GP expects to soft close the fund when it hits $35M (see page 12 of PDF)
https://www.grandeurpeakglobal.com/documents/grandeurpeakglobal-comm-20220124.pdf

https://www.sec.gov/Archives/edgar/data/1587551/000158064222001627/fullerthalersmcap497.htm
497 1 fullerthalersmcap497.htm 497
March 22, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund
A Shares – FTHAX
C Shares – FTYCX
Investor Shares – FTHNX
Institutional Shares – FTHSX
R6 Shares – FTHFX
A series of the Capitol Series Trust (the “Trust”)
Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information,
Each Dated January 28, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund – Limited Offering
Effective as of the close of business on May 23, 2022 (the “Closing Date”), the Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Fund”) will become offered on a limited basis and investors will be eligible to purchase shares of the Fund only as described below. Certain types of investors will be allowed to invest in the Fund after the Closing Date without any additional authorization. Other types of investors may invest in the Fund after the Closing Date only if approved to do to so by Fuller & Thaler Asset Management, Inc. (the “Adviser”) and the Fund. Investors who fall in neither of these categories will not be allowed to invest in the Fund after the Closing Date:
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Without Additional Authorization
The following types of investors may invest in the Fund after Closing Date as specified without additional authorization:
Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
If the shareholder of record is an omnibus account, beneficial owners in that account as of the Closing Date may also continue to purchase additional shares in their existing Fund accounts, may reinvest dividends or capital gain distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
Group Retirement Plans (and their successor, related and affiliated plans) which have the Fund available to participants prior to the Closing Date may continue to open accounts for new participants and may purchase additional shares in existing participant accounts. In addition, new Group Retirement Plans (and their successor, related and affiliated plans) may invest in the Fund after the Closing Date, may open accounts for new participants, and may purchase shares in such participant accounts. The term “Group Retirement Plans” refers to employer-sponsored retirement, deferred compensation and employee benefit plans, and includes without limitation: (a) group employer-sponsored 401(k) plans, (b) 457 plans; (c) employer-sponsored 403(b) plans; (d) profit-sharing and money purchase pension plans; (e) defined benefit plans; (f) retiree health benefit plans; (g) group annuity separate accounts offered to retirement plans; (g) non-qualified deferred compensation plans; (h) health savings plans; and (i) trusts used to fund any of the foregoing plans.
To establish eligibility as a Group Retirement Plan, the plan must satisfy the following requirements:
The plan must be a group plan (more than one participant);
The shares cannot be held in a commission-based brokerage account; and
Shares must be either held at a plan level or at the Fund level through an omnibus account of a retirement plan recordkeeper
Consequently, the term “Group Retirement Plans” does not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.
Existing fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely resides with the Financial Intermediary’s home office and where the Financial Intermediary’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts;
Registered Investment Advisory firms that have included the Fund in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Fund shares available to new and existing accounts;
Principals and employees of Fuller & Thaler Asset Management, Inc. and their immediate family members, may utilize the Fund for both new accounts and existing Fund accounts; and
Fuller & Thaler Asset Management, Inc. may utilize the Fund in new and existing fund accounts.
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Only With the Approval of the Adviser and the Fund
The following types of investors may invest in the Fund after Closing Date only with the prior approval of the Fund’s Adviser and the Fund:
Institutional Investors (including successor, related, or affiliated accounts) may establish a new account with the Fund only if the account has been accepted for investment by the Fund’s Adviser and the Fund. The term “Institutional Investors” includes, but is not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities (including states, counties and other municipalities, or any instrumentality, department, authority or agency thereof), and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. The term “Institutional Investors” also includes fee-based “wrap” account sponsors that offer discretionary and non-discretionary arrangements (provided they have an agreement covering the arrangement with the Fund) where the financial advisor or client, as applicable, has investment discretion;
After the Closing Date, new fully discretionary (including rep as portfolio manager) and non-discretionary (including rep as advisor) fee-based advisory programs may utilize the Fund for program accounts only with the approval by the Fund’s Adviser and the Fund;
Third party investment manager model portfolios will be able to open new program accounts after the Closing Date only if approved by the Fund’s Adviser and the Fund.
Except as permitted above, investors will not be permitted to invest in the Fund after the Closing Date. If the Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund after the Closing Date, the Fund will attempt to contact the investor to determine whether he or she would like to purchase shares of another Fund advised by Fuller & Thaler Asset Management, Inc. or would prefer that the investment be refunded. If the Fund cannot contact the investor within 30 days, the entire investment will be refunded.
* * *
2
The Fund in its sole discretion reserves the right at any time to change these policies, including limiting new purchases into the Fund or otherwise modifying the closure policy based on the Fund’s net asset levels and other factors.
Please refer to the Prospectus of the Fuller & Thaler Behavioral Small-Cap Equity Fund for additional information regarding buying and selling shares.
Further Information
For further information, please contact the Fund toll-free at 1-888-912-4562. You may also obtain additional copies of the Fund’s Summary Prospectuses, Prospectus and Statement of Additional Information, free of charge, by writing to the Fund c/o Ultimus Fund Solutions, LLC at P.O. Box 46707, Cincinnati, Ohio 45246-0707, by calling the Fund toll-free at the number above or by visiting the Fund’s website at www.fullerthalerfunds.com.
3

There is a lot written on whether yield-curve inversion is good (rarely) or bad (mostly), and whether it precedes recession (often but not always).
But it does affect consumer behavior for how they invest, save and spend. What is also surprising is how fast the 2Y-10Y spread has collapsed when the inflation data and Fed policy should be doing just the OPPOSITE. Strange.

As you'd expect from BG, high volatility, high beta, M* high risk. Not doing well this year, again as one would expect.

Concur with @msf assessment. BPESX is down over 10% per M* while the top 10 (global) holdings constitute 54% of the fund, a concentrated portfolio. The international version, VWIGX is down 14% YTD versus VG International Market index, VTIAX, -4.7%.
Personally, I think high growth funds are not appropriate for today’s environment.

Explainer: Why an inverted yield curve may not be all bad for U.S. banks

Yields on the 2-year Treasury rose higher than those of the 10-year Treasury for the first time since 2019.
That is unusual because investors typically expect more compensation for taking on the risk that rising inflation will lower the expected return from owning longer-dated bonds. That means a 10-year note typically yields more than a 2-year note.
An inverted curve has in the past preceded recessions and can act as a warning sign for such an event.

finance/why-an-inverted-yield-curve-may-not-be-all-bad-us-banks

It had been my expectation that affordability issues would cause demand for available houses to drop once mortgage rates reached about 4% to 4 1/2%. This article suggests that a variety factors unique to this rate increase cycle may mean that will not happen anytime soon. That would be good news for our economy.

Rising mortgage rates are supposed to cool house prices. But this time could be different.

Interest Rates Soar

Treasury securities are backed by full faith and credit of the US. That is a higher guarantee than the FDIC insurance that is only from an agency of the US.
1. What are Treasury Securities?
United States Treasury securities, often simply called Treasuries, are debt obligations issued by the United States Government and secured by the full faith and credit (the power to tax and borrow) of the United States.
https://www.oge.gov/Web/278eGuide.nsf/Content/FAQs~FAQs:+Treasury+Security

2Y-10Y spread only 2.4 bps this morning. Let the countdown to 0 begin.
https://www.cnbc.com/bonds/

For the week ending on 3/30/22, the Sentiment Survey continued to improve: Neutral became the top sentiment (40.6%; high) & bearish became the bottom sentiment (27.5%; below average); bullish remained the middle sentiment (31.9%; below average). After 5 weeks, the Russia-Ukraine war is at a stalemate on the ground, there is little progress in talks & Russia is redeploying its troops to focus in fewer areas including Donbas. The yield-curve has flattened considerably & has a small bulge in the middle; all this from very aggressive talk by the Fed. Stocks continued to move up while bonds were mixed (taxable flat, HY up, munis down). The US may announce a steady release of crude oil from its Strategic Petroleum Reserves (SPE) to limit oil price increases; the OPEC/OPEC+ is meeting today (Thursday) but is not expected to announce any major changes (Russia is part of the OPEC+). https://ybbpersonalfinance.proboards.com/post/553/thread

@wxman123 - You have to set up an "automatic investment" schedule into the fund of choice once you've made your initial purchase at the $49.95 cost. The suggested schedule is along the lines of $X/quarter on a day of your choice but can be customized. Once selected it appears as though you need to make three such automatic investment purchases at $5 each but you can cancel the order after one additional investment has been made. I do this often after the market has taken a dump on my favored funds.

Thanks! I hold my RCTIX at Firstrade but good to know about FIDO. I think I'm going to dump all but a foothold until this situation clarifies.

@BaluBalu, Treasury yields have moved rather quickly. So, T-Bills and T-Notes may offer better rates than comparable CDs. This isn't usually so and CDs offer better rates.
But until that happens (as banks catch up), go for T-Bills and T-Notes.
Review this previous thread, https://www.mutualfundobserver.com/discuss/discussion/comment/147288/#Comment_147288

For OEFs & ETFs combined, changes vs 12/31 are not big. I think equity markets were down quite a bit but investors seem to be reallocating / rebalancing contemporaneously. Buy the dip is alive and well?!

Must have just updated from $0 to $10.

Clicking the link in the first message takes me to Grandeur Peak Global Explorer page which at the moment says assets are 10.3 million dollars.

"For years, something strange kept happening on Wall Street.
Before a big shareholder could carry out plans to sell a slug of stock, the price dropped. It was as if other investors knew what was coming."
☞ Wall Street Journal Article

Nobody told me. ;)
I think that's the first time I've followed a WSJ link that wasn't behind a paywall.
Thanks for posting.

Yes, see an earlier press release by Vanguard,
https://pressroom.vanguard.com/news/Press-Release-VG-to-Expand-ESG-Lineup-with-Positive-Impact-Stock-Fund-011922.html#:~:text=Vanguard's new fund will seek,driving solutions to global challenges.

Old Morningstar states it has a little over $10M.
http://quotes.morningstar.com/chart/fund/chart?t=GPGEx&region=usa&culture=en_US

Thanks to both of you for the info. I just bought a 2 year @ 2.2 thanks to you guys. Maybe not great, but 1.5% better than the local banks. I'll be looking to build a ladder as things keep going up.
OJ

https://www.sec.gov/Archives/edgar/data/1120543/000110465922040134/tm2210621d1_497.htm
497 1 tm2210621d1_497.htm 497
Filed pursuant to Rule 497(e)
under the Securities Act of 1933, as amended
Registration File No.: 333-200831
BAILLIE GIFFORD FUNDS
Baillie Gifford Positive Change Equities Fund
(the “Positive Change Fund”)
Supplement dated March 30, 2022
to the Positive Change Fund’s Prospectus dated May 1, 2021, as amended
IMPORTANT NOTICE REGARDING FUND REORGANIZATION
The Board of Trustees of Baillie Gifford Funds (the “Board”) has approved, subject to shareholder approval, the reorganization of the Positive Change Fund with and into a newly formed series of Vanguard Valley Forge Funds (the “Vanguard Fund”) (the “Reorganization”).
Baillie Gifford Overseas Limited (the “Adviser”), the investment adviser to the Positive Change Fund, recommended the Reorganization to the Board. In order to accomplish the Reorganization, the Board approved an Agreement and Plan of Reorganization for the Positive Change Fund (the “Plan”), which in turn has to be approved by the Positive Change Fund’s shareholders. After the Reorganization, the Vanguard Fund will be managed by the Adviser in accordance with an identical investment objective and substantially similar strategies as those utilized by the Positive Change Fund. The Reorganization is not expected or intended to result in any changes to the day-to-day management of the Positive Change Fund. The Positive Change Fund’s existing portfolio management team will serve as portfolio managers for the Vanguard Fund.
The Plan provides for (1) the acquisition by the Vanguard Fund of all of the assets of the Positive Change Fund in exchange for newly issued shares of beneficial interest of the Vanguard Fund and the Vanguard Fund’s assumption of the liabilities of the Positive Change Fund; (2) the distribution of the Vanguard Fund shares to Positive Change Fund shareholders; and (3) the dissolution of the Positive Change Fund as soon as practicable after the completion of the Reorganization. The Reorganization is intended to qualify as a tax-free transaction for federal income tax purposes.
The Reorganization is subject to the satisfaction of a number of conditions, including approval by the shareholders of the Positive Change Fund and customary closing conditions. The Board has called a shareholder meeting where shareholders will consider and vote on the Plan (the “Special Meeting”). The Special Meeting is expected to be held in July 2022. The expected record date for the Special Meeting is set to be April 20, 2022, but may be such other date as determined by the officers of the Positive Change Fund. If approved by shareholders, the Reorganization is scheduled to occur in July 2022.
A notice of the Special Meeting of the Positive Change Fund’s shareholders and the combined proxy statement and prospectus for the Vanguard Fund will be mailed to the Positive Change Fund’s shareholders in advance of the Special Meeting and will specify the final record date and meeting date for the Special Meeting. If the Reorganization is approved by the Positive Change Fund’s shareholders at the Special Meeting, shareholders of the Positive Change Fund will receive shares of the Vanguard Fund having the same aggregate net asset value as the shares of the Positive Change Fund they hold on the date of the Reorganization. The Reorganization will not affect the total value of any shareholders’ holdings in the Positive Change Fund at the time of the Reorganization.
If shareholders approve the Reorganization, shortly after the approval the Positive Change Fund’s distributor expects to cease accepting subscriptions by new and existing shareholders until the completion of the Reorganization. Positive Change Fund shareholders will continue to be able to redeem their shares up until the completion of the Reorganization.
Subsciption and redemption requests received after completion of the Reorganization (if approved) should be directed to the Vanguard Fund in accordance with its prospectus.
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Vanguard Fund or Positive Change Fund, nor is it a solicitation of any proxy. For important information regarding the Reorganizations or to receive a free copy of the combined proxy statement and prospectus relating to the Reorganization, once it is available, please call 1-844-394-6127. The combined proxy statement and prospectus relating to the Reorganization will also be available free of charge on the Securities and Exchange Commission’s web site (http://www.sec.gov). Please read the combined proxy statement and prospectus carefully before making any decision to invest or when considering the Reorganization proposal.
This Supplement should be retained for future reference.