Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22895

Capitol Series Trust

(Exact name of registrant as specified in charter)

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

Zachary P. Richmond

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(Name and address of agent for service)

Registrant's telephone number, including area code:	513-587-3400

Date of fiscal year end:	December 31

Date of reporting period:

December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

(b)

Not Applicable.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a)(1)

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2)

The audit committee financial expert is Lori Kaiser, who is "independent" for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Sterling Capital Enhanced Core Bond ETF:

FY 2025

$17,500

(b)

Audit-Related Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Sterling Capital Enhanced Core Bond ETF:

FY 2025

$0

(c)

Tax Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Sterling Capital Enhanced Core Bond ETF:

FY 2025

$3,500

Nature of the fees:

Preparation of the 1120 RIC and Excise review

(d)

All other fees billed to the registrant by its principal accountants for the most recent fiscal year:

Sterling Capital Enhanced Core Bond ETF:

FY 2025

$0

(e)(1)

Audit Committee's Pre-Approval Policies

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

(2)

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

			Registrant	Adviser
	FY 2025		$3,500	$0

(h)

Not applicable. The auditor performed no services for the registrant's investment advisers or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee member is Lori Kaiser.

Item 6. Investments.

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Sterling Capital Enhanced Core Bond ETF

SCEC

Annual Financial Statements

and Additional Information

December 31, 2025

1-888-228-1872

www.sterlingcapital.com/etf

LISTED ON THE CBOE BZX EXCHANGE, INC. (THE "EXCHANGE")

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Fund. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Distributed by Northern Lights Distributors LLC

Member FINRA

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments

December 31, 2025

Shares						Fair Value
				PREFERRED STOCKS - 0.2%
				ASSET MANAGEMENT - 0.2%
	37,100			Apollo Global Management, Inc., 7.24%		$	977,214
				TOTAL PREFERRED STOCKS (Cost $966,538)			977,214

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
				ASSET BACKED SECURITIES - 29.6%
				AUTO LOAN - 0.1%
	250,000			Avis Budget Rental Car Funding AESOP, LLC Series 3A A(a)				5.2300		12/20/30			258,200
	155,000			Enterprise Fleet Financing 2024-3, LLC Series 3 A4(a)				5.0600		03/20/31			158,736
													416,936
				COLLATERALIZED LOAN OBLIGATIONS - 3.3%
	4,016,000			Ares XLIV CLO Ltd. Series 44A A1RR(a)(b)		TSFR3M + 1.130%		5.0350		04/15/34			4,014,442
	2,275,056			Carlyle US CLO 2017-3 Ltd. Series 3A A1R2 3A(a)(b)		TSFR3M + 1.400%		5.2700		10/21/37			2,279,224
	2,673,000			Dryden 53 CLO Ltd. Series 53A BR(a)(b)		TSFR3M + 1.300%		5.2050		01/15/31			2,670,987
	4,182,000			LCM 33 Ltd. Series 33A AR(a)(b)		TSFR3M + 1.180%		5.0640		07/20/34			4,181,042
	3,031,000			Neuberger Berman Loan Advisers CLO 41 Ltd. Series 41A AR(a)(b)		TSFR3M + 1.050%		4.9550		04/15/34			3,030,397
													16,176,092
				COLLATERALIZED MORTGAGE OBLIGATIONS - 23.2%
	3,500,000			Avis Budget Rental Car Funding AESOP, LLC Series 4A A(a)				4.7700		02/20/29			3,541,084
	200,000			BANK 2023-BNK46 Series BNK46 A4				5.7450		08/15/56			211,166
	1,390,000			BANK5 2023-5YR1 Series 5YR1 A3				6.2600		04/15/56			1,442,036
	4,150,000			BANK5 2023-5YR3 Series 5YR3 AS				7.3150		09/15/56			4,432,108
	3,462,454			BANK5 2023-5YR4 Series 5YR4 A3				6.5000		12/15/56			3,645,397
	200,000			BANK5 2023-5YR4 Series 5YR4 AS				7.2740		12/15/56			213,392
	1,189,928			BANK5 2024-5YR5 Series 5YR5 A3				5.7020		02/15/29			1,234,245
	3,340,000			BANK5 2025-5YR17 Series 5YR17 A3				5.2250		11/15/58			3,446,466
	2,959,000			BANK5 2025-5YR18 Series 5YR18 A3				5.1450		12/15/58			3,044,239
	2,202,000			BANK5 2025-5YR19 Series 5YR19 A3				5.2700		12/15/30			2,277,814
	2,500,000			BANK5 Trust 2024-5YR6 Series 5YR6 A3				6.2250		05/15/57			2,635,819
	2,000,000			BANK5 Trust 2024-5YR6 Series 5YR6 AS				6.7900		05/15/57			2,122,019
	2,200,000			BBCMS Mortgage Trust 2024-5C25 Series 5C25 A3				5.9460		03/15/57			2,302,467
	485,000			BBCMS Mortgage Trust 2024-5C25 Series 5C25 AS				6.3580		03/15/57			505,999

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)

December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
	1,665,000			BBCMS Mortgage Trust 2025-5C36 Series 5C36 A3				5.5170		08/15/58		$	1,738,172
	2,414,000			BBCMS Mortgage Trust 2025-5C38 Series 5C38 A3				5.1460		11/15/58			2,485,460
	1,141,000			Benchmark 2023-V2 Mortgage Trust Series V2 A3				5.8120		05/15/55			1,178,923
	3,222,000			Benchmark 2023-V3 Mortgage Trust Series V3 A3				6.3630		07/15/56			3,370,645
	2,165,000			Benchmark 2024-V5 Mortgage Trust Series V5 A3				5.8050		01/10/57			2,254,194
	100,000			Benchmark 2024-V6 Mortgage Trust Series V6 A3				5.9260		03/15/57			104,541
	1,750,000			Benchmark 2024-V6 Mortgage Trust Series V6 AS				6.3840		03/15/57			1,830,682
	200,000			Benchmark 2024-V7 Mortgage Trust Series V7 A3				6.2280		05/15/56			211,212
	3,500,000			Benchmark 2024-V9 Mortgage Trust Series V9 A3				5.6020		08/15/57			3,639,208
	900,000			Benchmark 2025-V16 Mortgage Trust Series V16 A3				5.4390		08/15/57			936,028
	4,271,000			Benchmark 2025-V18 Mortgage Trust Series V18 A3				5.1840		10/15/30			4,402,009
	1,228,000			Benchmark 2025-V19 Mortgage Trust Series V19 A3				5.2490		01/15/58			1,269,533
	3,260,000			BMO 2023-5C1 Mortgage Trust Series 5C1 A3				6.5340		08/15/56			3,414,858
	2,234,000			BMO 2025-5C12 Mortgage Trust Series 5C12 A3				5.1800		10/15/58			2,295,371
	1,461,000			BMO 2025-5C13 Mortgage Trust Series 5C13 A3				5.2270		12/15/58			1,505,198
	285,000			CD 2016-CD2 Mortgage Trust Series CD2 A4				3.5260		11/10/49			278,639
	880,000			CD 2017-CD3 Mortgage Trust Series CD3 A4				3.6310		02/10/50			859,448
	5,000,000			CIFC Funding 2017-III Ltd. Series 3A AR(a)(b)		TSFR3M + 1.540%		5.4240		04/20/37			5,008,675
	2,000,000			Citigroup Commercial Mortgage Trust 2018-B2 Series B2 A4				4.0090		03/10/51			1,991,108
	1,300,000			COMM 2017-COR2 Mortgage Trust Series COR2 A3				3.5100		09/10/50			1,283,362
	8,844,890			Freddie Mac REMICS Series 5243 B				3.5000		05/15/40			8,598,795
	3,655,000			Hertz Vehicle Financing III, LLC Series 2A A(a)				5.5700		09/25/29			3,768,279
	175,000			JPMCC Commercial Mortgage Securities Trust Series JP5 A5				3.7230		03/15/50			174,008

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)

December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
	500,000			Morgan Stanley Bank of America Merrill Lynch Trust Series C32 A4				3.7200		12/15/26		$	496,111
	2,581,000			Morgan Stanley Bank of America Merrill Lynch Trust Series 5C2 A3				5.1070		11/15/30			2,647,694
	300,000			Morgan Stanley Capital I 2017-HR2 Series HR2 A4				3.5870		12/15/50			296,533
	1,282,000			Morgan Stanley Capital I Trust 2016-BNK2 Series BNK2 A4				3.0490		11/15/49			1,258,319
	908,000			Morgan Stanley Capital I Trust 2018-H3 Series H3 A5				4.1770		07/15/51			906,982
	4,500,000			OneMain Direct Auto Receivables Trust 2025-1 Series 1A A(a)				5.3600		04/16/35			4,667,688
	3,740,000			PFS Financing Corporation Series B A(a)				4.8500		02/15/30			3,810,742
	3,042,808			Progress Residential 2025-SFR1 Trust Series SFR1 A(a)				3.4000		02/17/42			2,921,794
	2,550,000			Santander Drive Auto Receivables Trust 2025-1 Series 1 B				4.8800		03/17/31			2,571,342
	3,135,188			SMB Private Education Loan Trust 2024-A Series A A1A(a)				5.2400		03/15/56			3,193,453
	739,000			VDCM Commercial Mortgage Trust 2025-AZ Series AZ C(a)(b)				5.8380		07/13/44			753,347
	1,964,000			Wells Fargo Commercial Mortgage Trust 2025-5C5 Series 5C5 A3				5.5900		07/15/58			2,052,833
	2,015,000			Wells Fargo Commercial Mortgage Trust 2025-5C6 Series 5C6 A3				5.1860		10/15/58			2,073,998
	1,743,000			Wells Fargo Commercial Mortgage Trust 2025-5C7 Series 5C7 A3				5.2030		12/15/58			1,794,566
													113,098,001
				OTHER ASSET BACKED SECURITIES - 3.0%
	4,463,000			Barings Equipment Finance, LLC 2025-A Series A A3(a)				4.8200		08/13/32			4,573,959
	161,650			MVW 2024-2, LLC Series 2A A(a)				4.4300		03/20/42			162,172
	1,950,000			OneMain Financial Issuance Trust 2023-1 Series 1A A(a)				5.5000		06/14/38			2,016,216
	1,385,000			OneMain Financial Issuance Trust 2023-2 Series 2A A1(a)				5.8400		09/15/36			1,413,533
	2,207,000			Stack Infrastructure Issuer, LLC Series 1A A2(a)				5.0000		05/25/50			2,183,970
	2,299,000			Vantage Data Centers Issuer, LLC Series 2A A2(a)				5.2390		11/15/55			2,281,302
	2,270,000			Vantage Data Centers, LLC Series 1A A2(a)				5.1320		08/15/55			2,247,586
													14,878,738
				TOTALASSET BACKED SECURITIES (Cost $143,634,356)									144,569,767

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)

December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
				CORPORATE BONDS - 29.8%
				AEROSPACE & DEFENSE - 0.7%
	632,000			BAE Systems plc(a)				5.1250		03/26/29		$	650,482
	638,000			Boeing Company (The)				6.2980		05/01/29			677,425
	1,161,000			Boeing Company (The)				5.7050		05/01/40			1,186,197
	71,000			Howmet Aerospace, Inc.				4.8500		10/15/31			73,005
	471,000			Howmet Aerospace, Inc.				4.5500		11/15/32			473,260
													3,060,369
				ASSET MANAGEMENT - 1.4%
	912,000			Apollo Debt Solutions BDC				6.9000		04/13/29			957,408
	568,000			Ares Finance Co. III LLC(a)(b)		H15T5Y + 3.237%		4.1250		06/30/51			561,000
	479,000			Ares Management Corporation				6.3750		11/10/28			507,092
	1,124,000			BlackRock, Inc.				1.9000		01/28/31			1,010,922
	1,385,000			Blackstone Secured Lending Fund				5.1250		01/31/31			1,368,410
	843,000			Fortitude Group Holdings, LLC(a)				6.2500		04/01/30			878,697
	637,000			FS KKR Capital Corp				3.1250		10/12/28			588,022
	415,000			Goldman Sachs Private Credit Corporation(a)				5.8750		01/31/31			415,679
	540,000			KKR Group Finance Company III, LLC(a)				5.1250		06/01/44			506,017
													6,793,247
				AUTOMOTIVE - 0.3%
	1,014,000			Ford Motor Company				6.1000		08/19/32			1,045,246
	289,000			Hyundai Capital America(a)				5.4000		06/23/32			299,721
													1,344,967
				BANKING - 4.9%
	1,897,000			Bank of America Corporation(b)		SOFRRATE + 2.160%		5.0150		07/22/33			1,934,967
	890,000			Bank of America Corporation(b)		SOFRRATE + 1.910%		5.2880		04/25/34			916,573
	1,188,000			Bank of America Corporation(b)		SOFRRATE + 1.697%		5.7440		02/12/36			1,238,380
	642,000			Barclays plc				5.0880		06/20/30			653,531
	2,082,000			Citigroup, Inc.(b)		SOFRRATE + 1.422%		2.9760		11/05/30			1,984,026
	974,000			Citigroup, Inc.(b)		H15T5Y + 3.001%		6.6250		05/15/74			990,248
	539,000			Citizens Financial Group, Inc.(b)		SOFRRATE + 2.010%		5.8410		01/23/30			562,286
	590,000			Comerica Inc.(b)		SOFRRATE + 2.155%		5.9820		01/30/30			615,603
	943,000			Fifth Third Bancorp(b)		SOFRRATE + 1.660%		4.3370		04/25/33			922,119
	706,000			Huntington Bancshares, Inc.(b)		SOFRRATE + 2.020%		6.2080		08/21/29			741,211

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
	447,000			Huntington Bancshares, Inc.(b)		SOFRINDX + 1.870%		5.7090		02/02/35		$	467,159
	474,000			JPMorgan Chase & Co(b)		SOFRRATE + 1.635%		5.5760		07/23/36			490,510
	1,868,000			JPMorgan Chase & Company(b)		SOFRRATE + 1.310%		5.0120		01/23/30			1,915,516
	1,215,000			JPMorgan Chase & Company(b)		SOFRRATE + 2.080%		4.9120		07/25/33			1,238,118
	1,410,000			Macquarie Group Ltd.(a)(b)		SOFRRATE + 1.440%		2.6910		06/23/32			1,284,280
	897,000			Mitsubishi UFJ Financial Group, Inc.(b)		H15T1Y + 0.970%		2.4940		10/13/32			804,108
	1,083,000			Sumitomo Mitsui Financial Group, Inc.				2.1300		07/08/30			987,064
	947,000			Toronto-Dominion Bank (The)(b)		USSW5 + 2.205%		3.6250		09/15/31			941,790
	646,000			US Bancorp(b)		SOFRRATE + 1.600%		4.8390		02/01/34			650,940
	1,077,000			Wells Fargo & Co.(b)		SOFRRATE + 210.000%		4.8970		07/25/33			1,094,057
	1,251,000			Wells Fargo & Company(b)		TSFR3M+ 1.432%		2.8790		10/30/30			1,190,480
	1,437,000			Wells Fargo & Company(b)		SOFRRATE + 1.740%		5.6050		04/23/36			1,506,738
	1,103,000			Westpac Banking Corporation(b)		USISOA05 + 2.236%		4.3220		11/23/31			1,102,415
													24,232,119
				BEVERAGES - 0.2%
	818,000			Bacardi Ltd. / Bacardi-Martini BV(a)				5.4000		06/15/33			829,048
				BIOTECH & PHARMA - 1.1%
	1,187,000			Amgen, Inc.				5.2500		03/02/30			1,232,599
	763,000			CSL Finance plc(a)				4.2500		04/27/32			750,307
	720,000			Eli Lilly & Company Series X2 A				4.9000		02/12/32			744,715
	166,000			Eli Lilly & Company				5.5500		10/15/55			167,295
	1,600,000			Organon & Company / Organon Foreign Debt Co-Issuer(a)				5.1250		04/30/31			1,326,297
	1,130,000			Zoetis, Inc.				5.0000		08/17/35			1,142,806
													5,364,019
				CABLE & SATELLITE - 0.4%
	1,371,000			CCO Holdings, LLC / CCO Holdings Capital(a)				4.2500		01/15/34			1,167,028
	542,000			Charter Communications Operating, LLC / Charter				6.1000		06/01/29			565,922
													1,732,950

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
				COMMERCIAL SUPPORT SERVICES - 0.1%
	570,000			ADT Security Corporation (The)(a)				5.8750		10/15/33		$	577,646
				COMMUNICATIONS - 0.1%
	490,000			WULF Compute, LLC(a)				7.7500		10/15/30			505,194
				CONSTRUCTION MATERIALS - 0.3%
	970,000			CRH America Finance, Inc.				5.0000		02/09/36			973,725
	640,000			Eagle Materials, Inc.				5.0000		03/15/36			627,273
													1,600,998
				E-COMMERCE DISCRETIONARY - 0.3%
	852,000			Amazon.com, Inc.				4.6500		11/20/35			848,888
	1,051,000			Amazon.com, Inc.				2.8750		05/12/41			797,943
													1,646,831
				ELECTRIC UTILITIES - 2.5%
	1,184,000			Alpha Generation, LLC(a)				6.2500		01/15/34			1,196,837
	732,000			CenterPoint Energy Houston Electric, LLC				5.1500		03/01/34			748,823
	805,000			CMS Energy Corporation				4.7000		03/31/43			704,373
	948,000			DTE Electric Company				5.2500		05/15/35			974,882
	1,289,000			Duke Energy Florida, LLC				6.2000		11/15/53			1,384,879
	1,283,000			Duke Energy Progress, LLC				3.6000		09/15/47			958,422
	1,063,000			Entergy Louisiana, LLC				5.7000		03/15/54			1,060,477
	1,199,000			FirstEnergy Transmission, LLC(a)				4.7500		01/15/33			1,201,834
	430,000			Nevada Power Company(b)		H15T5Y + 1.936%		6.2500		05/15/55			437,052
	1,133,000			NextEra Energy Capital Holdings Inc				2.4400		01/15/32			1,009,687
	703,000			NRG Energy, Inc.(a)				5.4070		10/15/35			702,635
	786,000			Public Service Company of Colorado				5.3500		05/15/34			807,993
	954,000			Sempra				3.8000		02/01/38			820,661
													12,008,555
				ELECTRICAL EQUIPMENT - 0.3%
	1,436,000			Amphenol Corporation				4.6250		02/15/36			1,407,436
				FOOD - 0.2%
	855,000			Kraft Heinz Foods Company				5.0000		06/04/42			785,049
				GAS & WATER UTILITIES - 0.2%
	999,000			Southern Company Gas Capital Corporation				5.1000		09/15/35			1,009,383
				HEALTH CARE FACILITIES & SERVICES - 0.5%
	799,000			CVS Health Corporation				6.0500		06/01/54			794,944
	822,000			HCA, Inc.				5.5000		06/01/33			855,823
	661,000			IQVIA, Inc.				6.2500		02/01/29			697,169
													2,347,936
				HOME CONSTRUCTION - 0.6%
	468,000			DR Horton, Inc.				4.8500		10/15/30			478,364
	487,000			Meritage Homes Corporation(a)				3.8750		04/15/29			478,519
	685,000			Meritage Homes Corporation				5.6500		03/15/35			700,232

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
	641,000			New Home Company, Inc. (The)(a)				9.2500		10/01/29		$	669,791
	456,000			New Home Company, Inc. (The)(a)				8.5000		11/01/30			470,183
													2,797,089
				INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	836,000			Jane Street Group / JSG Finance, Inc.(a)				7.1250		04/30/31			878,930
	417,000			Jane Street Group / JSG Finance, Inc.(a)				6.7500		05/01/33			435,538
	1,583,000			Morgan Stanley(b)		SOFRRATE + 1.200%		2.5110		10/20/32			1,420,359
	1,777,000			Morgan Stanley(b)		SOFRRATE + 1.870%		5.2500		04/21/34			1,830,082
													4,564,909
				INSURANCE - 1.9%
	747,000			American National Group, Inc.				6.0000		07/15/35			757,992
	1,291,000			Athene Holding Ltd.				5.8750		01/15/34			1,339,162
	696,000			Athene Holding Ltd.(b)		H15T5Y + 2.607%		6.6250		10/15/54			696,274
	516,000			Enstar Group Ltd.				3.1000		09/01/31			464,434
	675,000			GA Global Funding Trust(a)				5.5000		01/08/29			694,210
	673,000			Global Atlantic Fin Company(a)				6.7500		03/15/54			688,140
	637,000			Lincoln National Corporation				5.3500		11/15/35			642,978
	460,000			Ohio National Financial Services, Inc.(a)				6.8000		01/24/30			463,602
	1,046,000			Panther Escrow Issuer, LLC(a)				7.1250		06/01/31			1,084,574
	485,000			RGA Global Funding(a)				5.5000		01/11/31			504,818
	464,000			SBL Holdings, Inc.(a)				7.2000		10/30/34			449,511
	783,000			SBL Holdings, Inc.(a)(b)		H15T5Y + 5.620%		6.5000		11/13/74			748,322
	569,000			Transatlantic Holdings, Inc.				8.0000		11/30/39			712,531
													9,246,548
				INTERNET MEDIA & SERVICES - 0.6%
	1,196,000			Beignet Investor, LLC(a)				6.5810		05/30/49			1,264,661
	764,000			Meta Platforms, Inc.				4.6000		11/15/32			770,362
	851,000			Meta Platforms, Inc.				5.4000		08/15/54			792,407
													2,827,430
				LEISURE PRODUCTS - 0.1%
	254,000			Mattel, Inc.(a)				3.7500		04/01/29			247,939
	227,000			Mattel, Inc.				5.0000		11/17/30			228,642
													476,581
				MACHINERY - 0.1%
	677,000			Caterpillar, Inc.				5.2000		05/15/35			702,131
				MEDICAL EQUIPMENT & DEVICES - 0.3%
	820,000			Baxter International, Inc.				2.5390		02/01/32			714,755
	816,000			GE HealthCare Technologies, Inc.				5.8570		03/15/30			863,226
													1,577,981

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
				METALS & MINING - 0.6%
	690,000			Anglo American Capital plc(a)				6.0000		04/05/54		$	694,979
	1,374,000			Freeport-McMoRan, Inc.				5.4500		03/15/43			1,331,161
	967,000			Glencore Funding, LLC(a)				5.6730		04/01/35			1,010,383
													3,036,523
				OIL & GAS PRODUCERS - 2.2%
	585,000			Aker BP ASA(a)				3.7500		01/15/30			566,331
	489,000			APA Corporation				6.7500		02/15/55			488,359
	415,000			Ascent Resources Utica Holdings, LLC / ARU Finance(a)				6.6250		10/15/32			430,567
	240,000			Buckeye Partners, L.P.(a)				6.7500		02/01/30			252,079
	685,000			Civitas Resources, Inc.(a)				9.6250		06/15/33			740,035
	924,000			Crescent Energy Finance, LLC(a)				8.3750		01/15/34			918,410
	487,000			Diamondback Energy, Inc.				5.4000		04/18/34			498,813
	805,000			DT Midstream, Inc.(a)				4.1250		06/15/29			794,767
	845,000			MPLX, L.P.				4.5000		04/15/38			770,987
	666,000			Ovintiv, Inc.				6.2500		07/15/33			706,801
	836,000			Permian Resources Operating LLC(a)				5.8750		07/01/29			843,650
	707,000			Pioneer Natural Resources Company				1.9000		08/15/30			640,657
	710,000			Plains All American Pipeline, L.P. / PAA Finance				5.6000		01/15/36			718,620
	644,000			Sunoco, L.P. / Sunoco Finance Corporation				4.5000		05/15/29			632,722
	941,000			Venture Global Plaquemines LNG, LLC(a)				6.1250		12/15/30			958,808
	765,000			Woodside Finance Ltd.				6.0000		05/19/35			797,125
													10,758,731
				REAL ESTATE INVESTMENT TRUSTS - 1.5%
	878,000			Extra Space Storage, L.P.				4.9500		01/15/33			889,423
	472,000			Global Net Lease, Inc.(a)				4.5000		09/30/28			464,341
	480,000			Global Net Lease, Inc. / Global Net Lease(a)				3.7500		12/15/27			467,757
	559,000			Invitation Homes Operating Partnership, L.P.				4.1500		04/15/32			542,854
	1,217,000			Iron Mountain, Inc.(a)				4.5000		02/15/31			1,160,979
	721,000			LXP Industrial Trust				2.7000		09/15/30			662,309
	801,000			Phillips Edison Grocery Center Operating				4.9500		01/15/35			792,527
	689,000			Prologis Targeted US Logistics Fund, L.P.(a)				5.5000		04/01/34			717,562
	944,000			Store Capital, LLC				2.7500		11/18/30			860,905
	750,000			Tanger Properties, L.P.				2.7500		09/01/31			679,967
													7,238,624
				RETAIL - CONSUMER STAPLES - 0.1%
	569,000			Kroger Company (The)				5.0000		09/15/34			572,362
				RETAIL - DISCRETIONARY - 0.5%
	876,000			Bath & Body Works, Inc.				6.8750		11/01/35			887,132
	877,000			Lowe's Companies, Inc.				1.7000		10/15/30			779,478
	820,000			Macy's Retail Holdings, LLC(a)				5.8750		03/15/30			828,219
													2,494,829

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
				SEMICONDUCTORS - 1.2%
	1,148,000			Broadcom, Inc.(a)				4.9260		05/15/37		$	1,133,573
	1,005,000			Entegris Escrow Corporation(a)				4.7500		04/15/29			1,008,193
	1,039,000			Foundry JV Holdco, LLC(a)				6.1500		01/25/32			1,101,832
	309,000			Intel Corporation				3.7340		12/08/47			220,708
	842,000			Intel Corporation				4.9000		08/05/52			697,968
	1,211,000			Microchip Technology, Inc.				5.0500		02/15/30			1,236,109
													5,398,383
				SOFTWARE - 0.5%
	1,185,000			Oracle Corporation				5.8750		09/26/45			1,070,797
	925,000			Oracle Corporation				6.1250		08/03/65			820,429
	704,000			Synopsys, Inc.				5.0000		04/01/32			719,940
													2,611,166
				SPECIALTY FINANCE - 1.8%
	480,000			AerCap Ireland Capital DAC				6.1500		09/30/30			513,570
	936,000			Aircastle Ltd. / Aircastle Ireland DAC(a)				5.0000		09/15/30			946,326
	940,000			Ally Financial, Inc.(b)		SOFRRATE + 1.730%		5.5430		01/17/31			962,290
	900,000			American Express Company(b)		SOFRINDX + 1.320%		5.4420		01/30/36			935,204
	815,000			Ladder Capital Finance Holdings LLLP / Ladder(a)				7.0000		07/15/31			864,693
	413,000			OneMain Finance Corporation				7.8750		03/15/30			436,945
	437,000			OneMain Finance Corporation				6.1250		05/15/30			446,584
	474,000			OneMain Finance Corporation				7.1250		09/15/32			493,041
	1,172,000			PennyMac Financial Services, Inc.(a)				6.7500		02/15/34			1,212,301
	1,124,000			Starwood Property Trust, Inc.(a)				6.5000		10/15/30			1,172,668
	591,000			Stonebriar A.B.F Issuer, LLC(a)				8.1250		12/15/30			608,706
													8,592,328
				STEEL - 0.3%
	489,000			Commercial Metals Company(a)				5.7500		11/15/33			500,302
	819,000			Steel Dynamics, Inc.				5.3750		08/15/34			850,638
													1,350,940
				TECHNOLOGY HARDWARE - 0.8%
	619,000			Dell International, LLC / EMC Corporation				4.7500		10/06/32			619,056
	813,000			Dell Technologies, Inc.				5.5000		04/01/35			838,033
	891,000			Hewlett Packard Enterprise Company				4.4000		10/15/30			888,539
	649,000			Hewlett Packard Enterprise Company				6.3500		10/15/45			666,223
	761,000			Motorola Solutions, Inc.				4.8500		08/15/30			776,708
	36,000			Motorola Solutions, Inc.				5.5500		08/15/35			37,434
													3,825,993
				TECHNOLOGY SERVICES - 0.4%
	743,000			Gartner, Inc.(a)				4.5000		07/01/28			740,779
	187,000			S&P Global, Inc.(a)				4.8000		12/04/35			186,496

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Spread		Coupon Rate (%)		Maturity		Fair Value
	534,000			Sabre GLBL, Inc.(a)				10.7500		11/15/29		$	454,462
	755,000			Verisk Analytics, Inc.				5.2500		03/15/35			768,713
													2,150,450
				TELECOMMUNICATIONS - 1.0%
	327,000			APLD ComputeCo, LLC(a)				9.2500		12/15/30			321,008
	739,000			AT&T, Inc.				4.3000		02/15/30			740,222
	1,565,000			AT&T, Inc.				3.5000		06/01/41			1,232,278
	436,000			Cipher Compute, LLC(a)				7.1250		11/15/30			444,604
	806,000			Sprint Capital Corporation				8.7500		03/15/32			975,275
	1,211,000			T-Mobile USA, Inc.				6.0000		06/15/54			1,237,418
	344,000			Verizon Communications, Inc.				5.8750		11/30/55			340,109
													5,290,914
				TOBACCO & CANNABIS - 0.3%
	846,000			B.A.T. Capital Corp.				6.4210		08/02/33			934,500
	718,000			Philip Morris International, Inc.				5.1250		02/15/30			742,451
													1,676,951
				TRANSPORTATION & LOGISTICS - 0.6%
	774,000			Burlington Northern Santa Fe, LLC				4.9500		09/15/41			748,773
	810,000			Delta Air Lines, Inc.				5.2500		07/10/30			832,735
	415,000			Stonepeak Nile Parent, LLC(a)				7.2500		03/15/32			439,687
	848,000			United Airlines, Inc.(a)				4.6250		04/15/29			844,919
													2,866,114
				TOTAL CORPORATE BONDS (Cost $143,187,792)									145,302,724

Principal Amount ($)						Coupon Rate (%)		Maturity		Fair Value
				U.S. GOVERNMENT & AGENCIES - 28.1%
	8,245,799			Fannie Mae Pool FA0642		2.5000		03/01/42			7,447,033
	4,214,332			Fannie Mae Pool CA3823		4.0000		07/01/49			4,104,502
	10,200,880			Fannie Mae Pool CB0737		3.0000		06/01/51			9,074,493
	378,383			Fannie Mae Pool FS8708		4.0000		08/01/51			364,426
	9,228,270			Fannie Mae Pool FM8686		2.5000		09/01/51			7,997,524
	5,395,017			Fannie Mae Pool FS1133		4.0000		10/01/51			5,178,925
	1,214,459			Fannie Mae Pool FM9464		3.0000		11/01/51			1,095,047
	207,644			Fannie Mae Pool FS8108		2.5000		01/01/52			177,534
	3,156,101			Fannie Mae Pool FA0543		2.5000		06/01/52			2,729,996
	351,715			Fannie Mae Pool FS3809		4.5000		11/01/52			347,438
	5,374,719			Fannie Mae Pool CB6081		5.5000		04/01/53			5,490,558
	350,671			Fannie Mae Pool FS4571		5.5000		05/01/53			358,894
	3,721,129			Fannie Mae Pool FA0202		5.5000		02/01/54			3,795,672
	8,858,686			Fannie Mae Pool CB8755		6.0000		06/01/54			9,135,243
	6,997,050			Fannie Mae Pool FS9801		5.5000		11/01/54			7,117,622
	6,496,792			Freddie Mac Pool SD6920		4.0000		04/01/47			6,354,049
	9,657,515			Freddie Mac Pool SD0739		3.5000		10/01/51			9,095,775

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

Principal Amount ($)						Coupon Rate (%)		Maturity		Fair Value
	1,468,919			Freddie Mac Pool RA7191		3.5000		04/01/52		$	1,364,756
	6,788,802			Freddie Mac Pool SL0704		4.5000		03/01/53			6,707,663
	4,583,233			Freddie Mac Pool SL1072		4.5000		04/01/53			4,508,161
	5,763,697			Freddie Mac Pool SL0448		4.5000		04/01/53			5,659,906
	3,045,260			Freddie Mac Pool SD2639		4.5000		04/01/53			3,004,226
	8,772,746			Freddie Mac Pool SD3354		5.0000		06/01/53			8,784,589
	349,319			Freddie Mac Pool SD3814		5.0000		08/01/53			349,784
	5,851,081			Freddie Mac Pool SL0715		5.0000		10/01/54			5,866,917
	6,812,638			Freddie Mac Pool QX0510		5.0000		12/01/54			6,812,469
	3,761,197			Freddie Mac Pool SL0797		6.0000		02/01/55			3,889,581
	3,239,076			Freddie Mac Pool SL0769		6.0000		02/01/55			3,374,180
	4,634,582			Freddie Mac Pool SL1522		6.0000		02/01/55			4,825,217
	2,255,626			Freddie Mac Pool SL1812		5.5000		08/01/55			2,315,925
											137,328,105
				TOTAL U.S. GOVERNMENT & AGENCIES (Cost $134,644,171)							137,328,105

Principal Amount ($)						Coupon Rate (%)		Maturity		Fair Value
				U.S. TREASURY BONDS & NOTES - 11.7%
	7,507,700			United States Treasury Bond		4.0000		02/15/34			7,485,998
	23,377,200			United States Treasury Bond		2.5000		02/15/45			16,563,111
	29,100,400			United States Treasury Bond		1.3750		08/15/50			14,315,464
	15,409,800			United States Treasury Bond		4.2500		08/15/54			13,937,141
	4,652,400			United States Treasury Inflation Indexed Bond		1.8750		07/15/35			4,706,516
											57,008,230
				TOTAL U.S. TREASURY BONDS & NOTES (Cost $57,729,345)							57,008,230
				TOTAL INVESTMENTS - 99.4% (Cost $480,162,202)						$	485,186,040
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%							2,699,419
				NET ASSETS - 100.0%						$	487,885,459

	(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the total market value of Rule 144A securities is $103,897,684 or 21.30% of net assets.
	(b)	Variable rate security; the rate shown represents the rate on December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Investments (continued)
December 31, 2025

H15T5Y - 5 Year Treasury Rate

SOFRINDX - Secured Overnight Financing Rate Index

SOFRRATE - Secured Overnight Financing Rate

TSFR3M - Chicago Mercantile Exchange Term Secured Overnight Finance Rate (3 Month)

USISOA05 - 5 Year Secured Overnight Financing Swap Rate

USSW5 - USD 5 Year Interest Rate Swap Rate

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Schedule of Futures Contracts
December 31, 2025

FUTURES CONTRACTS		Contracts		Expiration Date		Notional Value				Aggregate Market Value of Contracts				Unrealized Appreciation (Depreciation)
CBOT 2 Year US Treasury Note Future		85		03/31/2026		$	17,753,712			$	17,747,071			$	(6,641	)
CBOT 5-Year US Treasury Note		95		03/31/2026			10,418,840				10,383,945				(34,895	)
Total Futures Contracts						$	28,172,552			$	28,131,016			$	(41,536	)

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Statement of Assets and Liabilities

December 31, 2025

		Sterling Capital Enhanced Core Bond ETF
Assets:
Investments at fair value(a)		$	485,186,040
Cash held for futures contract transactions(b)			746,392
Cash			2,577,422
Interest receivable			3,956,055
Total Assets			492,465,909
Liabilities:
Distributions payable			2,669,190
Payable for investments purchased			1,665,943
Unrealized depreciation on futures contracts			41,536
Accrued expenses and other payables:
Investment advisory fees			203,781
Total Liabilities			4,580,450
Net Assets		$	487,885,459
Net Assets consist of:
Capital		$	482,814,396
Total distributable earnings			5,071,063
Net Assets		$	487,885,459
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)			19,300,000
Net asset value, offering and redemption price per share		$	25.28
(a) Investments, at cost		$	480,162,202
(b) Cash held as collateral at broker

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Statement of Operations

For the Period ended December 31, 2025^(a)

		Sterling Capital Enhanced Core Bond ETF
Investment Income:
Interest income		$	16,291,888
Total investment income			16,291,888
Expenses:
Investment advisory fees (See Note 6)			1,264,021
Total expenses			1,264,021
Net investment income			15,027,867
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments			629,897
Futures contracts			(1,063	)
Change in unrealized appreciation/(depreciation) on:
Investments			5,023,838
Futures contracts			(41,536	)
Net realized and change in unrealized gain on investments			5,611,136
Net increase in net assets resulting from operations		$	20,639,003

(a)

For the period March 13, 2025 (commencement of operations) to December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Statements of Changes in Net Assets

		For the Period Ended December 31, 2025(a)
Increase in Net Assets due to:
Operations:
Net investment income		$	15,027,867
Net realized gain			628,834
Net change in unrealized appreciation			4,982,302
Net increase in net assets resulting from operations			20,639,003
Distributions to Shareholders:
Income distribution			(15,567,940	)
Capital Transactions:
Proceeds from shares sold			482,814,396
Change in net assets from capital transactions			482,814,396
Change in net assets			487,885,459
Net Assets:
Beginning of period			-
End of period		$	487,885,459
Share Transactions:
Shares sold			19,300,000
Net increase in shares outstanding			19,300,000

(a)

For the period March 13, 2025 (commencement of operations) to December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Financial Highlights

(For a share outstanding during each period)

		For the Period Ended December 31, 2025(a)
Net asset value, beginning of period		$	25.00
Income from investment operations:
Net investment income			0.89
Net realized and unrealized gain on investments			0.31
Total from investment operations			1.20
Less distributions to shareholders from:
Net investment income			(0.92	)
Net asset value, end of period		$	25.28
Total Return(b)			4.83	%(c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	487,885
Ratio of expenses to average net assets			0.39	%(d)
Ratio of net investment income to average net assets			4.63	%(d)
Portfolio turnover			67	%(c)(e)

	(a)	For the period March 13, 2025 (commencement of operations) to December 31, 2025.
	(b)	Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.
	(c)	Not annualized for periods less than one year.
	(d)	Annualized for periods less than one year.
	(e)	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 8)

See accompanying notes which are an integral part of these financial statements.

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements

December 31, 2025

NOTE 1. ORGANIZATION

Sterling Capital Enhanced Core Bond ETF (the "Fund") was organized as a diversified series of Capitol Series Trust (the "Trust") at a meeting of the Board of Trustees (the "Board") held on December 10-11, 2025. The Trust is an open-end investment management company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2023 (the "Trust Agreement"). The Trust Agreement permits the Board to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Sterling Capital Management, LLC (the "Adviser"). The Fund's investment objective is to seek high level current income and competitive total return.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

Federal Income Taxes - The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

The Fund recognizes tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous tax year end and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

Expenses - Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Board). The Adviser has agreed to pay all regular and recurring expenses of the Fund under terms of the management agreement.

Security Transactions and Related Income - Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date, interest income is recorded on an accrual basis and includes the amortization of premium or accretion of discount based on the effective yield.

Dividends and Distributions - The Fund intends to distribute its net investment income, if any, monthly and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

●

Level 1 - unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

●

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 - significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments based on the best information available)

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

In computing the NAV of the Fund, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Board approved policies, the Fund relies on independent third-party pricing services to provide the current market value of securities. Those pricing services value equity securities, including exchange-traded funds, exchange-traded notes, closed-end funds and preferred stocks, traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by Nasdaq are valued at the Nasdaq Official Closing Price. If there is no reported sale on the principal exchange, equity securities are valued at the mean between the most recent quoted bid and asked price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the pricing service of the funds and are generally categorized as Level 1 securities. Debt securities are valued using evaluated prices furnished by a pricing vendor selected by the Board and are generally classified as Level 2 securities.

Futures contracts that the Fund invests in are valued at the settlement price established each day by the board of trade or exchange on which they are traded, and when the market is considered active, will generally be categorized as Level 1 securities.

In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

		Valuation Inputs
Assets		Level 1				Level 2				Level 3				Total
Asset Backed Securities		$	-			$	144,569,767			$	-			$	144,569,767
Corporate Bonds			-				145,302,724				-				145,302,724
Preferred Stocks			977,214				-				-				977,214
U.S. Government & Agencies			-				137,328,105				-				137,328,105
U.S. Treasury Bonds & Notes			-				57,008,230				-				57,008,230
Total		$	977,214			$	484,208,826			$	-			$	485,186,040
		Valuation Inputs
Liabilities		Level 1				Level 2				Level 3				Total
Long Futures Contracts (a)			(41,536	)			-				-			$	(41,536	)
Total		$	(41,536	)		$	-			$	-			$	(41,536	)

(a)

The amount shown represents the unrealized appreciation/(depreciation).

The Fund did not hold any investments during or at the end of the reporting period in which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

NOTE 4. DERIVATIVE INSTRUMENTS RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates. Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives may be used to increase or decrease exposure to the following risk:

Interest Rate Risk: Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterpart.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts - The Fund may invest in futures contracts to hedge or manage risks associated with the Fund's investments or to obtain market exposure in an effort to generate returns. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund is unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts.

NOTE 5. DERIVATIVE TRANSACTIONS

The following tables identify the location and fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025, and the effect of derivative instruments on the Statement of Operations for the period ended December 31, 2025.

At December 31, 2025:

		Assets				Liabilities
Contract Type/Primary Risk Exposure		Unrealized appreciation on futures contracts*				Unrealized depreciation on futures contracts*
Interest Rate Contracts		$	-			$	(41,536	)

*

Includes cumulative appreciation/(depreciation), as reported in the Schedule of Futures Contracts.

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

For the period ended December 31, 2025:

Location		Interest Rate Contracts
Net Realized gain (loss) from:
Futures contracts		$	(1,063	)
Change in unrealized appreciation/depreciation on:
Futures Contracts		$	(41,536	)

The following table summarizes the average ending monthly notional value of derivatives outstanding during the period ended December 31, 2025:

Derivatives		Average Ending Monthly Notional Value
Long Futures		$	9,391,047

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025:

														Gross Amounts Not Offset in Statement of Assets and Liabilities
		Gross Amounts of Recognized Liabilities				Gross Amounts Offset in Statement of Assets and Liabilities				Net Amounts of Liabilities Presented in Statement of Assets and Liabilities				Financial Instruments				Collateral Pledged*				Net Amount
Futures Contracts		$	(41,536	)		$	-			$	(41,536	)		$	-			$	41,536			$	-

*

Any over-collateralization of total financial instruments is not shown. Collateral amounts can be found on the Statement of Assets and Liabilities as cash held for futures contract transactions.

NOTE 6. FEESAND OTHER TRANSACTIONS WITHAFFILIATESAND OTHER SERVICE PROVIDERS

The Adviser, under the terms of the investment advisory agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 0.39% of the Fund's average daily

Sterling Capital Enhanced Core Bond ETF
Notes to the Financial Statements (continued)

December 31, 2025

net assets. Pursuant to its Agreement, the Adviser has agreed to pay all other expenses of the Fund, except for the management fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1.

For the period ended December 31, 2025, the Adviser earned a fee of $1,264,021 from the Fund. At December 31, 2025, the Fund owed the Adviser $203,781 relating to the Adviser fee.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting services to the Fund. The Adviser pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Adviser, which are approved by the Board.

The Board supervises the business activities of the Trust. Each Trustee serves as a Trustee for the lifetime of the Trust or until the earlier of his or her required retirement as a Trustee at age 78 (which may be extended for up to two years in an emeritus capacity at the pleasure and request of the Board), or until he/she dies, resigns, or is removed, whichever is sooner. "Independent Trustees", meaning those Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act, as amended, have each received an annual retainer of $2,000 per Fund and $500 per Fund for each quarterly Board meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings. The officers of the Trust are employees of Ultimus.

Northern Lights Distributors, LLC (the "Distributor") acts as the principal distributor of the Fund's shares. The Distributor is an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

NOTE 7. PURCHASES AND SALES OF SECURITIES

For the period ended December 31, 2025, purchases and sales of investment securities, other than short-term investments and long-term U.S. government obligations, were $293,154,286 and $65,107,823, respectively.

For the period ended December 31, 2025, purchases and sales of long-term U.S. government obligations were $375,188,115 and $175,208,879, respectively.

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

December 31, 2025

NOTE 8. CAPITAL SHARES TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units". Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee of $250 per transaction may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). An additional variable charge of 2.00% for cash redemptions or redemptions may also be imposed to compensate the Fund for the costs associated with selling the applicable securities. The Fund may adjust these fees from time to time based on actual experience. ("Variable Charge", and together with the Fixed Fee, the "Transaction Fees"). For the period ended December 31, 2025, the Fund received $0 and $0 in Fixed Fees and Variable Charges, respectively.

NOTE 9. FEDERAL TAX INFORMATION

At December 31, 2025, the net unrealized appreciation/(depreciation) and tax cost of investments for tax purposes were as follows:

														Net Tax
						Gross Tax				Gross Tax				Unrealized
						Unrealized				Unrealized				Appreciation
		Tax Cost				Appreciation				Depreciation				(Depreciation)
Sterling Capital Enhanced Core Bond ETF		$	480,568,446			$	6,552,867			$	(1,935,273	)		$	4,617,594

The tax character of distributions paid for the fiscal year ended December 31, 2025 is as follows:

		2025
Distributions paid from:
Ordinary income(a)			15,567,940
Long-term capital gains			-

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

December 31, 2025

		2025
Tax return of capital			-
Total distributions paid			15,567,940

(a)

Short-term capital gain distributions are treated as ordinary income for tax purposes.

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income		$	453,469
Undistributed long-term capital gains			-
Unrealized appreciation on investments			4,617,594
Total accumulated earnings		$	5,071,063

For Federal income tax purposes, the cost of securities owned at December 31, 2025, and the net realized gains or losses on securities sold for the period, were different from amounts reported for financial reporting purposes primarily due to wash sales, derivative transactions and other temporary differences, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

NOTE 10. INDEMNIFICATIONS

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

NOTE 11. MATERIAL EVENTS

On August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of the Adviser, announced that it had entered into a definitive agreement with Desjardins Global Asset Management Inc. ("DGAM"), a wholly-owned indirect subsidiary of Fédération des caisses Desjardins du Québec ("Desjardins"), to be taken private pursuant to an arrangement agreement whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than Guardian shares held by specified shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for up to 10% of the shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") is subject to various customary approvals and conditions and is expected to take place in the first half of 2026. Following the Closing, it is anticipated that the Adviser will continue to operate as a standalone entity indirectly owned by Guardian,

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

December 31, 2025

which will in turn be indirectly owned by Desjardins. To provide continuity and stability, the Adviser's team of management and senior professionals are currently expected to continue servicing the Adviser's clients, including the Fund, after Closing.

NOTE 12. SUBSEQUENT EVENTS

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure other than the following:

At a meeting held on October 23, 2025, the Board of the Trust approved a proposed Agreement and Plan of Reorganization (the "Reorganization") of the Fund into a fund of the same name, a newly created series of Sterling Capital Funds (the "Acquiring Fund"), whereby the Acquiring Fund will acquire the assets and assume the liabilities of the Fund. The proposed Reorganization is subject to shareholder approval and certain other conditions. The Adviser will continue to serve as the adviser of the Acquiring Fund following the Reorganization. The Acquiring Fund will have the same investment objective and substantially similar principal investment strategies and principal risks as the Fund. The same portfolio managers of the Fund will continue to be responsible for the day-to-day management of the Acquiring Fund. The management fee and expense ratio of the Acquiring Fund are expected to be the same as those of the Fund.

The proposed Reorganization will occur by transferring all of the assets and liabilities of the Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund. As a result, shareholders of the Fund will become shareholders of the Acquiring Fund and will receive shares of the Acquiring Fund with a value equal to the aggregate net asset value of their shares of the Fund held immediately prior to the Reorganization. The proposed Reorganization is expected to be a tax-free transaction for federal income tax purposes. The Board of the Trust has determined that the Reorganization is in the best interests of the Fund and its shareholders, and that the interests of the Fund's shareholders will not be diluted as a result of the Reorganization. Shareholders of record of the Fund will receive a Proxy Statement/Prospectus which contains more information with respect to the proposed Reorganization. The Reorganization is expected to occur in March 2026.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Sterling Capital Enhanced Core Bond ETF and
Board of Trustees of Capitol Series Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and futures contracts, of Sterling Capital Enhanced Core Bond ETF (the "Fund"), a series of Capitol Series Trust, as of December 31, 2025, and the related statements of operations and changes in net assets, the financial highlights for the period from March 13, 2025 (commencement of operations) through December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period from March 13, 2025 (commencement of operations) through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Sterling Capital Management LLC since 2019.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

Additional Federal Income Tax Information (Unaudited)

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income. The Fund designates approximately 0% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

Qualified Business Income. The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

For the period ended December 31, 2025, the Fund designated $0 as long-term capital gain distributions.

Additional Information (Unaudited)

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period covered by this report.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None

Item 16. Controls and Procedures

(a)

The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not Applicable.

(b)

Not Applicable.

Item 19. Exhibits.

(a)(1)

Code of Ethics attached hereto.

(a)(2)

Not Applicable.

(a)(3)

Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

(a)(4)

Not Applicable.

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Capitol Series Trust
By (Signature and Title)	/s/ Matthew J. Miller
	Matthew J. Miller, President and Principal Executive Officer

Date

3/05/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Matthew J. Miller
	Matthew J. Miller, President and Principal Executive Officer

Date	3/05/2026

By (Signature and Title)	/s/ Zachary P. Richmond
	Zachary P. Richmond, Treasurer and Principal Financial Officer

Date

3/05/2026