# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001752724-23-016044
**Filing Date:** 2023-1
**Character Count:** 42033
**Document Hash:** 127bc45ca13cf767d651b3b34ea214a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016044.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capitol Series Trust
- **CENTRAL INDEX KEY:** 0001587551
- **IRS NUMBER:** 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:** 23560777

**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

### Preserver Alternative Opportunities Fund (Series ID: S000051554)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000162236 | Institutional Shares | PAOIX           |

## Nport-Ex

Preserver

Alternative

Opportunities

Fund

Schedule

of

Investments

November

30,

2022

-

(Unaudited)

COMMON

STOCKS

—

48.06%

Shares

Fair

Value

United

States

—

48.06%

Communications

—

3.90%

Activision

Blizzard,

Inc.

4,000

$

295,800

Liberty

Media

Corp.

-

Liberty

Formula

One

Group,

Series

A

(a) 3,091

169,912

Walt

Disney

Co.

(The)

(a) 2,000

195,740

661,452

Consumer

Discretionary

—

12.35%

AutoZone,

Inc.

(a) 100

257,900

Chipotle

Mexican

Grill,

Inc.

(a) 200

325,392

Ferrari

N.V.

800

178,440

Fortune

Brands

Home

&

Security,

Inc.

3,500

228,690

Home

Depot,

Inc.

(The)

500

161,995

Lithia

Motors,

Inc.,

Class

A

1,000

239,310

LKQ

Corp.

4,000

217,320

Marriott

International,

Inc.,

Class

A

1,800

297,630

Ulta

Beauty,

Inc.

(a) 400

185,936

2,092,613

Consumer

Staples

—

4.51%

Coca-Cola

Co.

(The)

(b) 4,000

254,440

Costco

Wholesale

Corp.

600

323,550

PepsiCo,

Inc.

1,000

185,510

763,500

Energy

—

5.28%

Exxon

Mobil

Corp.

(b) 3,000

334,021

Marathon

Petroleum

Corporation

2,300

280,163

Occidental

Petroleum

Corp.

4,000

277,960

892,144

Health

Care

—

3.01%

Merck

&

Co.,

Inc.

1,500

165,180

PerkinElmer,

Inc.

1,280

178,854

UnitedHealth

Group,

Inc.

164,328

508,362

Industrials

—

4.81%

Crane

Holding

Co.

2,000

211,880

Deere

&

Co.

550

242,550

Waste

Management,

Inc.

1,000

167,720

WESCO

International,

Inc.

(a) 1,500

193,380

815,530

Real

Estate

—

4.20%

Lamar

Advertising

Co.,

Class

A

2,600

260,364

Life

Storage,

Inc.

2,000

214,980

Prologis,

Inc.

2,000

235,580

710,924

Technology

—

8.47%

Apple,

Inc.

2,000

296,060

Fiserv,

Inc.

(a) 2,000

208,720

MasterCard,

Inc.,

Class

A

800

285,120

Preserver

Alternative

Opportunities

Fund

Schedule

of

Investments

(continued)

November

30,

2022

-

(Unaudited)

COMMON

STOCKS

—

48.06%

-

continued

Shares

Fair

Value

Technology

—

8.47%

-

continued

Microsoft

Corp.

1,000

$

255,140

PayPal

Holdings,

Inc.

(a) 1,000

78,410

Qualcomm,

Inc.

1,000

126,490

Verisk

Analytics,

Inc.

(b) 1,000

183,710

1,433,650

Utilities

—

1.53%

Ferrellgas

Partners

LP,

Class

B

61,152

WEC

Energy

Group,

Inc.

(b) 2,000

198,280

259,432

Total

United

States

8,137,607

Total

Common

Stocks

(Cost $7,741,812)

8,137,607

PREFERRED

STOCKS

—

8.10%

United

States

—

8.10%

Financials

—

6.63%

B. Riley

Financial,

Inc.,

5.25%

14,000

285,740

Capital

One

Financial

Corp.,

Series

J,

4.80%

19,000

348,080

Citigroup,

Inc.,

Series

J,

7.13%

5,000

126,700

PennyMac

Mortgage

Investment

Trust,

Series

C,

6.75%

12,000

213,960

Pinnacle

Financial

Partners,

Inc.,

Series

B,

6.75%

6,000

147,720

1,122,200

Real

Estate

—

1.47%

Hersha

Hospitality

Trust,

Series

C,

6.88%

12,000

249,600

Total

Preferred

Stocks

(Cost $1,640,318)

1,371,800

CLOSED-END

FUNDS

—

4.66%

Cohen

&

Steers

Tax-Advantaged

Preferred

Securities

and

Income

Fund

14,000

260,680

Doubleline

Income

Solutions

Fund

13,000

154,700

Western

Asset

Emerging

Markets

Debt

Fund,

Inc.

15,000

138,600

Blackrock

Capital

Allocation

Trust

16,000

234,720

Total

Closed-End

Funds

(Cost $974,696)

788,700

EXCHANGE-TRADED

FUNDS

—

3.30%

iShares

20+

Year

Treasury

Bond

ETF

2,000

205,460

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

1,500

161,640

iShares

Preferred

and

Income

Securities

ETF

6,000

191,100

Total

Exchange-Traded

Funds

(Cost $590,684)

558,200

CORPORATE

BONDS

—

14.84%

Principal

Amount

Fair

Value

Netherlands

—

1.75%

Health

Care

—

1.75%

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.75%,

3/1/2028

$

300,000

295,650

Preserver

Alternative

Opportunities

Fund

Schedule

of

Investments

(continued)

November

30,

2022

-

(Unaudited)

CORPORATE

BONDS

—

14.84%

-

continued

Principal

Amount

Fair

Value

United

States

—

13.09%

Communications

—

1.16%

CenturyLink,

Inc.,

Series

D,

7.20%,

12/1/2025

$

200,000

$

197,041

Consumer

Discretionary

—

1.80%

International

Game

Technology

PLC,

5.35%,

10/15/2023

120,000

120,758

L

Brands,

Inc.,

5.25%,

2/1/2028

200,000

184,476

305,234

Financials

—

9.03%

Bank

of

America

Corp.,

MTN,

4.15%,

9/1/2026

(c) 125,000

122,052

Bank

of

America

Corp.,

Series

FF,

5.88%,

Perpetual

250,000

223,438

Citigroup

Global

Markets

Holdings,

Inc.,

Series

N,

MTN,

7.00%,

12/3/2026

(c)(d) 500,000

432,522

Citigroup,

Inc.,

Series

M,

6.30%,

Perpetual

(3MO

LIBOR

+

342.30bps)

(c) 220,000

206,525

JPMorgan

Chase

&

Co.,

3.30%,

4/1/2026

120,000

114,488

PNC

Bank

NA,

4.05%,

7/26/2028

250,000

235,108

Stifel

Financial

Corp.,

4.25%,

7/18/2024

200,000

196,293

1,530,426

Industrials

—

0.58%

Timken

Co.

(The),

3.88%,

9/1/2024

100,000

97,566

Real

Estate

—

0.52%

Senior

Housing

Properties

Trust,

4.75%,

5/1/2024

100,000

87,562

Total

United

States

2,217,829

Total

Corporate

Bonds

(Cost $2,651,561)

2,513,479

LOAN

PARTICIPATION

NOTES

—

8.86%

Drip

Capital

SPV

Vasco

LLC,

Series

2022-J,

8.00%,

06/1/2023

(e) 1,500,000

1,500,000

Total

Loan

Participation

Notes

(Cost $1,500,000)

1,500,000

U.S.

TREASURY

OBLIGATIONS

—

5.33%

United

States

Treasury

Bond,

1.88 %

,

2/15/2041

350,000

251,692

United

States

Treasury

Inflation

Indexed

Bonds,

0.38 %

,

7/15/2025

(f) 200,000

241,325

United

States

Treasury

Inflation

Indexed

Bonds,

2.00 %

,

1/15/2026

(f) 167,000

251,319

United

States

Treasury

Note,

2.50 %

,

3/31/2023

160,000

158,927

Total

U.S.

Treasury

Obligations

(Cost $963,791)

903,263

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

1.55%

Countrywide

Alternative

Loan

Trust,

Series

2003-J2,

Class

A1,

6.00 %

,

10/25/2033

32,014

29,537

Preserver

Alternative

Opportunities

Fund

Schedule

of

Investments

(continued)

November

30,

2022

-

(Unaudited)

COLLATERALIZED

MORTGAGE

OBLIGATIONS

—

1.55%

-

continued

Countrywide

Home

Loans

Mortgage

Pass

Through

Trust,

Series

2004-HYB9,

Class

1A1,

2.64 %

,

2/20/2035

(c) $

4,718

$

4,673

GSR

Mortgage

Loan

Trust,

Series

2005-5F,

Class

8A3,

4.09 %

,

6/25/2035

(1MO

LIBOR

+

50bps)

(c) 7,597

7,067

HarborView

Mortgage

Loan

Trust,

Series

2004-07,

Class

2A1,

3.50 %

,

11/19/2034

(c) 51,866

48,778

Impac

CMB

Trust,

Series

2005-08,

Class

2B,

4.56 %

,

2/25/2036

(1MO

LIBOR

+

225bps)

(c) 62,138

54,626

Residential

Asset

Mortgage

Products,

Inc.,

Series

2001-RS2,

Class

MII2,

5.01 %

,

6/25/2031

(1MO

LIBOR

+

142.5bps)

(c) 119,174

118,645

Total

Collateralized

Mortgage

Obligations

(Cost $263,199)

263,326

Total

Investments

—

94.70%

(Cost

$16,326,061)

16,036,375

Other

Assets

in

Excess

of

Liabilities — 5.30%

898,173

NET

ASSETS

—

100.00%

$

16,934,548

(a) Non-income

producing

security.

(b) All

or

a

portion

of

the

security

is

held

as

collateral

for

unsettled

security

transactions

or

options.

(c) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

November

30,

2022. For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(d) Contingent

coupon

equity

linked

note

in

which

the

interest

will

only

be

paid

if

certain

market

indexes

trade

above

a

specific

level.

(e) Illiquid

security.

The

security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies.

The

total

fair

value

of

these

securities

as

of

November

30,

2022

was

$1,500,000,

representing

8.86%

of

net

assets.

(f) Principal

amount

of

security

is

adjusted

periodically

based

on

changes

in

the

Consumer

Price

Index.

ETF

-

Exchange-Traded

Fund

MTN

-

Medium

Term

Note

## 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:** PRESERVER ALTERNATIVE OPPORTUNITIES FUND

- **b. EDGAR series identifier (if any):** S000051554

- **c. LEI of Series:** 549300JLBXWIV3SO4E14

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $16995660.32

**Total Liabilities:** $37564.77

**Net Assets:** $16958095.55

**Cash Not Reported:** $585649.66

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 4.76275900 | **1-Year:** 68.49386600 | **5-Year:** 217.80355200 | **10-Year:** 19.32476300 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 4.30625800 | **1-Year:** 61.28724100 | **5-Year:** 219.80501900 | **10-Year:** 8.73354200 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162236 | -8.24%               | 0.97%                | 1.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-55098.30               | $-1098709.69                               |
| Month 2  | $-154366.66              | $614292.93                                 |
| Month 3  | $-54334.73               | $577565.99                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock Capital Allocation Trust                                 | Blackrock Capital Allocation Trust                              | CUSIP: 09260U109<br>LEI: 5493007LDARS47M53X11 | Long             | EC               | RF                | US        |     16000 | NS      | $234720.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                                       | Senior Housing Properties Trust                                 | CUSIP: 81721MAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $87562.26     | 0.52%             | 2024-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Liberty Media Corp Del                                             | Liberty Media Corp-Liberty Media                                | CUSIP: 531229870<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      3091 | NS      | $169912.27    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.                             | Citigroup Global Markets Holdings, Inc.                         | CUSIP: 17329UP21<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |    500000 | PA      | $432521.00    | 2.55%             | 2026-12-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | Huntington Conservative Deposit Account                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    275012 | PA      | $275012.07    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                      | iShares US Preferred Stock ETF                                  | CUSIP: 464288687<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      6000 | NS      | $191100.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                | Walt Disney Co./The                                             | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      2000 | NS      | $195740.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                   | Merck & Co., Inc.                                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1500 | NS      | $165180.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CWMBS Inc                                                          | Countrywide Home Loans Mortgage Pass Through Trust              | CUSIP: 12669GHG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4718 | PA      | $4672.61      | 0.03%             | 2035-02-20      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                             | Verisk Analytics, Inc.                                          | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1000 | NS      | $183710.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                            | UnitedHealth Group, Inc.                                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       300 | NS      | $164328.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CWMBS Inc                                                          | Countrywide Alternative Loan Trust                              | CUSIP: 12669E4A1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32014 | PA      | $29537.02     | 0.17%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Stifel Financial Corporation                                       | Stifel Financial Corp.                                          | CUSIP: 860630AD4<br>LEI: 549300E5F07FE5GHJX84 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196293.40    | 1.16%             | 2024-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                                              | Coca-Cola Co./The                                               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      4000 | NS      | $254440.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| International Game Technology                                      | International Game Technology PLC                               | CUSIP: 459902AT9<br>LEI: F9HV8ZL85LRIQ6D60098 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120758.40    | 0.71%             | 2023-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Company                                         | Marathon Petroleum Corp.                                        | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      2300 | NS      | $280163.00    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Doubleline Income Solutions Fd                                     | Doubleline Income Solutions Fund                                | CUSIP: 258622109<br>LEI: 549300RGXFCKJWYUTL28 | Long             | EC               | RF                | US        |     13000 | NS      | $154700.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                  | Capital One Financial Corp, Series J, 4.80%                     | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     19000 | NS      | $348080.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                                                     | AutoZone, Inc.                                                  | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       100 | NS      | $257900.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                      | iShares iBoxx $ Investment Grade Corporate Bond ETF             | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1500 | NS      | $161640.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Emer                                                 | Western Asset Emerging Markets Debt Fund, Inc.                  | CUSIP: 95766A101<br>LEI: 549300F68574RU1BKP84 | Long             | EC               | RF                | US        |     15000 | NS      | $138600.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                     | Citigroup, Inc.                                                 | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $206525.00    | 1.22%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                       | Marriott International, Inc.                                    | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1800 | NS      | $297630.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| B. Riley Financial Inc                                             | B. Riley Financial, Inc., 5.25%                                 | CUSIP: 05580M819<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     14000 | NS      | $285740.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                         | Apple, Inc.                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2000 | NS      | $296060.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                                                   | Life Storage, Inc.                                              | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |      2000 | NS      | $214980.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                                            | Exxon Mobil Corp.                                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3000 | NS      | $334020.00    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                     | Citigroup, Inc.                                                 | CUSIP: 172967358<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |      5000 | NS      | $126700.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                       | United States Treasury Bond                                     | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $251692.38    | 1.48%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard Inc                                            | Activision Blizzard, Inc.                                       | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      4000 | NS      | $295800.00    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Incorporation                                      | PayPal Holdings, Inc.                                           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1000 | NS      | $78410.00     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                        | Bank of America Corp.                                           | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223437.50    | 1.32%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp                                        | GSR Mortgage Loan Trust                                         | CUSIP: 36242D7M9<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |      7597 | PA      | $7066.69      | 0.04%             | 2035-06-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                            | MasterCard, Inc.                                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       800 | NS      | $285120.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                                          | WESCO International, Inc.                                       | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      1500 | NS      | $193380.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perkinelmer, Inc.                                                  | PerkinElmer, Inc.                                               | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |      1280 | NS      | $178854.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Impac CMB Trust                                                    | Impac CMB Trust                                                 | CUSIP: 45254NRY5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62138 | PA      | $54626.81     | 0.32%             | 2036-02-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                   | Teva Pharmaceutical Finance Netherlands III BV                  | CUSIP: 88167AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    300000 | PA      | $295650.00    | 1.74%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                               | JPMorgan Chase & Co.                                            | CUSIP: 46625HQW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    120000 | PA      | $114488.26    | 0.68%             | 2026-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                                      | Prologis, Inc.                                                  | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      2000 | NS      | $235580.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                                             | Waste Management, Inc.                                          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      1000 | NS      | $167720.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| The Timken Company                                                 | Timken Co./The                                                  | CUSIP: 887389AJ3<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97566.03     | 0.58%             | 2024-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania              | PNC Bank NA                                                     | CUSIP: 69349LAR9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235107.23    | 1.39%             | 2028-07-26      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Pinnacle Financial Partners Inc                                    | Pinnacle Financial Partners, Inc, Series B, 6.75%               | CUSIP: 72346Q302<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EP               | CORP              | US        |      6000 | NS      | $147720.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                       | United States Treasury Inflation Indexed Bonds                  | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    167000 | PA      | $251318.13    | 1.48%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PennyMac Mortgage Investment Trust                                 | PennyMac Mortgage Investment Trust, Series C, 6.75%             | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     12000 | NS      | $213960.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Home & Security Inc                                 | Fortune Brands Home & Security, Inc.                            | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      3500 | NS      | $228690.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | Drip Capital SPV Vasco LLC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 8.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrellgas Partners L.P. New                                       | Ferrellgas Partners LP                                          | CUSIP: 315293308<br>LEI: 529900YP52A6C5K57L34 | Long             | EC               | CORP              | US        |       364 | NS      | $61152.00     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Crane Holdings Co.                                                 | Crane Holding Co.                                               | CUSIP: 224441105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $211880.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                                          | Lamar Advertising Co.                                           | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      2600 | NS      | $260364.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                          | Residential Asset Mortgage Products, Inc.                       | CUSIP: 760985EA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119174 | PA      | $118644.80    | 0.70%             | 2031-06-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Lithia Motors Incorporated                                         | Lithia Motors, Inc.                                             | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      1000 | NS      | $239310.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                                             | CenturyLink, Inc.                                               | CUSIP: 156686AJ6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197041.00    | 1.16%             | 2025-12-01      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corporation                                   | Occidental Petroleum Corp.                                      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4000 | NS      | $277960.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                                              | WEC Energy Group, Inc.                                          | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2000 | NS      | $198280.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                        | PepsiCo, Inc.                                                   | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1000 | NS      | $185510.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                                    | LKQ Corp.                                                       | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      4000 | NS      | $217320.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                       | United States Treasury Inflation Indexed Bonds                  | CUSIP: 912828XL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $241325.48    | 1.42%             | 2025-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc                                                     | Home Depot, Inc./The                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       500 | NS      | $161995.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                                              | L Brands, Inc.                                                  | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184476.38    | 1.09%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Deere & Company                                                    | Deere & Co.                                                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       550 | NS      | $242550.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                      | iShares 20+ Year Treasury Bond ETF                              | CUSIP: 464287432<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2000 | NS      | $205460.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N V                                                        | Ferrari NV                                                      | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | US        |       800 | NS      | $178440.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust                                           | Hersha Hospitality Trust, Series C, 6.875%                      | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     12000 | NS      | $249600.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund | Cohen & Steer Tax-Advantaged Preferred Securities & Income Fund | CUSIP: 19249X108<br>LEI: FW2FPJ6GDBIAYMEK6K90 | Long             | EC               | RF                | US        |     14000 | NS      | $260680.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                                       | Costco Wholesale Corp.                                          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       600 | NS      | $323550.00    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                                              | Microsoft Corp.                                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1000 | NS      | $255140.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                                        | Fiserv, Inc.                                                    | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      2000 | NS      | $208720.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                      | QUALCOMM, Inc.                                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1000 | NS      | $126490.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Harborview Mtg Loan Trust                                          | HarborView Mortgage Loan Trust                                  | CUSIP: 41161PGG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51866 | PA      | $48777.94     | 0.29%             | 2034-11-19      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                        | Bank Of America Corp.                                           | CUSIP: 06048WX70<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122052.12    | 0.72%             | 2026-09-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                                         | Chipotle Mexican Grill, Inc.                                    | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $325392.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                       | United States Treasury Note                                     | CUSIP: 9128284D9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $158927.18    | 0.94%             | 2023-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                                                    | Ulta Beauty, Inc.                                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       400 | NS      | $185936.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-11-30

**Name of Applicant:** Capitol Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller