# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0000910472-26-002011
**Filing Date:** 2026-2
**Character Count:** 62706
**Document Hash:** f9549911f25112a09b288bb19f2f2648
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002011.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000910472-26-002011

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**PERIOD START**: 20260930

**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:** 26657291

**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 Small-Mid Core Equity Fund (Series ID: S000063935)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000206936 | R6 Shares            | FTSFX           |
| C000206937 | A Shares             | FTSAX           |
| C000206938 | Institutional Shares | FTSIX           |
| C000225341 | C Shares             | FTWCX           |

## Nport-Ex

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

95.48%

Apparel

&

Textile

Products

—

2.82%

Crocs,

Inc.

(a) (b) 867,505

$

74,189,028

Deckers

Outdoor

Corp.

(b) 314,877

32,643,299

Kontoor

Brands,

Inc.

1,006,665

61,497,165

Ralph

Lauren

Corp.

420,289

148,618,392

316,947,884

Asset

Management

—

3.73%

Affiliated

Managers

Group,

Inc.

654,200

188,592,777

Federated

Hermes,

Inc.,

Class

B

2,657,807

138,392,010

Stifel

Financial

Corp.

558,437

69,927,481

Victory

Capital

Holdings,

Inc.,

Class

A

347,526

21,925,415

418,837,683

Automotive

—

3.16%

BorgWarner,

Inc.

3,101,440

139,750,886

Dorman

Products,

Inc.

(b) 843,523

103,913,598

Garrett

Motion,

Inc.

6,347,850

110,643,026

354,307,510

Banking

—

6.97%

BancFirst

Corp.

258,477

27,403,732

Bank

OZK

456,636

21,014,389

Beacon

Financial

Corp.

656,769

17,318,999

Cadence

Bank

2,541,127

108,861,881

F.N.B.

Corp.

2,953,059

50,497,309

First

Commonwealth

Financial

Corp.

1,915,646

32,297,792

First

Financial

Bancorp

1,731,787

43,329,311

First

Financial

Bankshares,

Inc.

806,631

24,094,068

Fulton

Financial

Corp.

4,065,237

78,581,031

Hancock

Whitney

Corp.

2,067,186

131,638,403

Lakeland

Financial

Corp.

(a) 312,912

17,854,759

NBT

Bancorp,

Inc.

381,638

15,845,610

Wintrust

Financial

Corp.

(a) 621,208

86,857,303

Zions

Bancorp.

2,182,182

127,744,933

783,339,520

Biotech

&

Pharma

—

8.18%

Amphastar

Pharmaceuticals,

Inc.

(b) 1,336,827

35,800,227

Collegium

Pharmaceutical,

Inc.

(b) 1,430,708

66,241,780

Exelixis,

Inc.

(b) 6,777,316

297,049,761

Indivior

PLC

(b) 3,195,955

114,670,865

Jazz

Pharmaceuticals

PLC

(a) (b) 1,601,163

272,197,710

United

Therapeutics

Corp.

(b) 271,071

132,079,345

918,039,688

Chemicals

—

1.21%

Avient

Corp.

766,470

23,944,523

Axalta

Coating

Systems

Ltd.

(b) 2,433,662

78,631,619

Hawkins,

Inc.

(a) 236,324

33,572,187

136,148,329

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Commercial

Support

Services

—

1.75%

Clean

Harbors,

Inc.

(a) (b) 75,451

$

17,691,750

H&R

Block,

Inc.

(a) 4,095,477

178,480,888

196,172,638

Construction

Materials

—

0.55%

Eagle

Materials,

Inc.

300,429

62,092,666

Consumer

Services

—

0.93%

Bright

Horizons

Family

Solutions,

Inc.

(b) 1,031,696

104,613,974

Containers

&

Packaging

—

1.46%

Crown

Holdings,

Inc.

1,180,286

121,534,050

Sonoco

Products

Co.

(a) 969,624

42,314,391

163,848,441

Electrical

Equipment

—

3.60%

Acuity

Brands,

Inc.

(a) 440,003

158,418,679

Belden,

Inc.

954,394

111,234,621

Vontier

Corp.

3,600,392

133,862,575

403,515,875

Engineering

&

Construction

—

9.91%

Comfort

Systems

USA,

Inc.

262,601

245,082,887

EMCOR

Group,

Inc.

(a) 338,231

206,926,343

Frontdoor,

Inc.

(b) 2,305,078

132,979,950

Installed

Building

Products,

Inc.

(a) 110,321

28,616,164

Primoris

Services

Corp.

2,242,994

278,445,276

Sterling

Infrastructure,

Inc.

(b) 577,183

176,750,750

TopBuild

Corp.

(b) 104,244

43,489,554

1,112,290,924

Food

—

0.33%

Simply

Good

Foods

Co.

(The)

(b) 1,832,850

36,803,628

Health

Care

Facilities

&

Services

—

4.70%

Chemed

Corp.

121,904

52,157,845

Encompass

Health

Corp.

1,958,746

207,901,300

Medpace

Holdings,

Inc.

(b) 55,554

31,201,904

Option

Care

Health,

Inc.

(a) (b) 6,639,944

211,548,617

Pediatrix

Medical

Group,

Inc.

(b) 1,178,528

25,208,714

528,018,380

Home

Construction

—

3.89%

Armstrong

World

Industries,

Inc.

952,869

182,093,266

Griffon

Corp.

956,494

70,445,783

Interface,

Inc.

1,910,730

53,347,582

Taylor

Morrison

Home

Corp.

(b) 2,227,158

131,112,791

436,999,422

Industrial

Intermediate

Products

—

0.25%

Mueller

Industries,

Inc.

245,906

28,230,009

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Industrial

Support

Services

—

2.17%

Applied

Industrial

Technologies,

Inc.

545,731

$

140,127,349

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

1,232,519

103,654,848

243,782,197

Institutional

Financial

Services

—

0.79%

Evercore,

Inc.,

Class

A

261,252

88,890,993

Insurance

—

3.53%

Assurant,

Inc.

661,438

159,307,342

Hanover

Insurance

Group,

Inc.

910,662

166,441,695

Primerica,

Inc.

271,993

70,272,111

396,021,148

Internet

Media

&

Services

—

1.91%

Match

Group,

Inc.

(a) 6,661,159

215,088,824

Leisure

Facilities

&

Services

—

0.60%

Boyd

Gaming

Corp.

470,132

40,074,052

Monarch

Casino

&

Resort,

Inc.

280,069

26,802,603

66,876,655

Leisure

Products

—

1.22%

Hasbro,

Inc.

927,900

76,087,800

Mattel,

Inc.

(b) 3,052,002

60,551,720

136,639,520

Machinery

—

3.32%

Crane

Co.

141,464

26,090,206

Donaldson

Co.,

Inc.

(a) 2,007,302

177,967,395

ESCO

Technologies,

Inc.

(a) 179,791

35,129,363

Mueller

Water

Products,

Inc.,

Class

A

(a) 4,862,239

115,818,533

Tennant

Co.

242,861

17,898,856

372,904,353

Medical

Equipment

&

Devices

—

1.13%

Integer

Holdings

Corp.

(b) 183,074

14,358,494

Merit

Medical

Systems,

Inc.

(a) (b) 1,280,783

112,888,213

127,246,707

Oil

&

Gas

Producers

—

2.32%

Chord

Energy

Corp.

316,590

29,347,893

HF

Sinclair

Corp.

2,372,494

109,324,524

Murphy

USA,

Inc.

(a) 301,252

121,561,206

260,233,623

Oil

&

Gas

Services

&

Equipment

—

1.28%

Weatherford

International

PLC

(a) 1,841,184

144,091,060

Publishing

&

Broadcasting

—

1.49%

Nexstar

Media

Group,

Inc.,

Class

A

821,720

166,850,246

Real

Estate

—

0.66%

Apple

Hospitality

REIT,

Inc.

(a) 6,264,047

74,228,957

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Retail

-

Consumer

Staples

—

0.15%

Sprouts

Farmers

Market,

Inc.

(b) 213,100

$

16,977,677

Retail

-

Discretionary

—

1.27%

AutoNation,

Inc.

(b) 147,375

30,429,990

Bath

&

Body

Works,

Inc.

2,235,952

44,897,916

Build-A-Bear

Workshop,

Inc.

586,199

35,916,413

La-Z-Boy,

Inc.

845,873

31,525,687

142,770,006

Semiconductors

—

1.54%

Cirrus

Logic,

Inc.

(b) 1,459,979

173,007,512

Software

—

1.91%

ACI

Worldwide,

Inc.

(b) 1,749,837

83,659,707

Blackbaud,

Inc.

384,832

24,367,562

Commvault

Systems,

Inc.

(b) 309,154

38,755,545

Donnelley

Financial

Solutions,

Inc.

(b) 278,198

12,989,065

Progress

Software

Corp.

(a) 603,961

25,946,165

Ziff

Davis,

Inc.

(a) (b) 825,361

29,011,439

214,729,483

Steel

—

2.24%

Commercial

Metals

Co.

3,625,723

250,972,546

Technology

Hardware

—

2.77%

InterDigital,

Inc.

(a) 270,876

86,241,501

Jabil,

Inc.

249,900

56,982,198

Plexus

Corp.

(b) 426,741

62,730,927

Sanmina

Corp.

(a) (b) 696,758

104,562,473

310,517,099

Technology

Services

—

5.24%

CACI

International,

Inc.,

Class

A

(b) 117,629

62,673,907

CSG

Systems

International,

Inc.

1,353,287

103,783,580

EVERTEC,

Inc.

1,120,301

32,589,556

ExlService

Holdings,

Inc.

(b) 2,052,956

87,127,453

Genpact

Ltd.

(a) 2,969,037

138,891,551

LiveRamp

Holdings,

Inc.

(b) 1,798,555

52,823,560

Science

Applications

International

Corp.

1,095,542

110,277,258

588,166,865

Transportation

&

Logistics

—

3.09%

Hub

Group,

Inc.,

Class

A

1,060,284

45,178,701

JB

Hunt

Transport

Services,

Inc.

228,483

44,403,386

Ryder

System,

Inc.

666,375

127,537,512

SkyWest,

Inc.

(b) 1,134,451

113,910,225

Teekay

Tankers

Ltd.,

Class

A

302,596

16,164,678

347,194,502

Transportation

Equipment

—

3.41%

Allison

Transmission

Holdings,

Inc.

2,786,899

272,837,412

FullerThaler

Behavioral

Small-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Transportation

Equipment

—

(continued)

REV

Group,

Inc.

1,817,376

$

110,514,635

383,352,047

Total

Common

Stocks

(Cost $8,143,698,113)

10,720,748,591

COLLATERAL

FOR

SECURITIES

LOANED

—

0.37%

Money

Market

Funds

—

0.37%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

3.79%

(c) 41,928,973

Total

Collateral

for

Securities

Loaned/Money

Market

Funds

(Cost $41,928,973)

41,928,973

MONEY

MARKET

FUNDS

-

4.07%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

3.71%

(c) 457,156,184

457,156,184

Total

Money

Market

Funds

(Cost

$457,156,184)

457,156,184

Total

Investments

—

99.92%

(Cost

$8,642,783,270)

11,219,833,748

Other

Assets

in

Excess

of

liabilities

—

0.08%

(d) 8,955,461

NET

ASSETS

—

100.00%

$11,228,789,209

(a) All

or

a

portion

of

the

security

was

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$142,508,271.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$103,708,307.

This

cash

is

held

in

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement

(See

Note

2).

REIT

-

Real

Estate

Investment

Trust

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

97.59%

Aerospace

&

Defense

—

0.92%

AAR

Corp.

(a) 421,960

$

34,934,068

Automotive

—

3.30%

Garrett

Motion,

Inc.

2,368,200

41,277,726

Modine

Manufacturing

Co.

(a) 631,960

84,372,980

125,650,706

Beverages

—

1.20%

Vita

Coco

Co.,

Inc.

(The)

(a) 865,900

45,901,359

Biotech

&

Pharma

—

9.53%

Elanco

Animal

Health,

Inc.

(a)(b) 3,604,100

81,560,783

Guardant

Health,

Inc.

(a) 1,529,000

156,172,059

Halozyme

Therapeutics,

Inc.

(a) 854,255

57,491,362

Indivior

PLC

(a) 1,897,904

68,096,796

363,321,000

Consumer

Services

—

1.37%

Bright

Horizons

Family

Solutions,

Inc.

(a) 514,100

52,129,740

E-Commerce

Discretionary

—

1.00%

Revolve

Group,

Inc.,

Class

A

(a) 1,260,000

38,039,400

Electrical

Equipment

—

10.40%

Advanced

Energy

Industries,

Inc.

247,400

51,798,138

Bloom

Energy

Corp.,

Class

A

(a) 1,764,310

153,300,896

NEXTracker,

Inc.,

Class

A

(a) 819,215

71,361,819

Vertiv

Holdings

Co.,

Class

A

737,960

119,556,900

396,017,753

Engineering

&

Construction

—

2.82%

Primoris

Services

Corp.

423,300

52,548,462

VSE

Corp.

318,900

55,096,353

107,644,815

Health

Care

Facilities

&

Services

—

2.75%

BrightSpring

Health

Services,

Inc.

(a) 1,890,200

70,787,990

RadNet,

Inc.

(a) 477,400

34,062,490

104,850,480

Home

Construction

—

1.49%

Skyline

Champion

Corp.

(a) 670,700

56,674,150

Industrial

Intermediate

Prod

—

1.28%

Xometry,

Inc.,

Class

A

(a)(b) 823,300

48,961,651

Internet

Media

&

Services

—

1.29%

Lyft,

Inc.,

Class

A

(a) 2,547,300

49,341,201

Leisure

Facilities

&

Services

—

4.42%

Dutch

Bros,

Inc.,

Class

A

(a) 692,545

42,397,605

Life

Time

Group

Holdings,

Inc.

(a) 1,801,300

47,878,554

Red

Rock

Resorts,

Inc.,

Class

A

(b) 762,100

47,212,095

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Leisure

Facilities

&

Services

—

(continued)

Rush

Street

Interactive,

Inc.

(a) 1,583,700

$

30,771,291

168,259,545

Leisure

Products

—

1.97%

Peloton

Interactive,

Inc.,

Class

A

(a)(b) 3,737,934

23,025,673

Polaris

Industries,

Inc.

(b) 823,300

52,073,725

75,099,398

Machinery

—

1.26%

Zurn

Water

Solutions

Corp.

1,034,000

48,070,660

Medical

Equipment

&

Devices

—

7.72%

Bio-Rad

Laboratories,

Inc.,

Class

A

(a) 160,800

48,720,792

Globus

Medical,

Inc.,

Class

A

(a) 651,300

56,865,003

Inspire

Medical

Systems,

Inc.

(a)(b) 442,900

40,848,667

iRhythm

Technologies,

Inc.

(a) 394,300

69,964,592

Merit

Medical

Systems,

Inc.

(a) 456,080

40,198,891

Veracyte,

Inc.

(a) 891,100

37,515,310

294,113,255

Oil

&

Gas

Producers

—

1.19%

California

Resources

Corp.

1,010,800

45,192,868

Retail

-

Consumer

Staples

—

1.69%

Five

Below,

Inc.

(a) 341,470

64,319,289

Retail

-

Discretionary

—

5.63%

American

Eagle

Outfitters,

Inc.

(b) 1,831,800

48,304,566

Boot

Barn

Holdings,

Inc.

(a) 268,700

47,417,489

Kohl's

Corp.

(b) 1,609,300

32,845,813

Victoria's

Secret

&

Co.

(a)(b) 1,030,000

55,795,100

Warby

Parker,

Inc.,

Class

A

(a) 1,410,800

30,741,332

215,104,300

Semiconductors

—

5.29%

Ambarella,

Inc.

(a) 540,000

38,253,600

Astera

Labs,

Inc.

(a) 524,000

87,172,640

FormFactor,

Inc.

(a) 693,804

38,700,387

SiTime

Corp.

(a) 106,300

37,544,097

201,670,724

Software

—

16.45%

Calix,

Inc.

(a) 722,000

38,215,460

DigitalOcean

Holdings,

Inc.

(a) 1,497,895

72,078,707

Elastic

N.V.

(a) 465,800

35,139,952

Freshworks,

Inc.,

Class

A

(a) 2,997,650

36,721,213

Intapp,

Inc.

(a) 695,821

31,882,518

Klaviyo,

Inc.,

Class

A

(a) 1,793,567

58,237,120

Onestream,

Inc.

(a) 1,727,000

31,742,260

Qualys,

Inc.

(a) 376,900

50,090,010

ServiceTitan,

Inc.,

Class

A

(a) 533,000

56,764,500

FullerThaler

Behavioral

Small-Cap

Growth

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Software

—

(continued)

Teradata

Corp.

(a) 1,399,914

$

42,613,382

Unity

Software,

Inc.

(a) 1,681,500

74,271,856

Workiva,

Inc.,

Class

A

(a) 553,500

47,739,375

Zeta

Global

Holdings

Corp.,

Class

A

(a) 2,512,600

51,131,410

626,627,763

Specialty

Finance

—

2.27%

FirstCash

Holdings,

Inc.

287,968

45,896,340

LendingClub

Corp.

(a) 2,142,900

40,586,526

86,482,866

Technology

Hardware

—

11.34%

CommScope

Holding

Co.,

Inc.

(a) 3,024,700

54,837,811

Credo

Technology

Group

Holding

Ltd.

(a) 635,900

91,499,651

Lumentum

Holdings,

Inc.

(a)(b) 617,000

227,420,030

ViaSat,

Inc.

(a) 1,689,600

58,223,616

431,981,108

Technology

Services

—

1.01%

Paymentus

Holdings,

Inc.,

Class

A

(a) 1,220,000

38,539,800

Total

Common

Stocks

(Cost $3,137,667,109)

3,718,927,899

COLLATERAL

FOR

SECURITIES

LOANED

—

1.49%

Collateral

for

Securities

Loaned

—

1.49%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

3.79%

(c) 56,622,294

Total

Collateral

for

Securities

Loaned/Money

Market

Funds

(Cost $56,622,294)

56,622,294

MONEY

MARKET

FUNDS

-

1.36%

Fidelity

Investments

Money

Market

Government

Portfolio,

Institutional

Class,

3.71%

(c) 51,679,791

51,679,791

Total

Money

Market

Funds

(Cost

$51,679,791)

51,679,791

Total

Investments

—

100.44%

(Cost

$3,245,969,194)

3,827,229,984

Liabilities

in

Excess

of

Other

assets

(d) —

(0.44)%

(16,670,511)

NET

ASSETS

—

100.00%

$3,810,559,473

(a) Non-income

producing

security.

(b) All

or

a

portion

of

the

security

was

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$192,296,777.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$140,051,183. This

cash

is

held

in

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement

(See

Note

2).

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.46%

Banking

—

6.50%

Citizens

Financial

Group,

Inc.

49,055

$

2,865,303

First

Citizens

BancShares,

Inc.,

Class

A

2,145

4,603,556

KeyCorp

510,115

10,528,774

M&T

Bank

Corp.

16,730

3,370,760

Old

National

Bancorp

87,885

1,960,714

23,329,107

Beverages

—

1.81%

Primo

Brands

Corp.

397,300

6,495,855

Biotech

&

Pharma

—

0.75%

Perrigo

Co.

PLC

(a) 192,600

2,680,992

Chemicals

—

6.94%

Celanese

Corp.

133,100

5,627,468

Dow,

Inc.

303,160

7,087,881

LyondellBasell

Industries

N.V.,

Class

A

93,460

4,046,818

Olin

Corp.

240,210

5,003,574

Sherwin-Williams

Co.

(The)

9,734

3,154,108

24,919,849

Commercial

Support

Services

—

2.55%

Aramark

111,090

4,094,777

Republic

Services,

Inc.

23,830

5,050,292

9,145,069

Containers

&

Packaging

—

11.61%

Amcor

PLC

(a) 1,802,638

15,034,001

Graphic

Packaging

Holding

Co.

1,178,830

17,753,180

Smurfit

WestRock

PLC

147,610

5,708,079

Sonoco

Products

Co.

72,200

3,150,808

41,646,068

Electric

Utilities

—

2.71%

Alliant

Energy

Corp.

(a) 31,640

2,056,916

CenterPoint

Energy,

Inc.

(a) 70,745

2,712,363

CMS

Energy

Corp.

23,805

1,664,684

Edison

International

22,570

1,354,651

Pinnacle

West

Capital

Corp.

21,705

1,925,234

9,713,848

Electrical

Equipment

—

1.95%

AMETEK,

Inc.

13,220

2,714,198

Roper

Technologies,

Inc.

9,640

4,291,053

7,005,251

Food

—

1.71%

Flowers

Foods,

Inc.

(a) 237,650

2,585,632

Ingredion,

Inc.

32,150

3,544,859

6,130,491

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Gas

&

Water

Utilities

—

0.57%

Atmos

Energy

Corp.

12,265

$

2,055,982

Health

Care

Facilities

&

Services

—

0.97%

Centene

Corp.

(b) 22,555

928,138

Henry

Schein,

Inc.

(b) 33,620

2,541,000

3,469,138

Industrial

Support

Services

—

1.85%

U-Haul

Holding

Co.

142,045

6,639,183

Insurance

—

8.91%

Everest

Re

Group

Ltd.

39,700

13,472,196

Globe

Life,

Inc.

28,655

4,007,688

Kemper

Corp.

157,510

6,385,455

Markel

Corp.

(b) 3,770

8,104,181

31,969,520

Machinery

—

2.86%

AGCO

Corp.

98,720

10,298,471

Medical

Equipment

&

Devices

—

2.33%

Dentsply

Sirona,

Inc.

734,380

8,393,963

Oil

&

Gas

Producers

—

4.70%

Cheniere

Energy,

Inc.

17,425

3,387,246

ConocoPhillips

40,400

3,781,844

Devon

Energy

Corp.

265,055

9,708,964

16,878,054

Real

Estate

—

2.58%

American

Tower

Corp.,

Class

A

41,030

7,203,637

WP

Carey,

Inc.

32,205

2,072,714

9,276,351

REIT

—

7.40%

Americold

Realty

Trust,

Inc.

(a) 926,840

11,919,162

Healthpeak

Properties,

Inc.

772,410

12,420,353

Public

Storage

8,485

2,201,858

26,541,373

Retail

-

Consumer

Staples

—

6.21%

Dollar

General

Corp.

99,630

13,227,875

Dollar

Tree,

Inc.

(a) (b) 73,675

9,062,762

22,290,637

Retail

-

Discretionary

—

2.92%

Advance

Auto

Parts,

Inc.

(a) 144,885

5,693,980

CarMax,

Inc.

(b) 124,065

4,793,872

10,487,852

Software

—

1.20%

Concentrix

Corp.

(a) 103,390

4,298,956

Specialty

Finance

—

4.71%

Ally

Financial,

Inc.

272,680

12,349,677

FullerThaler

Behavioral

Mid-Cap

Value

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Finance

—

(continued)

Synchrony

Financial

54,793

$

4,571,380

16,921,057

Technology

Hardware

—

0.68%

NCR

Atleos

Corp.

(b) 41,243

1,571,771

NCR

Corp.

(a) (b) 86,160

878,832

2,450,603

Technology

Services

—

12.42%

Amdocs

Ltd.

26,820

2,159,278

Fidelity

National

Information

Services,

Inc.

245,530

16,317,924

Global

Payments,

Inc.

195,305

15,116,607

Science

Applications

International

Corp.

31,700

3,190,922

TransUnion

72,115

6,183,861

Verisk

Analytics,

Inc.

7,155

1,600,502

44,569,094

Wholesale

-

Discretionary

—

1.62%

LKQ

Corp.

192,390

5,810,178

Total

Common

Stocks

(Cost $393,373,032)

353,416,942

COLLATERAL

FOR

SECURITIES

LOANED

—

3.26%

Collateral

for

Securities

Loaned

—

3.26%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

3.79%

(c) 11,709,545

Total

Collateral

for

Securities

Loaned/Money

Market

Funds

(Cost $11,709,545)

11,709,545

Total

Investments

—

101.72%

(Cost

$405,082,577)

365,126,487

Liabilities

in

Excess

of

Other

assets

(d) —

(1.72)%

(6,188,956)

NET

ASSETS

—

100.00%

$358,937,531

(a) All

or

a

portion

of

the

security

was

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$39,497,451.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$28,962,720. This

cash

is

held

in

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement

(See

Note

2).

FullerThaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.39%

Automotive

—

4.05%

Gentex

Corp.

612,120

$

14,244,032

Banking

—

5.09%

First

Citizens

BancShares,

Inc.,

Class

A

8,330

17,877,679

Beverages

—

4.41%

Coca-Cola

Consolidated,

Inc.

101,205

15,514,727

Biotech

&

Pharma

—

4.46%

Exelixis,

Inc.

(a) 357,010

15,647,748

Chemicals

—

3.95%

Ecolab,

Inc.

52,881

13,882,320

Commercial

Support

Services

—

4.50%

Cintas

Corp.

84,102

15,817,063

E-Commerce

Discretionary

—

4.98%

eBay,

Inc.

201,050

17,511,455

Home

Construction

—

4.61%

Masco

Corp.

255,195

16,194,675

Hotels,

Restaurants

&

Leisure

—

3.69%

Expedia

Group,

Inc.

45,800

12,975,598

Machinery

—

4.45%

Parker-Hannifin

Corp.

17,788

15,634,940

Medical

Equipment

&

Devices

—

4.36%

Waters

Corp.

(a) 40,402

15,345,892

Publishing

&

Broadcasting

—

4.25%

New

York

Times

Co.

(The),

Class

A

215,000

14,925,300

Retail

-

Consumer

Staples

—

4.98%

Dollar

General

Corp.

131,910

17,513,690

Retail

-

Discretionary

—

8.55%

O'Reilly

Automotive,

Inc.

(a) 155,155

14,151,688

Ross

Stores,

Inc.

88,510

15,944,191

30,095,879

Semiconductors

—

14.43%

Applied

Materials,

Inc.

52,150

13,402,028

KLA

Corp.

9,175

11,148,359

Lam

Research

Corp.

75,160

12,865,889

Teradyne,

Inc.

68,875

13,331,445

50,747,721

Specialty

Finance

—

4.06%

Synchrony

Financial

171,235

14,286,136

FullerThaler

Behavioral

Unconstrained

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Technology

Hardware

—

4.26%

Zebra

Technologies

Corp.,

Class

A

(a) 61,630

$

14,964,997

Transportation

&

Logistics

—

4.60%

Union

Pacific

Corp.

69,842

16,155,851

Transportation

Equipment

—

4.71%

Allison

Transmission

Holdings,

Inc.

169,615

16,605,310

Total

Common

Stocks/

Investments

—

98.39%

(Cost

$304,874,227)

345,941,013

Other

Assets

in

Excess

of

liabilities

—

1.61%

5,652,236

NET

ASSETS

—

100.00%

$351,593,249

(a) Non-income

producing

security.

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

98.36%

Asset

Management

—

1.85%

Hamilton

Lane,

Inc.,

Class

A

35,895

$

4,821,057

Automotive

—

2.00%

Gentex

Corp.

223,045

5,190,257

Banking

—

9.32%

First

Citizens

BancShares

,

Inc.,

Class

A

(a) 2,285

4,904,021

First

Commonwealth

Financial

Corp.

297,740

5,019,896

First

Financial

Bankshares

,

Inc.

161,760

4,831,771

Live

Oak

Bancshares,

Inc.

131,662

4,522,590

QCR

Holdings,

Inc.

59,090

4,922,197

24,200,475

Beverages

—

2.54%

Coca-Cola

Consolidated,

Inc.

43,200

6,622,560

Biotech

&

Pharma

—

2.74%

Exelixis

,

Inc.

(a) 162,685

7,130,484

Chemicals

—

0.99%

Orion

Engineered

Carbons

SA

488,590

2,579,755

Construction

Materials

—

1.52%

Owens

Corning

35,270

3,947,066

E-Commerce

Discretionary

—

1.62%

eBay,

Inc.

48,250

4,202,575

Electrical

Equipment

—

7.58%

Acuity

Brands,

Inc.

8,225

2,961,329

Advanced

Energy

Industries,

Inc.

22,600

4,731,762

Allegion

PLC

42,560

6,776,403

Watts

Water

Technologies,

Inc.,

Class

A

18,850

5,202,977

19,672,471

Engineering

&

Construction

—

4.21%

Comfort

Systems

USA,

Inc.

5,470

5,105,096

Frontdoor

,

Inc.

(a) 101,200

5,838,228

10,943,324

Food

—

2.24%

Marzetti

Co.

(The)

35,340

5,810,603

Health

Care

Facilities

&

Services

—

2.48%

Medpace

Holdings,

Inc.

(a) 9,065

5,091,358

Quest

Diagnostics,

Inc.

7,780

1,350,063

6,441,421

Home

Construction

—

3.52%

Masco

Corp.

105,075

6,668,059

PulteGroup,

Inc.

21,100

2,474,186

9,142,245

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Hotels,

Restaurants

&

Leisure

—

2.74%

Expedia

Group,

Inc.

25,180

$

7,133,746

Insurance

—

3.70%

Brown

&

Brown,

Inc.

36,243

2,888,567

Old

Republic

International

Corp.

147,530

6,733,269

9,621,836

Machinery

—

2.32%

Graco,

Inc.

73,670

6,038,730

Medical

Equipment

&

Devices

—

3.96%

Align

Technology,

Inc.

(a) 5,050

788,558

Dentsply

Sirona,

Inc.

282,660

3,230,803

Hologic,

Inc.

(a) 56,750

4,227,307

Waters

Corp.

(a) 5,400

2,051,082

10,297,750

Oil

&

Gas

Producers

—

4.54%

Coterra

Energy,

Inc.

217,900

5,735,128

Devon

Energy

Corp.

165,604

6,066,075

11,801,203

Publishing

&

Broadcasting

—

2.62%

New

York

Times

Co.

(The),

Class

A

98,130

6,812,185

Real

Estate

—

3.24%

American

Assets

Trust,

Inc.

241,355

4,568,850

Apple

Hospitality

REIT,

Inc.

325,090

3,852,317

8,421,167

REIT

—

4.97%

Gaming

and

Leisure

Properties,

Inc.

69,800

3,119,362

Matson,

Inc.

47,980

5,927,929

National

Storage

Affiliates

Trust

136,790

3,858,846

12,906,137

Retail

-

Consumer

Staples

—

1.53%

Dollar

General

Corp.

29,925

3,973,142

Retail

-

Discretionary

—

1.25%

Advance

Auto

Parts,

Inc.

82,600

3,246,180

Semiconductors

—

6.15%

Cirrus

Logic,

Inc.

(a) 29,360

3,479,160

IPG

Photonics

Corp.

(a) 55,940

4,005,304

Power

Integrations,

Inc.

14,580

518,173

Teradyne,

Inc.

41,335

8,000,802

16,003,439

Software

—

4.05%

Akamai

Technologies,

Inc.

(a) 56,225

4,905,631

Concentrix

Corp.

7,065

293,763

SS&C

Technologies

Holdings,

Inc.

60,910

5,324,752

10,524,146

FullerThaler

Behavioral

Small-Mid

Core

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Finance

—

2.84%

Synchrony

Financial

88,455

$

7,379,801

Steel

—

1.93%

Steel

Dynamics,

Inc.

29,640

5,022,498

Technology

Hardware

—

2.80%

NetApp,

Inc.

22,390

2,397,745

Zebra

Technologies

Corp.,

Class

A

(a) 20,080

4,875,826

7,273,571

Technology

Services

—

4.35%

Leidos

Holdings,

Inc.

36,910

6,658,564

Science

Applications

International

Corp.

46,075

4,637,910

11,296,474

Transportation

Equipment

—

2.76%

Allison

Transmission

Holdings,

Inc.

73,325

7,178,518

Total

Common

Stocks/

Investments

—

98.36%

(Cost

$250,152,755)

255,634,816

Other

Assets

in

Excess

of

liabilities

—

1.64%

4,260,744

NET

ASSETS

—

100.00%

$259,895,560

(a) Non-income

producing

security.

REIT

-

Real

Estate

Investment

Trust

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

99.70%

Biotech

&

Pharma

—

6.13%

Emergent

BioSolutions,

Inc.

(a) 78,905

$

975,266

Vanda

Pharmaceuticals,

Inc.

(a) 36,245

319,681

1,294,947

Commercial

Support

Services

—

1.40%

LegalZoom.com,

Inc.

(a) 29,705

294,971

Electrical

Equipment

—

3.59%

Allient

,

Inc.

5,850

314,438

nLIGHT

,

Inc.

(a) 11,900

446,368

760,806

Entertainment

Content

—

2.11%

Inspired

Entertainment,

Inc.

(a) 23,650

221,364

Starz

Entertainment

Corp.

(a) 19,200

224,640

446,004

Food

—

4.47%

B&G

Foods,

Inc.

63,650

273,695

Hain

Celestial

Group,

Inc.

(The)

(a) 175,000

187,250

Limoneira

Co.

(a) 20,795

262,537

Utz

Brands,

Inc.

21,245

220,523

944,005

Health

Care

Facilities

&

Services

—

4.79%

Fortrea

Holdings,

Inc.

(a) 36,765

634,196

NeoGenomics

,

Inc.

(a) 32,175

378,378

1,012,574

Home

Construction

—

4.20%

Beazer

Homes

USA,

Inc.

(a) 14,280

289,456

Interface,

Inc.

11,910

332,527

Smith

Douglas

Homes

Corp.

(a) 15,900

266,643

888,626

Leisure

Facilities

&

Services

—

6.97%

BJ's

Restaurants,

Inc.

(a) 8,460

333,323

El

Pollo

Loco

Holdings,

Inc.

(a) 28,165

294,606

Lindblad

Expeditions

Holdings,

Inc.

(a) 21,180

305,416

Red

Robin

Gourmet

Burgers,

Inc.

(a) 53,995

218,680

Target

Hospitality

Corp.

(a) 40,000

320,400

1,472,425

Machinery

—

0.85%

Ichor

Holdings

Ltd.

(a) 9,800

180,614

Medical

Equipment

&

Devices

—

2.93%

Neogen

Corp.

(a) 32,275

225,602

Tactile

Systems

Technology,

Inc.

(a) 13,600

394,400

620,002

Oil

&

Gas

Producers

—

5.15%

Amplify

Energy

Corp.

55,000

251,350

Delek

US

Holdings,

Inc.

14,765

437,930

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Oil

&

Gas

Producers

—

(continued)

Matador

Resources

Co.

9,400

$

398,936

1,088,216

Oil

&

Gas

Services

&

Equipment

—

4.62%

Ameresco,

Inc.,

Class

A

(a) 18,200

533,078

NPK

International,

Inc.

(a) 37,170

443,066

976,144

Publishing

&

Broadcasting

—

2.33%

Clear

Channel

Outdoor

Holdings,

Inc.

(a) 222,950

492,719

Real

Estate

—

1.64%

Global

Medical

REIT,

Inc.

3,000

101,220

NexPoint

Diversified

Real

Estate

Trust

63,899

244,734

345,954

REIT

—

1.38%

FrontView

REIT,

Inc.

19,800

292,248

Renewable

Energy

—

3.51%

Fluence

Energy,

Inc.

(a) 33,500

662,630

SunPower,

Inc.

(a) 50,425

79,167

741,797

Retail

-

Discretionary

—

4.01%

Citi

Trends,

Inc.

8,250

342,870

La-Z-Boy,

Inc.

8,500

316,795

Zumiez,

Inc.

(a) 7,200

187,560

847,225

Semiconductors

—

3.94%

Photronics

,

Inc.

(a) 8,750

280,000

SkyWater

Technology,

Inc.

(a) 17,000

308,720

Ultra

Clean

Holdings,

Inc.

(a) 9,625

243,801

832,521

Software

—

15.14%

ACV

Auctions,

Inc.

(a) 45,500

364,910

Adeia

,

Inc.

13,000

224,250

Cerence

,

Inc.

(a) 33,385

356,886

Fastly,

Inc.,

Class

A

(a)(b) 30,900

314,562

GigaCloud

Technology,

Inc.,

Class

A

(a) 9,300

365,304

Omnicell,

Inc.

(a) 9,650

437,145

Porch

Group,

Inc.

(a) 48,932

446,750

PubMatic,

Inc.,

Class

A

(a) 20,100

178,287

Rapid7,

Inc.

(a) 13,000

197,600

Sprout

Social,

Inc.,

Class

A

(a) 28,000

315,560

3,201,254

Specialty

Finance

—

4.97%

Dave,

Inc.

(a) 1,695

375,290

EZCORP,

Inc.,

Class

A

(a) 20,000

388,400

FullerThaler

Behavioral

Micro-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Specialty

Finance

—

(continued)

PROG

Holdings,

Inc.

(a) 9,740

$

287,233

1,050,923

Technology

Hardware

—

5.53%

Daktronics,

Inc.

(a) 15,000

296,550

Digital

Turbine,

Inc.

(a) 90,400

452,000

Sonos,

Inc.

(a) 24,000

421,440

1,169,990

Technology

Services

—

4.09%

Green

Dot

Corp.,

Class

A

(a) 49,990

640,371

Repay

Holdings

Corp.,

Class

A

(a) 61,430

224,220

864,591

Telecommunications

—

2.33%

GOGO,

Inc.

(a) 45,300

211,098

Shenandoah

Telecommunications

Co.

24,360

281,602

492,700

Transportation

&

Logistics

—

2.65%

Bristow

Group,

Inc.

(a) 7,345

268,974

Forward

Air

Corp.

(a) 11,640

291,000

559,974

Wholesale

-

Consumer

Staples

—

0.97%

Calavo

Growers,

Inc.

(a) 9,460

205,755

Total

Common

Stocks

(Cost $18,483,883)

21,076,985

COLLATERAL

FOR

SECURITIES

LOANED

—

0.44%

Collateral

for

Securities

Loaned

—

0.44%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

3.79%

(c) 93,406

93,406

Total

Collateral

for

Securities

Loaned/Money

Market

Funds

(Cost $93,406)

93,406

Total

Investments

—

100.14%

(Cost

$18,577,289)

21,170,391

Liabilities

in

Excess

of

Other

assets

(d) —

(0.14)%

(28,601)

NET

ASSETS

—

100.00%

$21,141,790

(a) Non-income

producing

security.

(b) All

or

a

portion

of

the

security

was

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$313,316.

(c) Rate

disclosed

is

the

seven

day

effective

yield

as

of

December

31,

2025. (d) Includes

cash

collateral

for

securities

loaned

in

the

amount

of

$231,033. This

cash

is

held

in

deposit

accounts

as

part

of

the

IntraFi

Network

Deposit

Placement

Agreement

(See

Note

2).

REIT

-

Real

Estate

Investment

Trust

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

95.28%

Advertising

&

Marketing

—

1.06%

Omnicom

Group,

Inc.

16,025

$

1,294,019

Aerospace

&

Defense

—

0.37%

Textron,

Inc.

5,230

455,899

Apparel

&

Textile

Products

—

2.28%

Crocs,

Inc.

(a) 2,530

216,366

Deckers

Outdoor

Corp.

(a) 6,132

635,704

Ralph

Lauren

Corp.

3,950

1,396,759

Tapestry,

Inc.

4,275

546,217

2,795,046

Automotive

—

0.97%

BorgWarner,

Inc.

26,360

1,187,782

Banking

—

3.05%

Cullen/Frost

Bankers,

Inc.

6,330

801,568

East

West

Bancorp,

Inc.

8,635

970,488

Fifth

Third

Bancorp

42,065

1,969,062

3,741,118

Beverages

—

0.40%

Molson

Coors

Brewing

Co.,

Class

B

10,510

490,607

Biotech

&

Pharma

—

4.33%

Biogen,

Inc.

(a) 12,830

2,257,952

Exelixis,

Inc.

(a) 16,300

714,429

United

Therapeutics

Corp.

(a) 4,785

2,331,491

5,303,872

Capital

Markets

—

0.94%

PPG

Industries,

Inc.

11,220

1,149,601

Chemicals

—

1.41%

CF

Industries

Holdings,

Inc.

22,380

1,730,869

Commercial

Support

Services

—

1.32%

Cintas

Corp.

8,630

1,623,044

Construction

Materials

—

0.53%

Owens

Corning

5,845

654,114

Electric

Utilities

—

0.45%

Vistra

Corp.

3,390

546,909

Electrical

Equipment

—

4.27%

Acuity

Brands,

Inc.

3,355

1,207,934

Trane

Technologies

PLC

9,365

3,644,858

Vontier

Corp.

10,155

377,563

5,230,355

Electronic

Equipment,

Instruments

&

Components

—

0.98%

Zebra

Technologies

Corp.,

Class

A

(a) 4,960

1,204,387

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Engineering

&

Construction

—

5.88%

Comfort

Systems

USA,

Inc.

3,375

$

3,149,853

EMCOR

Group,

Inc.

6,245

3,820,628

TopBuild

Corp.

(a) 610

254,486

7,224,967

Entertainment

Content

—

2.90%

Electronic

Arts,

Inc.

8,665

1,770,519

Fox

Corp.,

Class

B

27,500

1,785,575

3,556,094

Health

Care

Facilities

&

Services

—

5.43%

Cardinal

Health,

Inc.

5,700

1,171,350

Encompass

Health

Corp.

5,135

545,029

IQVIA

Holdings,

Inc.

(a) 9,595

2,162,809

Labcorp

Holdings,

Inc.

3,830

960,870

Medpace

Holdings,

Inc.

(a) 1,542

866,064

Quest

Diagnostics,

Inc.

5,505

955,283

6,661,405

Home

Construction

—

2.63%

Masco

Corp.

15,070

956,342

PulteGroup,

Inc.

15,115

1,772,386

Toll

Brothers,

Inc.

3,670

496,257

3,224,985

Hotels,

Restaurants

&

Leisure

—

0.59%

Darden

Restaurants,

Inc.

3,945

725,959

Industrial

Support

Services

—

1.94%

W.W.

Grainger,

Inc.

2,351

2,372,277

Institutional

Financial

Services

—

0.39%

Bank

of

New

York

Mellon

Corp.

(The)

4,170

484,095

Insurance

—

3.83%

Aflac,

Inc.

3,185

351,210

Assurant,

Inc.

4,462

1,074,673

Hartford

Financial

Services

Group,

Inc.

(The)

23,700

3,265,860

4,691,743

Leisure

Facilities

&

Services

—

1.25%

Hilton

Worldwide

Holdings,

Inc.

1,965

564,446

Texas

Roadhouse,

Inc.

5,835

968,610

1,533,056

Machinery

—

2.98%

Curtiss-Wright

Corp.

2,760

1,521,505

Donaldson

Co.,

Inc.

8,195

726,569

Lincoln

Electric

Holdings,

Inc.

5,865

1,405,489

3,653,563

Medical

Equipment

&

Devices

—

2.42%

Agilent

Technologies,

Inc.

8,635

1,174,964

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Medical

Equipment

&

Devices

—

(continued)

GE

HealthCare

Technologies,

Inc.

4,935

$

404,769

Mettler-Toledo

International,

Inc.

(a) 610

850,456

ResMed,

Inc.

2,210

532,323

2,962,512

Oil

&

Gas

Producers

—

2.92%

Cheniere

Energy,

Inc.

5,755

1,118,713

Coterra

Energy,

Inc.

18,650

490,868

Devon

Energy

Corp.

22,885

838,278

HF

Sinclair

Corp.

9,760

449,741

Murphy

USA,

Inc.

1,680

677,914

3,575,514

Oil

&

Gas

Services

&

Equipment

—

4.11%

Baker

Hughes

Co.,

Class

A

33,395

1,520,808

TechnipFMC

PLC

79,145

3,526,702

5,047,510

Publishing

&

Broadcasting

—

0.34%

Nexstar

Media

Group,

Inc.

2,065

419,298

Real

Estate

—

0.26%

Lineage,

Inc.

9,100

318,500

Real

Estate

Services

—

2.09%

CBRE

Group,

Inc.,

Class

A

(a) 15,890

2,554,953

REIT

—

0.65%

Gaming

and

Leisure

Properties,

Inc.

4,525

202,222

Mid-America

Apartment

Communities,

Inc.

1,980

275,042

Weyerhaeuser

Co.

13,645

323,250

800,514

Retail

-

Consumer

Staples

—

5.38%

BJ's

Wholesale

Club

Holdings,

Inc.

(a) 32,615

2,936,328

Casey's

General

Stores,

Inc.

1,785

986,587

Kroger

Co.

(The)

42,670

2,666,022

6,588,937

Retail

-

Discretionary

—

7.81%

Best

Buy

Co.,

Inc.

6,690

447,762

Builders

FirstSource,

Inc.

(a) 7,200

740,808

O'Reilly

Automotive,

Inc.

(a) 6,300

574,623

Ross

Stores,

Inc.

18,845

3,394,738

Ulta

Beauty,

Inc.

(a) 7,285

4,407,497

9,565,428

Software

—

1.17%

Manhattan

Associates,

Inc.

(a) 8,310

1,440,206

Specialty

Finance

—

1.20%

Synchrony

Financial

17,585

1,467,117

FullerThaler

Behavioral

Mid-Cap

Equity

Fund

Schedule

of

Investments

(continued)

December

31,

2025

-

(Unaudited)

Shares

Fair

Value

COMMON

STOCKS

—

(continued)

Steel

—

1.55%

Commercial

Metals

Co.

12,980

$

898,476

Nucor

Corp.

2,200

358,842

Reliance

Steel

&

Aluminum

Co.

2,210

638,403

1,895,721

Technology

Hardware

—

6.70%

F5,

Inc.

(a) 2,175

555,191

Jabil,

Inc.

21,195

4,832,884

NetApp,

Inc.

26,255

2,811,648

8,199,723

Technology

Services

—

4.33%

Amdocs

Ltd.

4,495

361,892

Cognizant

Technology

Solutions

Corp.,

Class

A

20,825

1,728,475

Corpay,

Inc.

(a) 3,305

994,574

MSCI,

Inc.

3,038

1,742,992

Science

Applications

International

Corp.

4,770

480,148

5,308,081

Transportation

&

Logistics

—

1.36%

JB

Hunt

Transport

Services,

Inc.

8,550

1,661,607

Transportation

Equipment

—

2.81%

Cummins,

Inc.

6,755

3,448,090

Total

Common

Stocks/

Investments

—

95.28%

(Cost

$105,573,998)

116,789,477

Other

Assets

in

Excess

of

liabilities

—

4.72%

5,786,028

NET

ASSETS

—

100.00%

$122,575,505

(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:** FULLERTHALER BEHAVIORAL SMALL-MID CORE EQUITY

- **b. EDGAR series identifier (if any):** S000063935

- **c. LEI of Series:** 549300CGNJBF26Q67948

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $260205600.77

**Total Liabilities:** $222762.53

**Net Assets:** $259982838.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206936 | -1.85%               | 3.35%                | 0.91%                |
| Class ID C000206937 | -7.52%               | -2.64%               | -4.95%               |
| Class ID C000206938 | -1.85%               | 3.32%                | 0.88%                |
| Class ID C000225341 | -7.57%               | -2.67%               | -4.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $116958.75               | $-4283748.28                               |
| Month 2  | $2397885.08              | $5118827.34                                |
| Month 3  | $-0.20                   | $1505109.83                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acuity Inc.                              | Acuity, Inc.                                   | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8225 | NS      | $2961329.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                  | Advance Auto Parts, Inc.                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     82600 | NS      | $3246180.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.         | Advanced Energy Industries, Inc.               | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     22600 | NS      | $4731762.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                | Akamai Technologies, Inc.                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     56225 | NS      | $4905631.25   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                    | Align Technology, Inc.                         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      5050 | NS      | $788557.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc        | Allison Transmission Holdings, Inc.            | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     73325 | NS      | $7178517.50   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.               | American Assets Trust, Inc.                    | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    241355 | NS      | $4568850.15   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc               | Apple Hospitality REIT, Inc.                   | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    325090 | NS      | $3852316.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                        | Brown & Brown, Inc.                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     36243 | NS      | $2888567.10   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                       | Coterra Energy, Inc.                           | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    217900 | NS      | $5735128.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                       | Cirrus Logic, Inc.                             | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     29360 | NS      | $3479160.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc               | Coca-Cola Consolidated, Inc.                   | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     43200 | NS      | $6622560.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                 | Comfort Systems USA, Inc.                      | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      5470 | NS      | $5105096.30   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                         | Concentrix Corporation                         | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      7065 | NS      | $293762.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                      | DENTSPLY SIRONA, Inc.                          | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    282660 | NS      | $3230803.80   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                 | Devon Energy Corporation                       | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    165604 | NS      | $6066074.52   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation               | Dollar General Corporation                     | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     29925 | NS      | $3973142.25   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                | eBay, Inc.                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     48250 | NS      | $4202575.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                           | Exelixis, Inc.                                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    162685 | NS      | $7130483.55   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                        | Expedia Group, Inc.                            | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     25180 | NS      | $7133745.80   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc (Delaware) | First Citizens BancShares Inc                  | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      2285 | NS      | $4904021.30   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp  PA    | First Commonwealth Financial Corporation       | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |    297740 | NS      | $5019896.40   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc           | First Financial Bankshares, Inc.               | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |    161760 | NS      | $4831771.20   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                            | Frontdoor, Inc.                                | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |    101200 | NS      | $5838228.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc        | Gaming and Leisure Properties, Inc.            | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     69800 | NS      | $3119362.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                              | Gentex Corporation                             | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    223045 | NS      | $5190257.15   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                | Graco, Inc.                                    | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     73670 | NS      | $6038729.90   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                        | Hamilton Lane, Inc.                            | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     35895 | NS      | $4821057.45   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                              | Hologic, Inc.                                  | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     56750 | NS      | $4227307.50   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                       | IPG Photonics Corporation                      | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |     55940 | NS      | $4005304.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                             | Marzetti Company (The)                         | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |     35340 | NS      | $5810602.80   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                      | Leidos Holdings, Inc.                          | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     36910 | NS      | $6658564.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                  | Live Oak Bancshares, Inc.                      | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131662 | NS      | $4522589.70   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corporation                        | Masco Corporation                              | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    105075 | NS      | $6668059.50   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                               | Matson, Inc.                                   | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     47980 | NS      | $5927929.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                    | Medpace Holdings, Inc.                         | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      9065 | NS      | $5091357.25   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust        | National Storage Affiliates Trust              | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |    136790 | NS      | $3858845.90   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                              | NetApp, Inc.                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     22390 | NS      | $2397745.10   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company               | New York Times Company (The)                   | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     98130 | NS      | $6812184.60   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation   | Old Republic International Corporation         | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    147530 | NS      | $6733269.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                            | Owens Corning                                  | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     35270 | NS      | $3947065.70   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.                  | Power Integrations, Inc.                       | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     14580 | NS      | $518173.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                          | PulteGroup, Inc.                               | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21100 | NS      | $2474186.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc.                        | QCR Holdings, Inc.                             | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     59090 | NS      | $4922197.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated           | Quest Diagnostics, Inc.                        | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      7780 | NS      | $1350063.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc.          | SS&C Technologies Holdings, Inc.               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     60910 | NS      | $5324752.20   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp. | Science Applications International Corporation | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     46075 | NS      | $4637909.50   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                     | Steel Dynamics, Inc.                           | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     29640 | NS      | $5022498.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                      | Synchrony Financial                            | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     88455 | NS      | $7379800.65   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                            | Teradyne, Inc.                                 | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     41335 | NS      | $8000802.60   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                       | Waters Corporation                             | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      5400 | NS      | $2051082.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc.            | Watts Water Technologies, Inc.                 | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     18850 | NS      | $5202977.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation           | Zebra Technologies Corporation                 | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     20080 | NS      | $4875825.60   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion PLC                             | Allegion plc                                   | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     42560 | NS      | $6776403.20   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion S.A.                               | Orion S.A.                                     | CUSIP: L72967109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    488590 | NS      | $2579755.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | Reich & Tang Deposit Account                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   4342521 | PA      | $4342521.49   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Capitol Series Trust

**Signature:** Zachary Richmond

**Name of Signer:** Zachary Richmond

**Title:** Treasurer