# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-26-001603
**Filing Date:** 2026-3
**Character Count:** 110732
**Document Hash:** 83d4030c2602d59ee06627c6d5593fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001603.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001580642-26-001603

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 26731804

**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

### Sterling Capital Enhanced Core Bond ETF (Series ID: S000090923)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258312 | Sterling Capital Enhanced Core Bond ETF | SCEC            |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| 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&nbsp;&nbsp;&nbsp;&nbsp;45246  |
| (Address of principal executive offices) (Zip code) |
| Zachary P. Richmond |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH&nbsp;&nbsp;&nbsp;&nbsp;45246  |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>513-587-3400</u> <br>

Date of fiscal year end: <u>December 31</u> <br>

Date of reporting period: <u>December 31, 2025</u>

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) #### Sterling Capital Enhanced Core Bond ETF
(SCEC) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - December 31, 2025
![Image](i981c3e6c3b84d5a0a5619d48.jpg)

# Fund Overview
This annual shareholder report contains important information about Sterling Capital Enhanced Core Bond ETF for the period of March 13, 2025 to December 31, 2025. You can find additional information about the Fund at https://sterlingcapital.com/investments/exchange-traded-funds/scec/#materials. You can also request this information by contacting us at (888) 228-1872. **This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.**

# What were the Fund's costs for the period since inception?
(based on a hypothetical $10,000 investment)

The expenses reflect the period of March 13, 2025 (commencement of operations) to December 31, 2025. Such expenses would be higher for the full reporting period.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sterling Capital Enhanced Core Bond ETF | $24 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

#### How did the Fund perform during the reporting period?
From its inception date on March 13, 2025, through to the end of the fiscal period on December 31, 2025, the Fund outperformed its primary benchmark, the Bloomberg U.S. Aggregate Bond Index. The period under review began with risk assets under pressure in the wake of new tariff announcements in April. Markets rebounded from their April lows as investors developed a renewed appetite for risk. This shift led to a decline in the risk premium investors demanded on various asset classes, including bonds. The Federal Reserve chose to lower the fed funds target rate in September, November, and December after signs of growing weakness in the labor market. This move put downward pressure on interest rates in general, which added to the Fund's total return on an absolute basis. The Fund's performance on an absolute basis also benefited from the high level of current income generated from high yields on its holdings early in the period.

The Fund's outperformance relative to its primary benchmark during the nine and a half-month period since inception was largely due to its above-benchmark exposure to securitized assets, including asset-backed securities (ABS), mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLOs). Investor demand for the attractive yields on these assets contributed to tighter spreads and higher prices relative to Treasuries. The Fund's overweight exposure to BBB-rated and below-investment grade securities also contributed to returns on a relative basis, as these riskier assets outperformed.

The Fund's below-benchmark investments in USD-denominated sovereign bonds weighed on relative performance, as a weaker dollar and improved appetite for risk boosted this sub-sector. The Fund's slightly shorter duration relative to the benchmark also detracted on a relative basis as interest rates fell.

**A Note on Indices: The volatility of an index varies greatly. All indices are unmanaged and investments cannot be made directly in an index.**

The **Bloomberg U.S. Aggregate Bond Index** is an unmanaged index composed of securities that are SEC-registered, taxable, and USD-denominated. The index covers the U.S. investment grade fixed rate bond market.

#### How has the Fund performed since inception?

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i732187922562aa010e3b895e.jpg)

---

| | | |
|:---|:---|:---|
| | **Sterling Capital Enhanced Core Bond ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/13/25** | $10000 | $10000 |
| **03/31/25** | $10052 | $10047 |
| **04/30/25** | $10064 | $10086 |
| **05/31/25** | $10002 | $10014 |
| **06/30/25** | $10164 | $10168 |
| **07/31/25** | $10148 | $10141 |
| **08/31/25** | $10269 | $10262 |
| **09/30/25** | $10376 | $10374 |
| **10/31/25** | $10434 | $10439 |
| **11/30/25** | $10503 | $10504 |
| **12/31/25** | $10483 | $10489 |

---

#### Average Annual Total Returns

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Since Inception (March 13, 2025)** |
| &nbsp;&nbsp;Sterling Capital Enhanced Core Bond ETF - NAV | &nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | &nbsp;&nbsp;4.89% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call .***

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](ie6282f11e5e13c0de839edf6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 29.8% |
| Corporate Bonds | 29.9% |
| Preferred Stocks | 0.2% |
| U.S. Government & Agencies | 28.3% |
| U.S. Treasury Bonds & Notes | 11.8% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$487885459 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;284 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$1264021 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;67% |

---

# Material Fund Changes
At a meeting held on October 23, 2025, the Board of Trustees (the "Board") of Capitol Series Trust (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. Sterling Capital Management LLC ("Sterling Capital"), the investment adviser of the Fund, will 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, who are employees of Sterling Capital, will continue to be responsible for the day-to-day management of the Acquiring Fund. Sterling Capital will continue to handle the trading of portfolio securities for 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.

![Image](i981c3e6c3b84d5a0a5619d48.jpg)

#### Sterling Capital Enhanced Core Bond ETF

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://sterlingcapital.com/investments/exchange-traded-funds/scec/#materials), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-SCEC

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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 | $17500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 | $3500 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review

&nbsp;&nbsp;&nbsp;&nbsp;(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) | <u>**Audit Committee's Pre-Approval Policies**</u> |

---

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;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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:

---

| | | |
|:---|:---|:---|
|  | **<u>Registrant</u>** | **<u>Adviser</u>** |
| FY 2025 | $3500 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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) ![](logo.jpg)

**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%** |  |
| 37100 | Apollo Global Management, Inc., 7.24% | $977214 |
|  | **TOTAL PREFERRED STOCKS (Cost $966,538)** | 977214 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount**<br> **($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| | **ASSET BACKED SECURITIES — 29.6%** |  |  |  | |
|  | **AUTO LOAN — 0.1%** |  |  |  |  |
| 250000 | Avis Budget Rental Car Funding AESOP, LLC Series 3A A<sup>(a)</sup> |  | 5.2300 | 12/20/30 | 258200 |
| 155000 | Enterprise Fleet Financing 2024-3, LLC Series 3 A4<sup>(a)</sup> |  | 5.0600 | 03/20/31 | 158736 |
|  |  |  |  |  | 416936 |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 3.3%** |  |  |  |  |
| 4016000 | Ares XLIV CLO Ltd. Series 44A A1RR<sup>(a)(b)</sup> | TSFR3M + 1.130% | 5.0350 | 04/15/34 | 4014442 |
| 2275056 | Carlyle US CLO 2017-3 Ltd. Series 3A A1R2 3A<sup>(a)(b)</sup> | TSFR3M + 1.400% | 5.2700 | 10/21/37 | 2279224 |
| 2673000 | Dryden 53 CLO Ltd. Series 53A BR<sup>(a)(b)</sup> | TSFR3M + 1.300% | 5.2050 | 01/15/31 | 2670987 |
| 4182000 | LCM 33 Ltd. Series 33A AR<sup>(a)(b)</sup> | TSFR3M + 1.180% | 5.0640 | 07/20/34 | 4181042 |
| 3031000 | Neuberger Berman Loan Advisers CLO 41 Ltd. Series 41A AR<sup>(a)(b)</sup> | TSFR3M + 1.050% | 4.9550 | 04/15/34 | 3030397 |
|  |  |  |  |  | 16176092 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 23.2%** |  |  |  |  |
| 3500000 | Avis Budget Rental Car Funding AESOP, LLC Series 4A A<sup>(a)</sup> |  | 4.7700 | 02/20/29 | 3541084 |
| 200000 | BANK 2023-BNK46 Series BNK46 A4 |  | 5.7450 | 08/15/56 | 211166 |
| 1390000 | BANK5 2023-5YR1 Series 5YR1 A3 |  | 6.2600 | 04/15/56 | 1442036 |
| 4150000 | BANK5 2023-5YR3 Series 5YR3 AS |  | 7.3150 | 09/15/56 | 4432108 |
| 3462454 | BANK5 2023-5YR4 Series 5YR4 A3 |  | 6.5000 | 12/15/56 | 3645397 |
| 200000 | BANK5 2023-5YR4 Series 5YR4 AS |  | 7.2740 | 12/15/56 | 213392 |
| 1189928 | BANK5 2024-5YR5 Series 5YR5 A3 |  | 5.7020 | 02/15/29 | 1234245 |
| 3340000 | BANK5 2025-5YR17 Series 5YR17 A3 |  | 5.2250 | 11/15/58 | 3446466 |
| 2959000 | BANK5 2025-5YR18 Series 5YR18 A3 |  | 5.1450 | 12/15/58 | 3044239 |
| 2202000 | BANK5 2025-5YR19 Series 5YR19 A3 |  | 5.2700 | 12/15/30 | 2277814 |
| 2500000 | BANK5 Trust 2024-5YR6 Series 5YR6 A3 |  | 6.2250 | 05/15/57 | 2635819 |
| 2000000 | BANK5 Trust 2024-5YR6 Series 5YR6 AS |  | 6.7900 | 05/15/57 | 2122019 |
| 2200000 | BBCMS Mortgage Trust 2024-5C25 Series 5C25 A3 |  | 5.9460 | 03/15/57 | 2302467 |
| 485000 | BBCMS Mortgage Trust 2024-5C25 Series 5C25 AS |  | 6.3580 | 03/15/57 | 505999 |

---

*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**<br> **Amount**<br> **($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| 1665000 | BBCMS Mortgage Trust 2025-5C36 Series 5C36 A3 |  | 5.5170 | 08/15/58 | $1738172 |
| 2414000 | BBCMS Mortgage Trust 2025-5C38 Series 5C38 A3 |  | 5.1460 | 11/15/58 | 2485460 |
| 1141000 | Benchmark 2023-V2 Mortgage Trust Series V2 A3 |  | 5.8120 | 05/15/55 | 1178923 |
| 3222000 | Benchmark 2023-V3 Mortgage Trust Series V3 A3 |  | 6.3630 | 07/15/56 | 3370645 |
| 2165000 | Benchmark 2024-V5 Mortgage Trust Series V5 A3 |  | 5.8050 | 01/10/57 | 2254194 |
| 100000 | Benchmark 2024-V6 Mortgage Trust Series V6 A3 |  | 5.9260 | 03/15/57 | 104541 |
| 1750000 | Benchmark 2024-V6 Mortgage Trust Series V6 AS |  | 6.3840 | 03/15/57 | 1830682 |
| 200000 | Benchmark 2024-V7 Mortgage Trust Series V7 A3 |  | 6.2280 | 05/15/56 | 211212 |
| 3500000 | Benchmark 2024-V9 Mortgage Trust Series V9 A3 |  | 5.6020 | 08/15/57 | 3639208 |
| 900000 | Benchmark 2025-V16 Mortgage Trust Series V16 A3 |  | 5.4390 | 08/15/57 | 936028 |
| 4271000 | Benchmark 2025-V18 Mortgage Trust Series V18 A3 |  | 5.1840 | 10/15/30 | 4402009 |
| 1228000 | Benchmark 2025-V19 Mortgage Trust Series V19 A3 |  | 5.2490 | 01/15/58 | 1269533 |
| 3260000 | BMO 2023-5C1 Mortgage Trust Series 5C1 A3 |  | 6.5340 | 08/15/56 | 3414858 |
| 2234000 | BMO 2025-5C12 Mortgage Trust Series 5C12 A3 |  | 5.1800 | 10/15/58 | 2295371 |
| 1461000 | BMO 2025-5C13 Mortgage Trust Series 5C13 A3 |  | 5.2270 | 12/15/58 | 1505198 |
| 285000 | CD 2016-CD2 Mortgage Trust Series CD2 A4 |  | 3.5260 | 11/10/49 | 278639 |
| 880000 | CD 2017-CD3 Mortgage Trust Series CD3 A4 |  | 3.6310 | 02/10/50 | 859448 |
| 5000000 | CIFC Funding 2017-III Ltd. Series 3A AR<sup>(a)(b)</sup> | TSFR3M + 1.540% | 5.4240 | 04/20/37 | 5008675 |
| 2000000 | Citigroup Commercial Mortgage Trust 2018-B2 Series B2 A4 |  | 4.0090 | 03/10/51 | 1991108 |
| 1300000 | COMM 2017-COR2 Mortgage Trust Series COR2 A3 |  | 3.5100 | 09/10/50 | 1283362 |
| 8844890 | Freddie Mac REMICS Series 5243 B |  | 3.5000 | 05/15/40 | 8598795 |
| 3655000 | Hertz Vehicle Financing III, LLC Series 2A A<sup>(a)</sup> |  | 5.5700 | 09/25/29 | 3768279 |
| 175000 | JPMCC Commercial Mortgage Securities Trust Series JP5 A5 |  | 3.7230 | 03/15/50 | 174008 |

---

*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**<br> **Amount**<br> **($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| 500000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C32 A4 |  | 3.7200 | 12/15/26 | $496111 |
| 2581000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 5C2 A3 |  | 5.1070 | 11/15/30 | 2647694 |
| 300000 | Morgan Stanley Capital I 2017-HR2 Series HR2 A4 |  | 3.5870 | 12/15/50 | 296533 |
| 1282000 | Morgan Stanley Capital I Trust 2016-BNK2 Series BNK2 A4 |  | 3.0490 | 11/15/49 | 1258319 |
| 908000 | Morgan Stanley Capital I Trust 2018-H3 Series H3 A5 |  | 4.1770 | 07/15/51 | 906982 |
| 4500000 | OneMain Direct Auto Receivables Trust 2025-1 Series 1A A<sup>(a)</sup> |  | 5.3600 | 04/16/35 | 4667688 |
| 3740000 | PFS Financing Corporation Series B A<sup>(a)</sup> |  | 4.8500 | 02/15/30 | 3810742 |
| 3042808 | Progress Residential 2025-SFR1 Trust Series SFR1 A<sup>(a)</sup> |  | 3.4000 | 02/17/42 | 2921794 |
| 2550000 | Santander Drive Auto Receivables Trust 2025-1 Series 1 B |  | 4.8800 | 03/17/31 | 2571342 |
| 3135188 | SMB Private Education Loan Trust 2024-A Series A A1A<sup>(a)</sup> |  | 5.2400 | 03/15/56 | 3193453 |
| 739000 | VDCM Commercial Mortgage Trust 2025-AZ Series AZ C<sup>(a)(b)</sup> |  | 5.8380 | 07/13/44 | 753347 |
| 1964000 | Wells Fargo Commercial Mortgage Trust 2025-5C5 Series 5C5 A3 |  | 5.5900 | 07/15/58 | 2052833 |
| 2015000 | Wells Fargo Commercial Mortgage Trust 2025-5C6 Series 5C6 A3 |  | 5.1860 | 10/15/58 | 2073998 |
| 1743000 | Wells Fargo Commercial Mortgage Trust 2025-5C7 Series 5C7 A3 |  | 5.2030 | 12/15/58 | 1794566 |
|  |  |  |  |  | 113098001 |
|  | **OTHER ASSET BACKED SECURITIES — 3.0%** |  |  |  |  |
| 4463000 | Barings Equipment Finance, LLC 2025-A Series A A3<sup>(a)</sup> |  | 4.8200 | 08/13/32 | 4573959 |
| 161650 | MVW 2024-2, LLC Series 2A A<sup>(a)</sup> |  | 4.4300 | 03/20/42 | 162172 |
| 1950000 | OneMain Financial Issuance Trust 2023-1 Series 1A A<sup>(a)</sup> |  | 5.5000 | 06/14/38 | 2016216 |
| 1385000 | OneMain Financial Issuance Trust 2023-2 Series 2A A1<sup>(a)</sup> |  | 5.8400 | 09/15/36 | 1413533 |
| 2207000 | Stack Infrastructure Issuer, LLC Series 1A A2<sup>(a)</sup> |  | 5.0000 | 05/25/50 | 2183970 |
| 2299000 | Vantage Data Centers Issuer, LLC Series 2A A2<sup>(a)</sup> |  | 5.2390 | 11/15/55 | 2281302 |
| 2270000 | Vantage Data Centers, LLC Series 1A A2<sup>(a)</sup> |  | 5.1320 | 08/15/55 | 2247586 |
|  |  |  |  |  | 14878738 |
|  | **TOTALASSET BACKED SECURITIES (Cost $143,634,356)** |  |  |  | 144569767 |

---

*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**<br> **Amount**<br> **($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 29.8%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.7%** |  |  |  |  |
| 632000 | BAE Systems plc<sup>(a)</sup> |  | 5.1250 | 03/26/29 | $650482 |
| 638000 | Boeing Company (The) |  | 6.2980 | 05/01/29 | 677425 |
| 1161000 | Boeing Company (The) |  | 5.7050 | 05/01/40 | 1186197 |
| 71000 | Howmet Aerospace, Inc. |  | 4.8500 | 10/15/31 | 73005 |
| 471000 | Howmet Aerospace, Inc. |  | 4.5500 | 11/15/32 | 473260 |
|  |  |  |  |  | 3060369 |
|  | **ASSET MANAGEMENT — 1.4%** |  |  |  |  |
| 912000 | Apollo Debt Solutions BDC |  | 6.9000 | 04/13/29 | 957408 |
| 568000 | Ares Finance Co. III LLC<sup>(a)(b)</sup> | H15T5Y + 3.237% | 4.1250 | 06/30/51 | 561000 |
| 479000 | Ares Management Corporation |  | 6.3750 | 11/10/28 | 507092 |
| 1124000 | BlackRock, Inc. |  | 1.9000 | 01/28/31 | 1010922 |
| 1385000 | Blackstone Secured Lending Fund |  | 5.1250 | 01/31/31 | 1368410 |
| 843000 | Fortitude Group Holdings, LLC<sup>(a)</sup> |  | 6.2500 | 04/01/30 | 878697 |
| 637000 | FS KKR Capital Corp |  | 3.1250 | 10/12/28 | 588022 |
| 415000 | Goldman Sachs Private Credit Corporation<sup>(a)</sup> |  | 5.8750 | 01/31/31 | 415679 |
| 540000 | KKR Group Finance Company III, LLC<sup>(a)</sup> |  | 5.1250 | 06/01/44 | 506017 |
|  |  |  |  |  | 6793247 |
|  | **AUTOMOTIVE — 0.3%** |  |  |  |  |
| 1014000 | Ford Motor Company |  | 6.1000 | 08/19/32 | 1045246 |
| 289000 | Hyundai Capital America<sup>(a)</sup> |  | 5.4000 | 06/23/32 | 299721 |
|  |  |  |  |  | 1344967 |
|  | **BANKING — 4.9%** |  |  |  |  |
| 1897000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.160% | 5.0150 | 07/22/33 | 1934967 |
| 890000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.910% | 5.2880 | 04/25/34 | 916573 |
| 1188000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.697% | 5.7440 | 02/12/36 | 1238380 |
| 642000 | Barclays plc |  | 5.0880 | 06/20/30 | 653531 |
| 2082000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.422% | 2.9760 | 11/05/30 | 1984026 |
| 974000 | Citigroup, Inc.<sup>(b)</sup> | H15T5Y + 3.001% | 6.6250 | 05/15/74 | 990248 |
| 539000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.010% | 5.8410 | 01/23/30 | 562286 |
| 590000 | Comerica Inc.<sup>(b)</sup> | SOFRRATE + 2.155% | 5.9820 | 01/30/30 | 615603 |
| 943000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.660% | 4.3370 | 04/25/33 | 922119 |
| 706000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 2.020% | 6.2080 | 08/21/29 | 741211 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 447000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRINDX + 1.870% | 5.7090 | 02/02/35 | $467159 |
| 474000 | JPMorgan Chase & Co<sup>(b)</sup> | SOFRRATE + 1.635% | 5.5760 | 07/23/36 | 490510 |
| 1868000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.310% | 5.0120 | 01/23/30 | 1915516 |
| 1215000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.080% | 4.9120 | 07/25/33 | 1238118 |
| 1410000 | Macquarie Group Ltd.<sup>(a)(b)</sup> | SOFRRATE + 1.440% | 2.6910 | 06/23/32 | 1284280 |
| 897000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.970% | 2.4940 | 10/13/32 | 804108 |
| 1083000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | 07/08/30 | 987064 |
| 947000 | Toronto-Dominion Bank (The)<sup>(b)</sup> | USSW5 + 2.205% | 3.6250 | 09/15/31 | 941790 |
| 646000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 650940 |
| 1077000 | Wells Fargo & Co.<sup>(b)</sup> | SOFRRATE + 210.000% | 4.8970 | 07/25/33 | 1094057 |
| 1251000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M+ 1.432% | 2.8790 | 10/30/30 | 1190480 |
| 1437000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6050 | 04/23/36 | 1506738 |
| 1103000 | Westpac Banking Corporation<sup>(b)</sup> | USISOA05 + 2.236% | 4.3220 | 11/23/31 | 1102415 |
|  |  |  |  |  | 24232119 |
|  | **BEVERAGES — 0.2%** |  |  |  |  |
| 818000 | Bacardi Ltd. / Bacardi-Martini BV<sup>(a)</sup> |  | 5.4000 | 06/15/33 | 829048 |
|  | **BIOTECH & PHARMA — 1.1%** |  |  |  |  |
| 1187000 | Amgen, Inc. |  | 5.2500 | 03/02/30 | 1232599 |
| 763000 | CSL Finance plc<sup>(a)</sup> |  | 4.2500 | 04/27/32 | 750307 |
| 720000 | Eli Lilly & Company Series X2 A |  | 4.9000 | 02/12/32 | 744715 |
| 166000 | Eli Lilly & Company |  | 5.5500 | 10/15/55 | 167295 |
| 1600000 | Organon & Company / Organon Foreign Debt Co-Issuer<sup>(a)</sup> |  | 5.1250 | 04/30/31 | 1326297 |
| 1130000 | Zoetis, Inc. |  | 5.0000 | 08/17/35 | 1142806 |
|  |  |  |  |  | 5364019 |
|  | **CABLE & SATELLITE — 0.4%** |  |  |  |  |
| 1371000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 4.2500 | 01/15/34 | 1167028 |
| 542000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | 06/01/29 | 565922 |
|  |  |  |  |  | 1732950 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 570000 | ADT Security Corporation (The)<sup>(a)</sup> |  | 5.8750 | 10/15/33 | $577646 |
|  | **COMMUNICATIONS — 0.1%** |  |  |  |  |
| 490000 | WULF Compute, LLC<sup>(a)</sup> |  | 7.7500 | 10/15/30 | 505194 |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |  |  |  |
| 970000 | CRH America Finance, Inc. |  | 5.0000 | 02/09/36 | 973725 |
| 640000 | Eagle Materials, Inc. |  | 5.0000 | 03/15/36 | 627273 |
|  |  |  |  |  | 1600998 |
|  | **E-COMMERCE DISCRETIONARY — 0.3%** |  |  |  |  |
| 852000 | Amazon.com, Inc. |  | 4.6500 | 11/20/35 | 848888 |
| 1051000 | Amazon.com, Inc. |  | 2.8750 | 05/12/41 | 797943 |
|  |  |  |  |  | 1646831 |
|  | **ELECTRIC UTILITIES — 2.5%** |  |  |  |  |
| 1184000 | Alpha Generation, LLC<sup>(a)</sup> |  | 6.2500 | 01/15/34 | 1196837 |
| 732000 | CenterPoint Energy Houston Electric, LLC |  | 5.1500 | 03/01/34 | 748823 |
| 805000 | CMS Energy Corporation |  | 4.7000 | 03/31/43 | 704373 |
| 948000 | DTE Electric Company |  | 5.2500 | 05/15/35 | 974882 |
| 1289000 | Duke Energy Florida, LLC |  | 6.2000 | 11/15/53 | 1384879 |
| 1283000 | Duke Energy Progress, LLC |  | 3.6000 | 09/15/47 | 958422 |
| 1063000 | Entergy Louisiana, LLC |  | 5.7000 | 03/15/54 | 1060477 |
| 1199000 | FirstEnergy Transmission, LLC<sup>(a)</sup> |  | 4.7500 | 01/15/33 | 1201834 |
| 430000 | Nevada Power Company<sup>(b)</sup> | H15T5Y + 1.936% | 6.2500 | 05/15/55 | 437052 |
| 1133000 | NextEra Energy Capital Holdings Inc |  | 2.4400 | 01/15/32 | 1009687 |
| 703000 | NRG Energy, Inc.<sup>(a)</sup> |  | 5.4070 | 10/15/35 | 702635 |
| 786000 | Public Service Company of Colorado |  | 5.3500 | 05/15/34 | 807993 |
| 954000 | Sempra |  | 3.8000 | 02/01/38 | 820661 |
|  |  |  |  |  | 12008555 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 1436000 | Amphenol Corporation |  | 4.6250 | 02/15/36 | 1407436 |
|  | **FOOD — 0.2%** |  |  |  |  |
| 855000 | Kraft Heinz Foods Company |  | 5.0000 | 06/04/42 | 785049 |
|  | **GAS & WATER UTILITIES — 0.2%** |  |  |  |  |
| 999000 | Southern Company Gas Capital Corporation |  | 5.1000 | 09/15/35 | 1009383 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 799000 | CVS Health Corporation |  | 6.0500 | 06/01/54 | 794944 |
| 822000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 855823 |
| 661000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 697169 |
|  |  |  |  |  | 2347936 |
|  | **HOME CONSTRUCTION — 0.6%** |  |  |  |  |
| 468000 | DR Horton, Inc. |  | 4.8500 | 10/15/30 | 478364 |
| 487000 | Meritage Homes Corporation<sup>(a)</sup> |  | 3.8750 | 04/15/29 | 478519 |
| 685000 | Meritage Homes Corporation |  | 5.6500 | 03/15/35 | 700232 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 641000 | New Home Company, Inc. (The)<sup>(a)</sup> |  | 9.2500 | 10/01/29 | $669791 |
| 456000 | New Home Company, Inc. (The)<sup>(a)</sup> |  | 8.5000 | 11/01/30 | 470183 |
|  |  |  |  |  | 2797089 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |  |
| 836000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 7.1250 | 04/30/31 | 878930 |
| 417000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 6.7500 | 05/01/33 | 435538 |
| 1583000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.200% | 2.5110 | 10/20/32 | 1420359 |
| 1777000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | 1830082 |
|  |  |  |  |  | 4564909 |
|  | **INSURANCE — 1.9%** |  |  |  |  |
| 747000 | American National Group, Inc. |  | 6.0000 | 07/15/35 | 757992 |
| 1291000 | Athene Holding Ltd. |  | 5.8750 | 01/15/34 | 1339162 |
| 696000 | Athene Holding Ltd.<sup>(b)</sup> | H15T5Y + 2.607% | 6.6250 | 10/15/54 | 696274 |
| 516000 | Enstar Group Ltd. |  | 3.1000 | 09/01/31 | 464434 |
| 675000 | GA Global Funding Trust<sup>(a)</sup> |  | 5.5000 | 01/08/29 | 694210 |
| 673000 | Global Atlantic Fin Company<sup>(a)</sup> |  | 6.7500 | 03/15/54 | 688140 |
| 637000 | Lincoln National Corporation |  | 5.3500 | 11/15/35 | 642978 |
| 460000 | Ohio National Financial Services, Inc.<sup>(a)</sup> |  | 6.8000 | 01/24/30 | 463602 |
| 1046000 | Panther Escrow Issuer, LLC<sup>(a)</sup> |  | 7.1250 | 06/01/31 | 1084574 |
| 485000 | RGA Global Funding<sup>(a)</sup> |  | 5.5000 | 01/11/31 | 504818 |
| 464000 | SBL Holdings, Inc.<sup>(a)</sup> |  | 7.2000 | 10/30/34 | 449511 |
| 783000 | SBL Holdings, Inc.<sup>(a)(b)</sup> | H15T5Y + 5.620% | 6.5000 | 11/13/74 | 748322 |
| 569000 | Transatlantic Holdings, Inc. |  | 8.0000 | 11/30/39 | 712531 |
|  |  |  |  |  | 9246548 |
|  | **INTERNET MEDIA & SERVICES — 0.6%** |  |  |  |  |
| 1196000 | Beignet Investor, LLC<sup>(a)</sup> |  | 6.5810 | 05/30/49 | 1264661 |
| 764000 | Meta Platforms, Inc. |  | 4.6000 | 11/15/32 | 770362 |
| 851000 | Meta Platforms, Inc. |  | 5.4000 | 08/15/54 | 792407 |
|  |  |  |  |  | 2827430 |
|  | **LEISURE PRODUCTS — 0.1%** |  |  |  |  |
| 254000 | Mattel, Inc.<sup>(a)</sup> |  | 3.7500 | 04/01/29 | 247939 |
| 227000 | Mattel, Inc. |  | 5.0000 | 11/17/30 | 228642 |
|  |  |  |  |  | 476581 |
|  | **MACHINERY — 0.1%** |  |  |  |  |
| 677000 | Caterpillar, Inc. |  | 5.2000 | 05/15/35 | 702131 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.3%** |  |  |  |  |
| 820000 | Baxter International, Inc. |  | 2.5390 | 02/01/32 | 714755 |
| 816000 | GE HealthCare Technologies, Inc. |  | 5.8570 | 03/15/30 | 863226 |
|  |  |  |  |  | 1577981 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **METALS & MINING — 0.6%** |  |  |  |  |
| 690000 | Anglo American Capital plc<sup>(a)</sup> |  | 6.0000 | 04/05/54 | $694979 |
| 1374000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 1331161 |
| 967000 | Glencore Funding, LLC<sup>(a)</sup> |  | 5.6730 | 04/01/35 | 1010383 |
|  |  |  |  |  | 3036523 |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |  |
| 585000 | Aker BP ASA<sup>(a)</sup> |  | 3.7500 | 01/15/30 | 566331 |
| 489000 | APA Corporation |  | 6.7500 | 02/15/55 | 488359 |
| 415000 | Ascent Resources Utica Holdings, LLC / ARU Finance<sup>(a)</sup> |  | 6.6250 | 10/15/32 | 430567 |
| 240000 | Buckeye Partners, L.P.<sup>(a)</sup> |  | 6.7500 | 02/01/30 | 252079 |
| 685000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 9.6250 | 06/15/33 | 740035 |
| 924000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 8.3750 | 01/15/34 | 918410 |
| 487000 | Diamondback Energy, Inc. |  | 5.4000 | 04/18/34 | 498813 |
| 805000 | DT Midstream, Inc.<sup>(a)</sup> |  | 4.1250 | 06/15/29 | 794767 |
| 845000 | MPLX, L.P. |  | 4.5000 | 04/15/38 | 770987 |
| 666000 | Ovintiv, Inc. |  | 6.2500 | 07/15/33 | 706801 |
| 836000 | Permian Resources Operating LLC<sup>(a)</sup> |  | 5.8750 | 07/01/29 | 843650 |
| 707000 | Pioneer Natural Resources Company |  | 1.9000 | 08/15/30 | 640657 |
| 710000 | Plains All American Pipeline, L.P. / PAA Finance |  | 5.6000 | 01/15/36 | 718620 |
| 644000 | Sunoco, L.P. / Sunoco Finance Corporation |  | 4.5000 | 05/15/29 | 632722 |
| 941000 | Venture Global Plaquemines LNG, LLC<sup>(a)</sup> |  | 6.1250 | 12/15/30 | 958808 |
| 765000 | Woodside Finance Ltd. |  | 6.0000 | 05/19/35 | 797125 |
|  |  |  |  |  | 10758731 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.5%** |  |  |  |  |
| 878000 | Extra Space Storage, L.P. |  | 4.9500 | 01/15/33 | 889423 |
| 472000 | Global Net Lease, Inc.<sup>(a)</sup> |  | 4.5000 | 09/30/28 | 464341 |
| 480000 | Global Net Lease, Inc. / Global Net Lease<sup>(a)</sup> |  | 3.7500 | 12/15/27 | 467757 |
| 559000 | Invitation Homes Operating Partnership, L.P. |  | 4.1500 | 04/15/32 | 542854 |
| 1217000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 4.5000 | 02/15/31 | 1160979 |
| 721000 | LXP Industrial Trust |  | 2.7000 | 09/15/30 | 662309 |
| 801000 | Phillips Edison Grocery Center Operating |  | 4.9500 | 01/15/35 | 792527 |
| 689000 | Prologis Targeted US Logistics Fund, L.P.<sup>(a)</sup> |  | 5.5000 | 04/01/34 | 717562 |
| 944000 | Store Capital, LLC |  | 2.7500 | 11/18/30 | 860905 |
| 750000 | Tanger Properties, L.P. |  | 2.7500 | 09/01/31 | 679967 |
|  |  |  |  |  | 7238624 |
|  | **RETAIL - CONSUMER STAPLES — 0.1%** |  |  |  |  |
| 569000 | Kroger Company (The) |  | 5.0000 | 09/15/34 | 572362 |
|  | **RETAIL - DISCRETIONARY — 0.5%** |  |  |  |  |
| 876000 | Bath & Body Works, Inc. |  | 6.8750 | 11/01/35 | 887132 |
| 877000 | Lowe's Companies, Inc. |  | 1.7000 | 10/15/30 | 779478 |
| 820000 | Macy's Retail Holdings, LLC<sup>(a)</sup> |  | 5.8750 | 03/15/30 | 828219 |
|  |  |  |  |  | 2494829 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **SEMICONDUCTORS — 1.2%** |  |  |  |  |
| 1148000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.9260 | 05/15/37 | $1133573 |
| 1005000 | Entegris Escrow Corporation<sup>(a)</sup> |  | 4.7500 | 04/15/29 | 1008193 |
| 1039000 | Foundry JV Holdco, LLC<sup>(a)</sup> |  | 6.1500 | 01/25/32 | 1101832 |
| 309000 | Intel Corporation |  | 3.7340 | 12/08/47 | 220708 |
| 842000 | Intel Corporation |  | 4.9000 | 08/05/52 | 697968 |
| 1211000 | Microchip Technology, Inc. |  | 5.0500 | 02/15/30 | 1236109 |
|  |  |  |  |  | 5398383 |
|  | **SOFTWARE — 0.5%** |  |  |  |  |
| 1185000 | Oracle Corporation |  | 5.8750 | 09/26/45 | 1070797 |
| 925000 | Oracle Corporation |  | 6.1250 | 08/03/65 | 820429 |
| 704000 | Synopsys, Inc. |  | 5.0000 | 04/01/32 | 719940 |
|  |  |  |  |  | 2611166 |
|  | **SPECIALTY FINANCE — 1.8%** |  |  |  |  |
| 480000 | AerCap Ireland Capital DAC |  | 6.1500 | 09/30/30 | 513570 |
| 936000 | Aircastle Ltd. / Aircastle Ireland DAC<sup>(a)</sup> |  | 5.0000 | 09/15/30 | 946326 |
| 940000 | Ally Financial, Inc.<sup>(b)</sup> | SOFRRATE + 1.730% | 5.5430 | 01/17/31 | 962290 |
| 900000 | American Express Company<sup>(b)</sup> | SOFRINDX + 1.320% | 5.4420 | 01/30/36 | 935204 |
| 815000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 7.0000 | 07/15/31 | 864693 |
| 413000 | OneMain Finance Corporation |  | 7.8750 | 03/15/30 | 436945 |
| 437000 | OneMain Finance Corporation |  | 6.1250 | 05/15/30 | 446584 |
| 474000 | OneMain Finance Corporation |  | 7.1250 | 09/15/32 | 493041 |
| 1172000 | PennyMac Financial Services, Inc.<sup>(a)</sup> |  | 6.7500 | 02/15/34 | 1212301 |
| 1124000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/30 | 1172668 |
| 591000 | Stonebriar A.B.F Issuer, LLC<sup>(a)</sup> |  | 8.1250 | 12/15/30 | 608706 |
|  |  |  |  |  | 8592328 |
|  | **STEEL — 0.3%** |  |  |  |  |
| 489000 | Commercial Metals Company<sup>(a)</sup> |  | 5.7500 | 11/15/33 | 500302 |
| 819000 | Steel Dynamics, Inc. |  | 5.3750 | 08/15/34 | 850638 |
|  |  |  |  |  | 1350940 |
|  | **TECHNOLOGY HARDWARE — 0.8%** |  |  |  |  |
| 619000 | Dell International, LLC / EMC Corporation |  | 4.7500 | 10/06/32 | 619056 |
| 813000 | Dell Technologies, Inc. |  | 5.5000 | 04/01/35 | 838033 |
| 891000 | Hewlett Packard Enterprise Company |  | 4.4000 | 10/15/30 | 888539 |
| 649000 | Hewlett Packard Enterprise Company |  | 6.3500 | 10/15/45 | 666223 |
| 761000 | Motorola Solutions, Inc. |  | 4.8500 | 08/15/30 | 776708 |
| 36000 | Motorola Solutions, Inc. |  | 5.5500 | 08/15/35 | 37434 |
|  |  |  |  |  | 3825993 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |  |  |  |
| 743000 | Gartner, Inc.<sup>(a)</sup> |  | 4.5000 | 07/01/28 | 740779 |
| 187000 | S&P Global, Inc.<sup>(a)</sup> |  | 4.8000 | 12/04/35 | 186496 |

---

*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<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 534000 | Sabre GLBL, Inc.<sup>(a)</sup> |  | 10.7500 | 11/15/29 | $454462 |
| 755000 | Verisk Analytics, Inc. |  | 5.2500 | 03/15/35 | 768713 |
|  |  |  |  |  | 2150450 |
|  | **TELECOMMUNICATIONS — 1.0%** |  |  |  |  |
| 327000 | APLD ComputeCo, LLC<sup>(a)</sup> |  | 9.2500 | 12/15/30 | 321008 |
| 739000 | AT&T, Inc. |  | 4.3000 | 02/15/30 | 740222 |
| 1565000 | AT&T, Inc. |  | 3.5000 | 06/01/41 | 1232278 |
| 436000 | Cipher Compute, LLC<sup>(a)</sup> |  | 7.1250 | 11/15/30 | 444604 |
| 806000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 975275 |
| 1211000 | T-Mobile USA, Inc. |  | 6.0000 | 06/15/54 | 1237418 |
| 344000 | Verizon Communications, Inc. |  | 5.8750 | 11/30/55 | 340109 |
|  |  |  |  |  | 5290914 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 846000 | B.A.T. Capital Corp. |  | 6.4210 | 08/02/33 | 934500 |
| 718000 | Philip Morris International, Inc. |  | 5.1250 | 02/15/30 | 742451 |
|  |  |  |  |  | 1676951 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |  |
| 774000 | Burlington Northern Santa Fe, LLC |  | 4.9500 | 09/15/41 | 748773 |
| 810000 | Delta Air Lines, Inc. |  | 5.2500 | 07/10/30 | 832735 |
| 415000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | 03/15/32 | 439687 |
| 848000 | United Airlines, Inc.<sup>(a)</sup> |  | 4.6250 | 04/15/29 | 844919 |
|  |  |  |  |  | 2866114 |
|  | **TOTAL CORPORATE BONDS (Cost $143,187,792)** |  |  |  | 145302724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 28.1%** |  |  |  |
| 8245799 | Fannie Mae Pool FA0642 | 2.5000 | 03/01/42 | 7447033 |
| 4214332 | Fannie Mae Pool CA3823 | 4.0000 | 07/01/49 | 4104502 |
| 10200880 | Fannie Mae Pool CB0737 | 3.0000 | 06/01/51 | 9074493 |
| 378383 | Fannie Mae Pool FS8708 | 4.0000 | 08/01/51 | 364426 |
| 9228270 | Fannie Mae Pool FM8686 | 2.5000 | 09/01/51 | 7997524 |
| 5395017 | Fannie Mae Pool FS1133 | 4.0000 | 10/01/51 | 5178925 |
| 1214459 | Fannie Mae Pool FM9464 | 3.0000 | 11/01/51 | 1095047 |
| 207644 | Fannie Mae Pool FS8108 | 2.5000 | 01/01/52 | 177534 |
| 3156101 | Fannie Mae Pool FA0543 | 2.5000 | 06/01/52 | 2729996 |
| 351715 | Fannie Mae Pool FS3809 | 4.5000 | 11/01/52 | 347438 |
| 5374719 | Fannie Mae Pool CB6081 | 5.5000 | 04/01/53 | 5490558 |
| 350671 | Fannie Mae Pool FS4571 | 5.5000 | 05/01/53 | 358894 |
| 3721129 | Fannie Mae Pool FA0202 | 5.5000 | 02/01/54 | 3795672 |
| 8858686 | Fannie Mae Pool CB8755 | 6.0000 | 06/01/54 | 9135243 |
| 6997050 | Fannie Mae Pool FS9801 | 5.5000 | 11/01/54 | 7117622 |
| 6496792 | Freddie Mac Pool SD6920 | 4.0000 | 04/01/47 | 6354049 |
| 9657515 | Freddie Mac Pool SD0739 | 3.5000 | 10/01/51 | 9095775 |

---

*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<br> Amount<br> ($)** |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 1468919 | Freddie Mac Pool RA7191 | 3.5000 | 04/01/52 | $1364756 |
| 6788802 | Freddie Mac Pool SL0704 | 4.5000 | 03/01/53 | 6707663 |
| 4583233 | Freddie Mac Pool SL1072 | 4.5000 | 04/01/53 | 4508161 |
| 5763697 | Freddie Mac Pool SL0448 | 4.5000 | 04/01/53 | 5659906 |
| 3045260 | Freddie Mac Pool SD2639 | 4.5000 | 04/01/53 | 3004226 |
| 8772746 | Freddie Mac Pool SD3354 | 5.0000 | 06/01/53 | 8784589 |
| 349319 | Freddie Mac Pool SD3814 | 5.0000 | 08/01/53 | 349784 |
| 5851081 | Freddie Mac Pool SL0715 | 5.0000 | 10/01/54 | 5866917 |
| 6812638 | Freddie Mac Pool QX0510 | 5.0000 | 12/01/54 | 6812469 |
| 3761197 | Freddie Mac Pool SL0797 | 6.0000 | 02/01/55 | 3889581 |
| 3239076 | Freddie Mac Pool SL0769 | 6.0000 | 02/01/55 | 3374180 |
| 4634582 | Freddie Mac Pool SL1522 | 6.0000 | 02/01/55 | 4825217 |
| 2255626 | Freddie Mac Pool SL1812 | 5.5000 | 08/01/55 | 2315925 |
|  |  |  |  | 137328105 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $134,644,171)** |  |  | 137328105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY BONDS & NOTES — 11.7%** |  |  |  |
| 7507700 | United States Treasury Bond | 4.0000 | 02/15/34 | 7485998 |
| 23377200 | United States Treasury Bond | 2.5000 | 02/15/45 | 16563111 |
| 29100400 | United States Treasury Bond | 1.3750 | 08/15/50 | 14315464 |
| 15409800 | United States Treasury Bond | 4.2500 | 08/15/54 | 13937141 |
| 4652400 | United States Treasury Inflation Indexed Bond | 1.8750 | 07/15/35 | 4706516 |
|  |  |  |  | 57008230 |
|  | **TOTAL U.S. TREASURY BONDS & NOTES (Cost $57,729,345)** |  |  | 57008230 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $480,162,202)** |  |  | $485186040 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** |  |  | 2699419 |
|  | **NET ASSETS - 100.0%** |  |  | $487885459 |

---

(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**<br> **Date** | **Notional Value** | **Aggregate<br> Market Value<br> of Contracts** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| CBOT 2 Year US Treasury Note Future | 85 | 03/31/2026 | $17753712 | $17747071 | $(6641) |
| CBOT 5-Year US Treasury Note | 95 | 03/31/2026 | 10418840 | 10383945 | (34895) |
| **Total Futures Contracts** |  |  | $28172552 | $28131016 | $(41536) |

---

*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<br> Enhanced Core<br> Bond ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value<sup>(a)</sup> | $485186040 |
| &nbsp;&nbsp;&nbsp;Cash held for futures contract transactions<sup>(b)</sup> | 746392 |
| &nbsp;&nbsp;&nbsp;Cash | 2577422 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 3956055 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 492465909 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 2669190 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1665943 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | 41536 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 203781 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4580450 |
| **Net Assets** | $487885459 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Capital | $482814396 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 5071063 |
| **Net Assets** | $487885459 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | 19300000 |
| **Net asset value, oﬀering and redemption price per share** | $25.28 |
| (a) Investments, at cost | $480162202 |
| (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<sup>(a)</sup>*

---

| | |
|:---|:---|
|  | **Sterling Capital<br> Enhanced Core<br> Bond ETF** |
| **Investment Income:** |  |
| Interest income | $16291888 |
| Total investment income | 16291888 |
| **Expenses:** |  |
| Investment advisory fees (See Note 6) | 1264021 |
| Total expenses | 1264021 |
| Net investment income | 15027867 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 629897 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1063) |
| Change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 5023838 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (41536) |
| Net realized and change in unrealized gain on investments | 5611136 |
| Net increase in net assets resulting from operations | $20639003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **Increase in Net Assets due to:** |  |
| **Operations:** |  |
| Net investment income | $15027867 |
| Net realized gain | 628834 |
| Net change in unrealized appreciation | 4982302 |
| Net increase in net assets resulting from operations | 20639003 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Income distribution | (15567940) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 482814396 |
| Change in net assets from capital transactions | 482814396 |
| Change in net assets | 487885459 |
| **Net Assets:** |  |
| Beginning of period |  |
| End of period | $487885459 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 19300000 |
| Net increase in shares outstanding | 19300000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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<br> Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.89 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.31 |
| Total from investment operations | 1.20 |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.92) |
| **Net asset value, end of period** | $25.28 |
| **Total Return<sup>(b)</sup>** | 4.83 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $487885 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.39 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.63 %<sup>(d)</sup> |
| Portfolio turnover | 67 %<sup>(c)(e)</sup> |

---

(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** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Asset Backed Securities | $— | $144569767 | $— | $144569767 |
| Corporate Bonds |  | 145302724 |  | 145302724 |
| Preferred Stocks | 977214 |  |  | 977214 |
| U.S. Government & Agencies |  | 137328105 |  | 137328105 |
| U.S. Treasury Bonds & Notes |  | 57008230 |  | 57008230 |
| Total | $977214 | $484208826 | $— | $485186040 |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Long Futures Contracts (a) | (41536) |  |  | $(41536) |
| Total | $(41536) | $— | $— | $(41536) |

---

(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** |
| <br>**Contract Type/Primary Risk Exposure** | **Unrealized<br> appreciation<br> on futures<br> contracts\*** | **Unrealized<br> depreciation<br> on futures<br> contracts\*** |
| Interest Rate Contracts | $— | $(41536) |

---

\* 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<br> Contracts** |
| *Net Realized gain (loss) from:* |  |
| Futures contracts | $(1063) |
| *Change in unrealized appreciation/depreciation on:* |  |
| Futures Contracts | $(41536) |

---

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

---

| | |
|:---|:---|
| **Derivatives** | **Average Ending<br> Monthly<br> Notional Value** |
| Long Futures | $9391047 |

---

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<br> Statement of Assets and Liabilities** | **Gross Amounts Not Offset in<br> Statement of Assets and Liabilities** | |
|  |<br>**Gross<br> Amounts of<br> Recognized<br> Liabilities** |<br>**Gross<br> Amounts<br> Offset in**<br> **Statement of**<br> **Assets and**<br> **Liabilities** |<br>**Net<br> Amounts of<br> Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | **Financial<br> Instruments** | **Collateral<br> Pledged\*** |<br>**Net<br> Amount** |
| Futures Contracts | $(41536) | $— | $(41536) | $— | $41536 | $— |

---

\* 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Tax Cost** |<br>**Gross Tax**<br>**Unrealized**<br>**Appreciation** |<br>**Gross Tax**<br>**Unrealized**<br>**Depreciation** | **Net Tax**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Sterling Capital Enhanced Core Bond ETF** | $480568446 | $6552867 | $(1935273) | $4617594 |

---

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

---

| | |
|:---|:---|
|  | **2025** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | 15567940 |
| &nbsp;&nbsp;&nbsp;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 | 15567940 |

---

(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 | $453469 |
| Undistributed long-term capital gains |  |
| Unrealized appreciation on investments | 4617594 |
| Total accumulated earnings | $5071063 |

---

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.

![](img_001.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

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.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

![](img_003.jpg)

**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**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](cst_ex99codeeth.htm)

(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.](cst_ex99-cert.htm) |

---

(a)(4) Not Applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.](cst_ex99-906cert.htm)

**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 <u>3/05/2026</u>

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 <u>3/05/2026</u> <br>

---

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

---

Date <u>3/05/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

<u>CERTIFICATIONs</u>

I, Matthew J. Miller, certify that:

1. I have reviewed this report on Form N-CSR of Capitol Series Trust;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/05/2026 | /s/ Matthew J. Miller |
|  |  | Matthew J. Miller<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

<u>CERTIFICATIONs</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of Capitol Series Trust;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/05/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**section 906 CERTIFICATION**

Matthew J. Miller, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer, of Capitol Series Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with
the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Matthew J. Miller | /s/ Zachary P. Richmond |
| Matthew J. Miller | Zachary P. Richmond |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |

---

Date: <u>3/05/2026</u> Date: <u>3/05/2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capitol Series Trust and will be retained by Capitol Series Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX-99.CODE ETH**

**CAPITOL SERIES TRUST**

**1.3 Code of Ethics for Principal Officers**

**November 19, 2013**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Capitol Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Chief Executive Officer, Chief Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

**1. HONEST AND ETHICAL CONDUCT**

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally to the detriment of the Fund;

● cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the Fund; or

● retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the Trust, its service providers or the Principal Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

**2. FINANCIAL RECORDS AND REPORTING**

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

**3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS**

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

**4. COMPLIANCE WITH THIS CODE OF ETHICS**

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5. AMENDMENT AND WAIVER**

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**6. ACKNOWLEDGEMENT**

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;1. In
accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers
to the Audit Committee as well as the full Board of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. I
do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I
will comply with the Code of Ethics for Principal Officers in all other respects.

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| By: |
| Name: |
| Title: |

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Trust or Fund Organization:  

Date:

APPENDIX 1-1

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;2. I
have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;3. I
have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.

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| By: |
| Name: |
| Title: |

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Trust or Fund Organization:  

Date:

APPENDIX 2-2