# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001752724-23-041555
**Filing Date:** 2023-2
**Character Count:** 40179
**Document Hash:** f69a286326fe4fb383596f6897dadcc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041555.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041555

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**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:** 23671548

**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

### Fuller & Thaler 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

Fuller

&

Thaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

91.86%

Apparel

&

Textile

Products

—

5.21%

Carter's,

Inc.

424,508

$

31,672,542

Deckers

Outdoor

Corp.

(a) 341,618

136,360,242

Kontoor

Brands,

Inc.

1,009,604

40,374,064

Oxford

Industries,

Inc.

288,061

26,841,524

Ralph

Lauren

Corp.

537,069

56,752,081

292,000,453

Asset

Management

—

1.37%

Federated

Hermes,

Inc.,

Class

B

1,159,056

42,085,323

Stifel

Financial

Corp.

599,299

34,981,083

77,066,406

Banking

—

7.77%

Atlantic

Union

Bancshares

Corp.

412,298

14,488,152

Bank

of

Hawaii

Corp.

803,148

62,292,159

Cadence

Bank

2,155,746

53,160,696

F.N.B.

Corp.

4,473,787

58,382,920

Financial

Institutions,

Inc.

125,277

3,051,748

First

Commonwealth

Financial

Corp.

1,281,650

17,904,651

First

Financial

Corp.

128,229

5,908,792

Fulton

Financial

Corp.

3,426,106

57,661,364

Hancock

Whitney

Corp.

1,520,516

73,577,769

Lakeland

Bancorp,

Inc.

461,869

8,133,513

Lakeland

Financial

Corp.

238,857

17,429,395

TowneBank

139,909

4,314,794

Washington

Federal,

Inc.

1,773,081

59,486,868

435,792,821

Biotech

&

Pharma

—

3.26%

Amphastar

Pharmaceuticals,

Inc.

(a) 470,084

13,171,754

Exelixis,

Inc.

(a) 2,049,690

32,877,028

United

Therapeutics

Corp.

(a) 492,973

137,090,861

183,139,643

Chemicals

—

2.24%

Avient

Corp.

371,729

12,549,571

Huntsman

Corp.

2,692,078

73,978,304

Stepan

Co.

97,138

10,341,311

Valvoline,

Inc.

897,898

29,316,370

126,185,556

Commercial

Support

Services

—

5.31%

AMN

Healthcare

Services,

Inc.

(a) 817,619

84,067,586

Clean

Harbors,

Inc.

(a) 191,051

21,802,740

CRA

International,

Inc.

70,331

8,610,624

FTI

Consulting,

Inc.

(a) 215,707

34,254,272

H&R

Block,

Inc.

2,015,476

73,585,029

Kforce,

Inc.

262,848

14,411,956

ManpowerGroup,

Inc.

255,000

21,218,550

Fuller

&

Thaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Commercial

Support

Services

—

(continued)

TriNet

Group,

Inc.

(a) 594,029

$

40,275,166

298,225,923

Consumer

Services

—

1.01%

Adtalem

Global

Education,

Inc.

(a) 608,605

21,605,477

Perdoceo

Education

Corp.

(a) 565,802

7,864,648

Rent-A-Center,

Inc.

482,996

10,891,560

Stride,

Inc.

(a) 531,169

16,614,966

56,976,651

Containers

&

Packaging

—

1.68%

Graphic

Packaging

Holding

Co.

1,793,173

39,898,099

Sonoco

Products

Co.

894,731

54,319,119

94,217,218

Electric

Utilities

—

0.30%

Otter

Tail

Corp.

154,709

9,082,965

Portland

General

Electric

Co.

152,877

7,490,973

16,573,938

Electrical

Equipment

—

3.52%

Acuity

Brands,

Inc.

400,358

66,303,288

Atkore,

Inc.

(a) 830,695

94,217,427

Belden,

Inc.

513,590

36,927,121

197,447,836

Engineering

&

Construction

—

3.44%

Comfort

Systems

USA,

Inc.

393,764

45,314,361

EMCOR

Group,

Inc.

717,899

106,328,021

Primoris

Services

Corp.

306,858

6,732,465

TopBuild

Corp.

(a) 223,451

34,967,847

193,342,694

Food

—

0.82%

Simply

Good

Foods

Co.

(The)

(a) 1,209,986

46,015,768

Forestry,

Paper

&

Wood

Products

—

1.02%

Louisiana-Pacific

Corp.

967,431

57,271,915

Health

Care

Facilities

&

Services

—

4.00%

Chemed

Corp.

70,275

35,870,468

LHC

Group,

Inc.

(a) 89,743

14,510,546

Medpace

Holdings,

Inc.

(a) 819,775

174,128,408

224,509,422

Home

Construction

—

1.19%

Masonite

International

Corp.

(a) 226,733

18,276,947

Meritage

Homes

Corp.

(a) 526,901

48,580,272

66,857,219

Household

Products

—

0.08%

Helen

of

Troy

Ltd.

(a) 39,517

4,382,830

Fuller

&

Thaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Industrial

Intermediate

Products

—

0.89%

Mueller

Industries,

Inc.

849,115

$

50,097,785

Industrial

Support

Services

—

0.91%

Applied

Industrial

Technologies,

Inc.

407,175

51,316,265

Institutional

Financial

Services

—

2.53%

Evercore,

Inc.,

Class

A

582,542

63,543,681

Jefferies

Financial

Group,

Inc.

236,169

8,095,873

Virtu

Financial,

Inc.,

Class

A

3,460,910

70,637,174

142,276,728

Insurance

—

2.14%

Hanover

Insurance

Group,

Inc.

675,957

91,342,069

Primerica,

Inc.

205,022

29,076,220

120,418,289

Machinery

—

1.00%

Crane

Holding

Co.

453,846

45,588,831

Donaldson

Co.,

Inc.

175,059

10,305,723

55,894,554

Medical

Equipment

&

Devices

—

6.12%

Bruker

Corp.

2,030,202

138,764,306

Globus

Medical,

Inc.,

Class

A

(a) 477,599

35,471,278

Integer

Holdings

Corp.

(a) 82,083

5,619,402

Integra

LifeSciences

Holdings

Corp.

(a) 1,419,546

79,593,944

Meridian

Bioscience,

Inc.

(a) 489,903

16,269,679

Merit

Medical

Systems,

Inc.

(a) 963,127

68,016,029

343,734,638

Oil

&

Gas

Producers

—

4.98%

Chord

Energy

Corp.

983,446

134,545,247

HF

Sinclair

Corp.

469,774

24,376,573

Murphy

USA,

Inc.

432,220

120,822,779

279,744,599

Publishing

&

Broadcasting

—

1.88%

Nexstar

Media

Group,

Inc.,

Class

A

602,381

105,434,746

Real

Estate

—

2.31%

Apple

Hospitality

REIT,

Inc.

5,080,892

80,176,476

City

Office,

Inc.

1,727,974

14,480,422

Office

Properties

Income

Trust

263,288

3,514,895

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

3,413,153

31,298,613

129,470,406

Real

Estate

Services

—

0.32%

Newmark

Group,

Inc.,

Class

A

2,220,688

17,698,883

Retail

-

Discretionary

—

3.81%

Academy

Sports

&

Outdoors,

Inc.

1,835,078

96,414,998

AutoNation,

Inc.

(a) 445,000

47,748,500

Builders

FirstSource,

Inc.

(a) 362,445

23,515,432

Fuller

&

Thaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Retail

-

Discretionary

—

(continued)

MarineMax,

Inc.

(a) 184,551

$

5,761,682

Signet

Jewelers

Ltd.

596,663

40,573,084

214,013,696

Semiconductors

—

3.85%

Amkor

Technology,

Inc.

3,129,596

75,047,712

Cirrus

Logic,

Inc.

(a) 802,273

59,753,293

Diodes,

Inc.

(a) 842,898

64,178,254

MaxLinear,

Inc.

(a) 511,417

17,362,607

216,341,866

Software

—

3.80%

Concentrix

Corp.

283,287

37,722,497

Consensus

Cloud

Solutions,

Inc.

(a) 70,008

3,763,630

Donnelley

Financial

Solutions,

Inc.

(a) 673,321

26,023,857

Progress

Software

Corp.

1,061,347

53,544,956

Ziff

Davis,

Inc.

(a) 1,167,396

92,341,023

213,395,963

Specialty

Finance

—

0.16%

Stewart

Information

Services

Corp.

206,877

8,839,854

Steel

—

0.85%

Commercial

Metals

Co.

984,333

47,543,284

Technology

Hardware

—

5.58%

Avnet,

Inc.

699,172

29,071,572

Jabil,

Inc.

2,813,399

191,873,812

Lumentum

Holdings,

Inc.

(a) 134,852

7,035,229

Sanmina

Corp.

(a) 1,481,700

84,886,593

312,867,206

Technology

Services

—

4.64%

CSG

Systems

International,

Inc.

1,041,236

59,558,699

EVERTEC,

Inc.

603,831

19,552,048

ExlService

Holdings,

Inc.

(a) 572,851

97,058,145

Insight

Enterprises,

Inc.

(a) 87,374

8,760,991

Science

Applications

International

Corp.

637,484

70,716,100

TTEC

Holdings,

Inc.

108,203

4,774,998

260,420,981

Transportation

&

Logistics

—

3.61%

Hub

Group,

Inc.,

Class

A

(a) 928,266

73,787,864

Landstar

System,

Inc.

791,745

128,975,261

202,763,125

Wholesale

-

Discretionary

—

0.26%

Veritiv

Corp.

121,230

14,754,903

Total

Common

Stocks

(Cost $4,208,324,264)

5,157,034,064

Fuller

&

Thaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

MONEY

MARKET

FUNDS

-

3.36%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

4.10%

(b) 188,699,493

$

188,699,493

Total

Money

Market

Funds

(Cost

$188,699,493)

188,699,493

Total

Investments

—

95.22%

(Cost

$4,397,023,757)

5,345,733,557

Other

Assets

in

Excess

of

Liabilities

—

4.78%

268,676,162

NET

ASSETS

—

100.00%

$

5,614,409,719

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2022. Fuller

&

Thaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

86.73%

Apparel

&

Textile

Products

—

1.61%

Oxford

Industries,

Inc.

22,790

$

2,123,572

Biotech

&

Pharma

—

3.79%

Alkermes

PLC

(a) 61,175

1,598,503

WillScot

Mobile

Mini

Holdings

Corp.,

Class

A

(a) 75,540

3,412,142

5,010,645

Commercial

Support

Services

—

1.58%

ZipRecruiter,

Inc.,

Class

A

(a) 127,350

2,091,087

Consumer

Services

—

1.66%

Chegg,

Inc.

(a) 87,040

2,199,501

Electrical

Equipment

—

6.20%

Acuity

Brands,

Inc.

17,020

2,818,682

Atkore,

Inc.

(a) 32,195

3,651,557

Vertiv

Holdings

Co.,

Class

A

126,630

1,729,766

8,200,005

Engineering

&

Construction

—

1.83%

Fluor

Corp.

(a) 69,700

2,415,802

Food

—

1.55%

TreeHouse

Foods,

Inc.

(a) 41,600

2,054,208

Health

Care

Facilities

&

Services

—

3.19%

Medpace

Holdings,

Inc.

(a) 11,600

2,463,956

Progyny,

Inc.

(a) 56,381

1,756,268

4,220,224

Home

Construction

—

3.77%

Griffon

Corp.

84,025

3,007,254

Skyline

Champion

Corp.

(a) 38,462

1,981,178

4,988,432

Household

Products

—

2.87%

e.l.f.

Beauty,

Inc.

(a) 68,760

3,802,428

Leisure

Facilities

&

Services

—

7.94%

Everi

Holdings,

Inc.

(a) 144,050

2,067,118

Scientific

Games

Corp.

(a) 43,780

2,565,509

Six

Flags

Entertainment

Corp.

(a) 75,100

1,746,075

Texas

Roadhouse,

Inc.

21,435

1,949,513

Wingstop,

Inc.

15,760

2,168,891

10,497,106

Leisure

Products

—

3.44%

Axon

Enterprise,

Inc.

(a) 17,865

2,964,339

Callaway

Golf

Co.

(a) 79,905

1,578,124

4,542,463

Life

Sciences

Tools

&

Services

—

3.46%

Azenta,

Inc.

39,800

2,317,156

Fuller

&

Thaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Life

Sciences

Tools

&

Services

—

(continued)

Repligen

Corp.

(a) 13,360

$

2,261,982

4,579,138

Medical

Equipment

&

Devices

—

11.27%

Envista

Holdings

Corp.

(a) 74,570

2,510,772

Lantheus

Holdings,

Inc.

(a) 52,926

2,697,109

Merit

Medical

Systems,

Inc.

(a) 42,400

2,994,287

Neogen

Corp.

(a) 154,100

2,346,943

ShockWave

Medical,

Inc.

(a) 12,995

2,671,902

Veracyte,

Inc.

(a) 70,600

1,675,338

14,896,351

Oil

&

Gas

Services

&

Equipment

—

2.22%

Weatherford

International

PLC

(a) 57,610

2,933,501

Renewable

Energy

—

1.23%

Array

Technologies,

Inc.

(a) 84,470

1,632,805

Retail

-

Discretionary

—

2.23%

Freshpet,

Inc.

(a) 55,820

2,945,621

Semiconductors

—

6.36%

Axcelis

Technologies,

Inc.

(a) 33,560

2,663,321

Cirrus

Logic,

Inc.

(a) 22,335

1,663,511

Coherent

Corp.

(a) 64,310

2,257,281

Synaptics,

Inc.

(a) 19,180

1,825,169

8,409,282

Software

—

7.23%

Calix,

Inc.

(a) 32,485

2,222,949

Evolent

Health,

Inc.,

Class

A

(a) 102,290

2,872,303

Nutanix,

Inc.,

Class

A

(a) 106,820

2,782,661

Tenable

Holdings,

Inc.

(a) 44,174

1,685,238

9,563,151

Technology

Hardware

—

9.15%

Clearfield,

Inc.

(a) 17,470

1,644,626

Extreme

Networks,

Inc.

(a) 120,090

2,198,848

Pure

Storage,

Inc.,

Class

A

(a) 92,000

2,461,920

Sanmina

Corp.

(a) 52,285

2,995,407

Super

Micro

Computer,

Inc.

(a) 33,975

2,789,347

12,090,148

Technology

Services

—

3.04%

ExlService

Holdings,

Inc.

(a) 14,725

2,494,857

Payoneer

Global,

Inc.

(a) 278,350

1,522,575

4,017,432

Wholesale

-

Consumer

Staples

—

1.11%

Grocery

Outlet

Holding

Corp.

(a) 50,055

1,461,105

Fuller

&

Thaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

Total

Common

Stocks/

Investments

—

86.73%

(Cost

$113,023,468)

$

114,674,007

Other

Assets

in

Excess

of

Liabilities

—

13.27%

17,544,170

NET

ASSETS

—

100.00%

$

132,218,177

(a) Non-income

producing

security.

Fuller

&

Thaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

90.24%

Aerospace

&

Defense

—

1.99%

Howmet

Aerospace,

Inc.

210,795

$

8,307,431

Banking

—

12.51%

Citizens

Financial

Group,

Inc.

97,600

3,842,512

East

West

Bancorp,

Inc.

54,375

3,583,313

First

Citizens

BancShares,

Inc.,

Class

A

10,002

7,585,117

First

Horizon

National

Corp.

170,610

4,179,945

First

Republic

Bank

32,100

3,912,669

Huntington

Bancshares,

Inc.

442,384

6,237,614

KeyCorp

555,950

9,684,648

M&T

Bank

Corp.

35,510

5,151,081

Wells

Fargo

&

Co.

192,335

7,941,511

52,118,410

Chemicals

—

5.16%

Celanese

Corp.

94,370

9,648,388

Olin

Corp.

162,590

8,607,515

Sherwin-Williams

Co.

(The)

13,714

3,254,744

21,510,647

Commercial

Support

Services

—

5.39%

Aramark

299,075

12,363,760

Brink's

Co.

(The)

90,860

4,880,091

Republic

Services,

Inc.

39,945

5,152,505

22,396,356

Containers

&

Packaging

—

8.75%

Berry

Plastics

Group,

Inc.

163,810

9,899,038

Crown

Holdings,

Inc.

98,480

8,096,041

Graphic

Packaging

Holding

Co.

545,485

12,137,040

WestRock

Co.

179,035

6,294,871

36,426,990

Electric

Utilities

—

4.05%

Alliant

Energy

Corp.

45,185

2,494,664

CenterPoint

Energy,

Inc.

259,845

7,792,751

CMS

Energy

Corp.

31,425

1,990,145

Edison

International

33,650

2,140,813

Pinnacle

West

Capital

Corp.

32,215

2,449,629

16,868,002

Electrical

Equipment

—

2.64%

AMETEK,

Inc.

28,715

4,012,060

Johnson

Controls

International

PLC

73,890

4,728,959

Roper

Technologies,

Inc.

5,240

2,264,152

11,005,171

Food

—

1.80%

Ingredion,

Inc.

55,480

5,433,156

J.M.

Smucker

Co.

(The)

13,065

2,070,280

7,503,436

Fuller

&

Thaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Gas

&

Water

Utilities

—

1.74%

Atmos

Energy

Corp.

64,550

$

7,234,119

Health

Care

Facilities

&

Services

—

3.16%

Centene

Corp.

(a) 32,675

2,679,677

Henry

Schein,

Inc.

(a) 37,480

2,993,528

Laboratory

Corp.

of

America

Holdings

31,870

7,504,747

13,177,952

Home

&

Office

Products

—

0.63%

Newell

Brands,

Inc.

199,711

2,612,220

Home

Construction

—

0.90%

Mohawk

Industries,

Inc.

(a) 36,505

3,731,541

Industrial

Support

Services

—

2.40%

AMERCO

181,750

9,992,615

Insurance

—

3.95%

Everest

Re

Group

Ltd.

14,410

4,773,601

Globe

Life,

Inc.

25,775

3,107,176

Markel

Corp.

(a) 6,495

8,557,098

16,437,875

Leisure

Facilities

&

Services

—

0.48%

Live

Nation

Entertainment,

Inc.

(a) 28,695

2,001,189

Machinery

—

2.67%

Donaldson

Co.,

Inc.

129,150

7,603,061

Snap-on,

Inc.

15,445

3,529,028

11,132,089

Medical

Equipment

&

Devices

—

1.65%

DENTSPLY

SIRONA,

Inc.

215,450

6,859,928

Metals

&

Mining

—

0.19%

Arconic

Corp.

(a) 38,192

808,143

Oil

&

Gas

Producers

—

3.94%

Cheniere

Energy,

Inc.

45,805

6,868,918

Devon

Energy

Corp.

89,575

5,509,758

Pioneer

Natural

Resources

Co.

17,710

4,044,787

16,423,463

Real

Estate

—

5.86%

American

Tower

Corp.

38,085

8,068,689

Brixmor

Property

Group,

Inc.

286,025

6,484,187

Public

Storage

11,655

3,265,614

Simon

Property

Group,

Inc.

27,880

3,275,342

WP

Carey,

Inc.

42,205

3,298,321

24,392,153

Retail

-

Consumer

Staples

—

3.11%

Dollar

General

Corp.

24,445

6,019,581

Fuller

&

Thaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Retail

-

Consumer

Staples

—

(continued)

Dollar

Tree,

Inc.

(a) 49,050

$

6,937,633

12,957,214

Retail

-

Discretionary

—

5.08%

Advance

Auto

Parts,

Inc.

42,335

6,224,515

CarMax,

Inc.

(a) 107,690

6,557,244

O'Reilly

Automotive,

Inc.

(a) 9,936

8,386,283

21,168,042

Specialty

Finance

—

2.28%

Synchrony

Financial

288,415

9,477,317

Technology

Hardware

—

1.02%

CommScope

Holding

Co.,

Inc.

(a) 228,615

1,680,320

NCR

Corp.

(a) 109,840

2,571,355

4,251,675

Technology

Services

—

8.89%

Amdocs

Ltd.

51,845

4,712,711

Dun

&

Bradstreet

Holdngs,

Inc.

489,125

5,996,673

Fidelity

National

Information

Services,

Inc.

179,725

12,194,340

Global

Payments,

Inc.

104,150

10,344,178

Verisk

Analytics,

Inc.

21,395

3,774,506

37,022,408

Total

Common

Stocks/

Investments

—

90.24%

(Cost

$378,192,115)

375,816,386

Other

Assets

in

Excess

of

Liabilities

—

9.76%

40,682,133

NET

ASSETS

—

100.00%

$

416,498,519

(a) Non-income

producing

security.

Fuller

&

Thaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

96.51%

Automotive

—

3.07%

Gentex

Corp.

38,490

$

1,049,622

Biotech

&

Pharma

—

4.43%

Amgen,

Inc.

1,965

516,088

Exelixis,

Inc.

(a) 62,385

1,000,655

1,516,743

Chemicals

—

3.74%

Ecolab,

Inc.

8,781

1,278,162

Commercial

Support

Services

—

6.25%

Cintas

Corp.

4,728

2,135,259

E-Commerce

Discretionary

—

6.01%

eBay,

Inc.

49,540

2,054,424

Electrical

Equipment

—

5.54%

Acuity

Brands,

Inc.

6,105

1,011,049

Generac

Holdings,

Inc.

(a) 8,785

884,298

1,895,347

Leisure

Facilities

&

Services

—

5.12%

Starbucks

Corp.

17,640

1,749,888

Machinery

—

5.10%

Parker-Hannifin

Corp.

5,993

1,743,963

Medical

Equipment

&

Devices

—

4.67%

Waters

Corp.

(a) 4,657

1,595,395

Publishing

&

Broadcasting

—

3.65%

Liberty

Media

Corp.-Liberty

Sirius

XM,

Class

C

(a) 31,941

1,249,851

Retail

-

Consumer

Staples

—

5.55%

Dollar

General

Corp.

7,715

1,899,819

Retail

-

Discretionary

—

10.27%

O'Reilly

Automotive,

Inc.

(a) 1,797

1,516,722

Ross

Stores,

Inc.

17,200

1,996,405

3,513,127

Semiconductors

—

12.17%

Lam

Research

Corp.

4,355

1,830,407

NVIDIA

Corp.

11,595

1,694,493

Teradyne,

Inc.

7,312

638,703

4,163,603

Software

—

3.31%

Fortinet,

Inc.

(a) 23,160

1,132,292

Specialty

Finance

—

8.80%

Capital

One

Financial

Corp.

15,135

1,406,950

Synchrony

Financial

48,820

1,604,225

3,011,175

Fuller

&

Thaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Technology

Hardware

—

4.42%

Zebra

Technologies

Corp.,

Class

A

(a) 5,890

$

1,510,255

Transportation

&

Logistics

—

2.03%

Union

Pacific

Corp.

3,352

694,099

Transportation

Equipment

—

2.38%

Allison

Transmission

Holdings,

Inc.

19,575

814,320

Total

Common

Stocks/

Investments

—

96.51%

(Cost

$35,723,807)

33,007,344

Other

Assets

in

Excess

of

Liabilities

—

3.49%

1,193,471

NET

ASSETS

—

100.00%

$

34,200,815

(a) Non-income

producing

security.

Fuller

&

Thaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

96.56%

Asset

Management

—

1.37%

Hamilton

Lane,

Inc.,

Class

A

1,630

$

104,124

Automotive

—

1.82%

Gentex

Corp.

5,075

138,395

Banking

—

6.30%

First

Citizens

BancShares,

Inc.,

Class

A

151,672

Live

Oak

Bancshares,

Inc.

4,917

148,493

PacWest

BanCorp

2,360

54,162

Western

Alliance

Bancorp

2,112

125,791

480,118

Biotech

&

Pharma

—

2.32%

Exelixis,

Inc.

(a) 11,015

176,681

Chemicals

—

3.63%

Huntsman

Corp.

6,075

166,941

Orion

Engineered

Carbons

SA

6,125

109,086

276,027

E-Commerce

Discretionary

—

2.05%

eBay,

Inc.

3,770

156,342

Electrical

Equipment

—

5.62%

Acuity

Brands,

Inc.

870

144,081

Advanced

Energy

Industries,

Inc.

2,520

216,165

Generac

Holdings,

Inc.

(a) 672

67,644

427,890

Food

—

4.82%

Lancaster

Colony

Corp.

1,860

366,978

Gas

&

Water

Utilities

—

1.60%

UGI

Corp.

3,280

121,590

Health

Care

Facilities

&

Services

—

3.52%

Medpace

Holdings,

Inc.

(a) 1,260

267,637

Home

&

Office

Products

—

4.03%

Leggett

&

Platt,

Inc.

4,330

139,556

Tempur

Sealy

International,

Inc.

4,875

167,359

306,915

Home

Construction

—

4.30%

Masco

Corp.

3,215

150,044

PulteGroup,

Inc.

3,895

177,339

327,383

Insurance

—

4.75%

Brown

&

Brown,

Inc.

2,723

155,129

Old

Republic

International

Corp.

7,075

170,862

Voya

Financial,

Inc.

582

35,787

361,778

Fuller

&

Thaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Medical

Equipment

&

Devices

—

5.15%

Align

Technology,

Inc.

(a) 675

$

142,358

DENTSPLY

SIRONA,

Inc.

2,960

94,246

Waters

Corp.

(a) 455

155,873

392,477

Oil

&

Gas

Producers

—

4.86%

Coterra

Energy,

Inc.

8,245

202,580

Devon

Energy

Corp.

2,724

167,553

370,133

Real

Estate

—

7.93%

American

Assets

Trust,

Inc.

4,060

107,590

Gaming

and

Leisure

Properties,

Inc.

5,294

275,764

STORE

Capital

Corp.

6,865

220,092

603,446

Retail

-

Discretionary

—

1.66%

Advance

Auto

Parts,

Inc.

860

126,446

Semiconductors

—

12.02%

Cirrus

Logic,

Inc.

(a) 2,125

158,270

IPG

Photonics

Corp.

(a) 1,720

162,832

Lattice

Semiconductor

Corp.

(a) 4,000

259,521

Power

Integrations,

Inc.

2,150

154,198

Teradyne,

Inc.

2,070

180,815

915,636

Software

—

2.26%

Concentrix

Corp.

1,295

172,442

Specialty

Finance

—

1.74%

Synchrony

Financial

4,020

132,097

Steel

—

3.08%

Steel

Dynamics,

Inc.

2,400

234,480

Technology

Hardware

—

2.07%

Zebra

Technologies

Corp.,

Class

A

(a) 615

157,692

Technology

Services

—

4.80%

Leidos

Holdings,

Inc.

1,250

131,488

Science

Applications

International

Corp.

2,110

234,062

365,550

Transportation

Equipment

—

2.91%

Allison

Transmission

Holdings,

Inc.

5,330

221,728

Wholesale

-

Discretionary

—

1.95%

Pool

Corp.

148,142

Total

Common

Stocks/

Investments

—

96.56%

(Cost

$7,533,292)

7,352,127

Fuller

&

Thaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

Total

Common

Stocks/

Investments

—

96.56%

Other

Assets

in

Excess

of

Liabilities

—

3.44%

$

261,528

NET

ASSETS

—

100.00%

$

7,613,655

(a) Non-income

producing

security.

Fuller

&

Thaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

96.66%

Advertising

&

Marketing

—

2.09%

Magnite,

Inc.

(a) 16,435

$

174,047

Quotient

Technology,

Inc.

(a) 48,010

164,674

338,721

Aerospace

&

Defense

—

1.53%

Byrna

Technologies,

Inc.

(a) 31,625

247,940

Asset

Management

—

4.17%

B. Riley

Financial,

Inc.

10,571

361,528

WisdomTree

Investments,

Inc.

57,190

311,686

673,214

Beverages

—

2.87%

Farmer

Bros.

Co.

(a) 46,455

214,158

Vintage

Wine

Estates,

Inc.

(a) 76,811

250,404

464,562

Biotech

&

Pharma

—

0.89%

PetIQ,

Inc.,

Class

A

(a) 15,700

144,754

Commercial

Support

Services

—

3.16%

Acacia

Research

Corp.

(a) 59,610

250,958

Franklin

Covey

Co.

(a) 5,575

260,743

511,701

Consumer

Services

—

1.15%

2U,

Inc.

(a) 29,600

185,592

Entertainment

Content

—

1.57%

PLAYSTUDIOS,

Inc.,

Class

A

(a) 65,296

253,348

Food

—

1.39%

Limoneira

Co.

(a) 18,425

224,969

Health

Care

Facilities

&

Services

—

0.94%

Enzo

Biochem,

Inc.

(a) 106,500

152,295

Home

&

Office

Products

—

1.24%

Purple

Innovation,

Inc.

(a) 41,860

200,509

Institutional

Financial

Services

—

1.46%

Greenhill

&

Co.,

Inc.

(a) 23,125

237,031

Internet

Media

&

Services

—

2.84%

LiveOne,

Inc.

(a) 115,780

74,504

Nerdy,

Inc.,

Class

A

(a) 73,825

166,106

TrueCar,

Inc.

(a) 86,897

218,112

458,722

Leisure

Facilities

&

Services

—

4.33%

Century

Casinos,

Inc.

(a) 30,400

213,712

Full

House

Resorts,

Inc.

(a) 41,625

313,020

Lindblad

Expeditions

Holdings,

Inc.

(a) 22,525

173,443

700,175

Fuller

&

Thaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Leisure

Products

—

1.58%

American

Outdoor

Brands,

Inc.

(a) 25,447

$

254,979

Machinery

—

4.92%

NN,

Inc.

(a) 94,400

141,600

Ranpak

Holdings

Corp.,

Class

A

(a) 48,515

279,932

Titan

International,

Inc.

(a) 24,455

374,650

796,182

Medical

Equipment

&

Devices

—

4.12%

Quanterix

Corp.

(a) 18,285

253,247

ViewRay,

Inc.

(a) 91,965

412,003

665,250

Oil

&

Gas

Producers

—

6.58%

Matador

Resources

Co.

12,910

738,969

SandRidge

Energy,

Inc.

(a) 19,210

327,146

1,066,115

Oil

&

Gas

Services

&

Equipment

—

5.27%

Helix

Energy

Solutions

Group,

Inc.

(a) 71,003

524,002

Newpark

Resources,

Inc.

(a) 79,075

328,161

852,163

Publishing

&

Broadcasting

—

1.22%

Townsquare

Media,

Inc.,

Class

A

(a) 27,265

197,671

Real

Estate

Services

—

1.15%

Douglas

Elliman,

Inc.

(a) 45,911

186,858

Renewable

Energy

—

4.41%

Alto

Ingredients,

Inc.

(a) 46,810

134,813

Eneti,

Inc.

(a) 45,175

454,009

TPI

Composites,

Inc.

(a) 12,250

124,215

713,037

Retail

-

Discretionary

—

5.45%

Build-A-Bear

Workshop,

Inc.

(a) 9,330

222,427

Lazydays

Holdings,

Inc.

(a) 11,393

136,032

Sportsman's

Warehouse

Holdings,

Inc.

(a) 28,325

266,539

Vera

Bradley,

Inc.

(a) 57,055

258,459

883,457

Semiconductors

—

1.77%

Aehr

Test

Systems

(a) 14,250

286,425

Software

—

6.61%

Bandwidth,

Inc.,

Class

A

(a) 13,825

317,284

Brightcove,

Inc.

(a) 34,750

181,743

Cantaloupe,

Inc.

(a) 1,012

4,402

Donnelley

Financial

Solutions,

Inc.

(a) 9,763

377,339

Tabula

Rasa

HealthCare,

Inc.

(a) 38,160

188,892

1,069,660

Fuller

&

Thaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2022

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Finance

—

0.69%

Applied

Blockchain,

Inc.

(a) 60,625

$

111,550

Technology

Hardware

—

8.25%

A10

Networks,

Inc.

13,825

229,910

CalAmp

Corp.

(a) 53,835

241,180

Comtech

Telecommunications

Corp.

24,290

294,880

NETGEAR,

Inc.

(a) 10,875

196,946

PlayAGS,

Inc.

(a) 40,030

204,153

Turtle

Beach

Corp.

(a) 23,205

166,380

1,333,449

Technology

Services

—

2.06%

comScore,

Inc.

(a) 77,675

90,103

Telos

Corp.

(a) 47,730

242,946

333,049

Telecommunications

—

2.97%

8x8,

Inc.

(a) 58,150

251,209

Spok

Holdings,

Inc.

(a) 28,175

230,753

481,962

Transportation

&

Logistics

—

3.92%

Nordic

American

Tankers

Ltd.

(a) 81,260

248,656

Overseas

Shipholding

Group,

Inc.,

Class

A

(a) 133,300

385,237

633,893

Wholesale

-

Consumer

Staples

—

1.45%

Andersons,

Inc.

(The)

6,695

234,258

Wholesale

-

Discretionary

—

4.61%

G-III

Apparel

Group

Ltd.

(a) 18,040

247,328

Veritiv

Corp.

4,095

498,403

745,731

Total

Common

Stocks

(Cost $15,878,827)

15,639,222

CLOSED

END

FUNDS

—

1.05%

NexPoint

Diversified

Real

Estate

Trust

(a) 15,225

170,672

Total

Closed

End

Funds

(Cost $220,815)

170,672

Total

Investments

—

97.71%

(Cost

$16,099,642)

15,809,894

Other

Assets

in

Excess

of

Liabilities

—

2.29%

370,439

NET

ASSETS

—

100.00%

$

16,180,333

(a) Non-income

producing

security.

## 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:** FULLER & THALER 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $34566475.18

**Total Liabilities:** $524397.02

**Net Assets:** $34042078.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206939 | 8.99%                | 6.60%                | -6.19%               |
| Class ID C000206941 | 9.00%                | 6.58%                | -6.18%               |
| Class ID C000225342 | 8.03%                | 5.58%                | -7.26%               |
| Class ID C000206942 | 2.76%                | 0.44%                | -11.63%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $247020.04               | $3318045.42                                |
| Month 2  | $-1061536.51             | $3505509.48                                |
| Month 3  | $156552.41               | $-2365310.74                               |

### 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        |     38490 | NS      | $1049622.30   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial               | Synchrony Financial                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     48820 | NS      | $1604225.20   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                      | NVIDIA Corp.                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     11595 | NS      | $1694493.30   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corporation       | Parker-Hannifin Corp.                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      5993 | NS      | $1743963.00   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                         | eBay, Inc.                            | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     49540 | NS      | $2054423.80   | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                     | Teradyne, Inc.                        | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      7312 | NS      | $638703.20    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                       | Ecolab, Inc.                          | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      8781 | NS      | $1278162.36   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation         | Union Pacific Corp.                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3352 | NS      | $694098.64    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                | Waters Corp.                          | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      4657 | NS      | $1595395.06   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands, Inc.               | Acuity Brands, Inc.                   | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6105 | NS      | $1011049.05   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation    | Zebra Technologies Corp.              | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      5890 | NS      | $1510254.90   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.          | O'Reilly Automotive, Inc.             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1797 | NS      | $1516721.91   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.             | Generac Holdings, Inc.                | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      8785 | NS      | $884298.10    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                    | Exelixis, Inc.                        | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     62385 | NS      | $1000655.40   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                   | Ross Stores, Inc.                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     17200 | NS      | $1996404.00   | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc | Allison Transmission Holdings, Inc.   | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     19575 | NS      | $814320.00    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                        | Amgen, Inc.                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1965 | NS      | $516087.60    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del            | Liberty Media Corp.-Liberty Sirius XM | CUSIP: 531229607<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     31941 | NS      | $1249851.33   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                      | Fortinet, Inc.                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     23160 | NS      | $1132292.40   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | Reich & Tang Deposit Account          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1494437 | PA      | $1494437.07   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation        | Dollar General Corp.                  | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      7715 | NS      | $1899818.75   | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation             | Starbucks Corp.                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     17640 | NS      | $1749888.00   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation | Capital One Financial Corp.           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     15135 | NS      | $1406949.60   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation          | Lam Research Corp.                    | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4355 | NS      | $1830406.50   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                | Cintas Corp.                          | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4728 | NS      | $2135259.36   | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Capitol Series Trust

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller