DISCLOSURE

Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 888-912-4562. 

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Please click here to view factsheets that show standardized performance current to the most recent calendar quarter end. Performance data quoted represents past performance. Past performance 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. Current performance may be lower or higher than the performance data quoted.

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For performance current to the most recent month end, call 888-912-4562. 

 

Investing involves risk, including loss of principal. There is no guarantee that this, or any, investment strategy will succeed; the strategy is not an indicator of future performance, and investment results may vary.  Current and future portfolio holdings are subject to risk.

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Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market's movement as a whole. The excess return of an investment relative to the return of a benchmark index is the investment's alpha.

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By clicking on the following links you will be redirected to websites maintained by a third party.

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Nobel Prize® is a trademark of the Nobel Foundation.

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As of 9/30/2020, top 10 holdings in the Behavioral Small-Cap Equity Fund’s portfolio: Jabil Inc., 3.25; BMC Stock Holdings, Inc., 3.12; Kemper Corporation, 3.06; Medpace Holdings, Inc., 3.01; EMCOR Group, Inc., 2.87; SYNNEX Corporation, 2.75; J2 Global, Inc., 2.71; Deckers Outdoor Corporation, 2.33; MasTec, Inc., 2.3; Bruker Corporation, 2.19; 

 

As of 9/30/2020, top 10 holdings in the Behavioral Small-Cap Growth Fund’s portfolio: Penn National Gaming, Inc., 3.28; Digital Turbine, Inc., 2.93; Natera, Inc., 2.58; SailPoint Technologies Holdings, Inc., 2.45; Navistar International Corporation, 2.45; Stamps.com Inc., 2.3; Green Dot Corporation Class A, 2.23; Kontoor Brands, Inc., 2.22; Crocs, Inc., 2.2; Bandwidth Inc. Class A, 2.2; 

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As of 9/30/2020, top 10 holdings in the Behavioral Mid-Cap Value Fund’s portfolio: Berry Global Group Inc, 2.96; Aramark, 2.88; WestRock Company, 2.85; Kansas City Southern, 2.77; O'Reilly Automotive, Inc., 2.69; Graphic Packaging Holding Company, 2.63; KeyCorp, 2.49; Crown Holdings, Inc., 2.44; Synchrony Financial, 2.32; East West Bancorp, Inc., 2.18; 

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As of 9/30/2020, top 10 holdings in the Behavioral Unconstrained Equity Fund’s portfolio: Generac Holdings Inc., 8.46; 

Cintas Corporation, 6.96; eBay Inc., 6.43; Yum China Holdings, Inc., 5.39; Union Pacific Corporation, 5.11; Lam Research Corporation, 4.75; Synchrony Financial, 4.7; Ecolab Inc., 4.52; Ross Stores, Inc., 4.27; Cabot Microelectronics Corp., 4.21; 

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As of 9/30/2020, top 10 holdings in the Behavioral Micro-Cap Fund’s portfolio: ​Owens & Minor, Inc., 4.28; PDL BioPharma, Inc., 3.09; B. Riley Financial, Inc., 2.9; Magnite, Inc., 2.69; Matador Resources Company, 2.63; Nautilus Inc, 2.57; Boot Barn Holdings, Inc., 2.49; Donnelley Financial Solutions, Inc., 2.26; Freshpet Inc, 2.21; Arlo Technologies, Inc., 2.21; 

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As of 9/30/2020, top 10 holdings in the Behavioral Small-Mid Core Fund’s portfolio: Generac Holdings Inc., 5.19;

Gaming and Leisure Properties, Inc., 3.18; Cabot Microelectronics Corp., 3.1; STORE Capital Corporation, 2.86; SYNNEX Corporation, 2.79; Lancaster Colony Corporation, 2.67; Entegris, Inc., 2.63; Quidel Corporation, 2.61; Kansas City Southern, 2.58; Live Oak Bancshares, Inc., 2.58; 

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The Fuller & Thaler Funds are distributed by Ultimus Fund Distributors, LLC

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The Behavioral Edge

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Copyright 2018 Fuller & Thaler. All rights reserved.

Mutual fund investing involves risk, including loss of principal.  There is no guarantee that this, or any, investment strategy will succeed; the strategy is not an indicator of future performance, and investment results may vary.  Diversification does not ensure a profit or guarantee against loss.  Small cap investing involves risks not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund returns include the reinvestment of all dividend and interest income. In comparing a Fund’s performance to any market index, prospective investors should note the following differences: indices are generally more diversified and represent only unmanaged results of long investment; a strategy may not be as diversified, more volatile, is actively managed and may short securities.  Securities sold short have unlimited potential for loss.

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**By clicking the link above, you will be redirected to a website maintained by a third party.

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The Fund’s investment adviser, Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler” or the “Adviser”) has contractually agreed to waive its management fee and/or reimburse Fund expenses so that total annual operating expenses for the Fuller & Thaler Funds as stated below through January 31, 2020:

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Fuller & Thaler Behavioral Small-Cap Equity Fund do not exceed 1.30%, 1.80%, 1.25%, 0.99% and 0.80% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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Fuller & Thaler Behavioral Small-Cap Growth Fund do not exceed 1.30%, 1.80%, 1.25%, 0.99% and 0.90% for A Shares, C Shares, Investor Shares, Institutional Shares and R6 Shares, respectively.

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Fuller & Thaler Behavioral Mid-Cap Value Fund do not exceed 1.15%, 0.90% and 0.80% for Investor Shares, Institutional Shares and R6 Shares, respectively.

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Fuller & Thaler Behavioral Unconstrained Equity Fund does not exceed 1.30%, 1.25%, 0.99% and 0.90% for A Shares, Investor Shares, Institutional Shares and R6 Shares, respectively​

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Fuller & Thaler Behavioral Small-Mid Core Equity Fund does not exceed 1.26%, 1.21%, 0.95% and 0.85% for A Shares, Investor Shares Institutional Shares and R6 Shares, respect​ively.

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Fuller & Thaler Behavioral Micro-Cap Equity Fund do not exceed 2.04%, 1.99%, 1.75% and 1.65% for A Shares, Investor Shares, Institutional Shares and R6 Shares, respectively

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**No minimum initial investment for certain investors including group retirement plans. The expense limitation does not apply to (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Fund's business; and (v) indirect expenses such as acquired fund fees and expenses.

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Investors should consider the investment objectives, risks, and charges and expenses of the fund carefully before investing.  The prospectus contains this and other information about the fund and may be obtained on this website or by calling 888-912-4562.  The prospectus should be read carefully before investing.

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The Russell 2000 Index, Russell 3000, Russell Micro-cap, and Russell 2500, and the S&P 500 Index are widely recognized unmanaged indices of equity securities and are representative of a broader domestic equity market and range of securities than is found in the Fund's portfolio.  The Russell 2000 measures the performance of the small cap segment of the US equity universe.  The Russell 2000 is a subset of the Russell 3000 Index and represents approximately 10% of total market capitalization of that index.  Individuals cannot invest directly in an index. The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Individuals cannot invest directly in an index. The Russell MidCap® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000® Value Index. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Individuals cannot invest directly in an index. The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the Russell 2000 Index based on a combination of their market cap and current index membership and it also includes up to the next 1,000 stocks.  The Russell 3000 Index is a market-capitalization-weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities.  The Russell 2500 Index is a broad index, featuring 2,500 stocks that cover the small- and mid-cap market capitalizations. The Russell 2500 is a market cap-weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities.

 

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Fuller and Thaler Asset Management is the adviser to the Fuller & Thaler Funds.  The Fuller & Thaler Funds are distributed by Ultimus Fund Distributors, LLC.

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The Behavioral Edge® is a registered trademark of Fuller & Thaler Asset Management, Inc.