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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. Holdings subject to change.

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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 12/31/2024, top 10 holdings in the Behavioral Small-Cap Equity Fund’s portfolio: Acuity Brands Inc., 3.02%; EMCOR Group Inc., 2.77%; Comfort Systems USA Inc., 2.54%; Allison Transmission Holdings Inc., 2.48%; H&R Block Inc., 2.31%; Exelixis Inc., 2.23%; Sterling Infrastructure Inc., 2.18%; Murphy USA Inc., 1.94%; Eagle Materials Inc., 1.79%; Evercore Inc., 1.78%.
As of 12/31/2024, top 10 holdings in the Behavioral Small-Cap Growth Fund’s portfolio: Vertiv Holdings Co., 3.68%; Axon Enterprise Inc., 3.26%; Doximity Inc., 2.45%; Victoria’s Secret & Co., 2.45%; Modine Manufacturing Co., 2.23%; Intapp Inc., 2.23%; Pegasystems Inc., 2.19%; e.l.f. Beauty Inc., 2.08%; Vertex Inc., 2.07%; Lumentum Holdings Inc., 2.04%.
As of 12/31/2024, top 10 holdings in the Behavioral Mid-Cap Value Fund’s portfolio: Global Payments Inc., 4.88%; Fidelity National Information Services Inc., 4.09%; Citizens Financial Group Inc., 3.25%; Berry Global Group Inc., 2.85%; Healthpeak Properties Inc., 2.85%; Synchrony Financial, 2.81%; KeyCorp, 2.69%; Dollar Tree Inc., 2.56%; Everest Group Ltd., 2.48%; AGCO Corp., 2.35%.
As of 12/31/2024, top 10 holdings in the Behavioral Unconstrained Equity Fund’s portfolio: Synchrony Financial, 5.47%; eBay Inc., 5.19%; Allison Transmission Holdings Inc., 4.97%; O'Reilly Automotive Inc., 4.94%; Ross Stores Inc., 4.91%; Waters Corp., 4.83%; Capital One Financial Corp., 4.71%; Coca-Cola Consolidated Inc., 4.71%; Parker-Hannifin Corp., 4.55%; Gentex Corp., 4.44%.

As of 12/31/2024, top 10 holdings in the Behavioral Small-Mid Core Fund’s portfolio: Allison Transmission Holdings Inc., 4.20%; Gaming and Leisure Properties Inc., 3.42%; Lancaster Colony Corporation, 3.25%; Coterra Energy Inc., 3.04%; Old Republic International Corp., 2.99%; Exelixis Inc., 2.86%; Coca-Cola Consolidated Inc., 2.79%; Gentex Corporation, 2.74%; SS&C Technologies Holdings Inc., 2.72%; American Assets Trust Inc., 2.50%.
As of 12/31/2024, top 10 holdings in the Behavioral Micro-Cap Equity Fund’s portfolio: Emergent BioSolutions Inc., 4.21%; The RealReal Inc., 3.56%; NPK International Inc., 2.87%; Matador Resources Company, 2.49%; Wolverine World Wide Inc.,2.37%; Limoneira Co., 2.33%; United Natural Foods Inc., 2.31%; Porch Group Inc., 2.26%;  BrightView Holdings Inc., 2.20%; Genesco Inc., 2.16%. 
As of 12/31/2024, top 10 holdings in the Behavioral Mid-Cap Equity Fund’s portfolio: Jabil Inc., 3.18%; Emcor Group Inc, 2.68%; Trane Technologies PLC, 2.51%; The Hartford Financial Services Group Inc., 2.42%; BJ’s Wholesale Club Holdings Inc., 2.40%; Cummins Inc., 2.26%; Casey’s General Stores Inc., 2.12%; Ross Stores Inc., 2.04%; PPG Industries Inc., 1.99%; F5 Inc., 1.99%.

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The FullerThaler Funds are distributed by Ultimus Fund Distributors, LLC.

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​Fuller & Thaler Asset Management, Inc is not affiliated with Ultimus Fund Distributors, LLC.

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®

The Behavioral Edge

Copyright 2025 FullerThaler. 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- and mid-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.

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*The Fund’s regulatory benchmark is the Russell 1000® Equal Weight Index and is included in the Fund’s prospectus and/or shareholder report. This document can be obtained at www.fullerthalerfunds.com.

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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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FullerThaler is a brand name of Fuller & Thaler Asset Management, Inc.

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The Fund’s investment adviser, Fuller & Thaler Asset Management, Inc. (“FullerThaler” or the “Adviser”) has contractually agreed to waive its management fee and/or reimburse Fund expenses so that total annual operating expenses for the FullerThaler Funds are as stated below through January 31, 2026:

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FullerThaler Behavioral Small-Cap Growth Fund: 1.31%, 1.81%, 1.26%, 0.97% and 0.87% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Mid-Cap Value Fund: 1.20%, 1.70%, 1.15%, 0.79% and 0.69% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Unconstrained Equity Fund: 1.30%, 1.80%, 0.97%, and 0.87% for A Shares, C Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Small-Mid Core Equity Fund: 1.26%, 1.76%, 0.87%, and 0.77% for A Shares, C Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Micro-Cap Equity Fund: 1.29% for Institutional Shares.

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FullerThaler Behavioral Mid-Cap Equity Fund: 0.79% for Institutional Shares.

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FullerThaler Behavioral Small-Cap Equity Fund: 1.04%, 1.63%, 1.05%, 0.76%, and 0.63% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively.
 

***No minimum initial investment for certain investors including group retirement plans. The expense limitation does not apply to (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) fees associated with a Fund’s participation in an alternative liquidity program, (v) other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (vi) dividend expense on short sales, and (vii) indirect expenses such as acquired fund fees and expenses incurred by the Fund in any fiscal year.

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Gross Expense Ratios

FullerThaler Behavioral Small-Cap Growth Fund: 1.32%, 1.94%, 1.36%, 1.08% and 0.95% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Mid-Cap Value Fund: 1.25%, 1.88%, 1.31%, 1.03% and 0.87% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Unconstrained Equity Fund: 1.58%, 2.11%, 1.27%, and 1.14% for A Shares, C Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Small-Mid Core Equity Fund: 1.44%, 2.01%, 1.13%, and 1.01% for A Shares, C Shares, Institutional Shares, and R6 Shares, respectively. 

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FullerThaler Behavioral Micro-Cap Equity Fund: 1.69% for Institutional Shares.

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FullerThaler Behavioral Mid-Cap Equity Fund: 1.49% for Institutional Shares.

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FullerThaler Behavioral Small-Cap Equity Fund: 1.04%, 1.63%, 1.05%, 0.76%, and 0.63% for A Shares, C Shares, Investor Shares, Institutional Shares, and R6 Shares, respectively.

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

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The Russell 2000® Index, Russell 2000® Growth, Russell MidCap® Value, Russell 3000®, Russell Micro-cap®, Russell 2500™, Russell MidCap®, 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.   The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values.  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 . 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. The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Index related marks are owned by FTSE Russell. The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. 

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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. It is not possible to invest directly in the index.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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FullerThaler is the advisor to the following Funds: FullerThaler Behavioral Small-Cap Equity Fund, Fuller Thaler Behavioral Small-Cap Growth Fund, FullerThaler Behavioral Mid-Cap Value Fund, FullerThaler Behavioral Unconstrained Equity Fund, FullerThaler Behavioral Small-Mid Core Equity Fund, FullerThaler Behavioral Micro-Cap Equity Fund, and FullerThaler Behavioral Mid-Cap Equity Fund which are distributed by Ultimus Fund Distributors, LLC. However, FullerThaler is not affiliated with Ultimus Fund Distributors, LLC

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

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FINRA (Financial Industry Regulatory Authority): www.finra.org

SIPC (Securities Investor Protection Corporation): www.sipc.org

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Please find FullerThaler's Privacy Policy here

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