# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001752724-25-212283
**Filing Date:** 2025-8
**Character Count:** 52910
**Document Hash:** de92824f988b02abb9c187c1dfd0c03c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212283.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212283

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capitol Series Trust
- **CENTRAL INDEX KEY:** 0001587551

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 251276843

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 5135873447

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### FullerThaler Behavioral Unconstrained Equity Fund (Series ID: S000063936)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206939 | Institutional Shares | FTZIX           |
| C000206941 | R6 Shares            | FTZFX           |
| C000206942 | A Shares             | FTZAX           |
| C000225342 | C Shares             | FTZCX           |

## Nport-Ex

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.91

%

Apparel

&

Textile

Products

—

.13

%

Crocs,

Inc.

(a) (b) 1,332,987

$

135,004,923

Deckers

Outdoor

Corp.

(b) 121,277

12,500,020

Kontoor

Brands,

Inc.

1,068,465

70,486,636

Ralph

Lauren

Corp.

316,081

86,694,697

Skechers

U.S.A.,

Inc.,

Class

A

(a) (b) 256,400

16,178,840

320,865,116

Asset

Management

—

.59

%

Affiliated

Managers

Group,

Inc.

543,700

106,983,849

Federated

Hermes,

Inc.,

Class

B

2,680,182

118,785,666

Stifel

Financial

Corp.

645,537

66,993,830

Victory

Capital

Holdings,

Inc.,

Class

A

(b) 1,183,599

75,359,748

368,123,093

Automotive

—

.58

%

BorgWarner,

Inc.

2,101,900

70,371,612

Dorman

Products,

Inc.

(b) 746,623

91,588,243

161,959,855

Banking

—

.41

%

BancFirst

Corp.

258,477

31,952,927

Bank

OZK

(a) 456,636

21,489,290

Berkshire

Hills

Bancorp,

Inc.

656,769

16,445,496

Cadence

Bank

3,439,527

109,996,073

F.N.B.

Corp.

(b) 3,136,659

45,732,488

First

Commonwealth

Financial

Corp.

(b) 1,928,346

31,297,056

First

Financial

Bancorp

1,731,787

42,013,153

First

Financial

Bankshares,

Inc.

806,631

29,022,583

Fulton

Financial

Corp.

4,098,137

73,930,391

Hancock

Whitney

Corp.

2,049,576

117,645,662

Lakeland

Financial

Corp.

(a) 319,212

19,615,577

NBT

Bancorp,

Inc.

381,638

15,857,059

Wintrust

Financial

Corp.

621,208

77,017,368

Zions

Bancorp.

2,462,182

127,885,734

759,900,857

Biotech

&

Pharma

—

.65

%

Amphastar

Pharmaceuticals,

Inc.

(b) 1,207,454

27,723,144

Collegium

Pharmaceutical,

Inc.

(b) 1,366,808

40,416,513

Exelixis,

Inc.

(b) 7,841,816

345,628,040

Jazz

Pharmaceuticals

PLC

(b) 1,551,145

164,607,507

United

Therapeutics

Corp.

(b) 363,232

104,374,715

682,749,919

Chemicals

—

.97

%

Avient

Corp.

351,029

11,341,747

Axalta

Coating

Systems

Ltd.

(b) 4,986,617

148,052,658

Hawkins,

Inc.

298,467

42,412,161

201,806,566

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Commercial

Support

Services

—

.94

%

Clean

Harbors,

Inc.

(b) 115,351

$

26,666,844

H&R

Block,

Inc.

(a) 4,210,848

231,133,447

UniFirst

Corp.

231,394

43,552,979

301,353,270

Construction

Materials

—

.50

%

Eagle

Materials,

Inc.

763,152

154,240,651

Consumer

Services

—

.56

%

Stride,

Inc.

(b) 245,340

35,620,915

Upbound

Group,

Inc.

(b) 864,226

21,692,073

57,312,988

Containers

&

Packaging

—

.94

%

Graphic

Packaging

Holding

Co.

848,966

17,887,714

Sonoco

Products

Co.

(b) 1,798,615

78,347,669

96,235,383

Electrical

Equipment

—

.85

%

Acuity

Brands,

Inc.

525,743

156,850,166

Belden,

Inc.

938,285

108,653,403

Vontier

Corp.

(b) 3,497,092

129,042,695

394,546,264

Engineering

&

Construction

—

.01

%

Comfort

Systems

USA,

Inc.

492,136

263,888,244

EMCOR

Group,

Inc.

485,286

259,574,629

Frontdoor,

Inc.

(b) 1,839,595

108,425,729

Installed

Building

Products,

Inc.

(a) 425,221

76,675,851

Primoris

Services

Corp.

2,169,389

169,082,179

Sterling

Infrastructure,

Inc.

(b) 1,372,731

316,730,223

TopBuild

Corp.

(b) 120,244

38,927,793

1,233,304,648

Food

—

.26

%

Flowers

Foods,

Inc.

(a) 2,625,991

41,963,336

Simply

Good

Foods

Co.

(The)

(b) 2,757,050

87,095,210

129,058,546

Health

Care

Facilities

&

Services

—

.34

%

Chemed

Corp.

149,919

73,000,059

Encompass

Health

Corp.

1,731,346

212,314,960

Medpace

Holdings,

Inc.

(b) 55,554

17,436,178

Option

Care

Health,

Inc.

(b) 4,379,231

142,237,423

444,988,620

Home

Construction

—

.33

%

Armstrong

World

Industries,

Inc.

915,636

148,735,913

Griffon

Corp.

777,709

56,282,800

Taylor

Morrison

Home

Corp.

(b) 2,227,158

136,792,044

341,810,757

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Household

Products

—

.42

%

Edgewell

Personal

Care

Co.

(a) 1,848,669

$

43,277,341

Industrial

Intermediate

Products

—

.36

%

Mueller

Industries,

Inc.

(a) 459,706

36,532,836

Industrial

Support

Services

—

.55

%

Applied

Industrial

Technologies,

Inc.

523,800

121,757,310

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(a) 434,720

36,959,894

158,717,204

Institutional

Financial

Services

—

.95

%

Evercore,

Inc.,

Class

A

360,702

97,396,754

Insurance

—

.64

%

Assurant,

Inc.

288,300

56,936,367

Hanover

Insurance

Group,

Inc.

(b) 858,662

145,860,914

Primerica,

Inc.

249,583

68,303,380

271,100,661

Internet

Media

&

Services

—

.70

%

Match

Group,

Inc.

5,650,159

174,533,411

Leisure

Facilities

&

Services

—

.46

%

Boyd

Gaming

Corp.

(a) (b) 244,922

19,160,248

Monarch

Casino

&

Resort,

Inc.

329,233

28,458,901

47,619,149

Leisure

Products

—

.57

%

Hasbro,

Inc.

1,264,400

93,338,008

Mattel,

Inc.

(b) 3,445,102

67,937,411

161,275,419

Machinery

—

.41

%

Crane

Co.

187,103

35,528,989

Crane

Holding

Co.

(a) 320,366

17,267,727

Donaldson

Co.,

Inc.

1,419,592

98,448,705

ESCO

Technologies,

Inc.

212,200

40,714,814

Mueller

Water

Products,

Inc.,

Class

A,

Series

A

5,261,606

126,489,009

Tennant

Co.

405,457

31,414,808

349,864,052

Medical

Equipment

&

Devices

—

.28

%

Integer

Holdings

Corp.

(b) 234,174

28,796,377

Merit

Medical

Systems,

Inc.

(a) (b) 1,095,027

102,363,124

131,159,501

Metals

&

Mining

—

.14

%

Alpha

Metallurgical

Resources,

Inc.

(b) 130,479

14,676,278

Oil

&

Gas

Producers

—

.51

%

Chord

Energy

Corp.

430,090

41,654,217

HF

Sinclair

Corp.

2,126,694

87,364,590

Murphy

USA,

Inc.

315,563

128,371,028

257,389,835

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Oil

&

Gas

Services

&

Equipment

—

.97

%

International

Seaways,

Inc.

(a) (b) 383,091

$

13,975,160

Weatherford

International

PLC

1,685,410

84,792,977

98,768,137

Publishing

&

Broadcasting

—

.69

%

Nexstar

Media

Group,

Inc.,

Class

A

(a) 764,281

132,182,399

TEGNA,

Inc.

(b) 2,477,150

41,517,034

173,699,433

Real

Estate

—

.73

%

Apple

Hospitality

REIT,

Inc.

(a) 6,396,047

74,641,868

Retail

-

Discretionary

—

.88

%

Academy

Sports

&

Outdoors,

Inc.

(a) 494,627

22,164,236

AutoNation,

Inc.

(b) 176,865

35,134,232

Bath

&

Body

Works,

Inc.

2,459,052

73,673,198

Builders

FirstSource,

Inc.

(a) (b) 212,864

24,839,100

La-Z-Boy,

Inc.

(a) 991,865

36,867,622

192,678,388

Semiconductors

—

.38

%

Cirrus

Logic,

Inc.

(b) 1,353,379

141,096,528

Software

—

.06

%

Blackbaud,

Inc.

(b) 463,532

29,763,390

CommVault

Systems,

Inc.

(b) 526,454

91,776,726

Concentrix

Corp.

(a) 211,376

11,172,278

Donnelley

Financial

Solutions,

Inc.

(b) 368,404

22,712,107

Progress

Software

Corp.

(a) 603,961

38,556,870

Ziff

Davis,

Inc.

(a) (b) 564,547

17,088,838

211,070,209

Steel

—

.93

%

Commercial

Metals

Co.

(a) 4,042,105

197,699,356

Technology

Hardware

—

.55

%

Avnet,

Inc.

253,872

13,475,526

InterDigital,

Inc.

(a) 345,116

77,385,360

Jabil,

Inc.

233,700

50,969,970

Plexus

Corp.

(b) 377,857

51,127,831

Sanmina

Corp.

(b) 699,753

68,456,836

261,415,523

Technology

Services

—

.77

%

CACI

International,

Inc.,

Class

A

(a) (b) 151,929

72,424,554

CSG

Systems

International,

Inc.

1,353,287

88,383,174

EVERTEC,

Inc.

1,097,476

39,564,010

ExlService

Holdings,

Inc.

(b) 2,133,656

93,432,796

Parsons

Corp.

(a) (b) 1,014,092

72,781,383

Science

Applications

International

Corp.

1,095,542

123,368,984

489,954,901

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Transportation

&

Logistics

—

.37

%

Hub

Group,

Inc.,

Class

A

1,123,564

$

37,560,745

JB

Hunt

Transport

Services,

Inc.

60,920

8,748,112

Ryder

System,

Inc.

673,175

107,034,825

SkyWest,

Inc.

(b) 426,718

43,939,152

Teekay

Tankers

Ltd.,

Class

A

(b) 1,107,701

46,213,286

243,496,120

Transportation

Equipment

—

.53

%

Allison

Transmission

Holdings,

Inc.

2,583,701

245,425,758

REV

Group,

Inc.

293,802

13,982,037

259,407,795

Total

Common

Stocks

(Cost $7,880,384,999)

9,735,727,232

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.26%

(c) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

MONEY

MARKET

FUNDS

-

.42

%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.28%

(c) 453,172,457

453,172,457

Total

Money

Market

Funds

(Cost

$453,172,457)

453,172,457

Total

Investments

—

99.82%

(Cost

$8,383,557,456)

10,238,899,689

Other

Assets

in

Excess

of

liabilities

(d) —

.18

%

18,831,503

NET

ASSETS

—

100.00%

$10,257,731,192

(a) All

or

a

portion

of

the

security

was

on

loan

as

of

June

30,

2025. The

total

value

of

securities

on

loan

as

of

June

30,

2025

was

$xxx.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.65

%

Aerospace

&

Defense

—

.86

%

Kratos

Defense

&

Security

Solutions,

Inc.

(a) (b) 1,902,460

$

88,369,267

Automotive

—

.55

%

Modine

Manufacturing

Co.

(a) (b) 576,360

56,771,460

Biotech

&

Pharma

—

.85

%

BioMarin

Pharmaceutical,

Inc.

(b) 566,700

31,151,499

Elanco

Animal

Health,

Inc.

(a) (b) 3,188,500

45,531,780

Guardant

Health,

Inc.

(b) 1,391,400

72,408,457

Halozyme

Therapeutics,

Inc.

(b) 777,055

40,422,401

189,514,137

Chemicals

—

.49

%

Mosaic

Co.

(The)

1,380,700

50,367,936

Consumer

Services

—

.72

%

Adtalem

Global

Education,

Inc.

(b) 285,800

36,362,334

Stride,

Inc.

(b) 260,370

37,803,120

74,165,454

Containers

&

Packaging

—

.38

%

Sealed

Air

Corp.

1,242,700

38,560,981

Electrical

Equipment

—

.43

%

AAON,

Inc.

380,000

28,025,000

Bloom

Energy

Corp.,

Class

A

(a) (b) 2,472,510

59,142,439

NEXTracker,

Inc.,

Class

A

(a) (b) 783,715

42,610,585

Vertiv

Holdings

Co.,

Class

A

927,960

119,159,343

248,937,367

Engineering

&

Construction

—

.37

%

VSE

Corp.

292,200

38,272,356

Food

—

.67

%

Lamb

Weston

Holdings,

Inc.

586,000

30,384,100

Post

Holdings,

Inc.

(b) 350,030

38,163,771

68,547,871

Health

Care

Facilities

&

Services

—

.81

%

BrightSpring

Health

Services,

Inc.

(b) 1,713,100

40,412,029

Charles

River

Laboratories

International,

Inc.

(b) 283,000

42,939,590

83,351,619

Home

Construction

—

.38

%

Griffon

Corp.

539,500

39,043,615

Internet

Media

&

Services

—

.36

%

Lyft,

Inc.,

Class

A,

Class

A

(b) 2,311,900

36,435,544

Leisure

Facilities

&

Services

—

.41

%

Dutch

Bros,

Inc.,

Class

A

(b) 828,145

56,620,274

Life

Time

Group

Holdings,

Inc.

(b) 1,631,200

49,474,296

MGM

Resorts

International

(a) (b) 1,120,600

38,537,434

144,632,004

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Leisure

Products

—

.39

%

Axon

Enterprise,

Inc.

(b) 149,265

$

123,582,464

Camping

World

Holdings,

Inc.,

Class

A

(b) 1,885,000

32,403,150

Hasbro,

Inc.

610,100

45,037,582

Mattel,

Inc.

(b) 2,252,500

44,419,300

245,442,496

Machinery

—

.41

%

Regal-Beloit

Corp.

289,000

41,893,440

Medical

Equipment

&

Devices

—

.23

%

iRhythm

Technologies,

Inc.

(b) 370,900

57,103,764

Merit

Medical

Systems,

Inc.

(b) 415,780

38,867,114

QuidelOrtho

Corp.

(b) 1,043,600

30,076,552

126,047,430

Oil

&

Gas

Producers

—

.98

%

California

Resources

Corp.

900,000

41,103,000

Comstock

Resources,

Inc.

(a) (b) 915,000

25,318,050

Ovintiv,

Inc.

883,000

33,598,150

100,019,200

Retail

-

Consumer

Staples

—

.56

%

Sprouts

Farmers

Market,

Inc.

(b) 350,600

57,722,784

Retail

-

Discretionary

—

.44

%

Bath

&

Body

Works,

Inc.

1,144,700

34,295,212

Boot

Barn

Holdings,

Inc.

(a) (b) 264,000

40,128,000

Urban

Outfitters,

Inc.

(b) 1,003,700

72,808,398

147,231,610

Semiconductors

—

.62

%

Ambarella,

Inc.

(b) 637,400

42,109,831

Astera

Labs,

Inc.

(b) 446,300

40,354,446

Qorvo,

Inc.

(b) 515,000

43,728,650

Semtech

Corp.

(a) (b) 891,100

40,224,254

166,417,181

Software

—

.32

%

Box,

Inc.,

Class

A

(b) 1,095,000

37,416,150

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(b) 1,473,900

32,322,627

DigitalOcean

Holdings,

Inc.

(a) (b) 1,356,695

38,747,209

Duolingo,

Inc.

(b) 117,390

48,132,247

Elastic

NV

(b) 425,500

35,882,415

Five9,

Inc.

(b) 1,093,366

28,952,332

Freshworks,

Inc.,

Class

A

(b) 2,724,550

40,623,041

GitLab,

Inc.,

Class

A

(a) (b) 717,700

32,375,447

Intapp,

Inc.

(b) 634,221

32,738,488

Unity

Software,

Inc.

(b) 1,522,000

36,832,400

Upstart

Holdings,

Inc.

(a) (b) 637,400

41,227,032

Waystar

Holding

Corp.

(b) 939,240

38,386,739

443,636,127

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Finance

—

.36

%

FirstCash

Holdings,

Inc.

(b) 270,368

$

36,537,532

Steel

—

.45

%

ATI,

Inc.

(b) 563,000

48,609,420

Carpenter

Technology

Corp.

(a) 362,640

100,226,443

148,835,863

Technology

Hardware

—

.21

%

Credo

Technology

Group

Holding

Ltd.

(b) 525,000

48,609,750

Lumentum

Holdings,

Inc.

(b) 798,355

75,891,626

124,501,376

Technology

Services

—

.40

%

Shift4

Payments,

Inc.,

Class

A

(a) (b) 417,400

41,368,514

Total

Common

Stocks

(Cost $2,641,039,608)

2,836,623,164

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.26%

(c) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

Total

Investments

—

27.65%

(Cost

$2,641,039,608)

2,836,623,164

Other

Assets

in

Excess

of

liabilities

(d) —

.35

%

7,421,108,028

NET

ASSETS

—

100.00%

$10,257,731,192

(a) All

or

a

portion

of

the

security

was

on

loan

as

of

June

30,

2025. The

total

value

of

securities

on

loan

as

of

June

30,

2025

was

$xxx.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.43

%

Banking

—

.51

%

Citizens

Financial

Group,

Inc.

299,835

$

13,417,615

East

West

Bancorp,

Inc.

50,240

5,073,235

First

Citizens

BancShares,

Inc.,

Class

A

2,965

5,800,934

KeyCorp

607,555

10,583,608

M&T

Bank

Corp.

21,390

4,149,446

Old

National

Bancorp

(a) (b) 132,885

2,835,766

Zions

Bancorp.

69,990

3,635,281

45,495,885

Chemicals

—

.28

%

Celanese

Corp.

92,400

5,112,492

Dow,

Inc.

235,130

6,226,243

LyondellBasell

Industries

N.V.,

Class

A

97,490

5,640,771

Olin

Corp.

250,400

5,030,536

Sherwin-Williams

Co.

(The)

8,194

2,813,492

24,823,534

Commercial

Support

Services

—

.31

%

Aramark

(a) 123,800

5,183,506

Brink's

Co.

(The)

58,685

5,239,984

Republic

Services,

Inc.

8,510

2,098,651

Vestis

Corp.

99,337

569,201

13,091,342

Containers

&

Packaging

—

.81

%

Amcor

PLC

(a) 1,289,449

11,850,034

Crown

Holdings,

Inc.

44,940

4,627,921

Graphic

Packaging

Holding

Co.

557,000

11,735,990

Smurfit

WestRock

PLC

153,870

6,639,491

34,853,436

Electric

Utilities

—

.45

%

Alliant

Energy

Corp.

(a) 32,990

1,994,905

CenterPoint

Energy,

Inc.

73,855

2,713,433

CMS

Energy

Corp.

24,895

1,724,726

Edison

International

23,550

1,215,180

Pinnacle

West

Capital

Corp.

22,575

2,019,785

9,668,029

Electrical

Equipment

—

.19

%

AMETEK,

Inc.

13,920

2,518,963

Roper

Technologies,

Inc.

3,870

2,193,671

4,712,634

Food

—

.14

%

Flowers

Foods,

Inc.

245,000

3,915,100

Ingredion,

Inc.

33,500

4,543,270

8,458,370

Forestry,

Paper

&

Wood

Products

—

.20

%

Magnera

Corp.

(b) 66,353

801,544

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Gas

&

Water

Utilities

—

.67

%

Atmos

Energy

Corp.

17,235

$

2,656,086

Health

Care

Facilities

&

Services

—

.60

%

Centene

Corp.

(b) 23,535

1,277,480

Henry

Schein,

Inc.

(b) 35,080

2,562,594

Labcorp

Holdings,

Inc.

24,550

6,444,620

10,284,694

Household

Products

—

.01

%

Reynolds

Consumer

Products,

Inc.

186,000

3,984,120

Industrial

Support

Services

—

.04

%

U-Haul

Holding

Co.

148,065

8,050,294

Insurance

—

.90

%

Everest

Re

Group,

Ltd.

31,240

10,616,913

Globe

Life,

Inc.

63,555

7,899,251

Markel

Corp.

(b) 4,400

8,788,384

27,304,548

Machinery

—

.81

%

AGCO

Corp.

102,900

10,615,163

Donaldson

Co.,

Inc.

62,525

4,336,109

Hillenbrand,

Inc.

203,200

4,078,224

19,029,496

Medical

Equipment

&

Devices

—

.77

%

Dentsply

Sirona,

Inc.

689,050

10,942,114

Oil

&

Gas

Producers

—

.07

%

Cheniere

Energy,

Inc.

29,985

7,301,947

Devon

Energy

Corp.

276,335

8,790,217

16,092,164

Real

Estate

—

.37

%

American

Tower

Corp.,

Class

A

27,540

6,086,891

Brixmor

Property

Group,

Inc.

196,775

5,124,021

WP

Carey,

Inc.

33,655

2,099,399

13,310,311

Reit

—

.01

%

Americold

Realty

Trust,

Inc.

240,000

3,991,200

REIT

—

.20

%

Healthpeak

Properties,

Inc.

574,070

10,051,966

Public

Storage

8,855

2,598,234

12,650,200

Retail

-

Consumer

Staples

—

.60

%

Dollar

General

Corp.

103,810

11,873,788

Dollar

Tree,

Inc.

(b) 143,785

14,240,466

26,114,254

Retail

-

Discretionary

—

.54

%

Advance

Auto

Parts,

Inc.

(a) 177,375

8,246,164

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Retail

-

Discretionary

—

(continued)

CarMax,

Inc.

(b) 85,505

$

5,746,791

13,992,955

Software

—

.44

%

Concentrix

Corp.

(a) 107,800

5,697,769

Specialty

Finance

—

.45

%

Ally

Financial,

Inc.

284,320

11,074,264

Synchrony

Financial

157,213

10,492,396

21,566,660

Technology

Hardware

—

.56

%

NCR

Atleos

Corp.

(b) 40,203

1,146,992

NCR

Corp.

(b) 89,840

1,053,823

2,200,815

Technology

Services

—

.93

%

Amdocs

Ltd.

27,930

2,548,333

CACI

International,

Inc.,

Class

A

(a) (b) 4,000

1,906,800

Fidelity

National

Information

Services,

Inc.

(a) 209,510

17,056,209

Global

Payments,

Inc.

203,635

16,298,945

TransUnion

75,185

6,616,280

Verisk

Analytics,

Inc.

8,865

2,761,448

47,188,015

Wholesale

-

Discretionary

—

.57

%

LKQ

Corp.

167,900

6,213,979

Total

Common

Stocks

(Cost $395,672,219)

393,174,448

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.26%

(c) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

Total

Investments

—

100.04%

(Cost

$398,080,141)

395,582,370

Liabilities

in

Excess

of

Other

Assets

—

(0

.04)

%

(142,383)

NET

ASSETS

—

100.00%

$395,439,987

(a) All

or

a

portion

of

the

security

was

on

loan

as

of

June

30,

2025. The

total

value

of

securities

on

loan

as

of

June

30,

2025

was

$xxx.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. FullerThaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.35

%

Automotive

—

.45

%

Gentex

Corp.

473,190

$

10,405,448

Banking

—

.45

%

First

Citizens

BancShares,

Inc.,

Class

A

5,315

10,398,638

Beverages

—

.77

%

Coca-Cola

Consolidated,

Inc.

78,870

8,805,836

Biotech

&

Pharma

—

.53

%

Exelixis,

Inc.

(a) 187,015

8,242,686

Chemicals

—

.21

%

Ecolab,

Inc.

27,886

7,513,604

Commercial

Support

Services

—

.46

%

Cintas

Corp.

46,712

10,410,704

E-Commerce

Discretionary

—

.71

%

eBay,

Inc.

147,960

11,017,102

Home

Construction

—

.87

%

Masco

Corp.

140,530

9,044,511

Machinery

—

.23

%

Parker-Hannifin

Corp.

14,163

9,892,431

Medical

Equipment

&

Devices

—

.32

%

Waters

Corp.

(a) 28,942

10,101,916

Retail

-

Consumer

Staples

—

.14

%

Dollar

General

Corp.

84,620

9,678,835

Retail

-

Discretionary

—

.86

%

O'Reilly

Automotive,

Inc.

(a) 115,840

10,440,659

Ross

Stores,

Inc.

80,460

10,265,087

20,705,746

Semiconductors

—

.65

%

Applied

Materials,

Inc.

63,350

11,597,485

KLA

Corp.

11,985

10,735,444

Lam

Research

Corp.

131,040

12,755,433

Teradyne,

Inc.

121,120

10,891,110

45,979,472

Software

—

.24

%

Adobe,

Inc.

(a) 23,190

8,971,747

Fortinet,

Inc.

(a) 97,460

10,303,471

19,275,218

Specialty

Finance

—

.20

%

Synchrony

Financial

147,130

9,819,456

Technology

Hardware

—

.23

%

Zebra

Technologies

Corp.,

Class

A

(a) 32,040

9,879,854

FullerThaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Transportation

&

Logistics

—

.02

%

Union

Pacific

Corp.

40,877

$

9,404,980

Transportation

Equipment

—

.01

%

Allison

Transmission

Holdings,

Inc.

74,165

7,044,933

Total

Common

Stocks

(Cost $216,749,111)

227,621,370

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

,

4.26%

(b) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

Total

Investments

—

97.35%

(Cost

$216,749,111)

227,621,370

Other

Assets

in

Excess

of

liabilities

(c) —

.65

%

6,200,343

NET

ASSETS

—

100.00%

$233,821,713

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. (c) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.71

%

Asset

Management

—

.86

%

Hamilton

Lane,

Inc.,

Class

A

25,925

$

3,684,461

Automotive

—

.03

%

Gentex

Corp.

183,215

4,028,898

Banking

—

.64

%

First

Citizens

BancShares,

Inc.,

Class

A

1,565

3,061,876

First

Commonwealth

Financial

Corp.

(a) 198,320

3,218,734

First

Financial

Bankshares,

Inc.

102,680

3,694,425

Live

Oak

Bancshares,

Inc.

85,952

2,561,370

QCR

Holdings,

Inc.

38,460

2,611,434

15,147,839

Beverages

—

.91

%

Coca-Cola

Consolidated,

Inc.

33,960

3,791,634

Biotech

&

Pharma

—

.94

%

Exelixis,

Inc.

(a) 132,245

5,828,698

Chemicals

—

.08

%

Huntsman

Corp.

301,915

3,145,954

Orion

S.A.

282,320

2,961,537

6,107,491

Construction

Materials

—

.87

%

Owens

Corning

26,880

3,696,538

E-Commerce

Discretionary

—

.11

%

eBay,

Inc.

56,130

4,179,440

Electrical

Equipment

—

.48

%

Acuity

Brands,

Inc.

4,745

1,415,623

Advanced

Energy

Industries,

Inc.

9,770

1,294,525

Allegion

PLC

35,580

5,127,789

Watts

Water

Technologies,

Inc.,

Class

A

12,250

3,012,153

10,850,090

Engineering

&

Construction

—

.62

%

Comfort

Systems

USA,

Inc.

8,830

4,734,734

Frontdoor,

Inc.

(a) 75,140

4,428,752

9,163,486

Food

—

.43

%

Lancaster

Colony

Corp.

27,940

4,827,194

Health

Care

Facilities

&

Services

—

.88

%

Medpace

Holdings,

Inc.

(a) 7,025

2,204,866

Quest

Diagnostics,

Inc.

8,520

1,530,448

3,735,314

Home

Construction

—

.78

%

Masco

Corp.

88,625

5,703,904

PulteGroup,

Inc.

16,800

1,771,728

7,475,632

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Hotels,

Restaurants

&

Leisure

—

.57

%

Expedia

Group,

Inc.

(a) 18,500

$

3,120,580

Insurance

—

.87

%

Brown

&

Brown,

Inc.

26,503

2,938,388

Old

Republic

International

Corp.

122,990

4,727,735

7,666,123

Machinery

—

.53

%

Graco,

Inc.

58,360

5,017,209

Medical

Equipment

&

Devices

—

.67

%

Align

Technology,

Inc.

(a) 4,350

823,586

Dentsply

Sirona,

Inc.

227,670

3,615,400

Hologic,

Inc.

(a) 36,970

2,408,965

Waters

Corp.

(a) 12,550

4,380,452

11,228,403

Oil

&

Gas

Producers

—

.36

%

Coterra

Energy,

Inc.

173,600

4,405,968

Devon

Energy

Corp.

133,034

4,231,812

8,637,780

Publishing

&

Broadcasting

—

.30

%

New

York

Times

Co.

(The),

Class

A

81,450

4,559,571

Real

Estate

—

.19

%

American

Assets

Trust,

Inc.

182,795

3,610,201

Apple

Hospitality

REIT,

Inc.

231,600

2,702,772

6,312,973

Reit

—

.47

%

National

Storage

Affiliates

Trust

91,370

2,922,926

REIT

—

.17

%

Gaming

and

Leisure

Properties,

Inc.

49,690

2,319,529

Matson,

Inc.

35,490

3,951,812

6,271,341

Retail

-

Consumer

Staples

—

.49

%

Dollar

General

Corp.

8,415

962,508

Retail

-

Discretionary

—

.84

%

Advance

Auto

Parts,

Inc.

78,550

3,651,790

Semiconductors

—

.49

%

Cirrus

Logic,

Inc.

(a) 19,640

2,047,568

IPG

Photonics

Corp.

(a) 37,960

2,605,954

Power

Integrations,

Inc.

(a) 14,080

787,072

Teradyne,

Inc.

60,555

5,445,105

10,885,699

Software

—

.11

%

Akamai

Technologies,

Inc.

(a) 40,055

3,194,787

Concentrix

Corp.

6,765

357,564

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Software

—

(continued)

SS&C

Technologies

Holdings,

Inc.

55,400

$

4,587,120

8,139,471

Specialty

Finance

—

.77

%

Synchrony

Financial

82,135

5,481,690

Steel

—

.23

%

Steel

Dynamics,

Inc.

19,120

2,447,551

Technology

Hardware

—

.77

%

NetApp,

Inc.

20,990

2,236,485

Zebra

Technologies

Corp.,

Class

A

(a) 16,960

5,229,785

7,466,270

Technology

Services

—

.17

%

Leidos

Holdings,

Inc.

31,220

4,925,268

Science

Applications

International

Corp.

29,735

3,348,458

8,273,726

Transportation

Equipment

—

.08

%

Allison

Transmission

Holdings,

Inc.

64,215

6,099,783

Total

Common

Stocks

(Cost $199,017,852)

191,662,109

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

,

4.26%

(b) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

Total

Investments

—

96.71%

(Cost

$199,017,852)

191,662,109

Other

Assets

in

Excess

of

liabilities

(c) —

.29

%

6,521,126

NET

ASSETS

—

100.00%

$198,183,235

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. (c) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.55

%

Automotive

—

.24

%

Cooper-Standard

Holding,

Inc.

(a) 11,800

$

253,700

Beverages

—

.03

%

Westrock

Coffee

Co.

(a) 36,900

211,437

Biotech

&

Pharma

—

.21

%

Emergent

BioSolutions,

Inc.

(a) 76,115

485,614

Vanda

Pharmaceuticals,

Inc.

(a) 36,245

171,076

656,690

Commercial

Support

Services

—

.79

%

BrightView

Holdings,

Inc.

(a) 30,285

504,245

LegalZoom.com,

Inc.

(a) 30,425

271,087

775,332

Consumer

Services

—

.31

%

Coursera,

Inc.

(a) 30,375

266,085

Universal

Technical

Institute,

Inc.

(a) 6,055

205,204

471,289

Engineering

&

Construction

—

.60

%

TSS,

Inc.

(a)(b) 18,400

530,472

Entertainment

Content

—

.99

%

Starz

Entertainment

Corp.

(a) 12,600

202,482

Food

—

.06

%

Limoneira

Co.

(a) 20,795

325,442

TreeHouse

Foods,

Inc.

(a) 12,000

233,040

Utz

Brands,

Inc.

21,575

270,766

829,248

Health

Care

Facilities

&

Services

—

.19

%

NeoGenomics,

Inc.

(a) 33,225

242,875

Home

&

Office

Products

—

.88

%

Traeger,

Inc.

(a) 105,000

179,550

Home

Construction

—

.65

%

Beazer

Homes

USA,

Inc.

(a) 14,900

333,313

Smith

Douglas

Homes

Corp.

(a) 10,700

207,794

541,107

Household

Products

—

.14

%

Spectrum

Brands

Holdings,

Inc.

4,400

233,200

Insurance

—

.06

%

Root,

Inc.

(a) 1,690

216,269

Internet

Media

&

Services

—

.95

%

Groupon,

Inc.

(a) 11,925

398,891

Leisure

Facilities

&

Services

—

.50

%

BJ's

Restaurants,

Inc.

(a) 8,700

388,019

El

Pollo

Loco

Holdings,

Inc.

(a) 28,165

310,097

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Leisure

Facilities

&

Services

—

(continued)

Lindblad

Expeditions

Holdings,

Inc.

(a) 26,200

$

305,754

Red

Robin

Gourmet

Burgers,

Inc.

(a) 56,265

325,774

1,329,644

Leisure

Products

—

.59

%

Camping

World

Holdings,

Inc.,

Class

A

(a) 18,850

324,032

Medical

Equipment

&

Devices

—

.86

%

CareDx,

Inc.

(a) 14,265

278,738

MiMedx

Group,

Inc.

(a) 37,700

230,347

Neogen

Corp.

(a) 33,275

159,055

Treace

Medical

Concepts,

Inc.

(a) 49,980

293,882

Zimvie,

Inc.

(a) 25,045

234,171

1,196,193

Oil

&

Gas

Producers

—

.00

%

Clean

Energy

Fuels

Corp.

(a) 112,075

218,546

Delek

US

Holdings,

Inc.

16,200

343,116

Matador

Resources

Co.

9,620

459,066

1,020,728

Oil

&

Gas

Services

&

Equipment

—

.55

%

Ameresco,

Inc.,

Class

A

(a) 25,625

389,244

Newpark

Resources,

Inc.

(a) 63,465

540,087

929,331

Publishing

&

Broadcasting

—

.36

%

Clear

Channel

Outdoor

Holdings,

Inc.

(a) 222,950

260,851

Townsquare

Media,

Inc.,

Class

A

(a) 27,860

220,373

481,224

REIT

—

.75

%

Farmland

Partners,

Inc.

(a) 22,455

258,457

Net

Lease

Office

Properties

(a) 9,320

303,366

561,823

Renewable

Energy

—

.73

%

Complete

Solaria,

Inc.

(a) 50,425

92,782

Fluence

Energy,

Inc.

(a) 38,900

261,019

353,801

Retail

-

Discretionary

—

.39

%

Citi

Trends,

Inc.

(a) 8,500

283,815

Semiconductors

—

.15

%

Ultra

Clean

Holdings,

Inc.

(a) 10,375

234,164

Software

—

.96

%

Cerence,

Inc.

(a) 34,900

356,329

Domo,

Inc.

(a) 34,500

481,965

Evolent

Health,

Inc.,

Class

A

(a) 27,750

312,465

Porch

Group,

Inc.

(a) 77,677

915,812

PubMatic,

Inc.,

Class

A

(a) 20,100

250,044

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Software

—

(continued)

Vimeo,

Inc.

(a) 82,725

$

334,209

2,650,824

Specialty

Finance

—

.49

%

Dave,

Inc.

(a) 1,925

516,690

PROG

Holdings,

Inc.

(a) 6,700

196,645

713,335

Technology

Hardware

—

.79

%

Aviat

Networks,

Inc.

(a) 13,200

317,460

Digital

Turbine,

Inc.

(a) 130,250

768,475

Pitney

Bowes,

Inc.

35,700

389,487

Xperi,

Inc.

(a) 40,570

320,909

1,796,331

Technology

Services

—

.51

%

Conduent,

Inc.

(a) 76,200

201,168

Green

Dot

Corp.,

Class

A

(a) 68,455

737,945

Repay

Holdings

Corp.,

Class

A

(a) 38,650

186,293

1,125,406

Telecommunications

—

.69

%

Shenandoah

Telecommunications

Co.

25,300

345,598

Transportation

&

Logistics

—

.18

%

Bristow

Group,

Inc.

(a) 7,345

242,165

Wholesale

-

Consumer

Staples

—

.23

%

Calavo

Growers,

Inc.

9,460

251,541

Wholesale

-

Discretionary

—

.72

%

ThredUp,

Inc.,

Class

A

(a) 47,000

352,030

Total

Common

Stocks

(Cost $18,533,133)

19,934,527

CLOSED

END

FUNDS

—

.31

%

NexPoint

Diversified

Real

Estate

Trust

(a) 64,000

268,160

Total

Closed

End

Funds

(Cost $236,888)

268,160

COLLATERAL

FOR

SECURITIES

LOANED

—

.00

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

4.26%

(c) 1

—

Total

Collateral

for

Securities

Loaned

(Cost $–)

—

Total

Investments

—

99.90%

(Cost

$18,983,106)

20,415,772

Other

Assets

in

Excess

of

liabilities

(d) —

.10

%

20,313

NET

ASSETS

—

100.00%

$20,436,085

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

(a) Non-income

producing

security.

(b) All

or

a

portion

of

the

security

was

on

loan

as

of

June

30,

2025. The

total

value

of

securities

on

loan

as

of

June

30,

2025

was

$xxx.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

June

30,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

.66

%

Advertising

&

Marketing

—

.92

%

Omnicom

Group,

Inc.

13,925

$

1,001,765

Aerospace

&

Defense

—

.39

%

Textron,

Inc.

(a) 5,230

419,917

Apparel

&

Textile

Products

—

.78

%

Crocs,

Inc.

(a) 5,060

512,477

Deckers

Outdoor

Corp.

(a) 3,507

361,466

Ralph

Lauren

Corp.

2,025

555,417

Tapestry,

Inc.

5,720

502,273

1,931,633

Automotive

—

.73

%

BorgWarner,

Inc.

23,740

794,815

Banking

—

.80

%

Cullen/Frost

Bankers,

Inc.

6,330

813,658

East

West

Bancorp,

Inc.

8,635

871,962

Fifth

Third

Bancorp

32,850

1,351,121

3,036,741

Beverages

—

.28

%

Molson

Coors

Brewing

Co.,

Class

B

(a) 28,890

1,389,320

Biotech

&

Pharma

—

.37

%

Biogen,

Inc.

(a) 12,830

1,611,319

Exelixis,

Inc.

(a) 23,100

1,018,133

United

Therapeutics

Corp.

(a) 3,555

1,021,529

3,650,981

Capital

Markets

—

.18

%

PPG

Industries,

Inc.

11,220

1,276,275

Chemicals

—

.30

%

CF

Industries

Holdings,

Inc.

22,380

2,058,960

Eastman

Chemical

Co.

5,970

445,720

2,504,680

Commercial

Support

Services

—

.13

%

Cintas

Corp.

8,630

1,923,368

Clean

Harbors,

Inc.

(a) 1,650

381,447

2,304,815

Construction

Materials

—

.35

%

Carlisle

Companies,

Inc.

2,030

758,002

Owens

Corning

5,105

702,040

1,460,042

Electric

Utilities

—

.61

%

Vistra

Corp.

3,390

657,016

Electrical

Equipment

—

.71

%

Acuity

Brands,

Inc.

1,355

404,251

Trane

Technologies

PLC

9,895

4,328,171

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Electrical

Equipment

—

(continued)

Vontier

Corp.

(a) 10,155

$

374,720

5,107,142

Electronic

Equipment,

Instruments

&

Components

—

.18

%

Zebra

Technologies

Corp.,

Class

A

(a) 4,160

1,282,778

Engineering

&

Construction

—

.52

%

Comfort

Systems

USA,

Inc.

2,495

1,337,844

EMCOR

Group,

Inc.

8,345

4,463,657

TopBuild

Corp.

(a) 610

197,481

5,998,982

Entertainment

Content

—

.28

%

Electronic

Arts,

Inc.

8,665

1,383,800

Health

Care

Facilities

&

Services

—

.42

%

Cardinal

Health,

Inc.

5,085

854,280

Centene

Corp.

(a) 13,375

725,995

Encompass

Health

Corp.

4,250

521,178

IQVIA

Holdings,

Inc.

(a) 7,870

1,240,233

Labcorp

Holdings,

Inc.

2,825

741,591

Medpace

Holdings,

Inc.

(a) 665

208,717

Quest

Diagnostics,

Inc.

2,805

503,862

4,795,856

Home

Construction

—

.13

%

Masco

Corp.

10,460

673,206

PulteGroup,

Inc.

11,535

1,216,481

Toll

Brothers,

Inc.

3,670

418,857

2,308,544

Hotels,

Restaurants

&

Leisure

—

.79

%

Darden

Restaurants,

Inc.

3,945

859,892

Industrial

Support

Services

—

.92

%

W.W.

Grainger,

Inc.

2,001

2,081,520

Institutional

Financial

Services

—

.35

%

Bank

of

New

York

Mellon

Corp.

(The)

4,170

379,929

Insurance

—

.21

%

Aflac,

Inc.

3,185

335,890

Assurant,

Inc.

4,260

841,307

Hartford

Financial

Services

Group,

Inc.

(The)

23,700

3,006,819

Reinsurance

Group

of

America,

Inc.

1,875

371,925

4,555,941

Leisure

Facilities

&

Services

—

.80

%

Hilton

Worldwide

Holdings,

Inc.

1,965

523,358

Texas

Roadhouse,

Inc.

7,620

1,428,064

1,951,422

Machinery

—

.57

%

Curtiss-Wright

Corp.

2,760

1,348,398

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Machinery

—

(continued)

Donaldson

Co.,

Inc.

6,895

$

478,168

Lincoln

Electric

Holdings,

Inc.

4,605

954,709

2,781,275

Medical

Equipment

&

Devices

—

.36

%

Agilent

Technologies,

Inc.

8,635

1,019,017

GE

HealthCare

Technologies,

Inc.

3,435

254,430

Mettler-Toledo

International,

Inc.

(a) 610

716,579

ResMed,

Inc.

2,210

570,180

2,560,206

Oil

&

Gas

Producers

—

.37

%

Cheniere

Energy,

Inc.

5,755

1,401,457

Coterra

Energy,

Inc.

23,450

595,161

Devon

Energy

Corp.

17,885

568,922

HF

Sinclair

Corp.

9,760

400,941

Murphy

USA,

Inc.

1,680

683,424

3,649,905

Oil

&

Gas

Services

&

Equipment

—

.14

%

Baker

Hughes

Co.,

Class

A

29,745

1,140,423

TechnipFMC

PLC

65,870

2,268,563

3,408,986

Publishing

&

Broadcasting

—

.33

%

Nexstar

Media

Group,

Inc.

2,065

357,142

Real

Estate

—

.37

%

Lineage,

Inc.

(a) 9,100

396,032

Real

Estate

Services

—

.92

%

CBRE

Group,

Inc.,

Class

A

(a) 14,855

2,081,482

REIT

—

.79

%

Gaming

and

Leisure

Properties,

Inc.

4,525

211,227

Mid-America

Apartment

Communities,

Inc.

1,980

293,060

Weyerhaeuser

Co.

13,645

350,540

854,827

Retail

-

Consumer

Staples

—

.22

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a) 32,615

3,516,876

Casey's

General

Stores,

Inc.

2,445

1,247,610

Kroger

Co.

(The)

42,670

3,060,719

7,825,205

Retail

-

Discretionary

—

.24

%

Best

Buy

Co.,

Inc.

6,690

449,100

Builders

FirstSource,

Inc.

(a) 13,570

1,583,483

O'Reilly

Automotive,

Inc.

(a) 6,300

567,819

Ross

Stores,

Inc.

16,745

2,136,327

Ulta

Beauty,

Inc.

(a) 6,625

3,099,308

7,836,037

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

June

30,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Software

—

.11

%

Manhattan

Associates,

Inc.

(a) 6,075

$

1,199,630

Specialty

Finance

—

.15

%

Synchrony

Financial

18,705

1,248,372

Steel

—

.04

%

Commercial

Metals

Co.

18,965

927,578

Nucor

Corp.

3,495

452,742

Reliance

Steel

&

Aluminum

Co.

2,635

827,127

2,207,447

Technology

Hardware

—

.37

%

F5,

Inc.

(a) 10,505

3,091,831

Jabil,

Inc.

21,305

4,646,620

NetApp,

Inc.

22,705

2,419,218

10,157,669

Technology

Services

—

.07

%

Amdocs

Ltd.

4,495

410,124

Cognizant

Technology

Solutions

Corp.,

Class

A

4,875

380,396

Corpay,

Inc.

(a) 3,305

1,096,665

MSCI,

Inc.

2,848

1,642,556

Parsons

Corp.

(a) 4,760

341,625

Science

Applications

International

Corp.

4,770

537,150

4,408,516

Transportation

&

Logistics

—

.63

%

JB

Hunt

Transport

Services,

Inc.

4,765

684,254

Transportation

Equipment

—

.83

%

Cummins,

Inc.

6,060

1,984,650

Total

Common

Stocks

(Cost $101,191,852)

104,775,441

Total

Investments

—

97.27%

(Cost

$101,853,507)

105,437,096

Other

Assets

in

Excess

of

liabilities

(b) —

.73

%

2,959,252

NET

ASSETS

—

100.00%

$108,396,348

(a) Non-income

producing

security.

(b) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$XXX. This

cash

is

held

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Capitol Series Trust

- **b. Investment Company Act file number:** 811-22895

- **c. CIK number of Registrant:** 0001587551

- **d. LEI of Registrant:** 549300MZI5K7U8BD2Q02

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** FULLERTHALER BEHAVIORAL UNCONSTRAINED EQUITY

- **b. EDGAR series identifier (if any):** S000063936

- **c. LEI of Series:** 549300ICYY6ZH48F5V33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $226773041.13

**Total Liabilities:** $203517.56

**Net Assets:** $226569523.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206939 | -1.43%               | 4.64%                | 4.71%                |
| Class ID C000206941 | -1.39%               | 4.61%                | 4.72%                |
| Class ID C000225342 | -2.49%               | 3.66%                | 3.75%                |
| Class ID C000206942 | -7.11%               | -1.38%               | -1.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32417.92               | $-1853853.94                               |
| Month 2  | $-1141951.34             | $9886746.28                                |
| Month 3  | $3460876.58              | $6744054.55                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gentex Corp                                    | Gentex Corp.                            | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    473190 | NS      | $10405448.10  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                            | Synchrony Financial                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    147130 | NS      | $9819456.20   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                          | Parker-Hannifin Corp.                   | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     14163 | NS      | $9892430.61   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                      | eBay, Inc.                              | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    147960 | NS      | $11017101.60  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                                  | Teradyne, Inc.                          | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    121120 | NS      | $10891110.40  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                      | KLA-Tencor Corp.                        | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     11985 | NS      | $10735443.90  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                            | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     27886 | NS      | $7513603.84   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                      | Union Pacific Corp.                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     40877 | NS      | $9404980.16   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                             | Waters Corp.                            | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     28942 | NS      | $10101915.68  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation                 | Zebra Technologies Corp.                | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     32040 | NS      | $9879854.40   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                       | O'Reilly Automotive, Inc.               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    115840 | NS      | $10440659.20  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                                 | Exelixis, Inc.                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    187015 | NS      | $8242686.13   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores, Inc.                       | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     80460 | NS      | $10265086.80  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc              | Allison Transmission Holdings, Inc.     | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     74165 | NS      | $7044933.35   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                      | Adobe Systems, Inc.                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     23190 | NS      | $8971747.20   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corporation                              | Masco Corp.                             | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    140530 | NS      | $9044510.80   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corp.                      | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    131040 | NS      | $12755433.60  | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                         | Applied Materials, Inc.                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     63350 | NS      | $11597484.50  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                   | Fortinet, Inc.                          | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     97460 | NS      | $10303471.20  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation                     | Dollar General Corp.                    | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     84620 | NS      | $9678835.60   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens Bancshares Inc (North Carolina) | First Citizens BancShares, Inc.         | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      5315 | NS      | $10398638.05  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                             | Cintas Corp.                            | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46712 | NS      | $10410703.44  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                     | Coca-Cola Bottling Company Consolidated | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     78870 | NS      | $8805835.50   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Capitol Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller