UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:   811-22895

Capitol Series Trust

(Exact name of registrant as specified in charter)

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

Registrant’s telephone number, including area code: 513-587-3400

Date of fiscal year end:     September 30

Date of reporting period: March 31, 2024

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 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 Report

March 31, 2024

411 Borel Avenue, Suite 300

San Mateo, CA 94402

(888) 912-4562

www.fullerthalerfunds.com

Investment Results (Unaudited)

Average Annual Total Returns* as of March 31, 2024

					Since
					Inception
	Six Months	One Year	Five Year	Ten Year	(12/19/18)
FullerThaler Behavioral Small-Cap Equity Fund
R6 Shares	27.95%	31.31%	15.92%	12.69%
Institutional Shares	27.90%	31.17%	15.80%	12.55%
Investor Shares	27.71%	30.75%	15.46%	12.29%
A Shares
Without Load	27.69%	30.78%	15.50%		17.42%
With Load	20.36%	23.26%	14.13%		16.12%
C Shares
Without Load	27.33%	30.02%	14.81%		16.71%
With Load	26.33%	30.02%	14.81%		16.71%
Russell 2000® Index(a)	19.94%	19.71%	8.10%	7.58%	10.48%
			Institutional	Investor
		R6 Shares	Shares	Shares	A Shares	C Shares
Expense Ratio(b)		0.64%	0.75%	1.05%	1.04%	1.64%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Small-Cap Equity Fund (the “Small-Cap Equity Fund”) distributions or the redemption of Small-Cap Equity Fund shares. Current performance of the Small-Cap Equity Fund may be lower or higher than the performance quoted. The Small-Cap Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Cap Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Prior to October 26, 2015, the performance reflected represents that of a series of Allianz Funds Multi-Strategy Trust for which Fuller Thaler Asset Management, Inc. (the “Adviser”) served as the sole sub-adviser (“the Predecessor Fund”) (see Note 1). Total returns for periods less than 1 year are not annualized.

(a) The Russell 2000^® Index (“Russell 2000”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Cap Equity Fund’s portfolio. The Russell 2000 measures the performance of the small-cap segment of the U.S. equity universe and is a subset of the Russell 3000^® Index. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Small-Cap Equity Fund’s most recent prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse

1

Investment Results (Unaudited) (continued)

Small-Cap Equity Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 1.25%, 0.92% and 0.80% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Cap Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Cap Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Cap Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and Capitol Series Trust (the “Trust”) is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. The Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board of Trustees of the Trust (the “Board”) may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Cap Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Small-Cap Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The Small-Cap Equity Fund’s prospectus contains this and other important information about the Small-Cap Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Small-Cap Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

2

Investment Results (Unaudited) (continued)

Average Annual Total Returns* as of March 31, 2024

				Since	Since
				Inception	Inception
	Six Months	One Year	Five Year	(12/21/17)	(12/19/18)
FullerThaler Behavioral Small-Cap Growth Fund
R6 Shares	35.67%	41.29%	18.40%	16.52%
Institutional Shares	35.62%	41.18%	18.29%	16.42%
Investor Shares	35.42%	40.76%	17.97%	16.11%
A Shares
Without Load	35.40%	40.65%	17.91%		19.83%
With Load	27.61%	32.55%	16.53%		18.49%
C Shares
Without Load	35.05%	39.97%	17.33%		19.24%
With Load	34.05%	39.97%	17.33%		19.24%
Russell 2000® Growth Index(a)	21.30%	20.35%	7.38%	6.78%	10.33%
	Expense Ratios(b)
		Institutional	Investor
	R6 Shares	Shares	Shares	A Shares	C Shares
Gross	0.98%	1.12%	1.42%	1.39%	2.00%
With Applicable Waivers	0.86%	0.96%	1.25%	1.30%	1.80%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Small-Cap Growth Fund (the “Small-Cap Growth Fund”) distributions or the redemption of Small-Cap Growth Fund shares. Current performance of the Small-Cap Growth Fund may be lower or higher than the performance quoted. The Small-Cap Growth Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Cap Growth Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell 2000^® Growth Index (“Russell 2000 Growth”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Cap Growth Fund’s portfolio. Russell 2000 Growth measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Small-Cap Growth Fund’s most recent prospectus dated January

3

Investment Results (Unaudited) (continued)

29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse Small-Cap Growth Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 1.25%, 0.96%, and 0.86% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Cap Growth Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Cap Growth Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Cap Growth Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. The Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Cap Growth Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Small-Cap Growth Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Small-Cap Growth Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Small-Cap Growth Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

4

Investment Results (Unaudited) (continued)

Average Annual Total Returns* as of March 31, 2024

				Since	Since
				Inception	Inception
	Six Months	One Year	Five Year	(12/21/17)	(3/10/22)
FullerThaler Behavioral Mid-Cap Value Fund
R6 Shares	23.11%	23.69%	12.54%	10.02%
Institutional Shares	23.05%	23.58%	12.41%	9.92%
Investor Shares	22.87%	23.18%	12.12%	9.62%
A Shares
Without Load	22.84%	23.11%			7.27%
With Load	15.78%	16.02%			4.23%
C Shares
Without Load	22.51%	22.51%			6.71%
With Load	21.51%	22.51%			6.71%
Russell Midcap® Value Index(a)	21.33%	20.40%	9.94%	7.95%	6.79%
	Expense Ratios(b)
		Institutional	Investor
	R6 Shares	Shares	Shares	A Shares	C Shares
Gross	0.83%	0.97%	1.25%	1.20%	1.83%
With Applicable Waivers	0.69%	0.79%	1.15%	1.20%	1.70%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Mid-Cap Value Fund (the “Mid-Cap Value Fund”) distributions or the redemption of Mid-Cap Value Fund shares. Current performance of the Mid-Cap Value Fund may be lower or higher than the performance quoted. The Mid-Cap Value Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Mid-Cap Value Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell Midcap^® Value Index (“Russell Midcap Value”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Mid-Cap Value Fund’s portfolio. The Russell Midcap Value measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Mid-Cap Value Fund’s most recent prospectus dated January 29,

5

Investment Results (Unaudited) (continued)

2024. The Adviser has contractually agreed to waive its management fee and/or reimburse Mid-Cap Value Fund expenses so that total annual operating expenses do not exceed 1.20%, 1.70%, 1.15%, 0.79%, and 0.69% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Mid-Cap Value Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Mid-Cap Value Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Mid-Cap Value Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/ reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Mid-Cap Value Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Mid-Cap Value Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Mid-Cap Value Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Mid-Cap Value Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

6

Investment Results (Unaudited) (continued)

Average Annual Total Returns* as of March 31, 2024

				Since	Since
				Inception	Inception
	Six Months	One Year	Five Year	(12/26/18)	(5/27/21)
FullerThaler Behavioral Unconstrained Equity Fund
R6 Shares	31.27%	35.03%	14.48%	17.92%
Institutional Shares	31.29%	35.00%	14.39%	17.82%
A Shares
Without Load	31.29%	34.78%			7.68%
With Load	23.73%	27.03%			5.47%
C Shares
Without Load	31.37%	34.55%			7.27%
With Load	30.37%	34.55%			7.27%
Russell 3000® Index(a)	23.30%	29.29%	14.34%	16.81%	8.27%
Russell MidCap Index(b)	22.52%	22.35%	11.10%	14.12%	4.32%
		Expense Ratios(b)
			Institutional
		R6 Shares	Shares	A Shares	C Shares
Gross		1.23%	1.42%	1.73%	2.32%
With Applicable Waivers		0.87%	0.97%	1.30%	1.80%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Unconstrained Equity Fund (the “Unconstrained Equity Fund”) distributions or the redemption of Unconstrained Equity Fund shares. Current performance of the Unconstrained Equity Fund may be lower or higher than the performance quoted. The Unconstrained Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Unconstrained Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell 3000^® Index (“Russell 3000”) measures the performance of the broad U.S. equity market. The Russell 3000 represents the 3000 largest U.S. publicly traded companies as measured by market capitalization. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(a) The Russell Midcap^® Index (“Russell Midcap”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Mid-Cap Equity Fund’s portfolio. The Russell Midcap measures the performance

7

Investment Results (Unaudited) (continued)

of the mid-cap segment of the US equity universe. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Unconstrained Equity Fund’s most recent prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse Unconstrained Equity Fund expenses so that total annual operating expenses do not exceed 1.30%, 1.80%, 0.97% and 0.87% for A Shares, C Shares, Institutional Shares and R6 Shares, respectively, of the average daily net assets for each class through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Unconstrained Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Unconstrained Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Unconstrained Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Unconstrained Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Unconstrained Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Unconstrained Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Unconstrained Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.

8

Investment Results (Unaudited) (continued)

Average Annual Total Returns* as of March 31, 2024

				Since	Since
				Inception	Inception
	Six Months	One Year	Five Year	(12/26/18)	(3/10/22)
FullerThaler Behavioral Small-Mid Core Equity Fund
Institutional Shares	20.49%	19.73%	12.12%	14.66%
A Shares
Without Load	20.26%	19.26%			7.29%
With Load	13.36%	12.41%			4.24%
Russell 2500® Index(a)	21.20%	21.43%	9.90%	12.83%	6.25%
				Expense Ratios(b)
				Institutional
				Shares	A Shares
Gross				1.35%	1.62%
With Applicable Waivers				0.87%	1.26%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Small-Mid Core Equity Fund (the “Small-Mid Core Equity Fund”) distributions or the redemption of Small-Mid Core Equity Fund shares. Current performance of the Small-Mid Core Equity Fund may be lower or higher than the performance quoted. The Small-Mid Core Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Small-Mid Core Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell 2500^® Index (“Russell 2500”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Small-Mid Core Equity Fund’s portfolio. The Russell 2500 measures the performance of those Russell 2500 companies with lower price/book ratios and lower forecasted growth values. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Small-Mid Core Equity Fund’s most recent prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/ or reimburse Small-Mid Core Equity Fund expenses so that total annual operating expenses do not exceed 1.26% and 0.87% of the Small-Mid Core Equity Fund’s A Shares and Institutional Shares average daily net assets through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Small-Mid Core Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Small-Mid

9

Investment Results (Unaudited) (continued)

Core Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Small-Mid Core Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Small-Mid Core Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Small-Mid Core Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Small-Mid Core Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Small-Mid Core Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/ SIPC.

10

Investment Results (Unaudited) (continued)

Average Annual Total Returns* as of March 31, 2024

				Since
				Inception
	Six Months	One Year	Five Year	(12/28/18)
FullerThaler Behavioral Micro-Cap Equity Fund
Institutional Shares	7.78%	11.02%	3.90%	7.64%
Russell Microcap® Index(a)	21.49%	17.79%	6.90%	9.24%
			Expense Ratios(b)
			Institutional
			Shares
Gross			2.13%
With Applicable Waivers			1.29%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Micro-Cap Equity Fund (the “Micro-Cap Equity Fund”) distributions or the redemption of Micro-Cap Equity Fund shares. Current performance of the Micro-Cap Equity Fund may be lower or higher than the performance quoted. The Micro-Cap Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Micro-Cap Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell Microcap^® Index (“Russell Microcap”) measures the performance of the microcap segment of the U.S. equity market. Russell Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small cap Russell 2000^® Index, plus the next smallest eligible securities by market cap. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Micro-Cap Equity Fund’s most recent prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse Micro-Cap Equity Fund expenses so that total annual operating expenses do not exceed 1.29% of the Micro-Cap Equity Fund’s Institutional Shares average daily net assets through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Micro-Cap Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Micro-Cap Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Micro-Cap Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser

11

Investment Results (Unaudited) (continued)

is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Micro-Cap Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Micro-Cap Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Micro-Cap Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Micro-Cap Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

12

Investment Results (Unaudited) (continued)

Total Returns* as of March 31, 2024

		Since
		Inception
		(10/2/23)
FullerThaler Behavioral Mid-Cap Equity Fund
Institutional Shares		24.37%
Russell Midcap® Index(a)		24.03%
	Expense Ratios(b)
	Institutional
	Shares
Gross	5.23%
With Applicable Waivers	0.79%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on FullerThaler Behavioral Mid-Cap Equity Fund (the “Mid-Cap Equity Fund”) distributions or the redemption of Mid-Cap Equity Fund shares. Current performance of the Mid-Cap Equity Fund may be lower or higher than the performance quoted. The Mid-Cap Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (888) 912-4562.

* Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Mid-Cap Equity Fund’s returns reflect any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for periods less than 1 year are not annualized.

(a) The Russell Midcap^® Index (“Russell Midcap”) is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Mid-Cap Equity Fund’s portfolio. The Russell Midcap measures the performance of the mid-cap segment of the US equity universe. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

(b) The expense ratios are from the Mid-Cap Equity Fund’s most recent prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse Mid-Cap Equity Fund expenses so that total annual operating expenses do not exceed 0.79% of the Mid-Cap Equity Fund’s Institutional Shares average daily net assets through January 31, 2025. The expense limitation does not apply to (i) interest (other than custodial overdraft fees and expenses associated with the Mid-Cap Equity Fund’s participation in an alternative liquidity program), (ii) taxes, (iii) brokerage fees and commissions, (iv) other extraordinary expenses not incurred in the ordinary course of the Mid-Cap Equity Fund’s business, (v) dividend expense on short sales and (vi) indirect expenses such as acquired fund fees and expenses incurred by the Mid-Cap Equity Fund in any fiscal year. During any fiscal year that the Investment Advisory Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to

13

Investment Results (Unaudited) (continued)

recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/ reimbursement occurred. This Expense Limitation Agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time. The Expense Limitation Agreement shall terminate automatically upon the termination of the Advisory Agreement. Additional information pertaining to the Mid-Cap Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Mid-Cap Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Mid-Cap Equity Fund and may be obtained by calling (888) 912-4562. Please read it carefully before investing.

The Mid-Cap Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

14

Portfolio Illustration (Unaudited)

FullerThaler Behavioral Small-Cap Equity Fund Sector Holdings as of March 31, 2024.*

FullerThaler Behavioral Small-Cap Growth Fund Sector Holdings as of March 31, 2024.*

* As a percentage of net assets.

15

Portfolio Illustration (Unaudited)

FullerThaler Behavioral Mid-Cap Value Fund Sector Holdings as of March 31, 2024.*

FullerThaler Behavioral Unconstrained Equity Fund Sector Holdings as of March 31, 2024.*

* As a percentage of net assets.

16

Portfolio Illustration (Unaudited)

FullerThaler Behavioral Small-Mid Core Equity Fund Sector Holdings as of March 31, 2024.*

FullerThaler Behavioral Micro-Cap Equity Fund Sector Holdings as of March 31, 2024.*

* As a percentage of net assets.

17

Portfolio Illustration (Unaudited)

FullerThaler Behavioral Mid-Cap Equity Fund Sector Holdings as of March 31, 2024.*

* As a percentage of net assets.

Availability of Portfolio Schedules (Unaudited)

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www. sec.gov and on the Funds’ website at www.fullerthalerfunds.com.

18

FullerThaler Behavioral Small-Cap Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 95.96%
Apparel & Textile Products — 4.70%
Carter’s, Inc.(a)		847,519	$	71,767,909
Crocs, Inc.(b)		798,187		114,779,291
Deckers Outdoor Corp.(b)		152,774		143,800,055
Kontoor Brands, Inc.		861,765		51,921,341
Oxford Industries, Inc.		124,124		13,951,538
Ralph Lauren Corp.		243,179		45,659,289
				441,879,423
Asset Management — 2.29%
Federated Hermes, Inc., Class B		2,342,965		84,627,896
Stifel Financial Corp.		1,674,799		130,919,038
				215,546,934
Banking — 8.52%
Atlantic Union Bancshares Corp.		227,426		8,030,412
BancFirst Corp.		234,477		20,641,010
Bank OZK(a)		3,311,412		150,536,790
Berkshire Hills Bancorp, Inc.		656,769		15,053,145
Cadence Bank		2,990,953		86,737,637
F.N.B. Corp.		3,769,901		53,155,604
First Commonwealth Financial Corp.		1,937,346		26,967,856
First Financial Bancorp		1,731,787		38,826,665
First Financial Bankshares, Inc.		1,422,031		46,656,837
First Financial Corp.		112,829		4,324,736
Fulton Financial Corp.		3,086,427		49,043,325
Hancock Whitney Corp.		1,668,421		76,814,103
Lakeland Financial Corp.		272,409		18,066,165
NBT Bancorp, Inc.		381,638		13,998,482
Wintrust Financial Corp.		1,153,798		120,444,973
Zions Bancorp.		1,629,362		70,714,311
				800,012,051
Biotech & Pharma — 4.12%
Amphastar Pharmaceuticals, Inc.(b)		1,200,192		52,700,431
Collegium Pharmaceutical, Inc.(b)		925,379		35,923,213
Exelixis, Inc.(b)		2,134,027		50,640,461
Jazz Pharmaceuticals PLC(b)		1,028,486		123,850,284

	Shares		Fair Value
Biotech & Pharma — (continued)
United Therapeutics Corp.(b)		542,332	$	124,584,506
				387,698,895
Chemicals — 0.40%
Avient Corp.		425,629		18,472,299
Huntsman Corp.		722,265		18,800,558
				37,272,857
Commercial Support Services — 3.09%
Clean Harbors, Inc.(b)		135,751		27,328,034
FTI Consulting, Inc.(b)		210,807		44,330,604
H&R Block, Inc.(a)		2,995,394		147,103,799
Kforce, Inc.		270,263		19,058,947
TriNet Group, Inc.		394,487		52,265,583
				290,086,967
Construction Materials — 1.58%
Eagle Materials, Inc.		546,247		148,442,622
Consumer Services — 1.64%
Adtalem Global Education, Inc.(b)		773,197		39,742,326
Perdoceo Education Corp.		854,359		15,002,544
Rent-A-Center, Inc.		605,496		21,319,514
Stride, Inc.(b)		1,241,957		78,305,389
				154,369,773
Containers & Packaging — 2.03%
Graphic Packaging Holding Co.		3,093,363		90,264,332
Sonoco Products Co.		1,738,731		100,568,201
				190,832,533
Electric Utilities — 0.62%
Otter Tail Corp.(a)		677,021		58,494,614
Electrical Equipment — 6.38%
Acuity Brands, Inc.		989,499		265,908,066
Atkore, Inc.		701,756		133,586,272
Belden, Inc.		654,496		60,612,875
Vontier Corp.		3,070,239		139,266,041
				599,373,254
Engineering & Construction — 9.79%
Comfort Systems USA, Inc.		573,109		182,082,460
EMCOR Group, Inc.(a)		1,025,251		359,042,901
Installed Building Products, Inc.		657,283		170,058,831
Primoris Services Corp.		669,027		28,480,479
Sterling Infrastructure, Inc.(b)		921,306		101,629,265

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

19

FullerThaler Behavioral Small-Cap Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Engineering & Construction — (continued)
TopBuild Corp.(b)		181,744	$	80,100,033
				921,393,969
Food — 0.73%
Simply Good Foods Co. (The)(b)		2,013,238		68,510,489
Health Care Facilities & Services — 3.19%
Chemed Corp.		150,410		96,552,691
Medpace Holdings, Inc.(b)		298,268		120,545,013
Option Care Health, Inc.(b)		2,479,028		83,146,599
				300,244,303
Home Construction — 5.99%
Armstrong World Industries, Inc.		1,005,295		124,877,745
Masonite International Corp.(b)		483,657		63,576,713
Masterbrand, Inc.(b)		2,913,308		54,595,392
Meritage Homes Corp.		673,860		118,235,476
Taylor Morrison Home Corp.(b)		3,239,467		201,397,663
				562,682,989
Household Products — 0.98%
Edgewell Personal Care Co.		1,727,437		66,748,166
Helen of Troy Ltd.(b)		224,880		25,915,171
				92,663,337
Industrial Intermediate Products — 1.26%
Mueller Industries, Inc.(a)		2,194,508		118,349,816
Industrial Support Services — 1.19%
Applied Industrial Technologies, Inc.		564,245		111,466,600
Institutional Financial Services — 1.44%
Evercore, Inc., Class A		704,742		135,726,262
Insurance — 1.15%
Hanover Insurance Group, Inc.		529,581		72,113,044
Primerica, Inc.		141,387		35,765,256
				107,878,300
Leisure Facilities & Services — 0.28%
Boyd Gaming Corp.		387,354		26,076,671
Machinery — 3.06%
Crane Co.(a)		389,594		52,645,837

	Shares		Fair Value
Machinery — (continued)
Crane Holding Co.		612,046	$	37,885,647
Donaldson Co., Inc.		1,367,092		102,094,432
Standex International Corp.		205,934		37,525,293
Tennant Co.		475,386		57,811,691
				287,962,900
Medical Equipment & Devices — 4.24%
Bruker Corp.		1,962,302		184,338,651
Globus Medical, Inc., Class A(b)		125,738		6,744,586
Integer Holdings Corp.(b)		930,586		108,580,774
Integra LifeSciences Holdings Corp.(b)		416,644		14,770,030
Merit Medical Systems, Inc.(b)		1,095,027		82,948,295
				397,382,336
Metals & Mining — 1.45%
Alpha Metallurgical Resources, Inc.		412,572		136,631,469
Oil & Gas Producers — 4.98%
Chord Energy Corp.		983,446		175,289,415
HF Sinclair Corp.		1,705,560		102,964,657
Murphy USA, Inc.		453,808		190,236,314
				468,490,386
Publishing & Broadcasting — 1.06%
Nexstar Media Group, Inc., Class A		577,281		99,459,743
Real Estate — 1.38%
Apple Hospitality REIT, Inc.		6,777,247		111,011,305
Piedmont Office Realty Trust, Inc., Class A		2,655,786		18,670,176
				129,681,481
Retail - Discretionary — 2.80%
Academy Sports & Outdoors, Inc.		878,327		59,322,206
AutoNation, Inc.(b)		346,715		57,409,070
Builders FirstSource, Inc.(b)		344,305		71,804,808
Signet Jewelers Ltd.(a)		745,887		74,640,911
				263,176,995
Semiconductors — 0.91%
Cirrus Logic, Inc.(b)		827,581		76,600,897
Diodes, Inc.(b)		128,221		9,039,581
				85,640,478

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

20

FullerThaler Behavioral Small-Cap Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Software — 1.63%
Concentrix Corp.(a)		166,876	$	11,050,529
Donnelley Financial Solutions, Inc.(b)		337,358		20,919,570
Progress Software Corp.(a)		1,114,547		59,416,500
Teradata Corp.(b)		182,285		7,048,961
Ziff Davis, Inc. (b)		872,038		54,973,275
				153,408,835
Specialty Finance — 0.26%
Stewart Information Services Corp.		382,300		24,872,438
Steel — 2.50%
Commercial Metals Co.		4,000,161		235,089,462
Technology Hardware — 2.35%
Avnet, Inc.		688,972		34,159,232
InterDigital, Inc.		714,267		76,040,865
Jabil, Inc.		316,682		42,419,554
Sanmina Corp.(b)		1,096,834		68,201,138
				220,820,789
Technology Services — 4.12%
CSG Systems International, Inc.(a)		1,331,967		68,649,579
EVERTEC, Inc.		1,069,276		42,664,112
ExlService Holdings, Inc.(b)		2,210,756		70,302,041
Insight Enterprises, Inc.(b)		155,423		28,834,075
Parsons Corp.(b)		867,846		71,987,826
Science Applications International Corp.		798,860		104,163,355
				386,600,988
Transportation & Logistics — 2.55%
Hub Group, Inc., Class A		552,064		23,860,206
Landstar System, Inc.		384,529		74,121,811
Ryder System, Inc.		604,575		72,663,869
Teekay Tankers Ltd., Class A		1,178,801		68,853,766
				239,499,652
Transportation Equipment — 1.30%
Allison Transmission Holdings, Inc.		1,510,839		122,619,693
Total Common Stocks (Cost $6,241,862,263)				9,020,340,304

	Shares		Fair Value
COLLATERAL FOR SECURITIES LOANED — 0.11%
Money Market Funds — 0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)		10,579,946	$	10,579,946
Total Collateral for Securities Loaned/ Money Market Funds (Cost $10,579,946)				10,579,946
MONEY MARKET FUNDS - 1.64%
Fidelity Investments Money Market Government Portfolio, Institutional Class, 5.25%(c)		153,790,969		153,790,969
Total Money Market Funds
(Cost $153,790,969)				153,790,969
Total Investments — 97.71%
(Cost $6,406,233,178)				9,184,711,219
Other Assets in Excess of Liabilities(d)— 2.29%				214,932,621
NET ASSETS — 100.00%			$	9,399,643,840

(a) All or a portion of the security was on loan as of March 31, 2024. The total value of securities on loan as of March 31, 2024 was $176,004,848.

(b) Non-income producing security.

(c) Rate disclosed is the seven day effective yield as of March 31, 2024.

(d) Includes cash collateral for securities loaned in the amount of $167,234,279. This cash is held deposit accounts as part of the IntraFi Network Deposit Placement Agreement.

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

21

FullerThaler Behavioral Small-Cap Growth Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.53%
Aerospace & Defense — 1.31%
AeroVironment, Inc.(a)		91,400	$	14,009,792
Automotive — 2.06%
Modine Manufacturing Co.(a)(b)		231,500		22,036,485
Biotech & Pharma — 3.26%
Alkermes PLC(a)		345,125		9,342,534
Halozyme Therapeutics, Inc.(a)(b)		311,050		12,653,514
TransMedics Group, Inc.(a)(b)		174,600		12,909,924
				34,905,972
Construction Materials — 1.60%
Knife River Corp.(a)		211,100		17,115,988
Consumer Services — 1.17%
Stride, Inc.(a)		197,700		12,464,985
E-Commerce Discretionary — 1.44%
Revolve Group, Inc., Class A(a)		726,800		15,386,356
Electrical Equipment — 9.10%
AAON, Inc.		176,650		15,562,865
Alarm.com Holdings, Inc.(a)		197,935		14,344,349
NEXTracker, Inc., Class A(a)		276,100		15,536,147
Vertiv Holdings Co., Class A		635,430		51,895,569
				97,338,930
Food — 3.12%
BellRing Brands, Inc.(a)		312,623		18,454,136
Post Holdings, Inc.(a)		140,100		14,889,828
				33,343,964
Health Care Facilities & Services — 4.27%
Fortrea Holdings, Inc.(a)		479,100		19,231,074
HealthEquity, Inc.(a)		174,600		14,252,598
Progyny, Inc.(a)(b)		317,831		12,125,253
				45,608,925
Household Products — 5.18%
e.l.f. Beauty, Inc.(a)		283,005		55,477,470

	Shares		Fair Value
Internet Media & Services — 4.85%
Lyft, Inc.(a)		942,000	$	18,227,700
TripAdvisor, Inc.(a)		824,300		22,907,297
Upwork, Inc.(a)		873,000		10,702,980
				51,837,977
Leisure Facilities & Services — 6.16%
Dutch Bros, Inc., Class A(a)		365,440		12,059,520
International Game Technology PLC		582,013		13,147,674
Red Rock Resorts, Inc., Class A		251,800		15,062,676
Wingstop, Inc.		69,885		25,605,863
				65,875,733
Leisure Products — 1.93%
Axon Enterprise, Inc.(a)		66,145		20,695,448
Life Sciences Tools & Services — 1.18%
Azenta, Inc.(a)(b)		209,120		12,605,754
Medical Equipment & Devices — 3.96%
Integer Holdings Corp.(a)		134,000		15,635,119
Lantheus Holdings, Inc.(a)		227,394		14,153,003
Merit Medical Systems, Inc.(a)(b)		166,445		12,608,209
				42,396,331
Oil & Gas Services & Equipment — 2.85%
Weatherford International PLC(a)		263,915		30,461,069
Retail - Consumer Staples — 1.15%
Ollie’s Bargain Outlet Holdings, Inc.(a)		154,300		12,277,651
Retail - Discretionary — 4.89%
Abercrombie & Fitch Co., Class A(a)		233,465		29,260,168
Freshpet, Inc.(a)		198,925		23,047,451
				52,307,619
Semiconductors — 2.74%
ACM Research, Inc., Class A(a)		503,500		14,671,990
Cirrus Logic, Inc.(a)		158,400		14,661,504
				29,333,494

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

22

FullerThaler Behavioral Small-Cap Growth Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Software — 21.17%
AppFolio, Inc., Class A(a)		64,195	$	15,839,474
AZEK Co., Inc. (The)(a)		353,300		17,742,726
DigitalOcean Holdings, Inc.(a)(b)		544,100		20,773,738
Duolingo, Inc.(a)		60,100		13,256,858
Evolent Health, Inc., Class A(a)(b)		576,570		18,905,730
Freshworks, Inc., Class A(a)		576,575		10,499,431
Informatica, Inc., Class A(a)		580,680		20,323,800
Nutanix, Inc., Class A(a)		600,920		37,088,782
Pegasystems, Inc.		304,500		19,682,880
Rapid7, Inc.(a)		259,910		12,745,986
Tenable Holdings, Inc.(a)(b)		284,200		14,048,006
Vertex, Inc., Class A(a)		467,000		14,831,920
Zeta Global Holdings Corp., Class A(a)(b)		982,611		10,739,938
				226,479,269
Technology Hardware — 6.58%
Harmonic, Inc.(a)		990,800		13,316,352
Super Micro Computer, Inc.(a)(b)		56,490		57,056,595
				70,372,947
Technology Services — 5.73%
Cleanspark, Inc.(a)(b)		1,149,100		24,372,411
Flywire Corp.(a)		534,000		13,248,540
LiveRamp Holdings, Inc.(a)		377,660		13,029,270
Shift4 Payments, Inc., Class A(a)(b)		160,350		10,594,325
				61,244,546
Telecommunications — 1.83%
Frontier Communications Parent, Inc.(a)(b)		799,952		19,598,824
Total Common Stocks
(Cost $849,484,728)				1,043,175,529

	Shares		Fair Value
COLLATERAL FOR SECURITIES LOANED — 0.58%
Money Market Funds — 0.58%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)		6,204,599	$	6,204,599
Total Collateral for Securities Loaned/ Money Market Funds (Cost $6,204,599)				6,204,599
Total Investments — 98.11%
(Cost $855,689,327)				1,049,380,128
Other Assets in Excess of Liabilities(d)— 1.89%				20,269,355
NET ASSETS — 100.00%			$	1,069,649,483

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2024. The total value of securities on loan as of March 31, 2024 was $100,570,647.

(c) Rate disclosed is the seven day effective yield as of March 31, 2024.

(d) Includes cash collateral for securities loaned in the amount of $98,074,380. This cash is held deposit accounts as part of the IntraFi Network Deposit Placement Agreement.

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

23

FullerThaler Behavioral Mid-Cap Value Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 92.64%
Banking — 16.75%
Citizens Financial Group, Inc.		353,420	$	12,825,611
East West Bancorp, Inc.(a)		78,525		6,212,113
First Citizens BancShares, Inc., Class A		8,390		13,717,648
First Horizon National Corp.		148,810		2,291,674
Huntington Bancshares, Inc.		526,684		7,347,242
KeyCorp		737,480		11,659,559
M&T Bank Corp.		42,090		6,121,570
Old National Bancorp		274,665		4,781,918
Wells Fargo & Co.		84,505		4,897,910
Zions Bancorp.		116,565		5,058,921
				74,914,166
Chemicals — 4.54%
Celanese Corp.(a)		45,390		7,800,725
Olin Corp.		140,490		8,260,812
Sherwin-Williams Co. (The)		12,214		4,242,289
				20,303,826
Commercial Support Services — 5.16%
Aramark		319,675		10,395,830
Brink’s Co. (The)		79,660		7,358,991
Republic Services, Inc.		16,645		3,186,519
Vestis Corp.		110,937		2,137,756
				23,079,096
Containers & Packaging — 7.92%
Berry Plastics Group, Inc.		196,830		11,904,278
Crown Holdings, Inc.		64,380		5,102,759
Graphic Packaging Holding Co.		399,660		11,662,079
WestRock Co.		135,875		6,719,019
				35,388,135
Electric Utilities — 2.91%
Alliant Energy Corp.		40,785		2,055,564
CenterPoint Energy, Inc.		173,945		4,955,693
CMS Energy Corp.		29,100		1,755,894

	Shares		Fair Value
Electric Utilities — (continued)
Edison International		29,150	$	2,061,780
Pinnacle West Capital Corp.		28,915		2,160,818
				12,989,749
Electrical Equipment — 2.87%
AMETEK, Inc.		18,590		3,400,111
Johnson Controls International PLC		102,735		6,710,651
Roper Technologies, Inc.		4,810		2,697,640
				12,808,402
Food — 1.29%
Ingredion, Inc.		49,180		5,746,683
Gas & Water Utilities — 1.14%
Atmos Energy Corp.		42,860		5,094,768
Health Care Facilities & Services — 2.51%
Centene Corp.(b)		29,175		2,289,654
Henry Schein, Inc.(a) (b)		33,980		2,566,170
Laboratory Corp. of America Holdings		29,170		6,372,477
				11,228,301
Home & Office Products — 0.31%
Newell Brands, Inc.		173,011		1,389,278
Home Construction — 0.91%
Mohawk Industries, Inc.(b)		31,105		4,071,333
Industrial Support Services — 2.76%
U-Haul Holding Co.(a)		185,250		12,352,470
Insurance — 6.41%
Everest Re Group, Ltd.		25,730		10,227,675
Globe Life, Inc.		81,965		9,538,267
Markel Corp.(b)		5,835		8,877,836
				28,643,778
Machinery — 2.89%
AGCO Corp.		56,800		6,987,536
Donaldson Co., Inc.		79,270		5,919,884
				12,907,420

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

24

FullerThaler Behavioral Mid-Cap Value Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Medical Equipment & Devices — 1.69%
DENTSPLY SIRONA, Inc.		227,850	$	7,562,342
Oil & Gas Producers — 4.65%
Cheniere Energy, Inc.		40,505		6,532,646
Devon Energy Corp.		202,065		10,139,622
Pioneer Natural Resources Co.		15,610		4,097,625
				20,769,893
Real Estate — 3.26%
American Tower Corp., Class A		33,285		6,576,783
Brixmor Property Group, Inc.(a)		251,325		5,893,571
WP Carey, Inc.		37,505		2,116,782
				14,587,136
REIT — 3.21%
Healthpeak Properties, Inc.		598,455		11,221,031
Public Storage(a)		10,725		3,110,894
				14,331,925
Retail - Consumer Staples — 2.66%
Dollar General Corp.		53,435		8,339,066
Dollar Tree, Inc.(b)		26,755		3,562,428
				11,901,494
Retail - Discretionary — 3.88%
Advance Auto Parts, Inc.		106,645		9,074,424
CarMax, Inc.(b)		95,090		8,283,290
				17,357,714
Specialty Finance — 2.17%
Synchrony Financial		225,298		9,714,850
Technology Hardware — 0.49%
NCR Atleos Corp.(b)		47,070		929,633
NCR Corp.(b)		99,440		1,255,927
				2,185,560
Technology Services — 12.26%
Amdocs Ltd.		31,830		2,876,477
Dun & Bradstreet Holdings, Inc.		565,725		5,679,879

	Shares		Fair Value
Technology Services — (continued)
Fidelity National Information Services, Inc.(a)		262,625	$	19,481,523
Global Payments, Inc.		95,450		12,757,847
TransUnion		131,000		10,453,800
Verisk Analytics, Inc.		15,095		3,558,344
				54,807,870
Total Common Stocks
(Cost $371,553,786)				414,136,189
COLLATERAL FOR SECURITIES LOANED — 0.51%
Money Market Funds — 0.51%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)		2,270,979		2,270,979
Total Collateral for Securities Loaned/ Money Market Funds (Cost $2,270,979)				2,270,979
Total Investments — 93.15%
(Cost $373,824,765)				416,407,168
Other Assets in Excess of Liabilities(d)— 6.85%				30,605,651
NET ASSETS — 100.00%			$	447,012,819

(a) All or a portion of the security was on loan as of March 31, 2024. The total value of securities on loan as of March 31, 2024 was $37,787,302.

(b) Non-income producing security.

(c) Rate disclosed is the seven day effective yield as of March 31, 2024.

(d) Includes cash collateral for securities loaned in the amount of $35,896,736. This cash is held deposit accounts as part of the IntraFi Network Deposit Placement Agreement.

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

25

FullerThaler Behavioral Unconstrained Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 97.49%
Automotive — 4.10%
Gentex Corp.		76,890	$	2,777,267
Banking — 3.17%
First Citizens BancShares, Inc., Class A		1,310		2,141,850
Biotech & Pharma — 5.21%
Amgen, Inc.		4,165		1,184,193
Exelixis, Inc.(a)		98,685		2,341,795
				3,525,988
Chemicals — 5.13%
Ecolab, Inc.		15,036		3,471,812
Commercial Support Services — 5.99%
Cintas Corp.		5,893		4,048,668
E-Commerce Discretionary — 6.41%
eBay, Inc.		82,225		4,339,836
Leisure Facilities & Services — 2.05%
Starbucks Corp.		15,185		1,387,757
Machinery — 5.59%
Parker-Hannifin Corp.		6,808		3,783,818
Medical Equipment & Devices — 4.05%
Waters Corp.(a)		7,957		2,739,038
Publishing & Broadcasting — 2.65%
Liberty Media Corp.- Liberty Sirius XM, Class C(a)		60,331		1,792,434
Retail - Consumer Staples — 4.55%
Dollar General Corp.		19,735		3,079,844
Retail - Discretionary — 10.00%
O’Reilly Automotive, Inc.(a)		2,697		3,044,589
Ross Stores, Inc.		25,335		3,718,165
				6,762,754
Semiconductors — 16.40%
KLA Corp.		2,850		1,990,925
Lam Research Corp.		3,365		3,269,333
NVIDIA Corp.		3,000		2,710,680

	Shares		Fair Value
Semiconductors — (continued)
Teradyne, Inc.		27,647	$	3,119,411
				11,090,349
Software — 2.88%
Fortinet, Inc.(a)		28,555		1,950,592
Specialty Finance — 7.74%
Capital One Financial Corp.		12,965		1,930,359
Synchrony Financial		76,820		3,312,478
				5,242,837
Technology Hardware — 5.47%
Zebra Technologies Corp., Class A(a)		12,270		3,698,669
Transportation & Logistics — 1.43%
UnionPacific Corp.		3,942		969,456
Transportation Equipment — 4.67%
Allison Transmission Holdings, Inc.		38,955		3,161,588
Total Common Stocks
(Cost $51,818,674)				65,964,557
Total Common Stocks/ Investments — 97.49%
(Cost $51,818,674)				65,964,557
Other Assets in Excess of Liabilities— 2.51%				1,699,051
NET ASSETS — 100.00%			$	67,663,608

(a) Non-income producing security.

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

26

FullerThaler Behavioral Small-Mid Core Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 98.44%
Asset Management — 1.77%
Hamilton Lane, Inc., Class A		10,415	$	1,174,395
Automotive — 3.24%
Gentex Corp.		59,545		2,150,765
Banking — 6.43%
First Citizens BancShares,Inc., Class A		975		1,594,126
First Commonwealth Financial Corp.		66,180		921,226
First Financial Bankshares, Inc.		28,400		931,804
Live Oak Bancshares, Inc.		19,612		814,094
				4,261,250
Biotech & Pharma — 2.27%
Exelixis, Inc.(a)		63,415		1,504,838
Chemicals — 3.79%
Huntsman Corp.		41,075		1,069,182
Orion Engineered Carbons SA		61,365		1,443,305
				2,512,487
Commercial Support Services — 0.98%
Cintas Corp.		945		649,243
Construction Materials — 1.66%
Owens Corning		6,595		1,100,046
Containers & Packaging — 1.78%
International Paper Co.		30,340		1,183,867
E-Commerce Discretionary — 3.18%
eBay, Inc.		40,000		2,111,200
Electrical Equipment — 2.41%
Acuity Brands, Inc.		5,615		1,508,919
Advanced Energy Industries, Inc.		895		91,272
				1,600,191
Food — 4.31%
John B. Sanfilippo & Son, Inc.		5,290		560,317
Lancaster Colony Corp.		11,070		2,298,464
				2,858,781

	Shares		Fair Value
Gas & Water Utilities — 0.26%
UGI Corp.		6,960	$	170,798
Health Care Facilities & Services — 2.53%
Medpace Holdings, Inc.(a)		725		293,009
Quest Diagnostics, Inc.		10,410		1,385,675
				1,678,684
Home & Office Products — 0.57%
Tempur Sealy International, Inc.		6,630		376,717
Home Construction — 4.13%
Masco Corp.		23,960		1,889,965
PulteGroup, Inc.		7,020		846,752
				2,736,717
Institutional Financial Services — 0.72%
Nasdaq, Inc.		7,520		474,512
Insurance — 5.03%
Brown & Brown, Inc.		21,643		1,894,628
Old Republic International Corp.		47,025		1,444,608
				3,339,236
Machinery — 1.74%
Graco, Inc.		8,370		782,261
Parker-Hannifin Corp.		670		372,379
				1,154,640
Medical Equipment & Devices — 4.14%
Align Technology, Inc.(a)		1,315		431,215
DENTSPLY SIRONA, Inc.		29,900		992,381
Waters Corp.(a)		3,845		1,323,564
				2,747,160
Oil & Gas Producers — 4.25%
Coterra Energy, Inc.		72,135		2,011,124
Devon Energy Corp.		16,104		808,099
				2,819,223
Real Estate — 7.63%
American Assets Trust, Inc.		34,600		758,086
Apple Hospitality REIT, Inc.		84,810		1,389,188

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

27

FullerThaler Behavioral Small-Mid Core Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Real Estate — (continued)
Gaming and Leisure Properties, Inc.		43,664	$	2,011,600
National Storage AffiliatesTrust		23,030		901,855
				5,060,729
REIT — 1.33%
Matson, Inc.		7,850		882,340
Retail - Consumer Staples — 2.18%
Dollar General Corp.		9,270		1,446,676
Retail - Discretionary — 2.52%
Advance Auto Parts, Inc.		14,520		1,235,507
Ross Stores, Inc.		2,970		435,877
				1,671,384
Semiconductors — 7.26%
Cirrus Logic, Inc.(a)		15,685		1,451,803
IPG Photonics Corp.(a)		7,000		634,830
Power Integrations, Inc.		13,640		975,942
Teradyne, Inc.		15,585		1,758,455
				4,821,030
Software — 3.59%
Akamai Technologies, Inc.(a)		5,895		641,140
Concentrix Corp.		1,075		71,187
SS&C Technologies Holdings, Inc.		25,940		1,669,758
				2,382,085
Specialty Finance — 2.08%
Synchrony Financial		32,070		1,382,858
Steel — 1.56%
Steel Dynamics, Inc.		6,990		1,036,128
Technology Hardware — 3.87%
NetApp, Inc.		10,890		1,143,123
Zebra Technologies Corp., Class A(a)		4,715		1,421,290
				2,564,413
Technology Services — 4.70%
Leidos Holdings, Inc.		14,835		1,944,720

	Shares		Fair Value
Technology Services — (continued)
Science Applications International Corp.		8,975	$	1,170,250
				3,114,970
Transportation & Logistics — 2.18%
Expeditors International of Washington, Inc.		11,880		1,444,252
Transportation Equipment — 3.89%
Allison Transmission Holdings, Inc.		31,820		2,582,511
Wholesale - Discretionary — 0.46%
Pool Corp.		760		306,660
Total Common Stocks/Investments — 98.44%
(Cost $57,353,945)				65,300,786
Other Assets in Excess of Liabilities — 1.56%				1,035,357
NET ASSETS — 100.00%			$	66,336,143

(a) Non-income producing security.

REIT - Real Estate Investment Trust

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

28

FullerThaler Behavioral Micro-Cap Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.47%
Advertising & Marketing — 1.69%
Cardlytics, Inc.(a)		23,700	$	343,413
Asset Management — 3.26%
B. Riley Financial, Inc.(b)		12,046		255,014
Vitesse Energy, Inc.		17,210		408,393
				663,407
Automotive — 0.87%
Holley, Inc.(a)		39,550		176,393
Beverages — 1.38%
BRC, Inc.(a)(b)		65,850		281,838
Biotech & Pharma — 4.39%
Emergent BioSolutions, Inc.(a)		100,900		255,277
OmniAb, Inc.(a)		58,575		317,477
PetIQ, Inc., Class A(a)		17,675		323,099
				895,853
Commercial Support Services — 3.50%
Acacia Research Corp.(a)		67,960		362,227
BrightView Holdings, Inc.(a)		29,550		351,645
				713,872
Containers & Packaging — 1.08%
TriMas Corp.		8,200		219,186
E-Commerce Discretionary — 6.46%
1-800-FLOWERS. COM, Inc., Class A(a)		33,862		366,725
Beyond, Inc.(a)		13,665		490,710
RealReal, Inc. (The)(a)		117,066		457,728
				1,315,163
Electrical Equipment — 3.37%
Babcock & Wilcox Enterprises, Inc.(a)		53,900		60,907
FARO Technologies, Inc.(a)		16,745		360,185
nLIGHT, Inc.(a)		20,475		266,175
				687,267
Food — 4.54%
Hain Celestial Group, Inc. (The)(a)		29,225		229,709
Limoneira Co.(a)		20,760		406,065
SunOpta, Inc.(a)		41,800		287,166
				922,940
Internet Media & Services — 4.48%
Groupon, Inc.(a)		25,075		334,500
LiveOne, Inc.(a)		126,080		245,856

	Shares		Fair Value
Internet Media & Services — (continued)
TrueCar, Inc.(a)		97,897	$	331,871
				912,227
Leisure Facilities & Services — 6.49%
Bally’s Corp.(a)		26,125		364,182
Denny’s Corp.(a)		26,175		234,528
Noodles & Co.(a)		87,025		166,218
Red Robin Gourmet Burgers, Inc.(a)		32,310		247,495
Rush Street Interactive, Inc.(a)		48,000		312,479
				1,324,902
Machinery — 2.08%
Ranpak Holdings Corp., Class A(a)		53,890		424,114
Medical Equipment & Devices — 4.32%
Quanterix Corp.(a)		20,315		478,621
Zimvie, Inc.(a)		24,300		400,707
				879,328
Oil & Gas Producers — 5.39%
Matador Resources Co.		11,665		778,872
SandRidge Energy, Inc.		21,885		318,864
				1,097,736
Oil & Gas Services & Equipment — 4.40%
DMC Global, Inc.(a)		16,600		323,534
Newpark Resources, Inc.(a)		79,295		572,510
				896,044
Publishing & Broadcasting — 3.08%
National CineMedia, Inc.(a)		56,300		289,945
Townsquare Media, Inc., Class A(a)		30,715		337,251
				627,196
REIT — 1.19%
Farmland Partners, Inc.		21,920		243,312
Retail - Discretionary — 5.27%
Aaron’s Co., Inc. (The)(a)		25,730		192,975
Aspen Aerogels, Inc.(a)		34,285		603,416
GrowGeneration Corp.(a)		97,158		277,872
				1,074,263
Semiconductors — 1.61%
AXT, Inc.(a)		71,500		328,185
Software — 9.69%
Bandwidth, Inc., Class A(a)		17,250		314,985

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

29

FullerThaler Behavioral Micro-Cap Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Software — (continued)
Cantaloupe, Inc.(a)		59,712	$	383,948
OneSpan, Inc.(a)		23,247		270,363
Porch Group, Inc.(a)		151,695		653,806
PubMatic, Inc., Class A(a)		14,800		351,056
				1,974,158
Specialty Finance — 5.14%
Applied Digital Corp.(a) (b)		68,310		292,367
LendingTree, Inc.(a)		7,300		309,082
Oportun Financial Corp.(a)		70,315		170,865
PRA Group, Inc.(a)		10,574		275,770
				1,048,084
Technology Hardware — 5.65%
NETGEAR, Inc.(a)		19,025		300,024
PlayAGS, Inc.(a)		44,450		399,161
Turtle Beach Corp.(a)		26,155		450,912
				1,150,097
Telecommunications — 1.83%
Spok Holdings, Inc.(a)		23,410		373,390
Transportation & Logistics — 6.08%
Nordic American Tankers Ltd.		71,130		278,830
Overseas Shipholding Group, Inc., Class A(a)		149,485		956,704
				1,235,534
Transportation Equipment — 0.90%
AerSale Corp.(a)		25,600		183,808
Wholesale - Consumer Staples — 1.33%
Calavo Growers, Inc.		9,750		271,148
Total Common Stocks
(Cost $16,785,304)				20,262,858
COLLATERAL FOR SECURITIES LOANED — 0.24%
Money Market Funds — 0.24%
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(c)		49,264		49,264
Total Collateral for Securities Loaned/ Money Market Funds (Cost $49,264)				49,264

	Shares	Fair Value
Total Investments — 99.71%
(Cost $16,834,568)		$	20,312,122
Other Assets in Excess of Liabilities(d)— 0.29%			58,085
NET ASSETS — 100.00%		$	20,370,207

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2024. The total value of securities on loan as of March 31, 2024 was $819,084.

(c) Rate disclosed is the seven day effective yield as of March 31, 2024.

(d) Includes cash collateral for securities loaned in the amount of $778,700. This cash is held deposit accounts as part of the IntraFi Network Deposit Placement Agreement.

REIT – Real Estate Investment Trust

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

30

FullerThaler Behavioral Mid-Cap Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — 99.29%
Advertising & Marketing — 1.11%
Omnicom Group, Inc.		1,515	$	146,592
Aerospace & Defense — 1.61%
Textron, Inc.		2,225		213,444
Apparel & Textile Products — 1.84%
Crocs, Inc.(a)		405		58,239
Deckers Outdoor Corp.(a)		110		103,539
Skechers U.S.A., Inc., Class A(a)		1,335		81,782
				243,560
Automotive — 0.39%
BorgWarner, Inc.		1,475		51,242
Banking — 4.99%
Bank OZK		1,125		51,143
Cullen/Frost Bankers, Inc.		1,730		194,746
East West Bancorp, Inc.		635		50,235
Fifth Third Bancorp		6,460		240,376
Wintrust Financial Corp.		760		79,336
Zions Bancorp.		1,000		43,400
				659,236
Biotech & Pharma — 1.17%
Biogen, Inc.(a)		245		52,829
Exelixis, Inc.(a)		1,320		31,324
United Therapeutics Corp.(a)		310		71,213
				155,366
Chemicals — 4.32%
CF Industries Holdings, Inc.		3,360		279,585
Dow, Inc.		845		48,951
Eastman Chemical Co.		1,025		102,726
Mosaic Co. (The)		2,035		66,056
Olin Corp.		1,295		76,146
				573,464
Commercial Support Services — 2.73%
Cintas Corp.		400		274,812
Clean Harbors, Inc.(a)		430		86,563
				361,375
Construction Materials — 2.87%
Owens Corning		2,275		379,470
Electric Utilities — 0.81%
OGE Energy Corp.		1,070		36,701

	Shares		Fair Value
Electric Utilities — (continued)
Vistra Corp.		1,020	$	71,043
				107,744
Electrical Equipment — 4.55%
Acuity Brands, Inc.		435		116,898
AMETEK, Inc.		460		84,134
Trane Technologies PLC		1,045		313,709
Vontier Corp.		1,925		87,318
				602,059
Engineering & Construction — 4.34%
EMCOR Group, Inc.		1,045		365,959
TopBuild Corp.(a)		475		209,347
				575,306
Entertainment Content — 0.80%
Electronic Arts, Inc.		800		106,136
Food Products — 0.68%
Hershey Co. (The)		465		90,443
Health Care Facilities & Services — 7.35%
Cardinal Health, Inc.		1,905		213,170
Centene Corp.(a)		3,730		292,730
IQVIA Holdings, Inc.(a)		995		251,626
Laboratory Corp. of America Holdings		505		110,322
Quest Diagnostics, Inc.		780		103,826
				971,674
Home Construction — 3.46%
PulteGroup, Inc.		1,940		234,002
Taylor Morrison Home Corp.(a)		1,980		123,097
Toll Brothers, Inc.		780		100,909
				458,008
Hotels, Restaurants & Leisure — 0.42%
Darden Restaurants, Inc.		330		55,160
Industrial Support Services — 2.58%
W.W. Grainger, Inc.		336		341,813
Institutional Financial Services — 1.02%
Bank of New York Mellon Corp. (The)		2,355		135,695
Insurance — 4.50%
Aflac, Inc.		625		53,663
Hartford Financial Services Group, Inc. (The)		2,440		251,442

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

31

FullerThaler Behavioral Mid-Cap Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Insurance — (continued)
Principal Financial Group, Inc.		1,775	$	153,200
Reinsurance Group of America, Inc.		715		137,909
				596,214
Leisure Facilities & Services — 1.16%
Hilton Worldwide Holdings, Inc.		420		89,590
Texas Roadhouse, Inc.		415		64,105
				153,695
Machinery — 4.96%
AGCO Corp.		1,755		215,900
Donaldson Co., Inc.		2,070		154,588
Lincoln Electric Holdings, Inc.		915		233,727
Snap-on, Inc.		180		53,320
				657,535
Medical Equipment & Devices — 2.92%
Agilent Technologies, Inc.		580		84,396
Bruker Corp.		2,415		226,864
Mettler-Toledo International, Inc.(a)		57		75,884
				387,144
Oil & Gas Producers — 6.65%
Cheniere Energy, Inc.		1,590		256,435
Coterra Energy, Inc.		9,115		254,126
Devon Energy Corp.		2,155		108,138
HF Sinclair Corp.		2,210		133,418
Murphy USA, Inc.		305		127,856
				879,973
Publishing & Broadcasting — 0.40%
Nexstar Media Group, Inc.		305		52,548
Real Estate — 1.69%
Gaming and Leisure Properties, Inc.		1,285		59,200
Mid-America Apartment Communities, Inc.		360		47,369
Weyerhaeuser Co.		3,250		116,707
				223,276
Real Estate Services — 0.59%
CBRE Group, Inc., Class A(a)		810		78,764

	Shares		Fair Value
Retail - Consumer Staples — 3.41%
Casey’s General Stores, Inc.		1,250	$	398,063
Kroger Co. (The)		920		52,560
				450,623
Retail - Discretionary — 6.27%
AutoNation, Inc.(a)		465		76,995
Builders FirstSource, Inc.(a)		2,100		437,954
O’Reilly Automotive, Inc.(a)		102		115,146
Ulta Beauty, Inc.(a)		385		201,308
				831,403
Semiconductors — 0.65%
Microchip Technology, Inc.		965		86,570
Software — 2.06%
Manhattan Associates, Inc.(a)		1,090		272,751
Specialty Finance — 2.34%
Capital One Financial Corp.		1,040		154,846
Synchrony Financial		3,605		155,447
				310,293
Steel — 3.69%
Commercial Metals Co.		1,945		114,308
Nucor Corp.		1,265		250,343
Reliance Steel & Aluminum Co.		370		123,647
				488,298
Technology Hardware — 5.15%
Dell Technologies, Inc., Class C		415		47,356
F5, Inc.(a)		310		58,773
Hewlett Packard Enterprise Co.		5,675		100,618
Jabil, Inc.		1,585		212,311
NetApp, Inc.		2,500		262,424
				681,482
Technology Services — 4.64%
Amdocs Ltd.		2,145		193,843
Cognizant Technology Solutions Corp., Class A		2,075		152,077
Corpay, Inc.(a)		230		70,964
ExlService Holdings, Inc.(a)		1,970		62,646

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

32

FullerThaler Behavioral Mid-Cap Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

	Shares		Fair Value
COMMON STOCKS — (continued)
Technology Services — (continued)
Science Applications International Corp.		1,030	$	134,302
				613,832
Transportation & Logistics — 0.41%
Landstar System, Inc.		285		54,937
Wholesale - Consumer Staples — 0.25%
Archer-Daniels-Midland Co.		530		33,289
Wholesale - Discretionary — 0.51%
LKQ Corp.		1,260		67,297
Total Common Stocks/Investments — 99.29%
(Cost $11,069,853)				13,147,711
Other Assets in Excess of Liabilities — 0.71%				93,481
NET ASSETS — 100.00%			$	13,241,192

(a) Non-income producing security.

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

33

FullerThaler Funds

Statements of Assets and Liabilities

March 31, 2024 - (Unaudited)

	FullerThaler		FullerThaler		FullerThaler
	Behavioral Small-		Behavioral Small-		Behavioral Mid-
	Cap Equity Fund		Cap Growth Fund		Cap Value Fund
Assets
Investments in securities at fair value (cost $6,406,233,178, $855,689,327 and $373,824,765)	$	9,184,711,219	$	1,049,380,128	$	416,407,168
Cash and cash equivalents		253,646,773		46,627,206		31,858,950
Receivable for fund shares sold		13,569,645		6,364,598		1,017,253
Receivable for investments sold		21,656,859		—		—
Dividends and interest receivable		7,329,654		431,359		460,915
Cash collateral for securities loaned		167,234,279		98,074,380		35,896,736
Securities lending income receivable		10,664		4,205		1,326
Prepaid expenses		153,392		105,451		74,963
Total Assets		9,648,312,485		1,200,987,327		485,717,311
Liabilities
Payable for investments purchased		47,833,517		25,371,747		—
Payable for fund shares redeemed		17,026,980		807,122		234,276
Payable for collateral upon return of
securities loaned		177,814,225		104,278,979		38,167,715
Payable to Adviser		4,440,858		682,493		217,497
Accrued 12b-1 fees		88,058		23,665		2,499
Accrued administrative service fees		1,261,796		153,238		57,130
Payable to affiliates		107,552		6,728		8,607
Payable to auditors		9,352		9,352		9,355
Other accrued expenses		86,307		4,520		7,413
Total Liabilities		248,668,645		131,337,844		38,704,492
Net Assets	$	9,399,643,840	$	1,069,649,483	$	447,012,819
Net Assets consist of:
Paid-in capital	$	6,279,032,231	$	885,178,460	$	403,678,222
Accumulated earnings		3,120,611,609		184,471,023		43,334,597
Net Assets	$	9,399,643,840	$	1,069,649,483	$	447,012,819

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

34

FullerThaler Funds

Statements of Assets and Liabilities (continued)

March 31, 2024 - (Unaudited)

	FullerThaler Behavioral Small- Cap Equity Fund		FullerThaler Behavioral Small- Cap Growth Fund		FullerThaler Behavioral Mid- Cap Value Fund
R6 Shares:
Net Assets	$	2,280,611,248	$	128,718,226	$	182,631,040
Shares outstanding (unlimited number of shares authorized, no par value)		48,876,130		2,880,062		5,451,057
Net asset value, offering and redemption price per share	$	46.66	$	44.69	$	33.50
Institutional Shares:
Net Assets	$	6,548,350,881	$	887,307,399	$	252,138,645
Shares outstanding (unlimited number of shares authorized, no par value)		141,624,994		19,972,249		7,532,579
Net asset value, offering and redemption price per share	$	46.24	$	44.43	$	33.47
Investor Shares:
Net Assets	$	540,614,268	$	35,735,714	$	8,826,467
Shares outstanding (unlimited number of shares authorized, no par value)		11,780,773		819,287		264,664
Net asset value, offering and redemption price per share	$	45.89	$	43.62	$	33.35
A Shares:
Net Assets	$	15,175,147	$	6,061,608	$	2,451,287
Shares outstanding (unlimited number of shares authorized, no par value)		331,404		139,374		73,522
Net asset value, offering and redemption price per share	$	45.79	$	43.49	$	33.34
Maximum offering price per share (Note 1)	$	48.58	$	46.14	$	35.37
C Shares:
Net Assets	$	14,892,296	$	11,826,536	$	965,380
Shares outstanding (unlimited number of shares authorized, no par value)		330,466		279,772		29,118
Net asset value, offering and redemption price per share	$	45.06	$	42.27	$	33.15

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

35

FullerThaler Funds

Statements of Assets and Liabilities (continued)

March 31, 2024 - (Unaudited)

	FullerThaler		FullerThaler
	Behavioral		Behavioral Small
	Unconstrained		Mid Core Equity
	Equity Fund		Fund
Assets
Investments in securities at fair value (cost $51,818,674 and $57,353,945)	$	65,964,557	$	65,300,786
Cash and cash equivalents		1,850,815		955,818
Receivable for fund shares sold		482,251		70,720
Receivable for investments sold		1,719,388		—
Dividends and interest receivable		26,214		42,501
Cash collateral for securities loaned		—		—
Securities lending income receivable		—		—
Prepaid expenses		52,596		35,544
Total Assets		70,095,821		66,405,369
Liabilities
Payable for investments purchased		2,385,233		—
Payable for fund shares redeemed		—		21,676
Payable to Adviser		31,934		27,311
Accrued 12b-1 fees		61		115
Accrued administrative service fees		3,818		8,613
Payable to affiliates		2,568		2,570
Payable to auditors		8,599		8,480
Other accrued expenses		—		461
Total Liabilities		2,432,213		69,226
Net Assets	$	67,663,608	$	66,336,143
Net Assets consist of:
Paid-in capital	$	55,927,067	$	59,096,612
Accumulated earnings		11,736,541		7,239,531
Net Assets	$	67,663,608	$	66,336,143

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

36

FullerThaler Funds

Statements of Assets and Liabilities (continued)

March 31, 2024 - (Unaudited)

	FullerThaler			FullerThaler
	Behavioral			Behavioral Small-
	Unconstrained			Mid Core Equity
	Equity Fund			Fund
R6 Shares:
Net Assets	$	45,390,078
Shares outstanding (unlimited number of shares authorized, no par value)		967,436
Net asset value, offering and redemption price per share	$	46.92
Institutional Shares:
Net Assets	$	22,121,055		$	65,038,527
Shares outstanding (unlimited number of shares authorized, no par value)		472,436			1,746,216
Net asset value, offering and redemption price per share	$	46.82		$	37.25
A Shares:
Net Assets	$	112,967		$	1,297,616
Shares outstanding (unlimited number of shares authorized, no par value)		2,423			34,985
Net asset value, offering and redemption price per share	$	46.62		$	37.09
Maximum offering price per share(Note 1)	$	49.46		$	39.35
C Shares:
Net Assets	$	39,508
Shares outstanding (unlimited number of shares authorized, no par value)		857
Net asset value, offering and redemption price per share	$	46.11	(a)

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

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

37

FullerThaler Funds

Statements of Assets and Liabilities (continued)

March 31, 2024 - (Unaudited)

	FullerThaler			FullerThaler
	Behavioral Micro-			Behavioral Mid-
	Cap Equity Fund			Cap Equity Fund
Assets
Investments in securities at fair value (cost $16,834,568 and $11,069,853)	$	20,312,122		$	13,147,711
Cash and cash equivalents		—			437,524
Receivable for fund shares sold		583,574			52,208
Receivable for investments sold		—			138,520
Dividends and interest receivable		24,976			11,510
Cash collateral for securities loaned		778,700			—
Securities lending income receivable		9,267			—
Deferred offering costs		—			8,571
Receivable from Adviser		—			5,394
Prepaid expenses		7,337			6,094
Total Assets		21,715,976			13,807,532
Liabilities
Bank overdraft		491,747			—
Payable for investments purchased		—			551,547
Payable for fund shares redeemed		—			3,196
Payable for collateral upon return of securities loaned		827,964			—
Payable to Adviser		9,997			—
Accrued administrative service fees		2,659			2,453
Payable to affiliates		2,568			2,518
Payable to auditors		8,473			4,133
Other accrued expenses		2,361			2,493
Total Liabilities		1,345,769			566,340
Net Assets	$	20,370,207		$	13,241,192
Net Assets consist of:
Paid-in capital	$	21,090,633		$	10,980,419
Accumulated earnings (deficit)		(720,426	)		2,260,773
Net Assets	$	20,370,207		$	13,241,192
Institutional Shares:
Net Assets	$	20,370,207		$	13,241,192
Shares outstanding (unlimited number of shares authorized, no par value)		790,080			533,368
Net asset value, offering and redemption price per share	$	25.78		$	24.83

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

38

FullerThaler Funds

Statements of Operations

For the six months ended March 31, 2024 - (Unaudited)

	FullerThaler		FullerThaler			FullerThaler
	Behavioral Small-		Behavioral Small-			Behavioral Mid-
	Cap Equity Fund		Cap Growth Fund			Cap Value Fund
Investment Income:
Dividend income	$	61,083,350	$	571,000		$	4,325,128
Interest income		4,090,995		623,924			403,774
Securities lending income		57,803		33,455			8,051
Total investment income		65,232,148		1,228,379			4,736,953
Expenses:
Adviser		23,502,801		2,416,256			1,450,207
Administrative Services - Institutional Shares		3,394,607		308,595			147,349
Administrative Services - Investor Shares		383,523		18,085			7,707
Administrative Services - A Shares		11,086		2,050			1,174
12b-1 fees - Investor Shares		544,627		25,777			10,844
12b-1 fees - A Shares		16,159		3,388			2,513
12b-1 fees - C Shares		69,594		33,787			2,821
Administration		449,526		26,735			23,671
Report printing		176,018		15,877			10,077
Fund accounting		142,688		8,480			7,518
Registration		121,818		47,559			47,936
ReFlow fees (Note 9)		116,840		39,761			89,620
Custodian		97,371		9,383			8,613
Transfer agent		67,456		4,014			3,551
Legal		24,337		5,940			5,946
Audit and tax preparation		9,127		9,127			9,130
Trustee		8,641		8,641			8,641
Compliance services		3,069		3,069			3,069
Miscellaneous		56,563		21,557			16,879
Total expenses		29,195,851		3,008,081			1,857,266
Fees contractually waived by Adviser		—		(262,388	)		(326,895	)
Net operating expenses		29,195,851		2,745,693			1,530,371
Net investment income (loss)		36,036,297		(1,517,314	)		3,206,582
Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions
Net realized gain (loss) on investment securities transactions		319,698,119		8,193,169			(13,144,393	)
Net realized gain from in-kind redemptions (Note 2)		45,309,758		15,231,947			20,854,746
Net change in unrealized appreciation of investment securities		1,570,041,602		154,961,941			67,429,678
Net realized and change in unrealized gain on investments and in-kind redemptions		1,935,049,479		178,387,057			75,140,031
Net increase in net assets resulting from operations	$	1,971,085,776	$	176,869,743		$	78,346,613

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

39

FullerThaler Funds

Statements of Operations (continued)

For the period ended March 31, 2024 - (Unaudited)

	FullerThaler			FullerThaler
	Behavioral			Behavioral Small
	Unconstrained			Mid Core Equity
	Equity Fund			Fund
Investment Income:
Dividend income (net of foreign taxes withheld of $ and $361)	$	303,977		$	504,373
Interest income		44,557			46,878
Securities lending income		—			2
Total investment income		348,534			551,253
Expenses:
Adviser		242,911			206,549
Administrative Services - Institutional Shares		12,062			24,522
Administrative Services - A Shares		87			833
12b-1 fees - A Shares		87			1,111
12b-1 fees - C Shares		164			—
Registration		31,522			19,539
ReFlow fees (Note 9)		10,383			18,781
Trustee		8,641			8,641
Audit and tax preparation		8,373			8,255
Legal		5,936			5,936
Administration		4,089			4,089
Compliance services		3,069			3,069
Report printing		3,014			2,427
Custodian		2,072			1,799
Fund accounting		1,298			1,298
Transfer agent		613			613
Miscellaneous		11,390			11,089
Total expenses		345,711			318,551
Fees contractually waived by Adviser		(88,105	)		(83,135	)
Net operating expenses		257,606			235,416
Net investment income		90,928			315,837
Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions
Net realized loss on investment securities transactions		(827,095	)		(1,412,623	)
Net realized gain from in-kind redemptions (Note 2)		2,712,316			1,362,622
Net change in unrealized appreciation of investment securities		14,179,415			10,032,877
Net realized and change in unrealized gain on investments and in-kind redemptions		16,064,636			9,982,876
Net increase in net assets resulting from operations	$	16,155,564		$	10,298,713

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

40

FullerThaler Funds

Statements of Operations (continued)

For the period ended March 31, 2024 - (Unaudited)

	FullerThaler			FullerThaler
	Behavioral Micro-			Behavioral Mid-
	Cap Equity Fund			Cap Equity Fund(a)
Investment Income:
Dividend income	$	153,503		$	74,857
Interest income		11,431			5,008
Securities lending income		31,355			—
Total investment income		196,289			79,865
Expenses:
Adviser		135,554			35,228
Administrative Services - Institutional Shares		9,608			5,067
Trustee		8,641			8,532
Audit and tax preparation		8,248			8,148
Registration		6,516			313
Legal		5,936			5,905
Administration		4,089			4,067
Compliance services		3,069			3,051
ReFlow fees (Note 9)		1,715			929
Report printing		1,403			1,523
Fund accounting		1,298			1,291
Custodian		709			324
Transfer agent		613			610
Offering		—			8,269
Organizational		—			10,500
Miscellaneous		10,548			9,282
Total expenses		197,947			103,039
Fees contractually waived and expenses reimbursed by Adviser		(70,925	)		(63,555	)
Net operating expenses		127,022			39,484
Net investment income		69,267			40,381
Net Realized and Change in Unrealized Gain (Loss) on Investments and In-Kind Redemptions
Net realized loss on investment securities transactions		(844,910	)		(35,035	)
Net realized gain from in-kind redemptions (Note 2)		554,436			194,955
Net change in unrealized appreciation of investment securities		1,658,300			2,077,858
Net realized and change in unrealized gain on investments and in-kind redemptions		1,367,826			2,237,778
Net increase in net assets resulting from operations	$	1,437,093		$	2,278,159

(a) For the period October 2, 2023 (commencement of operations) to March 31, 2024.

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

41

FullerThaler Funds

Statements of Changes in Net Assets

	FullerThaler Behavioral Small-Cap
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	36,036,297		$	62,608,963
Net realized gain on investment securities transactions		319,698,119			44,167,158
Net realized gain from in-kind redemptions (Note 2)		45,309,758			71,094,546
Net change in unrealized appreciation of investment securities		1,570,041,602			800,428,286
Net increase in net assets resulting from operations		1,971,085,776			978,298,953
Distributions to Shareholders from Earnings:
R6 Shares		(38,464,492	)		(19,327,335	)
Institutional Shares		(96,726,072	)		(46,680,956	)
Investor Shares		(6,978,694	)		(2,755,570	)
A Shares		(205,854	)		(89,102	)
C Shares		(154,519	)		(61,770	)
Total distributions		(142,529,631	)		(68,914,733	)
Capital Transactions:
R6 Shares:
Proceeds from shares sold		291,622,071			625,715,575
Reinvestment of distributions		13,969,899			5,571,572
Amount paid for shares redeemed		(282,126,824	)		(416,167,048	)
Total R6 Shares		23,465,146			215,120,099
Institutional Shares:
Proceeds from shares sold		1,114,875,349			1,497,763,887
Reinvestment of distributions		71,521,191			35,308,013
Amount paid for shares redeemed		(549,355,405	)		(934,107,965	)
Total Institutional Shares		637,041,135			598,963,935
Investor Shares:
Proceeds from shares sold		144,005,664			139,048,508
Reinvestment of distributions		6,551,461			2,521,438
Amount paid for shares redeemed		(60,611,317	)		(102,290,503	)
Total Investor Shares		89,945,808			39,279,443
A Shares:
Proceeds from shares sold		1,223,407			1,809,456
Reinvestment of distributions		193,537			85,691
Amount paid for shares redeemed		(572,593	)		(1,447,266	)
Total A Shares		844,351			447,881
C Shares:
Proceeds from shares sold		1,193,275			2,312,985
Reinvestment of distributions		135,608			54,047
Amount paid for shares redeemed		(2,469,738	)		(2,399,653	)
Total C Shares		(1,140,855	)		(32,621	)
Net increase in net assets resulting from capital transactions		750,155,585			853,778,737
Total Increase in Net Assets		2,578,711,730			1,763,162,957

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

42

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Small-Cap
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Net Assets
Beginning of period		6,820,932,110			5,057,769,153
End of period	$	9,399,643,840		$	6,820,932,110
Share Transactions:
R6 Shares:
Shares sold		7,092,357			17,407,933
Shares issued in reinvestment of distributions		343,843			157,767
Shares redeemed		(6,817,124	)		(11,568,665	)
Total R6 Shares		619,076			5,997,035
Institutional Shares:
Shares sold		26,949,807			41,600,182
Shares issued in reinvestment of distributions		1,772,109			1,010,184
Shares redeemed		(13,486,773	)		(26,036,089	)
Total Institutional Shares		15,235,143			16,574,277
Investor Shares:
Shares sold		3,603,156			3,881,423
Shares issued in reinvestment of distributions		164,159			72,381
Shares redeemed		(1,508,808	)		(2,855,110	)
Total Investor Shares		2,258,507			1,098,694
A Shares:
Shares sold		30,082			50,467
Shares issued in reinvestment of distributions		4,865			2,465
Shares redeemed		(13,916	)		(43,986	)
Total A Shares		21,031			8,946
C Shares:
Shares sold		30,139			65,654
Shares issued in reinvestment of distributions		3,533			1,560
Shares redeemed		(60,210	)		(68,410	)
Total C Shares		(26,538	)		(1,196	)

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

43

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Small-Cap
	Growth Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment loss	$	(1,517,314	)	$	(1,126,127	)
Net realized gain (loss) on investment securities transactions		8,193,169			(21,890,990	)
Net realized gain from in-kind redemptions (Note 2)		15,231,947			7,729,264
Net change in unrealized appreciation of investment securities		154,961,941			47,767,293
Net increase in net assets resulting from operations		176,869,743			32,479,440
Capital Transactions:
R6 Shares:
Proceeds from shares sold		142,805,736			80,783,154
Amount paid for shares redeemed		(101,739,367	)		(46,677,069	)
Total R6 Shares		41,066,369			34,106,085
Institutional Shares:
Proceeds from shares sold		539,335,083			172,179,021
Amount paid for shares redeemed		(41,166,266	)		(40,210,522	)
Total Institutional Shares		498,168,817			131,968,499
Investor Shares:
Proceeds from shares sold		19,198,128			10,462,083
Amount paid for shares redeemed		(3,060,467	)		(1,216,003	)
Total Investor Shares		16,137,661			9,246,080
A Shares:
Proceeds from shares sold		4,835,042			1,500,900
Amount paid for shares redeemed		(1,102,856	)		(483,425	)
Total A Shares		3,732,186			1,017,475
C Shares:
Proceeds from shares sold		6,749,141			2,307,377
Amount paid for shares redeemed		(216,961	)		(134,201	)
Total C Shares		6,532,180			2,173,176
Net increase in net assets resulting from capital transactions		565,637,213			178,511,315
Total Increase in Net Assets		742,506,956			210,990,755

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

44

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Small-Cap
	Growth Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Net Assets
Beginning of period		327,142,527			116,151,772
End of period	$	1,069,649,483		$	327,142,527
Share Transactions:
R6 Shares:
Shares sold		4,035,390			2,556,289
Shares redeemed		(2,851,671	)		(1,483,038	)
Total R6 Shares		1,183,719			1,073,251
Institutional Shares:
Shares sold		13,314,274			5,494,847
Shares redeemed		(1,085,829	)		(1,308,496	)
Total Institutional Shares		12,228,445			4,186,351
Investor Shares:
Shares sold		494,743			327,736
Shares redeemed		(81,418	)		(39,020	)
Total Investor Shares		413,325			288,716
A Shares:
Shares sold		122,674			47,654
Shares redeemed		(28,379	)		(15,497	)
Total A Shares		94,295			32,157
C Shares:
Shares sold		187,875			75,456
Shares redeemed		(6,316	)		(4,709	)
Total C Shares		181,559			70,747

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

45

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Mid-Cap Value
	Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	3,206,582		$	5,727,655
Net realized loss on investment securities transactions		(13,144,393	)		(6,675,749	)
Net realized gain from in-kind redemptions (Note 2)		20,854,746			14,708,557
Net change in unrealized appreciation (depreciation) of investment securities		67,429,678			(1,010,941	)
Net increase in net assets resulting from operations		78,346,613			12,749,522
Distributions to Shareholders from Earnings:
R6 Shares		(3,002,777	)		(4,882,882	)
Institutional Shares		(3,070,489	)		(4,069,248	)
Investor Shares		(116,331	)		(139,944	)
A Shares		(31,492	)		(4,018	)
C Shares		(5,900	)		(3,375	)
Total distributions		(6,226,989	)		(9,099,467	)
Capital Transactions:
R6 Shares:
Proceeds from shares sold		86,045,742			86,601,555
Reinvestment of distributions		3,002,777			4,882,882
Amount paid for shares redeemed		(156,847,638	)		(58,125,918	)
Total R6 Shares		(67,799,119	)		33,358,519
Institutional Shares:
Proceeds from shares sold		92,032,802			169,657,350
Reinvestment of distributions		2,875,745			3,477,679
Amount paid for shares redeemed		(63,252,299	)		(121,796,622	)
Total Institutional Shares		31,656,248			51,338,407
Investor Shares:
Proceeds from shares sold		1,161,301			9,646,784
Reinvestment of distributions		115,706			138,870
Amount paid for shares redeemed		(2,237,308	)		(7,583,166	)
Total Investor Shares		(960,301	)		2,202,488
A Shares:
Proceeds from shares sold		412,580			2,250,553
Reinvestment of distributions		31,492			4,018
Amount paid for shares redeemed		(108,131	)		(552,332	)
Total A Shares		335,941			1,702,239
C Shares:
Proceeds from shares sold		522,470			288,356
Reinvestment of distributions		5,900			3,375
Amount paid for shares redeemed		—			(6,012	)
Total C Shares		528,370			285,719
Net increase (decrease) in net assets resulting from capital transactions		(36,238,861	)		88,887,372

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

46

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Mid-Cap Value
	Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Total Increase in Net Assets		35,880,763			92,537,427
Net Assets
Beginning of period		411,132,056			318,594,629
End of period	$	447,012,819		$	411,132,056
Share Transactions:
R6 Shares:
Shares sold		2,946,413			3,110,382
Shares issued in reinvestment of distributions		96,801			170,441
Shares redeemed		(5,416,539	)		(2,143,832	)
Total R6 Shares		(2,373,325	)		1,136,991
Institutional Shares:
Shares sold		2,983,636			5,863,820
Shares issued in reinvestment of distributions		92,766			121,608
Shares redeemed		(2,201,364	)		(4,432,979	)
Total Institutional Shares		875,038			1,552,449
Investor Shares:
Shares sold		38,619			338,427
Shares issued in reinvestment of distributions		3,743			4,867
Shares redeemed		(72,588	)		(268,773	)
Total Investor Shares		(30,226	)		74,521
A Shares:
Shares sold		13,790			78,540
Shares issued in reinvestment of distributions		1,019			141
Shares redeemed		(3,575	)		(19,248	)
Total A Shares		11,234			59,433
C Shares:
Shares sold		17,194			10,000
Shares issued in reinvestment of distributions		192			119
Shares redeemed		—			(211	)
Total C Shares		17,386			9,908

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

47

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Unconstrained
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	90,928		$	126,192
Net realized loss on investment securities transactions		(827,095	)		(3,347,499	)
Net realized gain from in-kind redemptions (Note 2)		2,712,316			3,994,037
Net change in unrealized appreciation of investment securities		14,179,415			7,141,176
Net increase in net assets resulting from operations		16,155,564			7,913,906
Distributions to Shareholders from Earnings:
R6 Shares		(124,358	)		—
Institutional Shares		(32,753	)		—
Total distributions		(157,111	)		—
Capital Transactions:
R6 Shares:
Proceeds from shares sold		15,119,476			30,700,026
Reinvestment of distributions		73,434			—
Amount paid for shares redeemed		(14,403,730	)		(34,872,906	)
Total R6 Shares		789,180			(4,172,880	)
Institutional Shares:
Proceeds from shares sold		5,512,539			3,134,933
Reinvestment of distributions		32,139			—
Amount paid for shares redeemed		(1,885,976	)		(1,995,946	)
Total Institutional Shares		3,658,702			1,138,987
A Shares:
Proceeds from shares sold		36,178			12,771
Amount paid for shares redeemed		(112	)		(112	)
Total A Shares		36,066			12,659
C Shares:
Proceeds from shares sold		1,200			—
Total C Shares		1,200			—
Net increase (decrease) in net assets resulting from capital transactions		4,485,148			(3,021,234	)
Total Increase in Net Assets		20,483,601			4,892,672

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

48

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Unconstrained
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Net Assets
Beginning of period		47,180,007			42,287,335
End of period	$	67,663,608		$	47,180,007
Share Transactions:
R6 Shares:
Shares sold		387,172			878,245
Shares issued in reinvestment of distributions		1,816			—
Shares redeemed		(356,069	)		(1,023,536	)
Total R6 Shares		32,919			(145,291	)
Institutional Shares:
Shares sold		137,050			89,118
Shares issued in reinvestment of distributions		797			—
Shares redeemed		(45,791	)		(58,708	)
Total Institutional Shares		92,056			30,410
A Shares:
Shares sold		818			367
Shares redeemed		(3	)		(3	)
Total A Shares		815			364
C Shares:
Shares sold		27			—
Total C Shares		27			—

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

49

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Small–Mid Core
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	315,837		$	310,227
Net realized loss on investment securities transactions		(1,412,623	)		(839,748	)
Net realized gain from in-kind redemptions (Note 2)		1,362,622			2,595,851
Net change in unrealized appreciation (depreciation) of investment securities		10,032,877			(1,206,049	)
Net increase in net assets resulting from operations		10,298,713			860,281
Distributions to Shareholders from Earnings:
Institutional Shares		(427,648	)		(71,804	)
A Shares		(5,372	)		(39	)
Total distributions		(433,020	)		(71,843	)
Capital Transactions:
Institutional Shares:
Proceeds from shares sold		34,205,423			57,951,189
Reinvestment of distributions		367,630			71,804
Amount paid for shares redeemed		(20,795,677	)		(24,008,554	)
Total Institutional Shares		13,777,376			34,014,439
A Shares:
Proceeds from shares sold		1,178,562			695,071
Reinvestment of distributions		5,372			39
Amount paid for shares redeemed		(621,637	)		(127,698	)
Total A Shares		562,297			567,412
Net increase in net assets resulting from capital transactions		14,339,673			34,581,851
Total Increase in Net Assets		24,205,366			35,370,289
Net Assets
Beginning of period		42,130,777			6,760,488
End of period	$	66,336,143		$	42,130,777
Share Transactions:
Institutional Shares:
Shares sold		1,051,357			1,824,200
Shares issued in reinvestment of distributions		10,759			2,467
Shares redeemed		(648,924	)		(748,278	)
Total Institutional Shares		413,192			1,078,389
A Shares:
Shares sold		36,869			22,225
Shares issued in reinvestment of distributions		158			1
Shares redeemed		(20,300	)		(4,093	)
Total A Shares		16,727			18,133

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

50

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler Behavioral Micro-Cap
	Equity Fund
	For the Six Months
	Ended March 31,			For the Year Ended
	2024			September 30, 2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	69,267		$	79,021
Net realized loss on investment securities transactions		(844,910	)		(3,694,425	)
Net realized gain from in-kind redemptions (Note 2)		554,436			384,692
Net change in unrealized appreciation of investment securities		1,658,300			4,705,383
Net increase in net assets resulting from operations		1,437,093			1,474,671
Capital Transactions:
Institutional Shares:
Proceeds from shares sold		4,185,909			5,177,276
Amount paid for shares redeemed		(3,296,614	)		(2,282,018	)
Total Institutional Shares		889,295			2,895,258
Net increase in net assets resulting from capital transactions		889,295			2,895,258
Total Increase in Net Assets		2,326,388			4,369,929
Net Assets
Beginning of period		18,043,819			13,673,890
End of period	$	20,370,207		$	18,043,819
Share Transactions:
Institutional Shares:
Shares sold		170,790			220,258
Shares redeemed		(135,190	)		(96,745	)
Total Institutional Shares		35,600			123,513

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

51

FullerThaler Funds

Statements of Changes in Net Assets (continued)

	FullerThaler
	Behavioral Mid-Cap
	Equity Fund
	For the Period
	Ended March 31,
	2024(a)
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	40,381
Net realized loss on investment securities transactions		(35,035	)
Net realized gain from in-kind redemptions (Note 2)		194,955
Net change in unrealized appreciation of investment securities		2,077,858
Net increase in net assets resulting from operations		2,278,159
Distributions to Shareholders from Earnings:
Institutional Shares		(17,386	)
Total distributions		(17,386	)
Capital Transactions:
Institutional Shares:
Proceeds from shares sold		12,339,990
Reinvestment of distributions		16,880
Amount paid for shares redeemed		(1,376,451	)
Total Institutional Shares		10,980,419
Net increase in net assets resulting from capital transactions		10,980,419
Total Increase in Net Assets		13,241,192
Net Assets
Beginning of period		—
End of period	$	13,241,192
Share Transactions:
Institutional Shares:
Shares sold		591,428
Shares issued in reinvestment of distributions		760
Shares redeemed		(58,820	)
Total Institutional Shares		533,368

(a) For the period October 2, 2023 (commencement of operations) to March 31, 2024.

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

52

FullerThaler Behavioral Small-Cap Equity Fund - R6 Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	37.18		$	31.61		$	36.83		$	24.76		$	25.39		$	26.76
Income from investment operations:
Net investment income(a)		0.21			0.40			0.33			0.49			0.11			0.17
Net realized and unrealized gain (loss) on investments		10.07			5.63			(4.09	)		11.71			(0.61	) (b)		(1.40	)
Total from investment operations		10.28			6.03			(3.76	)		12.20			(0.50	)		(1.23	)
Less distributions to shareholders from:
Net investment income		(0.45	)		(0.29	)		(0.18	)		(0.13	)		(0.13	)		(0.14	)
Net realized gains		(0.35	)		(0.17	)		(1.28	)		—			—			—
Total from distributions		(0.80	)		(0.46	)		(1.46	)		(0.13	)		(0.13	)		(0.14	)
Net asset value, end of period	$	46.66		$	37.18		$	31.61		$	36.83		$	24.76		$	25.39
Total Return (c)		27.95	% (d)		19.16	%		(10.81	)%		49.38	%		(2.02	)%		(4.54	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	2,280,611		$	1,794,005		$	1,335,836		$	1,395,653		$	610,476		$	184,779
Before waiver or recoupment:
Ratio of expenses to average net assets		0.63	% (e)		0.64	%		0.65	%		0.64	%		0.69	%		0.72	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.63	% (e)		0.64	%		0.65	%		0.64	%		0.69	%		0.72	%
Ratio of net investment income to average net assets		1.03	% (e)		1.10	%		0.94	%		1.42	%		0.47	%		0.69	%
Portfolio turnover(f)(g)		23	% (d)		35	%		35	%		31	%		54	%		38	%

(a) Per share net investment income has been calculated using the average shares method.

(b) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

53

FullerThaler Behavioral Small-Cap Equity Fund – Institutional Shares

Financial Highlights

(For a share outstanding during the period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	36.83		$	31.32		$	36.51		$	24.55		$	25.18		$	26.55
Income from investment operations:
Net investment income(a)		0.19			0.36			0.29			0.44			0.09			0.15
Net realized and unrealized gain (loss) on investments		9.98			5.57			(4.05	)		11.62			(0.61	) (b)		(1.40	)
Total from investment operations		10.17			5.93			(3.76	)		12.06			(0.52	)		(1.25	)
Less distributions to shareholders from:
Net investment income		(0.41	)		(0.25	)		(0.15	)		(0.10	)		(0.11	)		(0.12	)
Net realized gains		(0.35	)		(0.17	)		(1.28	)		—			—			—
Total from distributions		(0.76	)		(0.42	)		(1.43	)		(0.10	)		(0.11	)		(0.12	)
Net asset value, end of period	$	46.24		$	36.83		$	31.32		$	36.51		$	24.55		$	25.18
Total Return (c)		27.90	% (d)		19.03	%		(10.90	)%		49.24	%		(2.11	)%		(4.65	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	6,548,351		$	4,654,951		$	3,439,879		$	3,599,929		$	2,089,639		$	1,620,327
Before waiver or recoupment:
Ratio of expenses to average net assets		0.76	% (e)		0.75	%		0.74	%		0.75	%		0.79	%		0.82	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.76	% (e)		0.75	%		0.74	%		0.75	%		0.79	%		0.82	%
Ratio of net investment income to average net assets		0.91	% (e)		0.98	%		0.83	%		1.28	%		0.36	%		0.60	%
Portfolio turnover(f)(g)		23	% (d)		35	%		35	%		31	%		54	%		38	%

(a) Per share net investment income has been calculated using the average shares method.

(b) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

54

FullerThaler Behavioral Small-Cap Equity Fund – Investor Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	36.53		$	31.08		$	36.25		$	24.39		$	25.02		$	26.36
Income from investment operations:
Net investment income(a)		0.12			0.25			0.19			0.34			0.02			0.09
Net realized and unrealized gain (loss) on investments		9.90			5.52			(4.02	)		11.55			(0.62	) (b)		(1.38	)
Total from investment operations		10.02			5.77			(3.83	)		11.89			(0.60	)		(1.29	)
Less distributions to shareholders from:
Net investment income		(0.31	)		(0.15	)		(0.06	)		(0.03	)		(0.03	)		(0.05	)
Net realized gains		(0.35	)		(0.17	)		(1.28	)		—			—			—
Total from distributions		(0.66	)		(0.32	)		(1.34	)		(0.03	)		(0.03	)		(0.05	)
Net asset value, end of period	$	45.89		$	36.53		$	31.08		$	36.25		$	24.39		$	25.02
Total Return (c)		27.71	% (d)		18.65	%		(11.15	)%		48.79	%		(2.40	)%		(4.89	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	540,614		$	347,885		$	261,786		$	273,271		$	139,789		$	124,550
Before waiver or recoupment:
Ratio of expenses to average net assets		1.06	% (e)		1.05	%		1.03	%		1.03	%		1.08	%		1.10	%
After waiver or recoupment:
Ratio of net expenses to average net assets		1.06	% (e)		1.05	%		1.03	%		1.03	%		1.08	%		1.10	%
Ratio of net investment income to average net assets		0.61	% (e)		0.69	%		0.55	%		1.01	%		0.07	%		0.38	%
Portfolio turnover(f)(g)		23	% (d)		35	%		35	%		31	%		54	%		38	%

(a) Per share net investment income has been calculated using the average shares method.

(b) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

55

FullerThaler Behavioral Small-Cap Equity Fund – A Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	36.45		$	31.00		$	36.18		$	24.38		$	25.04		$	20.99
Income from investment operations:
Net investment income(b)		0.12			0.25			0.21			0.40			0.01			0.07
Net realized and unrealized gain (loss) on investments		9.88			5.52			(4.04	)		11.48			(0.58	) (c)		3.98
Total from investment operations		10.00			5.77			(3.83	)		11.88			(0.57	)		4.05
Less distributions to shareholders from:
Net investment income		(0.31	)		(0.15	)		(0.07	)		(0.08	)		(0.09	)		—
Net realized gains		(0.35	)		(0.17	)		(1.28	)		—			—			—
Total from distributions		(0.66	)		(0.32	)		(1.35	)		(0.08	)		(0.09	)		—
Net asset value, end of period	$	45.79		$	36.45		$	31.00		$	36.18		$	24.38		$	25.04
Total Return (excludes sales charge)(d)		27.69	% (e)		18.69	%		(11.15	)%		48.80	%		(2.31	)%		19.29	% (e)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	15,175		$	11,313		$	9,345		$	7,408		$	941		$	575
Before waiver or recoupment:
Ratio of expenses to average net assets		1.05	% (f)		1.04	%		1.02	%		1.02	%		1.13	%		1.01	% (f)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.05	% (f)		1.04	%		1.02	%		1.02	%		1.13	%		1.01	% (f)
Ratio of net investment income to average net assets		0.60	% (f)		0.69	%		0.60	%		1.15	%		0.05	%		0.37	% (f)
Portfolio turnover(g)(h)		23	% (e)		35	%		35	%		31	%		54	%		38	% (e)

(a) For the period December 19, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions.

(e) Not annualized.

(f) Annualized.

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

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

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

56

FullerThaler Behavioral Small-Cap Equity Fund – C Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	35.79		$	30.49		$	35.75		$	24.16		$	24.92		$	20.99
Income from investment operations:
Net investment income (loss)(b)		—	(c)		0.03			(0.02	)		0.17			(0.12	)		(0.09	)
Net realized and unrealized gain (loss) on investments		9.71			5.44			(3.96	)		11.42			(0.61	) (d)		4.02
Total from investment operations		9.71			5.47			(3.98	)		11.59			(0.73	)		3.93
Less distributions to shareholders from:
Net investment income		(0.09	)		—			—			—			(0.03	)		—
Net realized gains		(0.35	)		(0.17	)		(1.28	)		—			—			—
Total from distributions		(0.44	)		(0.17	)		(1.28	)		—			(0.03	)		—
Net asset value, end of period	$	45.06		$	35.79		$	30.49		$	35.75		$	24.16		$	24.92
Total Return (excludes sales charge)(e)		27.33	% (f)		17.97	%		(11.70	)%		47.97	%		(2.95	)%		18.72	% (f)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	14,892		$	12,779		$	10,923		$	10,096		$	2,987		$	472
Before waiver or recoupment:
Ratio of expenses to average net assets		1.63	% (g)		1.64	%		1.65	%		1.64	%		1.69	%		1.72	% (g)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.63	% (g)		1.64	%		1.65	%		1.64	%		1.69	%		1.72	% (g)
Ratio of net investment income (loss) to average net assets		0.02	% (g)		0.10	%		(0.05	)%		0.50	%		(0.52	)%		0.46	% (g)
Portfolio turnover(h)(i)		23	% (f)		35	%		35	%		31	%		54	%		38	% (f)

(a) For the period December 19, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Rounds to less than $0.005 per share.

(d) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(e) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Equity Fund, assuming reinvestment of distributions.

(f) Not annualized.

(g) Annualized.

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

(i) 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.

57

FullerThaler Behavioral Small-Cap Growth Fund - R6 Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	32.94		$	26.90		$	43.92		$	28.12		$	21.73		$	26.95
Income from investment operations:
Net investment loss(a)		(0.09	)		(0.17	)		(0.15	)		(0.27	)		(0.14	)		(0.10	)
Net realized and unrealized gain (loss) on investments		11.84			6.21			(10.34	)		16.07			6.53			(5.12	)
Total from investment operations		11.75			6.04			(10.49	)		15.80			6.39			(5.22	)
Less distributions to shareholders from:
Net realized gains		—			—			(6.53	)		—			—			—
Total from distributions		—			—			(6.53	)		—			—			—
Net asset value, end of period	$	44.69		$	32.94		$	26.90		$	43.92		$	28.12		$	21.73
Total Return (b)		35.67	% (c)		22.45	%		(28.48	)%		56.19	%		29.41	%		(19.37	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	128,718		$	55,874		$	16,759		$	5,940		$	13,083		$	2,191
Before waiver or recoupment:
Ratio of expenses to average net assets		0.92	% (d)		0.98	%		1.09	%		1.06	%		1.63	%		2.19	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.86	% (d)		0.87	%		0.90	%		0.90	%		0.90	%		0.92	% (e)
Ratio of net investment loss to average net assets		(0.45	)% (d)		(0.51	)%		(0.46	)%		(0.73	)%		(0.57	)%		(0.45	)%
Portfolio turnover(f)(g)		44	% (c)		101	%		102	%		114	%		128	%		127	%

(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) Includes interest expense of 0.02% for the fiscal year ended September 30, 2019.

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

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

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

58

FullerThaler Behavioral Small-Cap Growth Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	32.76		$	26.77		$	43.79		$	28.06		$	21.69		$	26.93
Income from investment operations:
Net investment loss(a)		(0.10	)		(0.18	)		(0.24	)		(0.31	)		(0.16	)		(0.11	)
Net realized and unrealized gain (loss) on investments		11.77			6.17			(10.25	)		16.04			6.53			(5.13	)
Total from investment operations		11.67			5.99			(10.49	)		15.73			6.37			(5.24	)
Less distributions to shareholders from:
Net realized gains		—			—			(6.53	)		—			—			—
Total from distributions		—			—			(6.53	)		—			—			—
Net asset value, end of period	$	44.43		$	32.76		$	26.77		$	43.79		$	28.06		$	21.69
Total Return (b)		35.62	% (c)		22.38	%		(28.57	)%		56.06	%		29.37	%		(19.46	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	887,307		$	253,671		$	95,249		$	104,236		$	44,808		$	13,359
Before waiver or recoupment:
Ratio of expenses to average net assets		1.06	% (d)		1.12	%		1.18	%		1.12	%		1.71	%		2.25	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.96	% (d)		0.97	%		0.99	%		0.99	%		0.99	%		1.00	% (e)
Ratio of net investment loss to average net assets		(0.52	)% (d)		(0.56	)%		(0.72	)%		(0.79	)%		(0.65	)%		(0.48	)%
Portfolio turnover(f)(g)		44	% (c)		101	%		102	%		114	%		128	%		127	%

(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) Includes interest expense of 0.01% for the fiscal year ended September 30, 2019.

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

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

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

59

FullerThaler Behavioral Small-Cap Growth Fund - Investor Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	32.21		$	26.40		$	43.36		$	27.86		$	21.60		$	26.88
Income from investment operations:
Net investment loss(a)		(0.15	)		(0.26	)		(0.33	)		(0.41	)		(0.22	)		(0.19	)
Net realized and unrealized gain (loss) on investments		11.56			6.07			(10.10	)		15.91			6.48			(5.09	)
Total from investment operations		11.41			5.81			(10.43	)		15.50			6.26			(5.28	)
Less distributions to shareholders from:
Net realized gains		—			—			(6.53	)		—			—			—
Total from distributions		—			—			(6.53	)		—			—			—
Net asset value, end of period	$	43.62		$	32.21		$	26.40		$	43.36		$	27.86		$	21.60
Total Return (b)		35.42	% (c)		22.01	%		(28.74	)%		55.64	%		28.98	%		(19.64	)%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	35,736		$	13,075		$	3,095		$	3,245		$	781		$	153
Before waiver or recoupment:
Ratio of expenses to average net assets		1.35	% (d)		1.42	%		1.48	%		1.44	%		1.98	%		2.57	%
After waiver or recoupment:
Ratio of net expenses to average net assets		1.25	% (d)		1.25	%		1.25	%		1.25	%		1.25	%		1.27	% (e)
Ratio of net investment loss to average net assets		(0.82	)% (d)		(0.84	)%		(0.99	)%		(1.04	)%		(0.87	)%		(0.85	)%
Portfolio turnover(f)(g)		44	% (c)		101	%		102	%		114	%		128	%		127	%

(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) Includes interest expense of 0.02% for the fiscal year ended September 30, 2019.

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

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

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

60

FullerThaler Behavioral Small-Cap Growth Fund - A Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	32.12		$	26.34		$	43.30		$	27.83		$	21.59		$	19.59
Income from investment operations:
Net investment loss(b)		(0.16	)		(0.28	)		(0.34	)		(0.43	)		(0.24	)		(0.13	)
Net realized and unrealized gain (loss) on investments		11.53			6.06			(10.09	)		15.90			6.48			2.13
Total from investment operations		11.37			5.78			(10.43	)		15.47			6.24			2.00
Less distributions to shareholders from:
Net realized gains		—			—			(6.53	)		—			—			—
Total from distributions		—			—			(6.53	)		—			—			—
Net asset value, end of period	$	43.49		$	32.12		$	26.34		$	43.30		$	27.83		$	21.59
Total Return (excludes sales charge)(c)		35.40	% (d)		21.94	%		(28.78	)%		55.59	%		28.90	%		10.21	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	6,062		$	1,448		$	340		$	365		$	60		$	4
Before waiver or recoupment:
Ratio of expenses to average net assets		1.32	% (e)		1.39	%		1.41	%		1.35	%		1.91	%		2.15	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.30	% (e)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	% (e)
Ratio of net investment loss to average net assets		(0.86	)% (e)		(0.88	)%		(1.04	)%		(1.08	)%		(0.95	)%		(0.75	)% (e)
Portfolio turnover(f)(g)		44	% (d)		101	%		102	%		114	%		128	%		127	% (d)

(a) For the period December 19, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

61

FullerThaler Behavioral Small-Cap Growth Fund - C Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	31.30		$	25.80		$	42.72		$	27.60		$	21.51		$	19.59
Income from investment operations:
Net investment loss(b)		(0.25	)		(0.42	)		(0.49	)		(0.64	)		(0.36	)		(0.22	)
Net realized and unrealized gain (loss) on investments		11.22			5.92			(9.90	)		15.76			6.45			2.14
Total from investment operations		10.97			5.50			(10.39	)		15.12			6.09			1.92
Less distributions to shareholders from:
Net realized gains		—			—			(6.53	)		—			—			—
Total from distributions		—			—			(6.53	)		—			—			—
Net asset value, end of period	$	42.27		$	31.30		$	25.80		$	42.72		$	27.60		$	21.51
Total Return (excludes sales charge)(c)		35.05	% (d)		21.32	%		(29.12	)%		54.78	%		28.31	%		9.80	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	11,827		$	3,074		$	709		$	726		$	28		$	2
Before waiver or recoupment:
Ratio of expenses to average net assets		1.92	% (e)		2.00	%		2.09	%		2.03	%		2.62	%		2.87	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.80	% (e)		1.80	%		1.80	%		1.80	%		1.80	%		1.80	% (e)
Ratio of net investment loss to average net assets		(1.37	)% (e)		(1.38	)%		(1.52	)%		(1.59	)%		(1.45	)%		(1.27	)% (e)
Portfolio turnover(f)(g)		44	% (d)		101	%		102	%		114	%		128	%		127	% (d)

(a) For the period December 19, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Cap Growth Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

62

FullerThaler Behavioral Mid-Cap Value Fund - R6 Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	27.71		$	26.53		$	28.97		$	19.00		$	21.49		$	20.56
Income from investment operations:
Net investment income(a)		0.26			0.41			0.28			0.24			0.27			0.20
Net realized and unrealized gain (loss) on investments		6.10			1.45			(2.21	)		9.85			(2.47	)		0.85
Total from investment operations		6.36			1.86			(1.93	)		10.09			(2.20	)		1.05
Less distributions to shareholders from:
Net investment income		(0.57	)		(0.23	)		(0.18	)		(0.12	)		(0.15	)		(0.11	)
Net realized gains		—			(0.45	)		(0.33	)		—			(0.14	)		(0.01	)
Total from distributions		(0.57	)		(0.68	)		(0.51	)		(0.12	)		(0.29	)		(0.12	)
Net asset value, end of period	$	33.50		$	27.71		$	26.53		$	28.97		$	19.00		$	21.49
Total Return (b)		23.11	% (c)		6.94	%		(6.90	)%		53.28	%		(10.42	)%		5.23	%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	182,631		$	216,829		$	177,423		$	158,664		$	24,324		$	2,403
Before waiver or recoupment:
Ratio of expenses to average net assets		0.88	% (d)		0.83	%		0.83	%		0.90	%		1.39	%		1.72	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.73	% (d)		0.77	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of net investment income to average net assets		1.73	% (d)		1.43	%		0.92	%		0.88	%		1.36	%		0.98	%
Portfolio turnover(e)(f)		21	% (c)		15	%		12	%		14	%		30	%		12	%

(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.

63

FullerThaler Behavioral Mid-Cap Value Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	27.66		$	26.49		$	28.94		$	18.98		$	21.47		$	20.56
Income from investment operations:
Net investment income(a)		0.24			0.39			0.28			0.20			0.21			0.18
Net realized and unrealized gain (loss) on investments		6.09			1.44			(2.24	)		9.86			(2.43	)		0.85
Total from investment operations		6.33			1.83			(1.96	)		10.06			(2.22	)		1.03
Less distributions to shareholders from:
Net investment income		(0.52	)		(0.21	)		(0.16	)		(0.10	)		(0.13	)		(0.11	)
Net realized gains		—			(0.45	)		(0.33	)		—			(0.14	)		(0.01	)
Total from distributions		(0.52	)		(0.66	)		(0.49	)		(0.10	)		(0.27	)		(0.12	)
Net asset value, end of period	$	33.47		$	27.66		$	26.49		$	28.94		$	18.98		$	21.47
Total Return (b)		23.05	% (c)		6.84	%		(7.00	)%		53.13	%		(10.51	)%		5.09	%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	252,139		$	184,154		$	135,239		$	25,889		$	9,826		$	12,511
Before waiver or recoupment:
Ratio of expenses to average net assets		1.02	% (d)		0.97	%		0.95	%		1.02	%		1.49	%		1.81	%
After waiver or recoupment:
Ratio of net expenses to average net assets		0.83	% (d)		0.86	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.61	% (d)		1.36	%		0.94	%		0.76	%		1.05	%		0.90	%
Portfolio turnover(e)(f)		21	% (c)		15	%		12	%		14	%		30	%		12	%

(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.

64

FullerThaler Behavioral Mid-Cap Value Fund - Investor Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months
	Ended
	March
	31, 2024			For the Years Ended September 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	27.50		$	26.36		$	28.82		$	18.90		$	21.39		$	20.50
Income from investment operations:
Net investment income(a)		0.19			0.31			0.19			0.13			0.15			0.14
Net realized and unrealized gain (loss) on investments		6.07			1.43			(2.22	)		9.82			(2.41	)		0.84
Total from investment operations		6.26			1.74			(2.03	)		9.95			(2.26	)		0.98
Less distributions to shareholders from:
Net investment income		(0.41	)		(0.15	)		(0.10	)		(0.03	)		(0.09	)		(0.08	)
Net realized gains		—			(0.45	)		(0.33	)		—			(0.14	)		(0.01	)
Total from distributions		(0.41	)		(0.60	)		(0.43	)		(0.03	)		(0.23	)		(0.09	)
Net asset value, end of period	$	33.35		$	27.50		$	26.36		$	28.82		$	18.90		$	21.39
Total Return (b)		22.87	% (c)		6.53	%		(7.23	)%		52.70	%		(10.72	)%		4.84	%
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	8,826		$	8,110		$	5,809		$	2,509		$	1,043		$	1,676
Before waiver or recoupment:
Ratio of expenses to average net assets		1.30	% (d)		1.25	%		1.23	%		1.31	%		1.76	%		2.10	%
After waiver or recoupment:
Ratio of net expenses to average net assets		1.15	% (d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of net investment income to average net assets		1.31	% (d)		1.08	%		0.63	%		0.50	%		0.78	%		0.70	%
Portfolio turnover(e)(f)		21	% (c)		15	%		12	%		14	%		30	%		12	%

(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.

65

FullerThaler Behavioral Mid-Cap Value Fund - A Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months						For the
	Ended			For the			Period
	March			Year Ended			Ended
	31, 2024			September			September
	(Unaudited)			30, 2023			30, 2022(a)
Net asset value, beginning of period	$	27.56		$	26.48		$	29.98
Income from investment operations:
Net investment income(b)		0.19			0.32			0.14
Net realized and unrealized gain (loss) on investments		6.07			1.42			(3.64	)
Total from investment operations		6.26			1.74			(3.50	)
Less distributions to shareholders from:
Net investment income		(0.48	)		(0.21	)		—
Net realized gains		—			(0.45	)		—
Total from distributions		(0.48	)		(0.66	)		—
Net asset value, end of period	$	33.34		$	27.56		$	26.48
Total Return (excludes sales charge)(c)		22.84	% (d)		6.49	%		(11.67	)% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	2,451		$	1,717		$	76
Before waiver or recoupment:
Ratio of expenses to average net assets		1.24	% (e)		1.20	%		1.14	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.20	% (e)		1.20	%		1.14	% (e)
Ratio of net investment income to average net assets		1.27	% (e)		1.11	%		0.83	% (e)
Portfolio turnover(f)(g)		21	% (d)		15	%		12	% (d)

(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.

66

FullerThaler Behavioral Mid-Cap Value Fund - C Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months						For the
	Ended			For the			Period
	March			Year Ended			Ended
	31, 2024			September			September
	(Unaudited)			30, 2023			30, 2022(a)
Net asset value, beginning of period	$	27.38		$	26.40		$	29.98
Income from investment operations:
Net investment income(b)		0.12			0.17			0.02
Net realized and unrealized gain (loss) on investments		6.01			1.42			(3.60	)
Total from investment operations		6.13			1.59			(3.58	)
Less distributions to shareholders from:
Net investment income		(0.36	)		(0.16	)		—
Net realized gains		—			(0.45	)		—
Total from distributions		(0.36	)		(0.61	)		—
Net asset value, end of period	$	33.15		$	27.38		$	26.40
Total Return (excludes sales charge)(c)		22.51	% (d)		5.94	%		(11.94	)% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	965		$	321		$	48
Before waiver or recoupment:
Ratio of expenses to average net assets		1.86	% (e)		1.83	%		1.84	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.70	% (e)		1.70	%		1.70	% (e)
Ratio of net investment income to average net assets		0.77	% (e)		0.60	%		0.14	% (e)
Portfolio turnover(f)(g)		21	% (d)		15	%		12	% (d)

(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.

67

FullerThaler Behavioral Unconstrained Equity Fund - R6 Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	35.85		$	29.55		$	38.06		$	27.47		$	25.83		$	20.00
Income from investment operations:
Net investment income (loss)(b)		0.07			0.11			0.01			(0.03	)		0.04			0.07
Net realized and unrealized gain (loss) on investments		11.12			6.19			(8.52	)		10.73			1.82			5.76
Total from investment operations		11.19			6.30			(8.51	)		10.70			1.86			5.83
Less distributions to shareholders from:
Net investment income		(0.12	)		—			—			(0.03	)		(0.10	)		—
Net realized gains		—			—			—			(0.08	)		(0.12	)		—
Total from distributions		(0.12	)		—			—			(0.11	)		(0.22	)		—
Net asset value, end of period	$	46.92		$	35.85		$	29.55		$	38.06		$	27.47		$	25.83
Total Return (c)		31.27	% (d)		21.32	%		(22.36	)%		39.01	%		7.22	%		29.15	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	45,390		$	33,502		$	31,913		$	68,584		$	43,131		$	1,368
Before waiver or recoupment:
Ratio of expenses to average net assets		1.16	% (e)		1.23	%		1.19	%		1.02	%		1.67	%		4.33	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		0.87	% (e)		0.88	%		0.90	%		0.90	%		0.90	%		0.90	% (e)
Ratio of net investment income (loss) to average net assets		0.35	% (e)		0.32	%		0.02	%		(0.07	)%		0.15	%		0.41	% (e)
Portfolio turnover(f)(g)		9	% (d)		19	%		25	%		38	%		32	%		10	% (d)

(a) For the period December 26, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

68

FullerThaler Behavioral Unconstrained Equity Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	35.73		$	29.47		$	38.00		$	27.43		$	25.81		$	20.00
Income from investment operations:
Net investment income (loss)(b)		0.05			0.08			(0.02	)		(0.06	)		0.01			0.08
Net realized and unrealized gain (loss) on investments		11.12			6.18			(8.51	)		10.72			1.81			5.73
Total from investment operations		11.17			6.26			(8.53	)		10.66			1.82			5.81
Less distributions to shareholders from:
Net investment income		(0.08	)		—			—			(0.01	)		(0.08	)		—
Net realized gains		—			—			—			(0.08	)		(0.12	)		—
Total from distributions		(0.08	)		—			—			(0.09	)		(0.20	)		—
Net asset value, end of period	$	46.82		$	35.73		$	29.47		$	38.00		$	27.43		$	25.81
Total Return (c)		31.29	% (d)		21.24	%		(22.45	)%		38.90	%		7.09	%		29.05	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	22,121		$	13,592		$	10,313		$	10,238		$	8,004		$	3,265
Before waiver or recoupment:
Ratio of expenses to average net assets		1.31	% (e)		1.42	%		1.31	%		1.12	%		1.77	%		4.39	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		0.97	% (e)		0.98	%		0.99	%		0.99	%		0.99	%		0.99	% (e)
Ratio of net investment income (loss) to average net assets		0.25	% (e)		0.23	%		(0.04	)%		(0.17	)%		0.03	%		0.42	% (e)
Portfolio turnover(f)(g)		9	% (d)		19	%		25	%		38	%		32	%		10	% (d)

(a) For the period December 26, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

69

FullerThaler Behavioral Unconstrained Equity Fund - A Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months									For the
	Ended									Period
	March			For the Years Ended						Ended
	31, 2024			September 30,						September
	(Unaudited)			2023			2022			30, 2021(a)
Net asset value, beginning of period	$	35.51		$	29.36		$	37.99		$	37.77
Income from investment operations:
Net investment loss(b)		(0.02	)		(0.03	)		(0.14	)		(0.08	)
Net realized and unrealized gain (loss) on investments		11.13			6.18			(8.49	)		0.30
Total from investment operations		11.11			6.15			(8.63	)		0.22
Net asset value, end of period	$	46.62		$	35.51		$	29.36		$	37.99
Total Return (excludes sales charge)(c)		31.29	% (d)		20.95	%		(22.72	)%		0.58	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	113		$	57		$	37		$	47
Before waiver or recoupment:
Ratio of expenses to average net assets		1.67	% (e)		1.73	%		1.56	%		1.31	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.30	% (e)		1.30	%		1.30	%		1.30	% (e)
Ratio of net investment loss to average net assets		(0.08	)% (e)		(0.09	)%		(0.38	)%		(0.61	)% (e)
Portfolio turnover(f)(g)		9	% (d)		19	%		25	%		38	% (d)

(a) For the period May 27, 2021 (commencement of operations) to September 30, 2021.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

70

FullerThaler Behavioral Unconstrained Equity Fund - C Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months									For the
	Ended									Period
	March			For the Years Ended						Ended
	31, 2024			September 30,						September
	(Unaudited)			2023			2022			30, 2021(a)
Net asset value, beginning of period	$	35.10		$	29.12		$	37.93		$	37.77
Income from investment operations:
Net investment loss(b)		(0.11	)		(0.20	)		(0.28	)		(0.14	)
Net realized and unrealized gain (loss) on investments		11.12			6.18			(8.53	)		0.30
Total from investment operations		11.01			5.98			(8.81	)		0.16
Net asset value, end of period	$	46.11		$	35.10		$	29.12		$	37.93
Total Return (excludes sales charge)(c)		31.37	% (d)		20.54	%		(23.23	)%		0.42	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	40		$	29		$	24		$	25
Before waiver or recoupment:
Ratio of expenses to average net assets		2.19	% (e)		2.32	%		2.21	%		2.05	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.80	% (e)		1.80	%		1.80	%		1.80	% (e)
Ratio of net investment loss to average net assets		(0.56	)% (e)		(0.58	)%		(0.80	)%		(1.06	)% (e)
Portfolio turnover(f)(g)		9	% (d)		19	%		25	%		38	% (d)

(a) For the period May 27, 2021 (commencement of operations) to September 30, 2021.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Unconstrained Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

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

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

71

FullerThaler Behavioral Small-Mid Core Equity Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	31.18		$	26.54		$	35.99		$	23.59		$	23.96		$	20.00
Income from investment operations:
Net investment income(b)		0.21			0.34			0.32			0.10			0.13			0.13
Net realized and unrealized gain (loss) on investments		6.15			4.58			(7.80	)		12.41			0.04	(c)		3.83
Total from investment operations		6.36			4.92			(7.48	)		12.51			0.17			3.96
Less distributions to shareholders from:
Net investment income		(0.29	)		(0.28	)		(0.13	)		(0.11	)		(0.15	)		—
Net realized gains		—			—			(1.84	)		—			(0.39	)		—
Total from distributions		(0.29	)		(0.28	)		(1.97	)		(0.11	)		(0.54	)		—
Net asset value, end of period	$	37.25		$	31.18		$	26.54		$	35.99		$	23.59		$	23.96
Total Return (d)		20.49	% (e)		18.61	%		(22.13	)%		53.10	%		0.63	%		19.80	% (e)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	65,039		$	41,564		$	6,757		$	5,149		$	3,102		$	2,494
Before waiver or recoupment:
Ratio of expenses to average net assets		1.23	% (f)		1.35	%		2.56	%		2.69	%		4.09	%		6.27	% (f)
After waiver or recoupment:
Ratio of net expenses to average net assets		0.91	% (f)		0.93	%		0.95	%		0.95	%		0.95	%		0.95	% (f)
Ratio of net investment income to average net assets		1.23	% (f)		1.09	%		0.99	%		0.30	%		0.59	%		0.73	% (f)
Portfolio turnover(g)(h)		19	% (e)		41	%		37	%		35	%		35	%		25	% (e)

(a) For the period December 26, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(d) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Small-Mid Core Equity Fund, assuming reinvestment of distributions.

(e) Not annualized.

(f) Annualized.

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

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

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

72

FullerThaler Behavioral Small-Mid Core Equity Fund - A Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months						For the
	Ended			For the			Period
	March			Year Ended			Ended
	31, 2024			September			September
	(Unaudited)			30, 2023			30, 2022(a)
Net asset value, beginning of period	$	31.05		$	26.49		$	32.58
Income from investment operations:
Net investment income(b)		0.15			0.26			0.17
Net realized and unrealized gain (loss) on investments		6.12			4.55			(6.26	)
Total from investment operations		6.27			4.81			(6.09	)
Less distributions to shareholders from:
Net investment income		(0.23	)		(0.25	)		—
Total from distributions		(0.23	)		(0.25	)		—
Net asset value, end of period	$	37.09		$	31.05		$	26.49
Total Return (excludes sales charge)(c)		20.26	% (d)		18.20	%		(18.69	)% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	1,298		$	567		$	3
Before waiver or recoupment:
Ratio of expenses to average net assets		1.56	% (e)		1.62	%		2.72	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.26	% (e)		1.26	%		1.26	% (e)
Ratio of net investment income to average net assets		0.91	% (e)		0.82	%		1.00	% (e)
Portfolio turnover(f)(g)		19	% (d)		41	%		37	% (d)

(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.

73

FullerThaler Behavioral Micro-Cap Equity Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period) 

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	23.92		$	21.67		$	34.45		$	17.79		$	21.70		$	20.00
Income from investment operations:
Net investment income (loss)(b)		0.09			0.11			(0.17	)		(0.02	)		0.16			(0.20	)
Net realized and unrealized gain (loss) on investments		1.77			2.14			(9.86	)		16.78			(2.95	)		1.90
Total from investment operations		1.86			2.25			(10.03	)		16.76			(2.79	)		1.70
Less distributions to shareholders from:
Net investment income		—			—			—			(0.10	)		—			—
Net realized gains		—			—			(2.75	)		—			(1.12	)		—
Total from distributions		—			—			(2.75	)		(0.10	)		(1.12	)		—
Net asset value, end of period	$	25.78		$	23.92		$	21.67		$	34.45		$	17.79		$	21.70
Total Return (c)		7.78	% (d)		10.38	%		(31.87	)%		94.37	%		(13.88	)%		8.50	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	20,370		$	18,044		$	13,674		$	13,695		$	5,770		$	2,819
Before waiver or recoupment:
Ratio of expenses to average net assets		2.12	% (e)		2.13	%		2.19	%		2.30	%		4.33	%		5.28	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		1.36	% (e)		1.41	%		1.45	%		1.52	%		1.75	%		1.75	% (e)
Ratio of net investment income (loss) to average net assets		0.74	% (e)		0.45	%		(0.58	)%		(0.05	)%		0.90	%		(1.16	)% (e)
Portfolio turnover(f)		43	% (d)		78	%		74	%		78	%		82	%		42	% (d)

(a) For the period December 28, 2018 (commencement of operations) to September 30, 2019.

(b) Per share net investment income has been calculated using the average shares method.

(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Micro-Cap Equity Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

(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.

74

FullerThaler Behavioral Mid-Cap Equity Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period)

	For the
	Period
	Ended
	March
	31, 2024(a)
	(Unaudited)
Net asset value, beginning of period	$	20.00
Income from investment operations:
Net investment income(b)		0.09
Net realized and unrealized gain on investments		4.78
Total from investment operations		4.87
Less distributions to shareholders from:
Net investment income		(0.04	)
Total from distributions		(0.04	)
Net asset value, end of period	$	24.83
Total Return (c)		24.37	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	13,241
Before waiver or recoupment:
Ratio of expenses to average net assets		2.19	% (e)
After waiver or recoupment:
Ratio of net expenses to average net assets		0.84	% (e)
Ratio of net investment income to average net assets		0.86	% (e)
Portfolio turnover(f)		9	% (d)

(a) For the period October 2, 2023 (commencement of operations) to March 31, 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) 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.

75

FullerThaler Funds

Notes to the Financial Statements

March 31, 2024 - (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 two share classes: Institutional Shares and A 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 Small-Cap Equity Fund is the accounting successor to a series of Allianz Funds Multi-Strategy Trust, which commenced operations on September 8, 2011, and for which the Adviser served as the sole sub-adviser (the “Predecessor Fund”). In a transaction that was

76

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

consummated on October 23, 2015 (the “Reorganization”), the Small-Cap Equity Fund acquired the assets and liabilities of: the A, C, and D Classes of the Predecessor Fund, which became the Investor Shares of the Small-Cap Equity Fund; the Class P Shares of the Predecessor Fund, which became the Institutional Shares of the Small-Cap Equity Fund; and the Institutional Shares of the Predecessor Fund, which became the R6 Shares of the Small-Cap Equity Fund.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies,” including Accounting Standards 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”).

Regulatory update – Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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

77

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

prices of securities held. These fluctuations are included with the unrealized gain or loss from investments.

In-Kind Redemptions – The Funds intend to redeem shares in cash. However, if the amount an investor is redeeming is over the lesser of $250,000 or 1% of a Fund’s NAV, the Funds have the right to redeem such shares by giving the investor the amount that exceeds the lesser of $250,000 or 1% of a Fund’s NAV in securities instead of cash, which is referred to as a “redemption in-kind.” In the event that a redemption in kind is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions, on the sale or other disposition of the securities received from the Funds.

During the six months ended March 31, 2024, the following Funds had shares redeemed that included in-kind redemption transactions:

	Redemptions In-Kind
			Value of
Fund / Class	Shares		Securities		Cash		Total Amount		Realized Gains
Small-Cap Equity Fund - R6 Shares		1,522,206	$	62,097,021	$	2,475,286	$	64,572,307	$	45,309,758
Small-Cap Growth Fund - R6 Shares		866,958		28,829,592		999,838		29,829,430		15,231,947
Mid-Cap Value Fund - R6Shares		11,230,473		98,488,129		1,569,259		100,017,389		20,854,746
Unconstrained Equity Fund - R6 Shares		183,916		7,231,946		149,670		7,381,646		2,712,316
Small-Mid Core Equity Fund - Institutional Shares		288,590		8,982,174		247,284		9,229,458		1,362,622
Micro-Cap Equity Fund - Institutional Shares		47,809		1,122,341		22,556		1,144,897		554,436
Mid-Cap Equity Fund - Institutional Shares		28,169		651,812		12,196		664,009		194,955

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

78

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis (as determined by the Board). Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire fund.

Security Transactions and Related Income – Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income from real estate investment trusts (REITs) and distributions from limited partnerships are recognized on the ex-date and are included in dividend income. The calendar year-end classification of distributions received from REITs, which may include return of capital, during the fiscal year are reported subsequent to year end; accordingly, the Fund estimates the character of REIT distributions based on the most recent information

79

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

available. Income or loss from limited partnerships is reclassified among the components of net assets upon receipt of K-1’s. Withholding taxes on foreign dividends, if any, have been recorded for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

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, 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 may also be placed in a deposit account managed by TriState Capital subject to the IntraFi Network Deposit Placement Agreement. The IntraFi Network provides FDIC insurance for deposits above $250,000 by spreading deposits across the company’s 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.

80

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

At March 31, 2024, the value of securities loaned and cash collateral received are as follows:

	Value of
	Securities		Cash Collateral
	Loaned		Received
Small-Cap Equity Fund	$	176,004,848	$	177,814,225
Small-Cap Growth Fund		100,570,647		104,278,979
Mid-Cap Value Fund		37,787,302		38,167,715
Unconstrained Equity Fund		—		—
Small-Mid Core Equity Fund		—		—
Micro-Cap Equity Fund		819,084		827,964
Mid-Cap Equity Fund		—		—
Total	$	315,181,881	$	321,088,883

Disclosures about Offsetting Assets and Liabilities - The Funds are required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. As there are no master netting arrangements relating to the Funds’ participation in securities lending, and all amounts related to securities lending are presented gross on the Funds’ Statements of Assets and Liabilities, no additional disclosures have been made on behalf of the Funds. Please refer to the Securities Lending Note for additional disclosures related to securities lending, including collateral related to securities on loan.

Dividends and Distributions – Each Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset Value (“NAV”) per share of the Funds.

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

81

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

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

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

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

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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.

82

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

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.

83

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2024:

	Valuation Inputs
Small-Cap Equity Fund	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	9,020,340,304	$	—	$	—	$	9,020,340,304
Money Market Funds		153,790,969		—		—		153,790,969
Collateral for Securities
Loaned(a)	$	10,579,946	$	—	$	—	$	10,579,946
Total	$	9,184,711,219	$	—	$	—	$	9,184,711,219
Small-Cap Growth Fund
Common Stocks(a)	$	1,043,175,529	$	—	$	—	$	1,043,175,529
Collateral for Securities
Loaned(a)		6,204,599		—		—		6,204,599
Total	$	1,049,380,128	$	—	$	—	$	1,049,380,128
Mid-Cap Value Fund
Common Stocks(a)	$	414,136,189	$	—	$	—	$	414,136,189
Collateral for Securities
Loaned(a)		2,270,979		—		—		2,270,979
Total	$	416,407,168	$	—	$	—	$	416,407,168
Unconstrained Equity Fund
Common Stocks(a)	$	65,964,557	$	—	$	—	$	65,964,557
Small-Mid Core Equity Fund
Common Stocks(a)	$	65,300,786	$	—	$	—	$	65,300,786
Micro-Cap Equity Fund
Common Stocks(a)	$	20,262,858	$	—	$	—	$	20,262,858
Collateral for Securities
Loaned(a)		49,264		—		—		49,264
Total	$	20,312,122	$	—	$	—	$	20,312,122
Mid-Cap Equity Fund
Common Stocks(a)	$	13,147,711	$	—	$	—	$	13,147,711

^(a) 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.

84

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

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

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

	Small-Cap	Small-Cap	Mid-Cap		Small-Mid	Micro-Cap	Mid-Cap
	Equity	Growth	Value	Unconstrained	Core Equity	Equity	Equity
	Fund	Fund	Fund	Equity Fund	Fund	Fund	Fund
Investment Adviser fee rate	0.60%	0.85%	0.74%(a)	0.85%	0.74%(b)	1.45%	0.75%
Investment Adviser fee earned	$23,502,801	$2,416,256	$1,450,207	$242,911	$206,549	$135,554	$35,228
Fees waived and/or expenses reimbursed by Adviser	$–	$(262,388)	$(326,895)	$(88,105)	$(83,135)	$(70,925)	$(63,555)
Payable to /(Receivable from) Adviser	$4,440,858	$682,493	$217,497	$31,934	$27,311	$9,997	$(5,394)

^(a) FullerThaler has agreed to contractually waive its management fee of 0.75% for all share classes of the Mid-Cap Value 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 the Expense LimitationAgreement of the Fund dated January 29, 2024, as amended March 27, 2024, and expiring on January 31, 2025.

^(b) FullerThaler has agreed to contractually waive its management fee of 0.80% for all share classes of the Small-Mid Core 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 the Expense Limitation Agreement of the Fund dated January 29, 2024, as amended March 27, 2024, and expiring on January 31, 2025.

85

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

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, 2025 (“Expense Limitation”):

		Institutional	Investor
	R6 Shares	Shares	Shares	A Shares	C Shares
Small-Cap Equity Fund	0.80%	0.92%	1.25%	1.30%	1.80%
Small-Cap Growth Fund	0.86%	0.96%	1.25%	1.30%	1.80%
Mid-Cap Value Fund	0.69%	0.79%	1.15%	1.20%	1.70%
Unconstrained Equity Fund	0.87%	0.97%		1.30%	1.80%
Small-Mid Core Equity Fund		0.87%		1.26%
Micro-Cap Equity Fund		1.29%
Mid-Cap Equity		0.79%

Prior to January 29, 2024, 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.

86

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

As of March 31, 2024, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

	Small-Cap Equity		Small-Cap		Mid-Cap Value		Unconstrained
Recoverable Through	Fund		Growth Fund		Fund		Equity Fund
September 30, 2024	$	—	$	59,130	$	49,094	$	50,274
September 30, 2025		—		217,496		110,343		178,975
September 30, 2026		—		299,044		353,753		160,352
March 31, 2027		—		262,388		326,895		88,105
	$	—	$	838,058	$	840,085	$	477,706
			Small-Mid Core		Micro-Cap		Mid-Cap Equity
Recoverable Through			Equity Fund		Equity Fund		Fund
September 30, 2024			$	38,094	$	53,729	$	—
September 30, 2025				96,132		110,062		—
September 30, 2026				118,926		124,720		—
March 31, 2027				83,135		70,925		63,555
			$	336,287	$	359,436	$	63,555

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, each receive an annual retainer of $2,000 per Fund and $500 per Fund for each quarterly Board meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings.

The officers of the Trust are employees of the Administrator. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the principal distributor of each Fund’s shares. The Distributor is a wholly-owned subsidiary of the Administrator. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

The Funds have adopted a Distribution Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 of the 1940 Act. The 12b-1 Plan provides that the Funds will pay the Distributor and/or any registered securities dealer, financial institution or any other person (the “Recipient”) a fee of 0.25% of the average daily net assets of each Fund’s Investor Shares and A Shares and

87

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

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, 2024, 12b-1 expenses incurred by the Funds were as follows:

									Small-Mid
	Small-Cap		Small-Cap		Mid-Cap		Unconstrained		Core Equity
Distribution Fees	Equity Fund		Growth Fund		Value Fund		Equity Fund		Fund
Investor Shares	$	544,627	$	25,777	$	10,844	$	—	$	—
A Shares		16,159		3,388		2,513		87		1,111
C Shares		69,594		33,787		2,821		164		—
Payable for 12b-1 fees		88,058		23,665		2,499		61		115

During the six months ended March 31, 2024, the Distributor retained the following amounts in sales commissions from the sales of A Shares of the Funds:

Small-Cap Equity Fund	$	1,354
Small-Cap Growth Fund		6,473
Mid-Cap Value Fund		1,238
Unconstrained Equity Fund		14
Small-Mid Core Equity Fund		424

During the six months ended March 31, 2024, the Distributor received the following amounts in contingent deferred sales charges related to redemptions of C Shares of the Funds:

Small-Cap Equity Fund	$	9,217
Small-Cap Growth Fund		66,996
Mid-Cap Value Fund		5,225
Unconstrained Equity Fund		12

The Funds have adopted an Administrative Services Plan (the “Plan”) for Institutional Shares, Investor Shares, and A Shares of the Funds. The Plan allows the Funds to pay financial intermediaries that provide services relating to Institutional Shares, Investor Shares, and A Shares. The Plan permits payments for the provision of certain administrative, recordkeeping and other non-distribution related services to Institutional Share, Investor Share and A Share shareholders. The Plan permits the Funds to make service fee payments at an annual rate of up to 0.25% of each Fund’s average daily net assets attributable to

88

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

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, 2024, purchases and sales of investment securities, other than short-term investments and in-kind transactions, were as follows:

	Purchases		Sales
Small-Cap Equity Fund	$	2,519,983,115	$	1,703,851,805
Small-Cap Growth Fund		826,316,168		245,845,258
Mid-Cap Value Fund		106,214,718		78,526,624
Unconstrained Equity Fund		15,464,428		4,994,898
Small-Mid Core Equity Fund		34,271,479		9,402,193
Micro-Cap Equity Fund		10,179,724		8,022,120
Mid-Cap Equity Fund		12,363,836		802,092

There were no purchases or sales of long-term U.S. government obligations during the six months ended March 31, 2024.

For the six months ended March 31, 2024, in-kind purchases and sales transactions were as follows:

	In-Kind Purchases		In-Kind Sales
Small-Cap Equity Fund	$	—	$	62,097,021
Small-Cap Growth Fund		—		28,829,592
Mid-Cap Value Fund		—		98,488,129
Unconstrained Equity Fund		—		7,231,946
Small-Mid Core Equity Fund		—		8,982,174
Micro-Cap Equity Fund		—		1,122,341
Mid-Cap Equity Fund		—		651,812

89

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

NOTE 6. FEDERAL TAX INFORMATION

At March 31, 2024, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

	Small-Cap			Small-Cap			Mid-Cap Value			Unconstrained
	Equity Fund			Growth Fund			Fund			Equity Fund
Gross unrealized appreciation	$	2,799,554,254		$	207,530,356		$	54,360,866		$	14,627,411
Gross unrealized depreciation		(21,076,213	)		(13,839,555	)		(11,778,463	)		(481,528	)
Net unrealized appreciation/(depreciation) on investments	$	2,778,478,041		$	193,690,801		$	42,582,403		$	14,145,883
Tax cost of investments	$	6,406,233,178		$	855,689,327		$	373,824,765		$	51,818,674
				Small-Mid
				Core Equity			Micro-Cap			Mid-Cap
				Fund			Equity Fund			Equity Fund
Gross unrealized appreciation				$	8,344,001		$	4,557,865		$	2,110,665
Gross unrealized depreciation					(397,160	)		(1,080,311	)		(32,807	)
Net unrealized appreciation/(depreciation) on investments				$	7,946,841		$	3,477,554		$	2,077,858
Tax cost of investments				$	57,353,945		$	16,834,568		$	11,069,853

The tax character of distributions paid for the fiscal year ended September 30, 2023, the Funds’ most recent fiscal year end, were as follows:

					Small-Mid
	Small-Cap		Mid-Cap Value		Core Equity
	Equity Fund		Fund		Fund
Distributions paid from:
Ordinary income(a)	$	41,223,576	$	6,968,397	$	71,843
Long-term capital gains		27,691,157		2,131,070		—
Total distributions paid	$	68,914,733	$	9,099,467	$	71,843

^(a) Short-term capital gain distributions are treated as ordinary income for tax purposes.

90

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

At September 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Small-Cap		Small-Cap			Mid-Cap Value			Unconstrained			Small-Mid Core			Micro-Cap
	Equity Fund		Growth Fund			Fund			Equity Fund			Equity Fund			Equity Fund
Undistributed Ordinary Income	$	62,420,810	$	—		$	4,521,223		$	126,192		$	291,509		$	—
Undistributed Long-Term Capital Gains		31,479,570		—			—			—			—			—
Accumulated Capital and Other Losses		—		(30,841,409	)		(4,662,790	)		(4,133,775	)		(156,779	)		(4,009,529	)
Unrealized Appreciation (Depreciation) on Investments(a)		1,198,155,084		38,442,689			(28,643,460	)		(254,329	)		(2,760,892	)		1,852,010
Total Accumulated Earnings (Deficits)	$	1,292,055,464	$	7,601,280		$	(28,785,027	)	$	(4,261,912	)	$	(2,626,162	)	$	(2,157,519	)

^(a) The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash losses and return of capital adjustments.

As of September 30, 2023 the Small-Cap Growth Fund, Unconstrained Equity Fund, Small-Mid Core Equity Fund and Micro-Cap Equity Fund had short-term and long-term net capital loss carryforwards which are available to offset future net capital gains of $29,707,194, $257,748, $2,399,826, $1,733,949, $156,779, $0, $3,022,984 and $986,545, respectively.

Certain qualified losses incurred after October 31, and within the current taxable year, are deemed to arise on the first business day of the Funds following taxable year. For the tax year ended September 30, 2023, the Mid-Cap Value Fund deferred post October qualified losses in the amount of $4,662,790.

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, 2023, the Small-Cap Growth Fund had Qualified Late Year Ordinary Losses in the amount of $876,467.

91

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

NOTE 7. SECTOR RISK

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of March 31, 2024, the Small-Cap Equity Fund had 28.62% of the value of its net assets invested in securities within the Industrials sector, the Small-Cap Growth Fund had 37.40% within the Technology sector and the Mid-Cap Value Fund had 25.33% within the Financials sector.

NOTE 8. COMMITMENTS AND CONTINGENCIES

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

NOTE 9. REFLOW LIQUIDITY PROGRAM

The Funds may participate in the ReFlow Fund, LLC (“ReFlow”) liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on a fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of each fund’s net redemptions on a given day. ReFlow will purchase shares of a Fund at net asset value and will not be subject to any investment minimum applicable to such shares. ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of each Fund. ReFlow will periodically redeem its entire share position in a Fund. For use of the ReFlow service, each Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds.

92

FullerThaler Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

During the six months ended March 31, 2024, the following Funds utilized ReFlow: 

	ReFlow Purchased Shares		Reflow Amount		ReFlow Service Fees
Small-Cap Equity Fund		2,401,507	$	91,696,247	$	116,840
Small-Cap Growth Fund		1,153,575		41,434,774		39,761
Mid-Cap Value Fund		2,305,201		64,863,770		89,620
Unconstrained Equity Fund		155,060		6,628,421		10,383
Small-Mid Core Equity Fund		271,663		8,694,366		18,781
Micro-Cap Equity Fund		73,176		1,801,881		1,715
Mid-Cap Equity Fund		663,783		28,434		929

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.

93

Liquidity Risk Management Program (Unaudited)

The Trust has adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The Program applies to each individual series of the Trust. The Program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of the Liquidity Administrator Committee, comprising certain Trust officers and employees of the Adviser. The Liquidity Administrator Committee maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation and was presented to the Board for consideration at its meeting held on December 7 and 8, 2023. During the review period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that the Program is reasonably designed to prevent violation of the Liquidity Rule and has been effectively implemented.

94

Summary of Fund Expenses (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other funds. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024.

Actual Expenses

The first line of the table for each Fund class provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below for each class provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

		Beginning	Ending
		Account	Account	Expenses
		Value	Value	Paid		Annualized
		October 1,	March 31,	During		Expense
		2023	2024	Period(a)		Ratio
Small-Cap Equity Fund
R6 Shares	Actual	$1,000.00	$1,279.50	$	3.61	0.63%
	Hypothetical(b)	$1,000.00	$1,021.84	$	3.20	0.63%
Institutional Shares	Actual	$1,000.00	$1,279.00	$	4.32	0.76%
	Hypothetical(b)	$1,000.00	$1,021.21	$	3.83	0.76%
Investor Shares	Actual	$1,000.00	$1,277.10	$	6.03	1.06%
	Hypothetical(b)	$1,000.00	$1,019.71	$	5.34	1.06%
A Shares	Actual	$1,000.00	$1,276.90	$	6.00	1.05%
	Hypothetical(b)	$1,000.00	$1,019.73	$	5.32	1.05%
C Shares	Actual	$1,000.00	$1,273.30	$	9.28	1.63%
	Hypothetical(b)	$1,000.00	$1,016.84	$	8.23	1.63%

95

Summary of Fund Expenses (Unaudited) (continued)

		Beginning	Ending
		Account	Account	Expenses
		Value	Value	Paid		Annualized
		October 1,	March 31,	During		Expense
		2023	2024	Period(a)		Ratio
Small-Cap Growth Fund
R6 Shares	Actual	$1,000.00	$1,356.70	$	5.07	0.86%
	Hypothetical(b)	$1,000.00	$1,020.70	$	4.34	0.86%
Institutional Shares	Actual	$1,000.00	$1,356.20	$	5.65	0.96%
	Hypothetical(b)	$1,000.00	$1,020.20	$	4.85	0.96%
Investor Shares	Actual	$1,000.00	$1,354.20	$	7.36	1.25%
	Hypothetical(b)	$1,000.00	$1,018.75	$	6.31	1.25%
A Shares	Actual	$1,000.00	$1,354.00	$	7.65	1.30%
	Hypothetical(b)	$1,000.00	$1,018.50	$	6.56	1.30%
C Shares	Actual	$1,000.00	$1,350.50	$	10.58	1.80%
	Hypothetical(b)	$1,000.00	$1,016.00	$	9.07	1.80%
Mid-Cap Value Fund
R6 Shares	Actual	$1,000.00	$1,231.10	$	4.07	0.73%
	Hypothetical(b)	$1,000.00	$1,021.35	$	3.69	0.73%
Institutional Shares	Actual	$1,000.00	$1,230.50	$	4.61	0.83%
	Hypothetical(b)	$1,000.00	$1,020.87	$	4.17	0.83%
Investor Shares	Actual	$1,000.00	$1,228.70	$	6.41	1.15%
	Hypothetical(b)	$1,000.00	$1,019.25	$	5.81	1.15%
A Shares	Actual	$1,000.00	$1,228.40	$	6.69	1.20%
	Hypothetical(b)	$1,000.00	$1,019.00	$	6.06	1.20%
C Shares	Actual	$1,000.00	$1,225.10	$	9.46	1.70%
	Hypothetical(b)	$1,000.00	$1,016.50	$	8.57	1.70%
Unconstrained Equity Fund
R6 Shares	Actual	$1,000.00	$1,312.70	$	5.03	0.87%
	Hypothetical(b)	$1,000.00	$1,020.65	$	4.39	0.87%
Institutional Shares	Actual	$1,000.00	$1,312.90	$	5.61	0.97%
	Hypothetical(b)	$1,000.00	$1,020.15	$	4.90	0.97%
A Shares	Actual	$1,000.00	$1,312.90	$	7.52	1.30%
	Hypothetical(b)	$1,000.00	$1,018.50	$	6.56	1.30%
C Shares	Actual	$1,000.00	$1,313.70	$	10.41	1.80%
	Hypothetical(b)	$1,000.00	$1,016.00	$	9.07	1.80%
Small-Mid Core Equity Fund
Institutional Shares	Actual	$1,000.00	$1,204.90	$	4.99	0.91%
	Hypothetical(b)	$1,000.00	$1,020.47	$	4.58	0.91%
A Shares	Actual	$1,000.00	$1,202.60	$	6.92	1.26%
	Hypothetical(b)	$1,000.00	$1,018.72	$	6.34	1.26%

96

Summary of Fund Expenses (Unaudited) (continued)

		Beginning	Ending
		Account	Account	Expenses
		Value	Value	Paid		Annualized
		October 1,	March 31,	During		Expense
		2023	2024	Period(a)		Ratio
Micro-Cap Equity Fund
Institutional Shares	Actual	$1,000.00	$1,077.80	$	7.06	1.36%
	Hypothetical(b)	$1,000.00	$1,018.20	$	6.86	1.36%
Mid-Cap Equity Fund
Institutional Shares	Actual(c)	$1,000.00	$1,243.70	$	4.66	0.84%
	Hypothetical(b)	$1,000.00	$1,020.78	$	4.25	0.84%

(a) Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

(b) Hypothetical assumes 5% annual return before expenses.

(c) Actual expenses are equal to the Institutional annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the period since commencement of operations on October 2, 2023). The annualized expense ratios reflect reimbursement of expenses by the Funds’ investment adviser for the period beginning October 2, 2023 through March 31, 2024. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements. Hypothetical expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

97

Investment Advisory Agreement Approval (Unaudited)

At a quarterly meeting of the Board of Trustees of Capitol Series Trust (“Trust”) conducted on December 7 and 8, 2023 (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 “Current 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 “Small-Cap Equity Fund”), the Fuller Thaler 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 Fund”, and collectively referred to herein as the “Funds” or the “FullerThaler Funds”). It was noted that the FullerThaler Behavioral Mid-Cap Equity Fund’s Investment Advisory Agreement between the Adviser and the Trust was initially considered and approved for a two-year term at a meeting of the Board of Trustees held on December 7 and 8, 2022, and therefore, was not subject to renewal. (For the purposes herein, the references to “FullerThaler Funds” with regard to the continuation of the Investment Advisory Agreement with FullerThaler excludes the FullerThaler Behavioral Mid-Cap Equity Fund.)

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 combined 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 29, 2024, whereby FullerThaler has contractually committed to reduce its management fees and, if necessary, reimburse each FullerThaler Fund’s operating expenses through January 31, 2025, as specified in the Expense Limitation Agreement, which included proposed lower expense limits for certain class of certain Funds, 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 previously compiled by Broadridge for comparative purposes relative to each FullerThaler Fund. In this regard, the Trustees noted discussions with representatives of the Adviser regarding its dissatisfaction with the construction of certain peer groups of the FullerThaler Funds by Broadridge. The Trustees also noted that the Adviser took advantage of 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

98

Investment Advisory Agreement Approval (Unaudited) (continued)

philosophy; FullerThaler’s distribution and marketing efforts on behalf of the FullerThaler Funds; the Adviser’s ownership structure and future plans with regard to its 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 renew the Investment Advisory Agreement, 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 renew the Investment Advisory Agreement with respect to each of the FullerThaler Funds, 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.

After having received and reviewed the Support Materials, as well as quarterly investment performance, compliance, operating, and distribution reports from FullerThaler for the FullerThaler Funds since each Fund’s inception, the Trustees determined that they had all of the information they deemed reasonably necessary to make an informed decision about the renewal of the Investment Advisory Agreement. The Trustees discussed the facts and factors relevant to their consideration and approval of the Investment Advisory Agreement as it relates to each FullerThaler Fund, which incorporated and reflected their knowledge of FullerThaler’s ongoing services to the FullerThaler Funds. The Trustees noted the inclusion of fee and performance comparisons of each FullerThaler Fund to such Fund’s respective Morningstar peer group category (the “Morningstar Category”),

99

Investment Advisory Agreement Approval (Unaudited) (continued)

as well as a custom peer group comparison created by Broadridge (“Peer Group”). Taking such information into account, including the Trustees’ discussions with representatives of FullerThaler at the Meeting as well as the Board’s review of the Support Materials provided in connection with the approval of the renewal of the Investment Advisory Agreement, the Board concluded that the overall arrangements between the Trust and FullerThaler with respect to each FullerThaler Fund, as set forth in the Investment Advisory Agreement, are fair and reasonable in light of the services FullerThaler performs, the investment advisory fees that each FullerThaler Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The material factors and conclusions that formed the basis of the Trustees’ determination to approve the continuation of the Investment Advisory Agreement for an additional one-year term are summarized below.

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 affects 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 proprietary behavioral finance model which is a key 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 Small-Cap Equity Fund and the Small-Mid Core Equity Fund, at the Adviser’s request. In addition, the Trustees noted FullerThaler’s 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 share classes offered by each respective Fund, the comparison of each Fund’s Institutional Class Shares to the Fund’s respective benchmark index, Morningstar Category and Peer Group is discussed herein for consistency of presentation and because the Institutional Share Class represents the largest share class and has the longest performance history for each Fund. The Trustees considered that, for the periods indicated:

● The Small-Cap Equity Fund outperformed its benchmark index, the Russell 2000 TR Index, for the one-, three-, five-, and ten-year and since inception (9/8/2011) periods ended September 30, 2023. The 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

100

Investment Advisory Agreement Approval (Unaudited) (continued)

the one-, three- and five-year and since inception periods ended September 30, 2023.

● The Small-Cap Growth Fund outperformed its benchmark index, the Russell 2000 Growth TR Index, for the one-, three- and five-year and since-inception (12/21/2017) periods ended September 30, 2023. The 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, 2023.

● The Mid-Cap Value Fund trailed its benchmark index, the Russell Mid-Cap Value TR Index for the one-year period ended September 30, 2023 and outperformed the benchmark index for the three-year, five-year and since inception (12/21/2017) periods ended September 30, 2023. The Mid-Cap Value Fund trailed the Morningstar Category and Peer Group median for the one-year period ended September 30, 2023, and outperformed the Morningstar Category median and Peer Group median for the three-year, five-year and since inception (12/21/2017) periods ended September 30, 2023.

● The Unconstrained Equity Fund outperformed its benchmark index, the Russell 3000 TR Index, for the one-period ended September 30, 2023, and trailed the benchmark index for the three-year and since-inception (12/26/2018) periods ended September 30, 2023. The Unconstrained Equity Fund outperformed its Morningstar Category median, the Mid-Cap Blend, for the one-year and since inception (12/26/2018) periods and trailed the Category median for the three-year period ended September 30, 2023. The Unconstrained Equity Fund outperformed the Peer Group median for the one- and three-year, and since inception periods ended September 30, 2023.

● The Micro-Cap Equity Fund outperformed its benchmark index, the Russell Micro Cap TR Index, for the one- and three-year and since inception (12/28/2018) periods ended September 30, 2023. The Micro-Cap Equity Fund trailed the performance of the median of its Morningstar Category, Small Blend, for the one-year and since inception periods, and outperformed the Category median for the three-year period ended September 30, 2023. The Micro-Cap Equity Fund trailed its Peer Group median for the one- and three-year and since inception periods ended September 30, 2023.

● The Small-Mid Core Equity Fund outperformed its benchmark index, the Russell 2500 TR Index, for the one-year, three-year, and since inception (12/26/2018) periods ended September 30, 2023. The Small-Mid Core Equity Fund outperformed the median of both its Morningstar Category, Mid-Cap Blend, and Peer Group for the one- and three-year and since inception periods ended September 30, 2023.

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

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Investment Advisory Agreement Approval (Unaudited) (continued)

management fees and, if necessary, reimburse each FullerThaler Fund’s operating expenses through January 31, 2025, as specified in the 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 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 Small-Cap Equity Fund’s net and gross total expense ratios of 0.74% for its Institutional Class 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.

● The Small-Cap Growth Fund’s contractual management fee of 0.85% was higher than average and median of the Morningstar Category, equal to the median of the Peer Group, and slightly less than the average of the Peer Group. Further, the Small-Cap Growth Fund’s net total expense ratio of 0.98% for its Institutional Class Shares was slightly higher than median and equaled the average of its Morningstar Category, and lower than the median and average of the Peer Group. The Small-Cap Growth Fund’s gross total expense ratio of 1.13% for its Institutional Class was higher than the median and lower than the average of its Morningstar Category, and lower 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 Board also noted that the Small-Cap Growth Fund’s net assets were, in general, lower than many of the funds to which it was compared in its Morningstar Category and were also higher than the median and lower than the average net assets of the Peer Group.

● The Mid-Cap Value Fund’s contractual management fee of 0.75% was higher than the median and average of its Morningstar Category, equal to the median of the Peer Group and higher than the average of the Peer Group. Further, the Mid-Cap Value Fund’s net total expense ratio of 0.88% for its Institutional Class Shares was higher than both the average and median of the Morningstar Category, higher than the average of the Peer Group and slightly lower than the median of the Peer Group. The Mid-Cap Value Fund’s gross total expense ratio of 0.93% for its Institutional Class Shares was higher than both the average and median of the Morningstar Category, higher than the average of the Peer Group and slightly lower than the median of the Peer Group. The Board noted that the 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 Board also noted that the Mid-Cap Value Fund’s net assets were, in general, lower than many of the funds to which it was compared in its Morningstar Category, significantly lower than the average net assets of the Peer Group and higher than the median net assets of the Peer Group.

● The Unconstrained Equity Fund’s contractual management fee of 0.85% was higher than the median and average of its Morningstar Category, slightly higher than the median of the Peer Group and slightly lower than the average of the Peer Group. Further, the Unconstrained Equity

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Investment Advisory Agreement Approval (Unaudited) (continued)

Fund’s net total expense ratio of 0.98% for its Institutional Class Shares was higher than the average and median of the Morningstar Category, slightly higher than the median of the Peer Group and lower than the average of the Peer Group. The Unconstrained Equity Fund’s gross total expense ratio of its Institutional Class Shares of 1.50% was higher than the median and lower than the average of both its Morningstar Category (Mid-Cap Blend) and Peer Group. The Board noted that the 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 Unconstrained 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 the Peer Group.

● The Micro-Cap Equity Fund’s contractual management fee of 1.45% was higher than the average and median of both its Morningstar Category (Small Blend) and the Peer Group. Further, the Micro-Cap Equity Fund’s net total expense ratio of 1.43% for its Institutional Class Shares was higher than the median and average of both its Morningstar Category and Peer Group. The Micro-Cap Equity Fund’s gross total expense ratio of 2.11% for its Institutional Class Shares was higher than the average and median of its Morningstar Category, higher than the median of the Peer Group and lower than the average of 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 Micro-Cap Equity Fund’s strategy compared to other funds in its Morningstar Category of Small Blend 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 Micro-Cap Equity Fund in comparison to its Morningstar Category and Peer Group.

● The Small-Mid Core Equity Fund’s contractual management fee of 0.80% was higher than the average and median of its Morningstar Category (Mid-Cap Blend), equal to the median of the Peer Group, and slightly less than the average of the Peer Group. Further, the Small-Mid Core Equity Fund’s net total expense ratio of 0.94% of its Institutional Class Shares was higher than the average and median of its Morningstar Category, slightly higher than the median of the Peer Group and lower than the average of the Peer Group. The Small-Mid Core Equity Fund’s gross total expense ratio of 1.64% for its Institutional Class Shares was higher than the median and average of its Morningstar Category, equal to the median of the Peer Group and less than the average of the Peer Group. The Board noted that the 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 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, lower than the average net assets of the Peer Group and equal to the median net assets of the 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,

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Investment Advisory Agreement Approval (Unaudited) (continued)

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 advisory 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 10-year rating periods. The Trustees observed that for the period ended September 30, 2023 the Funds had the following overall Morningstar rating: the Small-Cap Equity Fund was rated five stars; the Small-Cap Growth Fund was rated four stars; the Mid-Cap Value Fund was rated four stars; the Unconstrained Equity Fund was rated three stars; the Small-Mid Core Equity Fund was rated four stars; and the Micro-Cap Equity Fund was rated two stars.

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 Small-Cap Equity Fund, fee breakpoints would not be appropriate at the current time. They additionally noted while the 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 renewal of the Investment Advisory Agreement for an additional one-year period on behalf of the FullerThaler Funds (with the exception of the FullerThaler Mid-Cap Equity Fund), 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.

104

FACTS	WHAT DO THE FULLERTHALER FUNDS (the “Funds”) DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■     Social Security number ■     account balances and account transactions ■     transaction or loss history and purchase history ■     checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes
For our marketing purposes— to offer our products and services to you	No
For joint marketing with other financial companies	No
For our affiliates’ everyday business purposes— information about your transactions and experiences	No
For our affiliates’ everyday business purposes— information about your creditworthiness	No
For nonaffiliates to market to you	No

Questions? Call (888) 912-4562

105

Who we are
Who is providing this notice?	FullerThaler Funds Ultimus Fund Distributors, LLC (Distributor) Ultimus Fund Solutions, LLC (Administrator)
What we do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How do the Funds collect my personal information?	We collect your personal information, for example, when you ■     open an account or deposit money ■     buy securities from us or sell securities to us ■     make deposits or withdrawals from your account ■     give us your account information ■     make a wire transfer ■     tell us who receives the money ■     tell us where to send the money ■     show your government-issued ID ■     show your driver’s license
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■     sharing for affiliates’ everyday business purposes —information about your creditworthiness ■     affiliates from using your information to market to you ■     sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■     FullerThaler Asset Management, Inc., the investment adviser to the Fund, could be deemed to be an affiliate.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■     The FullerThaler Funds do not share your personal information with nonaffiliates so they can market to you
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■     The FullerThaler Funds do not jointly market.

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PROXY VOTING

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (888) 912-4562 and (2) in Fund documents filed with the SEC on the SEC’s website at www.sec.gov.

TRUSTEES Walter B. Grimm, Chairman Lori Kaiser Janet Smith Meeks Mary Madick	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 221 East 4th Street, Suite 2900 Cincinnati, OH 45202
OFFICERS Matthew J. Miller, Chief Executive Officer and President Zachary P. Richmond, Chief Financial Officer and Treasurer Martin R. Dean, Chief Compliance Officer Tiffany R. Franklin, Secretary	LEGAL COUNSEL  Practus, LLP 11300 Tomahawk Creek Parkway, Suite 310 Leawood, KS 66211
INVESTMENT ADVISER Fuller & Thaler Asset Management, Inc. 411 BorelAvenue, Suite 300 San Mateo, CA 94402	CUSTODIAN Huntington National Bank 41 South High Street Columbus, OH 43215
DISTRIBUTOR Ultimus Fund Distributors, LLC 225 PictoriaDrive, Suite 450 Cincinnati, OH 45246	ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTANT UltimusFund Solutions, LLC 225 PictoriaDrive, Suite 450 Cincinnati, OH 45246

This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC

Fuller-SAR-24

Guardian Capital Dividend Growth Fund

Institutional Shares – DIVGX

Guardian Capital Fundamental Global Equity Fund

Institutional Shares – GFGEX

Alta Quality Growth Fund

Institutional Shares – AQLGX

Semi-Annual Report

March 31, 2024

Investment Results (Unaudited)

Average Annual Total Returns^(a) as of March 31, 2024

				Since
	Six	One		Inception
	Months	Year	Three Year	5/1/2019
Guardian Capital Dividend Growth Fund
Institutional Shares	19.44%	23.10%	10.59%	11.23%
MSCI World Index(b)	21.31%	25.11%	8.60%	11.58%
				Expense
				Ratios(c)
				Institutional
				Shares
Gross				1.66%
With Applicable Waivers				0.95%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Guardian Capital Dividend Growth Fund (the “Guardian Dividend Fund”) distributions or the redemption of Guardian Dividend Fund shares. Current performance of the Guardian Dividend Fund may be lower or higher than the performance quoted. The Guardian Dividend Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.

^(a) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Fund’s returns reflect any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized.

^(b) The MSCI World Index is an unmanaged free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

^(c) The expense ratio is from the Guardian Dividend Fund’s prospectus dated January 29, 2024. Guardian Capital LP, the Guardian Dividend Fund’s adviser (the “Adviser”), has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Guardian Dividend Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Guardian Dividend Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the Guardian Dividend Fund’s average daily net assets through January 31, 2025 (the “Expense Limitation”). During any fiscal year that the

1

Investment Results (Unaudited) (continued)

Investment Advisory Agreement between the Adviser and the Capitol Series Trust (the “Trust”) is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board of Trustees (the “Board”) at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Investment Advisory Agreement with the Adviser. Additional information pertaining to the Guardian Dividend Fund’s expense ratios as of March 31, 2024, can be found in the financial highlights.

The Guardian Dividend Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Guardian Dividend Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing.

The Guardian Dividend Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

2

Investment Results (Unaudited) (continued)

Average Annual Total Returns^(a) as of March 31, 2024

				Since
	Six	One	Three	Inception
	Months	Year	Year	(12/19/2019)
Guardian Capital Fundamental Global Equity Fund
Institutional Shares	13.50%	10.03%	5.55%	8.47%
MSCI World Index(b)	21.31%	25.11%	8.60%	11.11%
				Expense
				Ratios(c)
				Institutional
				Shares
Gross				1.13%
With Applicable Waivers				0.99%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Guardian Capital Fundamental Global Equity Fund (“Guardian Equity Fund”) distributions or the redemption of Guardian Equity Fund shares. Current performance of the Guardian Equity Fund may be lower or higher than the performance quoted. The Guardian Equity Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.

^(a) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Guardian Equity Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized.

^(b) The MSCI World Index is an unmanaged free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

^(c) The expense ratios are from the Guardian Equity Fund’s prospectus dated January 29, 2024. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Guardian Equity Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Guardian Equity Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.99% of the average daily net assets of the Guardian Equity Fund through January 31, 2025 (the “Expense Limitation”). During any fiscal year that the Investment Advisory Agreement between the Adviser and Trust is in effect,

3

Investment Results (Unaudited) (continued)

the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Investment Advisory Agreement with the Adviser. Additional information pertaining to the Guardian Equity Fund’s expense ratios as of March 31, 2024 can be found in the financial highlights.

The Guardian Equity Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Guardian Equity Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing

The Guardian Equity Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

4

Investment Results (Unaudited) (continued)

Average Annual Total Returns^(a) as of March 31, 2024

				Since
				Inception
	Six Months	One Year	Five Year	(12/19/2018)
Alta Quality Growth Fund – Institutional Shares	19.76%	25.01%	10.72%	13.04%
S&P 500® Index (b)	23.48%	29.88 %	15.05%	17.01%
Russell 1000® Growth Index (c)	27.19%	39.00%	18.52%	20.90%
				Expense
				Ratios(d)
Gross				1.16%
With Applicable Waivers				0.79%

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Alta Quality Growth Fund (“Alta Growth Fund”) distributions or the redemption of Alta Growth Fund shares. Current performance of the Alta Growth Fund may be lower or higher than the performance quoted. The Alta Growth Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 957-0681.

^(a) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Alta Growth Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized.

^(b) The S&P 500^® Index is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Alta Growth Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

^(c) The Russell 1000^® Growth Index is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the Alta Growth Fund’s portfolio. Individuals cannot invest directly in an index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

^(d) The expense ratios are from the Alta Growth Fund’s prospectus dated January 29, 2024. Alta Capital Management, LLC, the Alta Growth Fund’s adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses for the Alta Growth Fund (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Alta Growth Fund’s business; (v) dividend expense on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.79% of the average daily net assets of the Alta Growth Fund through January 31, 2025 (the “Expense Limitation”). During any fiscal year that the Investment Advisory

5

Investment Results (Unaudited) (continued)

Agreement between Alta Capital Management, LLC and Capitol Series Trust (the “Trust”) is in effect, Alta Capital Management, LLC may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Alta Capital Management, LLC is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement first occurred and provided further that such recoupment can be achieved within the Expense Limitation Agreement currently in effect and the Expense Limitation Agreement in place when the waiver/reimbursement occurred. This Expense Limitation Agreement may be terminated by the Board at any time. The Expense Limitation Agreement terminates automatically upon the termination of the Advisory Agreement with Alta Capital Management, LLC. Additional information pertaining to the Alta Growth Fund’s expense ratios as of March 31, 2024, can be found in the financial highlights.

The Alta Growth Fund’s investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Alta Growth Fund and may be obtained by calling (800) 957-0681. Please read it carefully before investing.

The Alta Growth Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

6

Fund Holdings (Unaudited)

Guardian Capital Dividend Growth Fund Holdings as of March 31, 2024.*

* As a percentage of net assets.

Guardian Capital Fundamental Global Equity Fund Holdings as of March 31, 2024.*

* As a percentage of net assets.

7

Fund Holdings (Unaudited)

Alta Quality Growth Fund Holdings as of March 31, 2024.*

* As a percentage of net assets.

Availability of Portfolio Schedules (Unaudited)

The Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http:// www.sec.gov or on the Funds’ website at www.guardiancapitalfunds.com.

8

Guardian Capital Dividend Growth Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

Common Stocks — 98.40%	Shares		Fair Value
Canada — 6.27%
Communications — 1.98%
BCE, Inc.		5,162	$	175,431
TELUS Corp.		19,751		316,005
				491,436
Energy — 1.05%
Canadian Natural Resources Ltd.		3,408		260,099
Financials — 3.24%
Royal Bank of Canada(a)		7,987		805,647
Total Canada				1,557,182
Denmark — 3.63%
Health Care — 3.63%
Novo Nordisk A/S - ADR		7,020		901,368
Total Denmark				901,368
France — 10.28%
Consumer Discretionary — 1.55%
LVMH Moet Hennessy Louis Vuitton S.A. - ADR		2,131		385,775
Energy — 3.44%
TotalEnergies S.E. - ADR		12,452		857,071
Financials — 2.07%
AXA S.A.		13,700		514,526
Health Care — 0.75%
Sanofi - ADR		3,830		186,138
Industrials — 2.47%
Schneider Electric S.E. - ADR		13,574		614,902
Total France				2,558,412
Germany — 2.16%
Financials — 2.16%
Allianz S.E.		1,800		539,417
Total Germany				539,417
Ireland — 3.30%
Technology — 3.30%
Accenture PLC, Class A		2,372		822,159
Total Ireland				822,159
Netherlands — 6.77%
Technology — 6.77%
ASML Holding N.V.		868		842,368
Wolters Kluwer N.V. - ADR		5,350		839,522
Total Netherlands				1,681,890

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

9

Guardian Capital Dividend Growth Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

Common Stocks — 98.40% - (continued)	Shares		Fair Value
Switzerland — 2.88%
Consumer Staples — 2.88%
Nestle S.A. - ADR		6,742	$	716,000
Total Switzerland				716,000
United Kingdom — 3.38%
Consumer Staples — 0.96%
Unilever PLC - ADR		4,784		240,109
Health Care — 2.42%
AstraZeneca PLC - ADR		8,878		601,485
Total United Kingdom				841,594
United States — 59.73%
Consumer Discretionary — 4.27%
Home Depot, Inc. (The)		1,502		576,167
McDonald’s Corp.		1,727		486,928
				1,063,095
Consumer Staples — 6.15%
Costco Wholesale Corp.		1,581		1,158,288
Procter & Gamble Co. (The)		2,292		371,877
				1,530,165
Energy — 7.35%
EOG Resources, Inc.		1,734		221,675
Shell PLC - ADR		10,651		714,043
Williams Cos., Inc. (The)		22,943		894,088
				1,829,806
Financials — 2.07%
Hartford Financial Services Group, Inc. (The)		4,993		514,529
Health Care — 7.48%
AbbVie, Inc.		2,491		453,611
Amgen, Inc.		773		219,779
Johnson & Johnson		4,031		637,664
UnitedHealth Group, Inc.		1,114		551,096
				1,862,150
Industrials — 7.82%
Illinois Tool Works, Inc.		778		208,761
Republic Services, Inc.		4,113		787,393
W.W. Grainger, Inc.		293		298,069
Waste Management, Inc.		3,061		652,452
				1,946,675
Materials — 1.54%
Air Products & Chemicals, Inc.		1,586		384,240
Real Estate — 1.38%
Equinix, Inc.		417		344,163
Technology — 20.63%
Apple, Inc.		7,575		1,298,961
Broadcom, Inc.		1,210		1,603,745

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

10

Guardian Capital Dividend Growth Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

Common Stocks — 98.40% - (continued)	Shares		Fair Value
United States — 59.73% - (continued)
Technology — 20.63% - (continued)
MasterCard, Inc., Class A		1,326	$	638,562
Microsoft Corp.		3,779		1,589,901
				5,131,169
Utilities — 1.04%
WEC Energy Group, Inc.		3,166		259,992
Total United States				14,865,984
Total Common Stocks
(Cost $15,536,285)				24,484,006
Money Market Funds - 1.48%
Morgan Stanley Institutional Liquidity Funds Treasury Securities Portfolio, Institutional Class, 5.16%(b)		369,109		369,109
Total Money Market Funds
(Cost $369,109)				369,109
Total Investments — 99.88%
(Cost $15,905,394)				24,853,115
Other Assets in Excess of Liabilities — 0.12%				29,294
Net Assets — 100.00%			$	24,882,409

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of March 31, 2024.

ADR- American Depositary Receipt

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

11

Guardian Capital Fundamental Global Equity Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

Common Stocks — 99.01%	Shares		Fair Value
China — 4.00%
Consumer Discretionary — 4.00%
Yum China Holdings, Inc.		90,162	$	3,587,546
Total China				3,587,546
Denmark — 12.07%
Health Care — 7.64%
Coloplast A/S, Class B		15,000		2,022,805
Novo Nordisk A/S, Class B		37,832		4,822,183
				6,844,988
Materials — 4.43%
Novozymes A/S, Class B		67,712		3,968,219
Total Denmark				10,813,207
France — 11.38%
Consumer Staples — 3.54%
L’Oreal S.A.		6,708		3,174,179
Health Care — 7.84%
EssilorLuxottica S.A.		31,039		7,021,444
Total France				10,195,623
Ireland — 5.01%
Technology — 5.01%
Accenture PLC, Class A		12,945		4,486,866
Total Ireland				4,486,866
Japan — 2.12%
Industrials — 2.12%
Keyence Corp.		4,100		1,898,216
Total Japan				1,898,216
Switzerland — 2.97%
Consumer Staples — 2.97%
Nestle S.A.		25,049		2,659,498
Total Switzerland				2,659,498
United Kingdom — 6.32%
Consumer Staples — 2.95%
Reckitt Benckiser Group PLC		46,480		2,646,849
Industrials — 3.37%
Intertek Group PLC(a)		48,018		3,021,086
Total United Kingdom				5,667,935
United States — 55.14%
Communications — 11.59%
Alphabet, Inc., Class A(a)		37,519		5,662,742
Booking Holdings, Inc.		1,303		4,727,128
				10,389,870

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

12

Guardian Capital Fundamental Global Equity Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

Common Stocks — 99.01% - (continued)	Shares		Fair Value
United States — 55.14% - (continued)
Consumer Discretionary — 3.54%
Nike, Inc., Class B		33,754	$	3,172,201
Consumer Staples — 4.32%
Colgate-Palmolive Co.		42,932		3,866,027
Financials — 6.84%
CME Group, Inc.		28,486		6,132,751
Health Care — 9.23%
Illumina, Inc.(a)		14,616		2,007,069
UnitedHealth Group, Inc.		7,193		3,558,377
Waters Corp.(a)		7,867		2,708,057
				8,273,503
Technology — 19.62%
Automatic Data Processing, Inc.		12,323		3,077,546
MarketAxess Holdings, Inc.		17,286		3,789,956
MasterCard, Inc., Class A		11,420		5,499,530
Microsoft Corp.		8,528		3,587,900
Verisk Analytics, Inc.		6,914		1,629,837
				17,584,769
Total United States				49,419,121
Total Common Stocks
(Cost $74,838,480)				88,728,012
Money Market Funds - 0.63%
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio, Institutional Class, 5.16%(b)		564,817		564,817
Total Money Market Funds
(Cost $564,817)				564,817
Total Investments — 99.64%
(Cost $75,403,297)				89,292,829
Other Assets in Excess of Liabilities — 0.36%				322,976
Net Assets — 100.00%			$	89,615,805

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of March 31, 2024.

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

13

Alta Quality Growth Fund

Schedule of Investments

March 31, 2024 - (Unaudited)

Common Stocks — 98.50%	Shares		Fair Value
Ireland — 7.24%
Health Care — 3.62%
ICON PLC(a)		7,800	$	2,620,409
Technology — 3.62%
Accenture PLC, Class A		7,550		2,616,906
Total Ireland				5,237,315
United States — 91.26%
Communications — 16.15%
Alphabet, Inc., Class A(a)		31,950		4,822,213
Booking Holdings, Inc.		650		2,358,122
Take-Two Interactive Software, Inc.(a)		8,500		1,262,165
VeriSign, Inc.(a)		5,468		1,036,241
Walt Disney Co. (The)		18,000		2,202,480
				11,681,221
Consumer Discretionary — 12.52%
Amazon.com, Inc.(a)		8,865		1,599,069
Home Depot, Inc. (The)		8,500		3,260,599
Restaurant Brands International, Inc.		25,750		2,045,838
TJX Companies, Inc. (The)		21,200		2,150,104
				9,055,610
Consumer Staples — 3.24%
Dollar General Corp.		15,000		2,340,900
Financials — 3.58%
Markel Corp.(a)		1,700		2,586,516
Health Care — 8.83%
Thermo Fisher Scientific, Inc.		4,350		2,528,264
UnitedHealth Group, Inc.		4,150		2,053,005
Zoetis, Inc., Class A		10,650		1,802,087
				6,383,356
Industrials — 5.53%
Amphenol Corp., Class A		21,300		2,456,955
Raytheon Technologies Corp.		15,800		1,540,974
				3,997,929
Materials — 2.18%
Sherwin-Williams Co. (The)		4,550		1,580,352
Technology — 39.23%
Adobe Systems, Inc.(a)		5,200		2,623,920
Apple, Inc.		21,600		3,703,968
Autodesk, Inc.(a)		8,800		2,291,696
Broadridge Financial Solutions, Inc.		7,000		1,434,020
Fiserv, Inc.(a)		17,150		2,740,912
Intuit, Inc.		3,100		2,015,000
MasterCard, Inc., Class A		5,350		2,576,400
Microsoft Corp.		10,800		4,543,776

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

14

Alta Quality Growth Fund

Schedule of Investments (continued)

March 31, 2024 - (Unaudited)

Common Stocks — 98.50% - (continued)	Shares		Fair Value
United States — 91.26% - (continued)
Technology — 39.23% - (continued)
S&P Global, Inc.		4,300	$	1,829,435
Visa, Inc., Class A		7,700		2,148,916
Zebra Technologies Corp., Class A(a)		8,200		2,471,808
				28,379,851
Total United States				66,005,735
Total Common Stocks/Investments — 98.50%
(Cost $47,840,082)			$	71,243,050
Other Assets in Excess of Liabilities — 1.50%				1,088,398
Net Assets — 100.00%			$	72,331,448

(a) Non-income producing security.

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

15

Guardian Capital Funds

Statements of Assets and Liabilities

March 31, 2024 - (Unaudited)

			Guardian
	Guardian		Capital
	Capital		Fundamental
	Dividend		Global Equity		Alta Quality
	Growth Fund		Fund		Growth Fund
Assets
Investments in securities at fair value (cost
$15,905,394, $75,403,297 and $47,840,082)	$	24,853,115	$	89,292,829	$	71,243,050
Cash and cash equivalents		6,353		2,687		1,072,425
Foreign currency at value (cost $0, $25,586 and $0)		—		25,488		—
Receivable for fund shares sold		—		—		19,265
Receivable for investments sold		—		481,113		—
Dividends and interest receivable		29,051		37,262		29,321
Tax reclaims receivable		24,888		90,922		—
Prepaid expenses		20,011		20,570		19,494
Total Assets		24,933,418		89,950,871		72,383,555
Liabilities
Payable for fund shares redeemed		—		—		1,845
Payable for investments purchased		—		256,666		—
Payable for distributions to shareholders		28,698		—		—
Payable to Adviser		3,660		54,650		29,352
Payable to affiliates		8,198		9,724		9,337
Payable to auditors		8,896		8,895		8,895
Other accrued expenses		1,557		5,131		2,678
Total Liabilities		51,009		335,066		52,107
Net Assets	$	24,882,409	$	89,615,805	$	72,331,448
Net Assets consist of:
Paid-in capital	$	16,404,365	$	74,026,653	$	50,312,884
Accumulated earnings		8,478,044		15,589,152		22,018,564
Net Assets	$	24,882,409	$	89,615,805	$	72,331,448
Institutional Shares:
Net Assets	$	24,882,409	$	89,615,805	$	72,331,448
Shares outstanding (unlimited number of shares authorized, no par value)		1,613,443		6,780,472		4,236,828
Net asset value, offering and redemption price per share	$	15.42	$	13.22	$	17.07

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

16

Guardian Capital Funds

Statements of Operations

For the six months ended March 31, 2024 - (Unaudited)

				Guardian
	Guardian			Capital
	Capital			Fundamental
	Dividend			Global Equity			Alta Quality
	Growth Fund			Fund			Growth Fund
Investment Income
Dividend income (net of foreign taxes withheld of $11,638, $16,638 and $4,303)	$	252,513		$	578,335		$	243,621
Interest income		—			—			16,319
Total investment income		252,513			578,335			259,940
Expenses
Adviser		85,860			340,099			242,646
Administration		33,035			39,101			36,989
Legal		9,594			11,094			9,594
Trustee		8,686			8,686			8,686
Audit and tax preparation		8,671			8,670			8,670
Transfer agent		6,676			10,014			10,014
Registration		5,204			4,870			8,237
Compliance services		5,067			5,067			5,067
Custodian		3,597			17,119			3,754
Report printing		1,821			3,237			3,832
Pricing		619			865			285
Miscellaneous		12,146			13,386			13,805
Total expenses		180,976			462,208			351,579
Fees contractually waived by Adviser		(72,261	)		(41,666	)		(96,075	)
Net operating expenses		108,715			420,542			255,504
Net investment income		143,798			157,793			4,436
Net Realized and Change in Unrealized
Gain (Loss) on Investments
Net realized gain (loss) on investment securities transactions		(9,836	)		1,904,700			(1,199,610	)
Net realized gain (loss) on foreign currency transactions		169			(13,895	)		—
Net change in unrealized appreciation of investment securities		3,906,013			8,529,776			12,677,304
Net change in unrealized appreciation on foreign currency translations		211			1,844			—
Net realized and change in unrealized gain on investments		3,896,557			10,422,425			11,477,694
Net increase in net assets resulting from operations	$	4,040,355		$	10,580,218		$	11,482,130

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

17

Guardian Capital Funds

Statements of Changes in Net Assets

	Guardian Capital Dividend Growth
	Fund
				For the
	For the Six			Year Ended
	Months Ended			September 30,
	March 31, 2024			2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	143,798		$	346,487
Net realized loss on investment securities transactions		(9,667	)		(459,300	)
Net change in unrealized appreciation of investment securities		3,906,224			3,433,731
Net increase in net assets resulting from operations		4,040,355			3,320,918
Distributions to Shareholders from:
Earnings		(148,229	)		(572,974	)
Total distributions		(148,229	)		(572,974	)
Capital Transactions - Institutional Shares
Proceeds from shares sold		96,995			—
Reinvestment of distributions		103,885			468,216
Net increase in net assets resulting from capital transactions		200,880			468,216
Total Increase in Net Assets		4,093,006			3,216,160
Net Assets
Beginning of period		20,789,403			17,573,243
End of period	$	24,882,409		$	20,789,403
Share Transactions - Institutional Shares
Shares sold		6,291			—
Shares issued in reinvestment of distributions		6,939			37,055
Net increase in shares		13,230			37,055

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

18

Guardian Capital Funds

Statements of Changes in Net Assets (continued)

	Guardian Capital Fundamental
	Global Equity Fund
				For the
	For the Six			Year Ended
	Months Ended			September 30,
	March 31, 2024			2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	157,793		$	410,983
Net realized gain on investment securities transactions		1,890,805			1,756,488
Net change in unrealized appreciation of investment securities		8,531,620			7,534,318
Net increase in net assets resulting from operations		10,580,218			9,701,789
Distributions to Shareholders from:
Earnings		(2,169,463	)		(701,199	)
Total distributions		(2,169,463	)		(701,199	)
Capital Transactions - Institutional Shares
Proceeds from shares sold		1,640,686			41,348,047
Reinvestment of distributions		2,150,558			671,327
Amount paid for shares redeemed		(1,414,827	)		(438,677	)
Net increase in net assets resulting from capital transactions		2,376,417			41,580,697
Total Increase in Net Assets		10,787,172			50,581,287
Net Assets
Beginning of period		78,828,633			28,247,346
End of period	$	89,615,805		$	78,828,633
Share Transactions - Institutional Shares
Shares sold		126,976			3,697,496
Shares issued in reinvestment of distributions		169,602			59,281
Shares redeemed		(110,702	)		(36,874	)
Net increase in shares		185,877			3,719,903

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

19

Guardian Capital Funds

Statements of Changes in Net Assets (continued)

	Alta Quality Growth Fund
	For the
	For the Six			Year Ended
	Months Ended			September 30,
	March 31, 2024			2023
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income	$	4,436		$	21,883
Net realized gain (loss) on investment securities transactions		(1,199,610	)		73,179
Net change in unrealized appreciation of investment securities		12,677,304			8,478,170
Net increase in net assets resulting from operations		11,482,130			8,573,232
Distributions to Shareholders from:
Earnings		(73,256	)		(2,565,420	)
Total distributions		(73,256	)		(2,565,420	)
Capital Transactions - Institutional Shares
Proceeds from shares sold		5,348,595			17,106,042
Reinvestment of distributions		61,721			2,349,234
Amount paid for shares redeemed		(2,306,086	)		(6,772,532	)
Net increase in net assets resulting from capital transactions		3,104,230			12,682,744
Total Increase in Net Assets		14,513,104			18,690,556
Net Assets
Beginning of period		57,818,344			39,127,788
End of period	$	72,331,448		$	57,818,344
Share Transactions - Institutional Shares
Shares sold		327,819			1,237,131
Shares issued in reinvestment of distributions		3,884			189,454
Shares redeemed		(146,766	)		(489,025	)
Net increase in shares		184,937			937,560

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

20

Guardian Capital Dividend Growth Fund – Institutional Class

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months									For the Five
	Ended									Months						For the
	March			For the Years Ended						Ended			For the Year			Period
	31, 2024			September 30,						September			Ended April			Ended April
	(Unaudited)			2023			2022			30, 2021(a)			30, 2021			30, 2020(b)
Net asset value, beginning of period	$	12.99		$	11.24		$	12.87		$	12.68		$	9.85		$	10.00
Investment operations:
Net investment income		0.09			0.22			0.22			0.11			0.16			0.17
Net realized and unrealized gain (loss) on investments		2.43			1.89			(1.63	)		0.20			2.82			(0.16	)
Total from investment operations		2.52			2.11			(1.41	)		0.31			2.98			0.01
Distributions from:
Net investment income		(0.09	)		(0.22	)		(0.22	)		(0.12	)		(0.15	)		(0.16	)
Net realized gains		—			(0.14	)		—			—			—			—
Total from distributions		(0.09	)		(0.36	)		(0.22	)		(0.12	)		(0.15	)		(0.16	)
Net asset value, end of period	$	15.42		$	12.99		$	11.24		$	12.87		$	12.68		$	9.85
Total Return(c)		19.44	% (d)		18.91	%		(11.11	)%		2.42	% (d)		30.41	%		0.10	% (d)
Ratios/Supplemental Data:
Net assets, end of period (000 omitted)	$	24,882		$	20,789		$	17,573		$	19,864		$	19,449		$	14,953
Before waiver or recoupment:
Ratio of expenses to average net assets		1.58	% (e)		1.66	%		1.67	%		1.78	% (e)		1.73	%		1.94	% (e)
After waiver or recoupment:
Ratio of expenses to average net assets		0.95	% (e)		0.95	%		0.95	%		0.95	% (e)		0.95	%		0.95	% (e)
Ratio of net investment income to average net assets		1.26	% (e)		1.71	%		1.71	%		1.94	% (e)		1.40	%		1.64	% (e)
Portfolio turnover rate		4	% (d)		7	%		25	%		6	% (d)		47	%		29	% (d)

(a) The Fund changed its fiscal year end to September 30.

(b) For the period May 1, 2019 (commencement of operations) to April 30, 2020.

(c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

21

Guardian Capital Fundamental Global Equity Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months												For the
	Ended												Period
	March												Ended
	31, 2024			For the Years Ended September 30,									September
	(Unaudited)			2023			2022			2021			30, 2020(a)
Net asset value, beginning of period	$	11.95		$	9.83		$	12.84		$	10.62		$	10.00
Investment operations:
Net investment income		0.02			0.07			0.03			0.03			0.02
Net realized and unrealized gain (loss) on investments		1.57			2.16			(2.65	)		2.22			0.62
Total from investment operations		1.59			2.23			(2.62	)		2.25			0.64
Distributions from:
Net investment income		(0.02	)		(0.05	)		(0.02	)		(0.03	)		(0.02	)
Net realized gains		(0.30	)		(0.06	)		(0.37	)		—			—
Total from distributions		(0.32	)		(0.11	)		(0.39	)		(0.03	)		(0.02	)
Net asset value, end of period	$	13.22		$	11.95		$	9.83		$	12.84		$	10.62
Total Return(b)		13.50	% (c)		22.73	%		(21.15	)%		21.19	%		6.39	% (c)
Ratios/Supplemental Data:
Net assets, end of period (000 omitted)	$	89,616		$	78,829		$	28,247		$	29,756		$	22,862
Before waiver or recoupment:
Ratio of expenses to average net assets		1.09	% (d)		1.13	%		1.51	%		1.53	%		1.82	% (d)
After waiver or recoupment:
Ratio of expenses to average net assets		0.99	% (d)		0.99	%		0.99	%		0.99	%		0.99	% (d)
Ratio of net investment income to average net assets		0.37	% (d)		0.58	%		0.28	%		0.22	%		0.26	% (d)
Portfolio turnover rate		13	% (c)		4	%		4	%		14	%		10	% (c)

(a) For the period December 19, 2019 (commencement of operations) to September 30, 2020.

(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(c) Not annualized.

(d) Annualized.

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

22

Alta Quality Growth Fund - Institutional Shares

Financial Highlights

(For a share outstanding during each period)

	For the Six
	Months															For the
	Ended															Period
	March															Ended
	31, 2024			For the Years Ended September 30,												September
	(Unaudited)			2023			2022			2021			2020			30, 2019(a)
Net asset value, beginning of period	$	14.27		$	12.56		$	17.65		$	13.80		$	12.57		$	10.00
Investment operations:
Net investment income (loss)		—(b)			0.01			(0.04	)		(0.05	)		0.02			0.04
Net realized and unrealized gain (loss) on investments		2.82			2.51			(4.70	)		3.91			1.59			2.53
Total from investment operations		2.82			2.52			(4.74	)		3.86			1.61			2.57
Distributions from:
Net investment income		—			—			—			(0.01	)		(0.05	)		—
Net realized gains		(0.02	)		(0.81	)		(0.35	)		—			(0.33	)		—
Total from distributions		(0.02	)		(0.81	)		(0.35	)		(0.01	)		(0.38	)		—
Net asset value, end of period	$	17.07		$	14.27		$	12.56		$	17.65		$	13.80		$	12.57
Total Return(c)		19.76	% (d)		21.04	%		(27.45	)%		27.96	%		12.92	%		25.70	% (d)
Ratios/Supplemental Data:
Net assets, end of period (000 omitted)	$	72,331		$	57,818		$	39,128		$	51,805		$	38,490		$	27,446
Before waiver or recoupment:
Ratio of expenses to average net assets		1.09	% (e)		1.16	%		1.18	%		1.18	%		1.30	%		1.54	% (e)
After waiver or recoupment:
Ratio of expenses to average net assets		0.79	% (e)		0.79	%		0.79	%		0.79	%		0.79	%		0.79	% (e)
Ratio of net investment income (loss) to average net assets		0.01	% (e)		0.04	%		(0.24	)%		(0.32	)%		0.14	%		0.45	% (e)
Portfolio turnover rate		3	% (d)		22	%		19	%		16	%		26	%		16	% (d)

(a) For the period December 19, 2018 (commencement of operations) to September 30, 2019.

(b) Rounds to less than $0.005 per share.

(c) Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Annualized.

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

23

Guardian Capital Funds

Notes to the Financial Statements

March 31, 2024 - (Unaudited)

NOTE 1. ORGANIZATION

The Guardian Capital Dividend Growth Fund (“Guardian Dividend Fund”), Guardian Capital Fundamental Global Equity Fund (“Guardian Equity Fund”) and Alta Quality Growth Fund (“Alta Growth Fund”) (each a “Fund” and, collectively the “Funds”) were organized as diversified (Guardian Dividend Fund and Alta Growth Fund) and non-diversified (Guardian Equity Fund) series of the Capitol Series Trust (the “Trust”). The Funds are registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2013 as amended and restated November 18, 2021 (the “Trust Agreement”). The Trust Agreement permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. The Guardian Dividend Fund’s and Guardian Equity Fund’s investment adviser is Guardian Capital LP and the Alta Growth Fund’s investment adviser is Alta Capital Management, LLC (each an “Adviser”). Alta Capital Management, LLC is a wholly-owned U.S. domiciled subsidiary of Guardian Capital LP. The Guardian Equity Fund’s sub-adviser is GuardCap Asset Management Limited, a non-U.S. wholly-owned subsidiary of Guardian Capital LP domiciled in the United Kingdom. The investment objective of the Guardian Dividend Fund is to provide long-term capital appreciation and current income. The investment objective of the Guardian Equity Fund is to provide long-term capital appreciation. The investment objective of the Alta Growth Fund is to seek long-term growth of capital with lower than market volatility.

Each Fund currently offers one class of shares, Institutional Shares. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Funds and is entitled to such dividends and distributions out of income belonging to the Funds as are declared by the Board.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

Regulatory Update – Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit

24

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the unrealized gain or loss from investments.

Federal Income Taxes – The Funds make no provision for federal income or excise tax. Each Fund has qualified and intends to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded

25

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

Expenses – Expenses incurred by the Trust that do not relate to a specific fund are allocated to the individual funds of the Trust based on each fund’s relative net assets or another appropriate basis (as determined by the Board).

Security Transactions and Related Income – Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Withholding taxes on foreign dividends have been recorded for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

Dividends and Distributions – The Guardian Dividend Fund and the Guardian Equity Fund intend to distribute their net investment income quarterly and their net realized long-term and short-term capital gains, if any, at least annually. The Alta Growth Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Funds.

26

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

● 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.

27

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Board approved policies, the Funds rely on independent third-party pricing services to provide the current market value of securities. Those pricing services value equity securities, including exchange-traded funds, exchange-traded notes, closed-end funds and preferred stocks, traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there is no reported sale on the principal exchange, equity securities are valued at the mean between the most recent quoted bid and asked price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the pricing service of the funds and are generally categorized as Level 1 securities.

In the event that market quotations are not readily available 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.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2024:

			Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
Guardian Dividend Fund
Common Stocks (a)	$	24,484,006	$	—	$	—	$	24,484,006
Money Market Funds		369,109		—		—		369,109
Total	$	24,853,115	$	—	$	—	$	24,853,115
Guardian Equity Fund
Common Stocks (a)	$	88,728,012	$	—	$	—	$	88,728,012
Money Market Funds		564,817		—		—		564,817
Total	$	89,292,829	$	—	$	—	$	89,292,829
Alta Growth Fund
Common Stocks (a)	$	71,243,050	$	—	$	—	$	71,243,050
Total	$	71,243,050	$	—	$	—	$	71,243,050

^(a) Refer to Schedule of Investments for sector classifications.

28

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

The Funds did not hold any investments during or at the end of the reporting period in which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

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

Each Adviser manages its Funds’ investments under the terms of the investment advisory agreement with the Trust with respect to each Fund (each an “Agreement”). As compensation for its management services, each Fund pays its Adviser a fee based on the Fund’s average daily net assets as follows:

	Guardian Dividend	Guardian Equity
	Fund	Fund	Alta Growth Fund
Management fee rate	0.75%	0.80%	0.75%
Management fees earned	$85,860	$340,099	$242,646
Fees waived/expenses reimbursed	$(72,261)	$(41,666)	$(96,075)

Each Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of each Fund’s business; (v) dividend expenses on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) do not exceed 0.95% of the Guardian Dividend Fund’s, 0.99% of the Guardian Equity Fund’s and 0.79% of the Alta Growth Fund’s average daily net assets through January 31, 2025 (“Expense Limitation”). During any fiscal year that the Agreements between each Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed with respect to each Fund it advises, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement took effect and provided further that such recoupment can be achieved within the Expense Limitation currently in effect and the Expense Limitation in place when the waiver/reimbursement occurred. This Expense Limitation agreement may not be terminated by the Adviser prior to its expiration date, but the Board may terminate such agreement at any time.

29

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

As of March 31, 2024, each respective Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount as follows:

			Guardian
			Dividend
Recoverable Through			Fund
April 30, 2024			$	11,870
September 30, 2024				63,443
September 30, 2025				147,961
September 30, 2026				144,066
March 31, 2027				72,261
	Guardian		Alta Growth
Recoverable Through	Equity Fund		Fund
September 30, 2024	$	—	$	93,671
September 30, 2025		109,000		192,184
September 30, 2026		102,610		183,313
March 31, 2027		41,666		96,075

The Trust retains Ultimus Fund Solutions, LLC (the “Administrator”) to provide the Funds with administration, fund accounting and transfer agent services, including all regulatory reporting. Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust.

The Board supervises the business activities of the Trust. Each Trustee serves as a Trustee for the lifetime of the Trust or until the earlier of his or her required retirement as a Trustee at age 78 (which may be extended for up to two years in an emeritus non-voting capacity at the pleasure and request of the Board), or until he/she dies, resigns, or is removed, whichever is sooner. “Independent Trustees,” meaning those Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act, as amended, have each received an annual retainer of $1,500 per Fund and $500 per Fund for each quarterly Board meeting though March 31, 2023. Effective April 1, 2023, the annual retainer increased to $2,000 per Fund. In addition, each Independent Trustee may be compensated for preparation related to and participation in any special meetings of the Board and/or any Committee of the Board, with such compensation determined on a case-by-case basis based on the length and complexity of the meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings.

The officers and one trustee of the Trust are employees of the Administrator. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the principal distributor of each Fund’s shares. The Distributor is a wholly-owned subsidiary of the Administrator. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

30

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the six months ended March 31, 2024, purchases and sales of investment securities, other than short-term investments, were as follows:

	Guardian		Guardian		Alta Growth
	Dividend Fund		Equity Fund		Fund
Purchases	$	904,198	$	11,039,293	$	4,718,562
Sales	$	893,235	$	10,443,679	$	1,795,736

There were no purchases or sales of long-term U.S. government obligations during the six months ended March 31, 2024.

NOTE 6. FEDERAL TAX INFORMATION

At March 31, 2024, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

	Guardian			Guardian			Alta Growth
	Dividend Fund			Equity Fund			Fund
Gross unrealized appreciation	$	9,133,862		$	18,079,344		$	23,533,802
Gross unrealized depreciation		(186,141	)		(4,189,812	)		(130,834	)
Net unrealized appreciation/(depreciation) on investments	$	8,947,721		$	13,889,532		$	23,402,968
Tax cost of investments	$	15,905,394		$	75,403,297		$	47,840,082

The tax character of distributions paid for the fiscal year ended September 30, 2023, the Funds’ most recent fiscal year end, were as follows:

	Guardian		Guardian		Alta Growth
	Dividend Fund		Equity Fund		Fund
Distributions paid from:
Ordinary income(a)	$	346,641	$	297,126	$	—
Long-term capital gains		229,867		400,284		2,565,420
Total distributions paid	$	576,508	$	697,410	$	2,565,420

^(a) Short-term capital gain distributions are treated as ordinary income for tax purposes.

31

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

At September 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Guardian
	Dividend			Guardian			Alta Growth
	Fund			Equity Fund			Fund
Undistributed ordinary income	$	24,701		$	5,287		$	—
Undistributed long-term capital gains		—			1,867,459			—
Distributions payable		(20,207	)		(1,842	)		—
Accumulated capital and other losses		(470,690	)		—			(100,690	)
Unrealized appreciation on investments(a)		5,052,114			5,307,493			10,710,380
Total accumulated earnings	$	4,585,918		$	7,178,397		$	10,609,690

^(a) The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of wash losses.

As of September 30, 2023, the Guardian Dividend Fund had available for tax purposes unused capital loss carryforwards of $178,197 and $292,493 of short-term and long-term capital loss carryforwards, respectively, with no expiration, which was available to offset against future taxable net capital gains. To the extent that these carryforwards are used to offset future gains, it is probable that the amount offset will not be distributed to shareholders.

Certain qualified late year ordinary losses incurred after October 31, and within the current taxable year, are deemed to arise on the first business day of the Funds following taxable year. For the tax year ended September 30, 2023, the Alta Growth Fund deferred post October qualified losses in the amount of $100,690.

NOTE 7. SECTOR RISK

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of a Fund’s portfolio will be adversely affected. As of March 31, 2024, the Guardian Dividend Fund and Alta Growth Fund had 30.70% and 42.85% of the value of their net assets invested in stocks within the Technology sector, respectively.

32

Guardian Capital Funds

Notes to the Financial Statements (continued)

March 31, 2024 - (Unaudited)

NOTE 8. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a) (9) of the 1940 Act. As of March 31, 2024, Alexandria Bancorp Limited owned 100%, 31% and 47% of the Guardian Dividend Fund, Guardian Equity Fund and Alta Growth Fund, respectively. National Financial Services LLC owned 54% of the Guardian Equity Fund. As a result, Alexandria Bancorp Limited and National Financial Services LLC may be deemed to control the Funds.

NOTE 9. COMMITMENTS AND CONTINGENCIES

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

NOTE 10. SUBSEQUENT EVENTS

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

33

Liquidity Risk Management Program (Unaudited)

The Trust has adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The Program applies to each individual series of the Trust. The Program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of the Liquidity Administrator Committee, comprising certain Trust officers and employees of the Adviser. The Liquidity Administrator Committee maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation and was presented to the Board for consideration at its meeting held on December 7 and 8, 2023. During the review period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that the Program is reasonably designed to prevent violation of the Liquidity Rule and has been effectively implemented.

34

Summary of Fund Expenses (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Each Fund’s example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table for each class is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

		Beginning	Ending
		Account	Account	Expenses
		Value	Value	Paid		Annualized
		October 1,	March 31,	During		Expense
		2023	2024	Period(a)		Ratio
Guardian Dividend Fund
Institutional Shares	Actual	$1,000.00	$1,194.40	$	5.21	0.95%
	Hypothetical(b)	$1,000.00	$1,020.25	$	4.80	0.95%
Guardian Equity Fund
Institutional Shares	Actual	$1,000.00	$1,135.00	$	5.28	0.99%
	Hypothetical(b)	$1,000.00	$1,020.05	$	5.00	0.99%
Alta Growth Fund
Institutional Shares	Actual	$1,000.00	$1,197.60	$	4.34	0.79%
	Hypothetical(b)	$1,000.00	$1,021.05	$	3.99	0.79%

(a) Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

(b) Hypothetical assumes 5% annual return before expenses.

35

FACTS	WHAT DO THE GUARDIAN CAPITAL FUNDS (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■     Social Security number ■     account balances and account transactions ■     transaction or loss history and purchase history ■     checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes
For our marketing purposes— to offer our products and services to you	No
For joint marketing with other financial companies	No
For our affiliates’ everyday business purposes— information about your transactions and experiences	No
For our affiliates’ everyday business purposes— information about your creditworthiness	No
For nonaffiliates to market to you	No

Questions? Call (800) 957-0681

36

Who we are
Who is providing this notice?	Guardian Capital Funds Ultimus Fund Distributors, LLC (Distributor) Ultimus Fund Solutions, LLC (Administrator)
What we do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How do the Funds collect my personal information?	We collect your personal information, for example, when you ■     open an account or deposit money ■     buy securities from us or sell securities to us ■     make deposits or withdrawals from your account ■     give us your account information ■     make a wire transfer ■     tell us who receives the money ■     tell us where to send the money ■     show your government-issued ID ■     show your driver’s license
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■     sharing for affiliates’ everyday business purposes —information about your creditworthiness ■     affiliates from using your information to market to you ■     sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■     Guardian Capital LP and Alta Capital Management, LLC, the investment advisers to the Funds, could be deemed to be affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■     The Guardian Capital Funds do not share your personal information with nonaffiliates so they can market to you
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■     The Guardian Capital Funds do not jointly market.

37

PROXY VOTING

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Funds at (800) 957-0681 and (2) in Fund documents filed with the SEC on the SEC’s website at www.sec.gov.

TRUSTEES Walter B. Grimm, Chairman Lori Kaiser Janet Smith Meeks Mary Madick	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 221 East 4th Street, Suite 2900 Cincinnati, OH 45202
OFFICERS Matthew J. Miller, Chief Executive Officer and President Zachary P. Richmond, Chief Financial Officer and Treasurer Martin R. Dean, Chief Compliance Officer Tiffany R. Franklin, Secretary	LEGAL COUNSEL  Practus, LLP 11300 Tomahawk Creek Parkway, Suite 310 Leawood, KS 66211
INVESTMENT ADVISERS Guardian Capital LP 199 Bay Street, Suite 3100 P.O. Box 201 Toronto,Ontario M5L 1E8   Alta Capital Management, LLC 6440 South Wasatch Boulevard, Suite 260 Salt Lake City, UT 84121	CUSTODIAN Huntington National Bank 41 South High Street Columbus, OH 43215
DISTRIBUTOR Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246	ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTANT Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246

This report is intended only for the information of shareholders or those who have received the Funds’ prospectus which contains information about the Funds’ management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC

GUARDIAN-SAR-24

(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. Schedule of Investments.

Schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders.

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant's board of trustees are contained in the statement of additional information of the Trust with respect to the Fund(s) for which this Form N-CSR is being filed.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 13. Exhibits.

(a)(1) NOT APPLICABLE – disclosed with annual report

(a)(2) Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

(a)(3) NOT APPLICABLE.

(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

SIGNATURES

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

(Registrant) Capitol Series Trust

By (Signature and Title)	/s/ Matthew J. Miller
	Matthew J. Miller, President and Principal Executive Officer

Date 6/6/2024

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 6/6/2024

By (Signature and Title)	/s/ Zachary P. Richmond
	Zachary P. Richmond, Treasurer and Principal Financial Officer

Date 6/6/2024