336439 | 10749819 |
| Small-Mid Core Equity Fund - R6 Shares | 323902 | 12951112 | 275657 | 13226769 | 4846310 |
| Micro-Cap Equity Fund - Institutional Shares | 5552 | 150209 | 5394 | 155603 | 94691 |
| Mid-Cap Equity Fund - Institutional Shares | 144516 | 4154092 | 92945 | 4247037 | 1925630 |

---

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.

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

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

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 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,

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

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 March 31, 2026, the value of securities loaned and cash collateral received are as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of<br> Securities Loaned** | **Cash Collateral<br> Received** |
| Small-Cap Equity Fund | $59418465 | $60768982 |
| Small-Cap Growth Fund | 164700703 | 168047085 |
| Mid-Cap Value Fund | 21850461 | 22376759 |
| Unconstrained Equity Fund |  |  |
| Small-Mid Core Equity Fund |  |  |
| Micro-Cap Equity Fund | 467016 | 480375 |
| 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.

**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

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Funds.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

Each Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

● 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.

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Small-Cap Equity Fund** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $10485227496 | $— | $— | $10485227496 |
| Collateral for Securities Loaned | 22138140 |  |  | 22138140 |
| Money Market Funds | 638310638 |  |  | 638310638 |
| Total | $11145676274 | $— | $— | $11145676274 |
| **Small-Cap Growth Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $4105067767 | $— | $— | $4105067767 |
| Collateral for Securities Loaned | 61219553 |  |  | 61219553 |
| Money Market Funds | 133462173 |  |  | 133462173 |
| Total | $4299749493 | $— | $— | $4299749493 |
| **Mid-Cap Value Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $350829502 | $— | $— | $350829502 |
| Collateral for Securities Loaned | 8151853 |  |  | 8151853 |
| Total | $358981355 | $— | $— | $358981355 |
| **Unconstrained Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $531781534 | $— | $— | $531781534 |
| **Small-Mid Core Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $300699987 | $— | $— | $300699987 |
| **Micro-Cap Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $21905694 | $— | $— | $21905694 |
| Collateral for Securities Loaned | 175001 |  |  | 175001 |
| Total | $22080695 | $— | $— | $22080695 |
| **Mid-Cap Equity Fund** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $129928081 | $— | $— | $129928081 |

---

<sup>(a)</sup> Refer to Schedule of Investments for industry 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.

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement (the "Agreement"), the Adviser manages each Fund's investments subject to approval of the Board. As compensation for its management services, the Funds are obligated to pay the Adviser a fee computed and accrued daily and paid monthly as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** | **Small-Mid Core<br> Equity Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
| Investment Adviser fee rate | 0.60% | 0.85% | 0.74% | 0.74 | 0.74% | 1.00% | 0.75% |
| Investment Adviser fee earned | $34028785 | $16556865 | $1361771 | $1624887 | $1033898 | $159260 | $478294 |
| Fees waived and/or expenses reimbursed by Adviser | $— | $(1124428) | $(340624) | $(132961) | $(169502) | $(82233) | $(91245) |
| Payable to / (Receivable from) Adviser | $5749630 | $2805804 | $171517 | $348189 | $171134 | $12932 | $71926 |

---

*\** *FullerThaler has agreed to contractually waive its management fee of 0.85% for all share classes of the FullerThaler Behavioral Unconstrained Equity Fund so that the management fee for all share classes of the Fund is 0.74% to be effective concurrently for the contractual period covered by this Expense Limitation Agreement for the FullerThaler Funds dated January 28, 2026, and expiring on January 31, 2027.*

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, 2027 ("Expense Limitation"):

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **R6 Shares** | **Institutional<br> Shares** | **Investor<br> Shares** | **A Shares** | **C Shares** |
| Small-Cap Equity Fund | 0.80% | 0.92% | 1.25% | 1.30% | 1.80% |
| Small-Cap Growth Fund | 0.87% | 0.99% | 1.31% | 1.36% | 1.88% |
| Mid-Cap Value Fund | 0.69% | 0.79% | 1.15% | 1.20% | 1.70% |
| Unconstrained Equity Fund | 0.84% | 0.94% |  | 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 Fund |  | 0.79% |  |  |  |

---

Prior to January 28, 2026, 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)**

*March 31, 2026 - (Unaudited)*

As of March 31, 2026, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Recoverable Through** | **Small-Cap<br> Equity Fund** | **Small-Cap<br> Growth Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** |
| September 30, 2026 | $— | $192533 | $254624 | $82692 |
| September 30, 2027 |  | 1142539 | 820587 | 187338 |
| September 30, 2028 |  | 2100872 | 662732 | 228193 |
| March 31, 2029 |  | 1124428 | 340624 | 132961 |
|  | $— | $4560372 | $2078567 | $631184 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable Through** | **Small-Mid Core<br> Equity Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
| September 30, 2026 | $65675 | $67741 | $— |
| September 30, 2027 | 221795 | 155207 | 173776 |
| September 30, 2028 | 295466 | 162519 | 185113 |
| March 31, 2029 | 169502 | 82233 | 91245 |
|  | $752438 | $467700 | $450134 |

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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.

Officers of the Trust are employees of the Administrator or NLCS and such persons are not paid by the Fund for serving in such capacities.

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

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

registered securities dealer, financial institution or any other person (the "Recipient") a fee of 0.25% of the average daily net assets of each Fund's Investor Shares and A Shares and 1.00% of the average daily net assets of each Fund's C Shares in connection with the promotion and distribution of each Fund's Investor Shares, A Shares and C Shares or the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current shareholders, the printing and mailing of sales literature and servicing shareholder accounts ("12b-1 Expenses"). Under the 12b-1 Plan, the 1.00% C Share 12b-1 fee includes a 0.25% service fee. Over time, 12b-1 fees will increase the cost of your investment in a Fund's Investor, A, and C Shares and may cost you more than paying other types of sales charges because these fees are paid out of the Fund's Investor, A, and C Shares on an on-going basis. For the six months ended March 31, 2026, 12b-1 expenses incurred by the Funds were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $807791 | $105920 | $6475 | $— | $— |
| A Shares | 47620 | 38236 | 3111 | 11465 | 2635 |
| C Shares | 60797 | 133455 | 6948 | 12661 | 560 |
| Payable for 12b-1 fees | 235987 | 101159 | 9159 | 10196 | 164 |

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During the six months ended March 31, 2026, the Distributor retained the following amounts in sales commissions from the sales of A Shares of the Funds:

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| | |
|:---|:---|
| Small-Cap Equity Fund | $186 |
| Small-Cap Growth Fund | 6783 |
| Mid-Cap Value Fund | 1037 |
| Unconstrained Equity Fund | 3108 |
| Small-Mid Core Equity Fund | 481 |

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During the six months ended March 31, 2026, the Distributor received the following amounts in contingent deferred sales charges related to redemptions of C Shares of the Funds:

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| | |
|:---|:---|
| Small-Cap Equity Fund | $809 |
| Small-Cap Growth Fund | 46936 |
| Mid-Cap Value Fund | 542 |
| Unconstrained Equity Fund | 21853 |
| Small-Mid Core Equity Fund | 1200 |

---

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

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

financial intermediaries that provide services relating to Institutional Shares, Investor Shares, and A Shares. The Plan permits payments for the provision of certain administrative, recordkeeping and other non-distribution related services to Institutional Share, Investor Share and A Share shareholders. The Plan permits the Funds to make service fee payments at an annual rate of up to 0.25% of each Fund's average daily net assets attributable to its A Shares and up to 0.20% of each Fund's average daily net assets attributable to its Institutional Shares or Investor Shares. 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 six months ended March 31, 2026, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small-Cap Equity Fund | $1889274845 | $1542997775 |
| Small-Cap Growth Fund | 2905375966 | 2150747064 |
| Mid-Cap Value Fund | 96147485 | 97671010 |
| Unconstrained Equity Fund | 285267339 | 20369032 |
| Small-Mid Core Equity Fund | 85980805 | 7714214 |
| Micro-Cap Equity Fund | 13379444 | 12345121 |
| Mid-Cap Equity Fund | 26517056 | 11676992 |

---

There were no purchases or sales of long-term U.S. government obligations during the six months ended March 31, 2026.

For the six months ended March 31, 2026, in-kind purchases and sales transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind<br> Purchases** | **In-Kind<br> Sales** |
| Small-Cap Equity Fund | $– $| 395264743 |
| Small-Cap Growth Fund | – | 208974828 |
| Mid-Cap Value Fund | – | 11898998 |
| Unconstrained Equity Fund | – | 27537580 |
| Small-Mid Core Equity Fund | – | 12951112 |
| Micro-Cap Equity Fund | – | 150209 |
| Mid-Cap Equity Fund | – | 4154092 |

---

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

**NOTE 6. FEDERAL TAX INFORMATION**

At March 31, 2026, 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 | $2735655598 | $1010640885 | $22018148 | $74380357 |
| Gross unrealized depreciation | (419052305) | (297242788) | (66688526) | (22750008) |
| Net unrealized appreciation/(depreciation) on investments | $2316603293 | $713398097 | $(44670378) | $51630349 |
| Tax cost of investments | $8829072981 | $3586351396 | $403651733 | $480151185 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Mid Core<br> Equity Fund** | **Micro-Cap**<br> **Equity Fund** | **Mid-Cap**<br> **Equity Fund** |
| Gross unrealized appreciation | $40820338 | $4044329 | $21548418 |
| Gross unrealized depreciation | (20029543) | (2314569) | (5162197) |
| Net unrealized appreciation/(depreciation) on investments | $20790795 | $1729760 | $16386221 |
| Tax cost of investments | $279909192 | $20350935 | $113541860 |

---

The tax character of distributions paid as of September 30, 2025, the Funds' most recent fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Cap<br> Equity Fund** | **Mid-Cap<br> Value Fund** | **Unconstrained<br> Equity Fund** |
| Distributions paid from: |  |  |  |
| Ordinary income<sup>(a)</sup> | $76359703 | $5746616 | $192999 |
| Long-term capital gains | 702584344 |  |  |
| Total distributions paid | $778944047 | $5746616 | $192999 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Mid Core<br> Equity Fund** | **Micro-Cap<br> Equity Fund** | **Mid-Cap<br> Equity Fund** |
| Distributions paid from: |  |  |  |
| Ordinary income<sup>(a)</sup> | $1061171 | $16290 | $250877 |
| Tax return of capital |  | 8910 |  |
| Total distributions paid | $1061171 | $25200 | $250877 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

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** |
| Undistributed Ordinary Income | $46397952 | $— | $4856959 | $233478 |
| Accumulated Capital and Other Losses |  | (387250355) | (4013067) | (8428621) |
| Unrealized Appreciation (Depreciation) on Investments<sup>(a)</sup> | 2638591563 | 570564521 | (30610623) | 21917667 |
| Total Accumulated Earnings (Deficits) | $2684989515 | $183314166 | $(29766731) | $13722524 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Small-Mid Core**<br>**Equity Fund** | **Micro-Cap**<br>**Equity Fund** | **Mid-Cap**<br>**Equity Fund** |
| Undistributed Ordinary Income | $1268694 | $— | $292877 |
| Undistributed Long-Term Capital Gains |  |  |  |
| Accumulated Capital and Other Losses | (6442924) | (7786393) | (4188845) |
| Unrealized Appreciation on Investments<sup>(a)</sup> | 1363204 | 2348900 | 8736571 |
| Total Accumulated Earnings (Deficits) | $(3811026) | $(5437493) | $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 |

---

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.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

period. Adoption of the new standard impacted financial statement disclosures only and did not impact the Funds financial positions or results of operations. For the six months ended March 31, 2026, there were no material federal, state or local income taxes or any material income taxes in foreign jurisdictions paid by the Funds.

**NOTE 7. SECTOR RISK**

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of March 31, 2026, the Small-Cap Equity Fund had 27.2% of the value of its net assets invested in securities within the Industrials sector, the Small-Cap Growth Fund had 32.8% of the value of its net assets invested in the Technology sector and the Unconstrained Equity Fund had 26.7% of the value of its net assets invested in the Consumer Discretionary 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% of the outstanding voting securities of each Fund. ReFlow will periodically redeem its

**FullerThaler Funds**

**Notes to the Financial Statements (continued)**

*March 31, 2026 - (Unaudited)*

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 six months ended March 31, 2026, the following Funds utilized ReFlow:

---

| | | | |
|:---|:---|:---|:---|
|  | **ReFlow Purchased<br> Shares** | **Reflow<br> Amount** | **ReFlow Service<br> Fees** |
| Small-Cap Equity Fund | 427979289 | $9411679 | $748273 |
| Small-Cap Growth Fund | 255764115 | 4739146 | 434883 |
| Mid-Cap Value Fund | 13058283 | 415004 | 38982 |
| Unconstrained Equity Fund | 28760979 | 498522 | 49938 |
| Small-Mid Core Equity Fund | 17266103 | 424661 | 32324 |
| Micro-Cap Equity Fund | 159735 | 5662 | 1934 |
| Mid-Cap Equity Fund | 4022688 | 143610 | 4140 |

---

**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.

**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 ("Trust") conducted on December 2 and 3, 2025 (the "Meeting"), the Trust's Board of Trustees (the "Board"), including all of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered and approved the continuation of the Investment Advisory Agreement (the "Investment Advisory Agreement") between the Trust and Fuller & Thaler Asset Management, Inc. ("FullerThaler" or the "Adviser") as it relates to the FullerThaler Behavioral Small-Cap Equity Fund (the "FullerThaler Small-Cap Equity Fund"), the FullerThaler Behavioral Small-Cap Growth Fund (the "FullerThaler Small-Cap Growth Fund"), the FullerThaler Behavioral Mid-Cap Value Fund (the "FullerThaler Mid-Cap Value Fund"), the FullerThaler Behavioral Unconstrained Equity Fund (the "FullerThaler Unconstrained Equity Fund"), the FullerThaler Behavioral Small-Mid Core Equity Fund (the "FullerThaler Small-Mid Core Equity Fund"), the FullerThaler Behavioral Micro-Cap Equity Fund (the "FullerThaler Micro-Cap Fund"), and the FullerThaler Behavioral Mid-Cap Equity Fund (the "FullerThaler Mid-Cap Equity Fund"), collectively referred to herein as the "FullerThaler Funds".

Prior to the Meeting, the Trustees received and considered information from FullerThaler and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the terms of the Investment Advisory Agreement between the Trust and FullerThaler as it relates to each FullerThaler Fund. The Trustees also received and considered information including, but not limited to, FullerThaler's responses to counsel's due diligence letter and FullerThaler's supplemental responses to counsel's supplemental requests (the "Support Materials"). Counsel's due diligence letter and supplemental requests each requested information relevant to the renewal of the Investment Advisory Agreement as it relates to each of the FullerThaler Funds. The Trustees also received and considered information concerning an Expense Limitation Agreement to become effective January 28, 2026, whereby FullerThaler has contractually committed to reduce its management fees and, if necessary, reimburse each FullerThaler Fund's operating expenses through January 31, 2027, as specified in the Expense Limitation Agreement, and as detailed in the Support Materials. It was also noted that in addition to the Support Materials, the Adviser had provided confidential documentation regarding FullerThaler's financials and overall profitability to the Trustees. The Trustees also received and considered as part of the Support Materials benchmark performance comparison data and Morningstar peer group category and custom peer group expense and performance data compiled by Broadridge for comparative purposes relative to each FullerThaler Fund. In this regard,

**Additional Information (Unaudited) (continued)**

the Trustees noted discussions with representatives of the Adviser regarding its dissatisfaction with Broadridge's construction of certain peer groups of the respective FullerThaler Funds. The Trustees also noted that the Adviser had the opportunity to review and discuss the peer group construction directly with Broadridge prior to its presentation to the Board.

The Trustees reviewed the Support Materials at various times with FullerThaler, Trust management, and counsel to the Independent Trustees. Representatives of FullerThaler met with the Trustees and provided additional relevant information, including but not limited to information relating to: the services FullerThaler currently provides to the FullerThaler Funds; FullerThaler's investment philosophy; FullerThaler's distribution and marketing efforts on behalf of the FullerThaler Funds; the Adviser's ownership structure; the Adviser's financial statements, including information related to its profitability and balance sheets; historical and projected profitability of the FullerThaler Funds, including FullerThaler's overhead allocation methodology; resources available to service the FullerThaler Funds, including compliance resources; other benefits that FullerThaler derives from its relationship with the FullerThaler Funds; and FullerThaler's disaster recovery plan. In its considerations, the Board noted the completeness of the Support Materials that FullerThaler had provided, as well as the discussions that had occurred with representatives of FullerThaler at various times, including during the Meeting. This information, together with the information provided to and reviewed by the Board throughout the course of the year and since the inception of each of the FullerThaler Funds, formed the primary, but not exclusive, basis for the Board's determinations.

Before voting to approval the continuation of the Investment Advisory Agreement for an additional one-year period, the Trustees reviewed the terms of the Investment Advisory Agreement as it relates to each FullerThaler Fund and the Support Materials with Trust management and with counsel to the Independent Trustees. The Trustees received and discussed a memorandum from such counsel delineating the legal standards governing their consideration of the approval of the Investment Advisory Agreement and describing each Trustee's duty of care and duty of loyalty obligations to shareholders application and the section application of fiduciary duty standards imposed by Section 36(b) of the 1940 Act, 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, including the factors outlined in Gartenberg v. Merrill Lynch Asset Management Inc., 694 F.2d 923, 928 (2d Cir. 1982); cert. denied sub. nom. and Andre v. Merrill Lynch Ready Assets Trust, Inc., 461 U.S. 906 (1983).

In determining whether to continue the Investment Advisory Agreement with respect to each of the FullerThaler Funds for an additional one-year period, the Trustees considered all factors they believed relevant, including the following: (1) the nature, extent, and quality of the services provided by FullerThaler with respect to the FullerThaler Funds; (2) the cost of the services provided and the profits realized by FullerThaler from services rendered to the Trust with respect to the FullerThaler Funds, both individually and collectively; (3) comparative fee and expense data for each of the FullerThaler Funds 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 reflects such economies of scale for each Fund's benefit; and (5) other financial benefits to FullerThaler resulting from services that it renders to the FullerThaler Funds. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

**Additional Information (Unaudited) (continued)**

**Nature, Extent and Quality of Services Provided.** The Trustees considered the scope of services that FullerThaler provides under the Investment Advisory Agreement, noting that such services include but are not limited to the following: (1) investing each Fund's assets consistent with the Fund's investment objective and 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 each Fund's portfolio securities; (4) maintaining the required books and records for transactions that FullerThaler effects on behalf of each Fund; and (5) selecting broker-dealers to execute orders on behalf of each Fund. The Trustees noted no changes to the services that FullerThaler currently provides to the FullerThaler Funds under the terms of the Investment Advisory Agreement. The Trustees considered FullerThaler's capitalization and its assets under management. The Trustees further considered the investment philosophy and experience of each Fund's portfolio management team, including the firm's expertise in behavioral finance and its proprietary finance model, which is 18 component of each Fund's investment strategy. In addition, the Trustees noted the compliance services, marketing, distribution, and client relationship services that FullerThaler provides on behalf of the Funds. The Trustees compared the FullerThaler Funds' performance to each Fund's benchmark index, Morningstar Category, and Peer Group. The Trustees discussed the filters applied by Broadridge for each Fund's custom Peer Group, noting that generally each Fund's Peer Group was a sub-set of its Morningstar Category filtered for actively managed, institutional, single funds with no 12b-1 fees. The Trustees also noted that the Peer Group for each Fund had additional filters applied, such as portfolio concentration or net assets, as applicable. It was further noted that peer funds with "value" in the name had been removed from the Peer Groups created for the FullerThaler Small-Cap Equity Fund and the FullerThaler Small-Mid Core Equity Fund, at the Adviser's request. In addition, the Trustees noted FullerThaler's ongoing disagreement with Broadridge regarding the construction of certain Peer Groups. It was noted that while the Board reviewed Morningstar peer group and benchmark performance data compared to all of the applicable

**Additional Information (Unaudited) (continued)**

share classes offered by each respective Fund, the comparison of each Fund's Institutional Shares to the Fund's respective benchmark index, Morningstar Category and Peer Group is discussed to achieve a consistent comparative representation across all Funds and because the Institutional Shares represent both the largest share class and the longest performance history for each of the Funds. The Trustees considered that, for the periods indicated:

● The FullerThaler Small-Cap Equity Fund outperformed its benchmark indices, the Russell 2000 TR Index and the Russell 1000 Equal Weight TR Index, for the three-, five-, and ten-year and since inception (9/8/2011) periods ended September 30, 2025, but underperformed compared to the benchmark indices for the one-year period ended September 30, 2025. The FullerThaler Small-Cap Equity Fund also outperformed the median performance of its Morningstar Category, Small Blend, as well as the median performance of its Peer Group, for the one-, three-, five- and ten-year and since inception periods ended September 30, 2025.

● The FullerThaler Small-Cap Growth Fund outperformed its benchmark indices, the Russell 2000 Growth TR Index and the Russell 1000 Equal Weight TR Index, for the one-, three- and five-year and since-inception (12/21/2017) periods ended September 30, 2025. The FullerThaler Small-Cap Growth Fund outperformed the Morningstar Category median, Small Growth, and the Peer Group median for the one-year, three-year, five-year, and since inception periods ended September 30, 2025.

● The FullerThaler Mid-Cap Value Fund trailed its benchmark index, the Russell Mid-Cap Value TR Index for the one- and three-year periods ended September 30, 2025 and outperformed the benchmark index for the five-year and since inception (12/21/2017) periods ended September 30, 2025. The FullerThaler Mid-Cap Value Fund trailed its benchmark index, the Russell 1000 Equal Weight TR Index, for the one- and three-year and since inception periods ended September 30, 2025, and outperformed the index for the five-year period ended September 30, 2025. The FullerThaler Mid-Cap Value Fund underperformed compared to the Morningstar Category median, Mid-Cap Value, for the one-, three and five-year periods ended September 30, 2025, and outperformed the Morningstar Category median for the since inception (12/21/2017) period ended September 30, 2025. The FullerThaler Mid-Cap Value Fund underperformed compared to the Peer Group median for the one- and three-year periods ended September 30, 2025, and outperformed compared to the Peer Group median for the five-year and since inception periods ended September 30, 2025.

● The FullerThaler Unconstrained Equity Fund underperformed its benchmark index, the Russell 3000 TR Index, for the one-year and since inception (12/26/2018) periods ended September 30, 2025, and outperformed the benchmark index for the three- and five-year periods ended September 30, 2025. The FullerThaler Unconstrained Equity Fund outperformed its benchmark index, the Russell Mid-Cap TR Index, for the one-, three-, and five-year and since inception periods ended September 30, 2025. The FullerThaler Unconstrained Equity Fund outperformed its Morningstar Category median, Mid-Cap Blend, and the Peer Group for the one-, three- and five year and since inception (12/26/2018) periods ended September 30, 2025.

● The FullerThaler Micro-Cap Equity Fund trailed its benchmark index, the Russell Micro Cap TR Index, for the one- three- and five-year and since inception (12/28/2018) periods ended September 30, 2025. The FullerThaler Micro-Cap Equity Fund outperformed its benchmark index, the Russell 1000 Equal Weight TR Index, for the one-year period, but underperformed the index for

**Additional Information (Unaudited) (continued)**

the three- and five-year and since inception periods ended September 30, 2025. The FullerThaler Micro-Cap Equity Fund outperformed the median of its Morningstar Category, Small Value, and the Peer Group for the one-year period, but underperformed the median of the Morningstar Category and the Peer Group for the three- and five-year and since inception periods ended September 30, 2025.

● The FullerThaler Small-Mid Core Equity Fund underperformed its benchmark index, the Russell 2500 TR Index, for the one- and three-year periods, and outperformed its benchmark index for the five-year and since inception (12/26/2018) periods ended September 30, 2025. The FullerThaler Small-Mid Core Equity Fund underperformed its benchmark index, the Russell 1000 Equal Weight TR Index, for the one-year period, and outperformed the benchmark index for the three- and five-year and since inception periods ended September 30, 2025. The FullerThaler Small-Mid Core Equity Fund underperformed the median of both its Morningstar Category, Small Blend, and Peer Group for the one-year period, and outperformed the median of its Morningstar Category and Peer group for the three- and five-year and since inception periods ended September 30, 2025.

● The FullerThaler Mid-Cap Equity Fund trailed its benchmark index, the Russell Mid-Cap TR Index, for the one-year and since inception (October 2, 2023) periods ended September 30, 2025. The FullerThaler Mid-Cap Equity Fund underperformed its benchmark index, the Russell 1000 Equal Weight TR Index, for the one-year period ended September 30, 2025, but outperformed the index over the since inception period. The FullerThaler Mid-Cap Equity Fund outperformed the Morningstar Category median (Mid-Cap Blend) and the Peer Group median for the one-year and since inception periods ended September 30, 2025.

Finally, the Trustees took notice of the growth of assets in the FullerThaler Funds and the growth of the firm overall. Taking these factors into account, the Trustees concluded that they are satisfied with the nature, extent, and quality of services that FullerThaler currently provides to the FullerThaler Funds under the Investment Advisory Agreement.

**Cost of Advisory Services and Profitability.** The Trustees considered the annual management fee that each FullerThaler Fund pays to FullerThaler under the Investment Advisory Agreement. The Trustees also considered FullerThaler's profitability from the services rendered to the FullerThaler Funds. The Trustees further considered FullerThaler's commitment to contractually reduce its management fees and, if necessary, reimburse each FullerThaler Fund's operating expenses through January 31, 2027, as specified in the amended Expense Limitation Agreement - Appendix A presented in the Support Materials. Lastly, the Trustees noted that FullerThaler subsidizes the costs of distribution services rendered to the FullerThaler Funds in excess of amounts accrued and payable pursuant to the Funds' Rule 12b-1 Distribution Plan.

**Comparative Fee and Expense Data.** The Trustees noted that:

● The FullerThaler Small-Cap Equity Fund's contractual management fee of 0.60% was lower than the average and median of both its Morningstar Category and Peer Group. Further, the FullerThaler Small-Cap Equity Fund's net and gross total expense ratios of 0.76% for its Institutional Shares (which are the same because this Fund's annualized operating expense ratio is lower than the expense ratio cap in its operating expense limitation agreement) was lower than the average and median of the net and gross total expense ratios for its Morningstar Category and Peer Group.

**Additional Information (Unaudited) (continued)**

● The FullerThaler Small-Cap Growth Fund's contractual management fee of 0.85% was higher than average and median of the Morningstar Category and equal to the median and average of the Peer Group. Further, the FullerThaler Small-Cap Growth Fund's net total expense ratio of 0.96% for its Institutional Shares was slightly higher than median and average of its Morningstar Category and lower than the median and average of the Peer Group. The FullerThaler Small-Cap Growth Fund's gross total expense ratio of 1.09% for its Institutional Shares was higher than the median and lower than the average of its Morningstar Category, and higher than the median and average of the Peer Group. The Board noted that shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement.

● The FullerThaler Mid-Cap Value Fund's contractual management fee of 0.74% was higher than the median and average of its Morningstar Category and equal to the median and slightly higher than the average of the Peer Group. Further, the FullerThaler Mid-Cap Value Fund's net total expense ratio of 0.80% for its Institutional Shares was lower than both the average and median of the Morningstar Category and the Peer Group. The FullerThaler Mid-Cap Value Fund's gross total expense ratio of .098% for its Institutional Shares was lower than the average and higher than the median of the Morningstar Category, and higher than the median and average of the Peer Group. The Board noted that the FullerThaler Mid-Cap Value Fund's shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement.

● The FullerThaler Unconstrained Equity Fund's contractual management fee of 0.85% was higher than the median and average of both its Morningstar Category and the Peer Group. Further, the FullerThaler Unconstrained Equity Fund's net total expense ratio of 1.00% for its Institutional Shares was higher than the average and median of both the Morningstar Category and the Peer Group. The FullerThaler Unconstrained Equity Fund's gross total expense ratio of its Institutional Shares of 1.15% was higher than the median and lower than the average of its Morningstar Category, and higher than the median and average of the Peer Group. The Board noted that the FullerThaler Unconstrained Equity Fund's shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement. The Board also noted that the FullerThaler Unconstrained Equity Fund's net assets were, in general, lower than some of the funds to which it was compared in both the Morningstar Category and the Peer Group.

● The FullerThaler Micro-Cap Equity Fund's contractual management fee of 1.00% was higher than the average and median of its Morningstar Category and higher than the average and equal to the median of the Peer Group. Further, the FullerThaler Micro-Cap Equity Fund's net total expense ratio of 1.32% for its Institutional Shares was higher than the median and average of both its Morningstar Category and Peer Group. The FullerThaler Micro-Cap Equity Fund's gross total expense ratio of 2.14% for its Institutional Shares was higher than the average and median of both its Morningstar Category and the Peer Group. The Board noted that the Micro-Cap Fund's shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement. However, the Board noted the distinct differences in the FullerThaler Micro-Cap Equity Fund's strategy compared to other funds in its Morningstar Category of Small Value and its Peer Group, which was a sub-set of the Small Blend, Small Value and Small Growth Morningstar categories. The Board also considered the comparatively small net assets of the FullerThaler Micro-Cap Equity Fund in comparison to its Morningstar Category and Peer Group.

**Additional Information (Unaudited) (continued)**

● The FullerThaler Small-Mid Core Equity Fund's contractual management fee of 0.74% was lower than the average and median of both its Morningstar Category and the Peer Group. Further, the FullerThaler Small-Mid Core Equity Fund's net total expense ratio of 0.89% of its Institutional Shares was lower than the average and median of both its Morningstar Category and the Peer Group. The FullerThaler Small-Mid Core Equity Fund's gross total expense ratio of 1.10% for its Institutional Shares was higher than the median and lower than the average of its Morningstar Category and higher than the median and average of the Peer Group. The Board noted that the FullerThaler Small-Mid Core Equity Fund's shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement. The Board also noted that the FullerThaler Small-Mid Core Equity Fund's net assets were, in general, lower than many of the funds to which it was compared in both the Morningstar Category and Peer Group.

● The FullerThaler Mid-Cap Equity Fund's contractual management fee of 0.75% was equal to the median and above the average of its Morningstar Category and equal to the median and one basis point above the average of the Peer Group. Further, the FullerThaler Mid-Cap Value Fund's net total expense ratio of 0.80% for its Institutional Shares was lower than both the average and median of the Morningstar Category and Peer Group. The FullerThaler Mid-Cap Equity Fund's gross total expense ratio of 1.01% for its Institutional Shares was higher than median and lower than the average of the Morningstar Category, and lower than both the average and median of the Peer Group. The Board noted that the FullerThaler Mid-Cap Equity Fund's shareholders were currently only impacted by the net expense ratio due to the Adviser's commitment to its expense limitation agreement. The Board also noted that the FullerThaler Mid-Cap Equity Fund's net assets were, in general, lower than many of the funds to which it was compared in its Morningstar Category and Peer Group.

The Trustees further considered the fees paid by FullerThaler's separately managed accounts and sub-advisory relationships to other accounts with similar investment objectives and strategies to that of each FullerThaler Fund contemplated herein, noting the differences in the services provided to those accounts compared to the services provided to each FullerThaler Fund. In particular, they also noted that FullerThaler has additional responsibilities with respect to the FullerThaler Funds, including compliance, reporting, administrative, 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 the other, the Trustees concluded that the management fee charged to the respective FullerThaler Funds are each reasonable.

**Morningstar Ranking.** The Trustees noted the overall Morningstar ranking for each of the FullerThaler Funds 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 each 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 September 30, 2025 the Funds had the following overall Morningstar rating: the FullerThaler Small-Cap Equity Fund was rated five stars; the FullerThaler Small-Cap Growth Fund was rated five stars; the FullerThaler Mid-Cap Value Fund was rated two stars; the FullerThaler Unconstrained Equity Fund was rated five stars; the FullerThaler Small-Mid Core Equity Fund was rated three stars; the FullerThaler Micro-Cap Equity Fund was rated one star; and the FullerThaler Mid-Cap Equity Fund had no Morningstar rating.

**Additional Information (Unaudited) (continued)**

**Economies of Scale.** The Trustees considered whether the FullerThaler Funds may benefit from any economies of scale. The Trustees noted that given the very low management fee of the FullerThaler Small-Cap Equity Fund, fee breakpoints would not be appropriate at the current time. They additionally noted while the FullerThaler Small-Cap Equity Fund has realized some economies of scale with regard to certain fees and expenses that it bears, the Trustees did not find that any material economies currently exist with respect to the advisory services that FullerThaler provides that would warrant the imposition of breakpoints. The Trustees also noted that it was not appropriate to implement fee breakpoints with regard to the management fees of the other FullerThaler Funds. The Trustees considered that an increase in assets in the other FullerThaler Funds would most likely not decrease the extent of advisory services that FullerThaler would need to provide to the Funds at the present time. The Trustees concluded that the other FullerThaler Funds are not likely to benefit from any economies of scale at this time.

**Other Benefits.** The Trustees considered the extent to which FullerThaler utilizes soft dollar arrangements with respect to portfolio transactions and noted that FullerThaler does utilize soft dollar arrangements consistent with the Section 28(e) safe harbor in connection with the execution of client transactions. They also noted however, that affiliated brokers will not be utilized to execute the portfolio transactions of the FullerThaler Funds. The Trustees concluded that, all things considered, FullerThaler will not receive material additional financial benefits from services rendered to the FullerThaler Funds.

**Conclusions.** Based upon FullerThaler's presentation to the Board and the Support Materials considered in connection with the continuation of the Investment Advisory Agreement for an additional one-year period on behalf of the FullerThaler Funds, as well as the information provided throughout the course of the year, the Board concluded that the overall arrangements between the Trust and FullerThaler, as set forth in the Investment Advisory Agreement, are fair and reasonable in light of the services to be performed, investment advisory fees to be paid, 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.

**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.** 

---

| | |
|:---|:---|
| (a)(1) | Not Applicable – disclosed with annual report. |
| (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-2 under the Investment Company Act of 1940 are filed herewith.](cst_ex99-cert.htm) |
| (a)(4) | Not Applicable |
| (a)(5) | Not Applicable |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](cst_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Capitol Series Trust |
| By (Signature and Title) | /s/ Matthew J. Miller |
|  | Matthew J. Miller, President and Principal Executive Officer |
| Date | 6/02/2026 |
| 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. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Matthew J. Miller |
|  | Matthew J. Miller, President and Principal Executive Officer |
| Date | 6/02/2026 |
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Treasurer and Principal Financial Officer |
| Date | 6/02/2026 |

---

## 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: | 6/02/2026 | /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: | 6/02/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## 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 March 31, 2026 (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>6/02/2026</u> Date: <u>6/02/2026</u> <br>

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.