# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-25-006875
**Filing Date:** 2025-10
**Character Count:** 81823
**Document Hash:** 9119e16448216383d8bc399a1e30b4e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006875.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001580642-25-006875

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**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:** 251439965

**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

### Oak Harvest Long/Short Hedged Equity Fund (Series ID: S000083414)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000247025 | Oak Harvest Long/Short Hedged Equity Fund - Institutional Shares | OHFGX           |

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

---

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

Date of fiscal year end: <u>August 31</u>

Date of reporting period: <u>August 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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tailored Shareholder Report

# Oak Harvest Long/Short Hedged Equity Fund

# Institutional Shares (OHFGX)

# Annual Shareholder Report - August 31, 2025
![Image](i2c53260c835ce88b7ec9b80a.jpg)

## Fund Overview
This annual shareholder report contains important information about Oak Harvest Long/Short Hedged Equity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://oakharvestfunds.com/documents/. You can also request this information by contacting us at (833) 549-4121.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $212 | 1.97% |

---

## How did the Fund perform during the reporting period?
US equity market performance in the past twelve months was characterized by periods of investor enthusiasm and despair. Swings were driven by perceived outcomes of Presidential politics followed by actual fiscal policy initiatives, particularly revolving around trade and tariffs. Expectations have returned to a more favorable outlook as it is now clearer that underlying economic growth remains sound, employment growth is positive, and inflation is reasonably low.

The Fund, with its imbedded hedging strategy, is well suited to handle volatility in equity markets. As a result, the Fund delivered good performance versus it's hedged equity peers with a 14.75% return, placing it in the top 8% of managers with similar strategies according to fund rating agency Morningstar. The Fund performed reasonably well versus its benchmark, the S&P 500<sup>®</sup> Index, lagging by a little over 1% with a much lower Beta (0.655) and low correlation (0.692). This type of return is generally in line with our expectations for the strategy.

Good stock selection, particularly in the Technology and Communications, positively impacted performance. Healthcare was the worst performance sector. Hedging costs were a slight drag on performance but were mostly offset through a productive covered-call writing program.

Fund performance benefited from long positions in AI software company Palantir Technologies, Inc., music streaming service Spotify Technology, SA, and Chinese e-commerce giant Alibaba Group Holding Ltd.-ADR. The Fund had one material loss in a short position in Hims & Hers Health, Inc.

The investment team continues to believe that the Fund's unique long/short strategy is tailor made for a sustained period of higher volatility in markets. This combined with movement back toward active equity management including single stock selection, sector and style concentration, and hedging downside market risk should position OHFGX investors for capital preservation combined with higher risk adjusted equity returns in the coming years.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i8701c9777c6706852bd7ad1f.jpg)

---

| | | |
|:---|:---|:---|
| | **Oak Harvest Long/Short Hedged Equity Fund - Institutional Shares** | **S&P 500<sup>®</sup> Index** |
| **Dec-2023** | $10000 | $10000 |
| **Aug-2024** | $10940 | $12032 |
| **Aug-2025** | $12553 | $13942 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 18, 2023)** |
| Oak Harvest Long/Short Hedged Equity Fund - Institutional Shares | 14.75% | 14.27% |
| S&P 500<sup>®</sup> Index | 15.88% | 21.53% |

---

***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.***

## **Fund Statistics** 
* Net Assets$81,099,370

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$1,041,438

* Portfolio Turnover201%

## What did the Fund invest in?

## Composition of Net Assets (% of net assets)
![Group By Sector Chart](i213eb8d979dc220a89fa81dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Energy | 1.4% |
| Purchased Options | 1.5% |
| Materials | 2.3% |
| Communications | 9.8% |
| Consumer Discretionary | 12.0% |
| Industrials | 12.4% |
| Health Care | 13.1% |
| Financials | 14.0% |
| Technology | 32.6% |

---

## Material Fund Changes
No material changes occurred during the year ended August 31, 2025.

![Image](i2c53260c835ce88b7ec9b80a.jpg)

# Oak Harvest Long/Short Hedged Equity Fund- Institutional Shares

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

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://oakharvestfunds.com/documents/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 083125-OHFGX

&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.**

(a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Oak Harvest Long/Short Hedged Equity Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$13030 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$12650 |

---

(b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Oak Harvest Long/Short Hedged Equity Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$0 |

---

c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Oak Harvest Long/Short Hedged Equity Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$4140 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$4015 |

---

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

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Oak Harvest Long/Short Hedged Equity Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$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;

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Registrant | &nbsp;&nbsp;Adviser |
| FY 2025 | &nbsp;&nbsp;$4140 | &nbsp;&nbsp;$0 |
| FY 2024 | &nbsp;&nbsp;$4015 | &nbsp;&nbsp;$0 |

---

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

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable – applies to listed companies only

**Item 6. Schedule of 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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) ---

| |
|:---|
| ![(OAK HARVEST LOGO)](ca001_v1.jpg) |
| **Oak Harvest Long/Short Hedged Equity<br> Fund** |
| **Annual Financial Statements<br> and Additional Information<br> August 31, 2025** |
| **Fund Adviser:** |
| **Oak Harvest Investment Services, LLC<br> 920 Memorial City Way, Suite 150<br> Houston, TX 77024** |

---

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Schedule of Investments** |
| *August 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - LONG — 97.58%** | **Shares** | **Fair Value** |
| **Communications — 9.77%** |  |  |
| Angi, Inc.<sup>(a)</sup> | 75000 | $1329000 |
| Electronic Arts, Inc. | 8500 | 1461575 |
| Meta Platforms, Inc., Class A | 3250 | 2400775 |
| Netflix, Inc.<sup>(a)</sup> | 1000 | 1208250 |
| Spotify Technology SA<sup>(a) (b)</sup> | 500 | 340940 |
| Walt Disney Co. (The) | 10000 | 1183800 |
|  |  | 7924340 |
| **Consumer Discretionary — 12.02%** |  |  |
| Alibaba Group Holding Ltd. - ADR<sup>(b)</sup> | 10000 | 1350000 |
| Amazon.com, Inc.<sup>(a) (b)</sup> | 10000 | 2290000 |
| Brinker International, Inc.<sup>(a)</sup> | 6000 | 935880 |
| Expedia Group, Inc. | 4000 | 859200 |
| Home Depot, Inc. (The) | 3000 | 1220310 |
| Urban Outfitters, Inc.<sup>(a)</sup> | 10000 | 670800 |
| Wingstop, Inc. | 3500 | 1148420 |
| Wynn Resorts Ltd. | 10050 | 1273838 |
|  |  | 9748448 |
| **Energy — 1.36%** |  |  |
| TechnipFMC PLC<sup>(b)</sup> | 30000 | 1102800 |
| **Financials — 13.96%** |  |  |
| BlackRock, Inc.<sup>(b)</sup> | 1750 | 1972495 |
| Charles Schwab Corp. (The) | 20000 | 1916800 |
| JPMorgan Chase & Co. | 6500 | 1959230 |
| Morgan Stanley | 16000 | 2407680 |
| Northern Trust Corp. | 12000 | 1575360 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 3500 | 364105 |
| Toast, Inc., Class A<sup>(a)</sup> | 25000 | 1127500 |
|  |  | 11323170 |
| **Health Care — 13.08%** |  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 15000 | 1582500 |
| Edwards LifeSciences Corp.<sup>(a)</sup> | 20000 | 1626800 |
| Eli Lilly & Co. | 2500 | 1831450 |
| Intuitive Surgical, Inc.<sup>(a) (b)</sup> | 2000 | 946590 |
| Labcorp Holdings, Inc. | 5000 | 1389950 |
| Qiagen NV<sup>(a)</sup> | 35000 | 1627500 |
| Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 20000 | 367600 |
| Thermo Fisher Scientific, Inc. | 2500 | 1231800 |
|  |  | 10604190 |
| **Industrials — 12.46%** |  |  |
| Boeing Co. (The)<sup>(a)</sup> | 10000 | 2346800 |
| Cognex Corp. | 40000 | 1757600 |
| Comfort Systems USA, Inc. | 2000 | 1406760 |
| Eaton Corp. PLC | 4500 | 1571130 |
| LegalZoom.com, Inc.<sup>(a)</sup> | 100000 | 1108000 |
| Vertiv Holdings Co., Class A | 15000 | 1913250 |
|  |  | 10103540 |

---

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Schedule of Investments (continued)** |
| *August 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - LONG — 97.58% - continued** | **Shares** | **Fair Value** |
| **Materials — 2.35%** |  |  |
| Agnico Eagle Mines Ltd. | 2500 | $360425 |
| Cameco Corp. | 20000 | 1547800 |
|  |  | 1908225 |
| **Technology — 32.58%** |  |  |
| Analog Devices, Inc.<sup>(b)</sup> | 2500 | 628275 |
| Apple, Inc.<sup>(b)</sup> | 7000 | 1624980 |
| Broadcom, Inc. | 4000 | 1189560 |
| Celestica, Inc.<sup>(a)</sup> | 5000 | 973750 |
| Ciena Corp.<sup>(a)</sup> | 10000 | 939700 |
| Coherent Corp.<sup>(a)</sup> | 15000 | 1357050 |
| DocuSign, Inc.<sup>(a)</sup> | 7500 | 574950 |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 25000 | 390500 |
| F5, Inc.<sup>(a)</sup> | 5000 | 1565700 |
| Fabrinet<sup>(a)</sup> | 3000 | 993870 |
| Freshworks, Inc., Class A<sup>(a)</sup> | 75000 | 1010250 |
| IonQ, Inc.<sup>(a)</sup> | 10000 | 427400 |
| Micron Technology, Inc. | 3500 | 416535 |
| Microsoft Corp., Class A | 3000 | 1520070 |
| Monolithic Power Systems, Inc. | 2000 | 1671520 |
| Nvidia Corp.<sup>(b)</sup> | 15000 | 2612700 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 5000 | 783550 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 10000 | 1905200 |
| Quantum Computing, Inc.<sup>(a)</sup> | 12000 | 189360 |
| Rigetti Computing, Inc.<sup>(a)</sup> | 25000 | 405750 |
| RingCentral, Inc., Class A<sup>(a)</sup> | 25000 | 762750 |
| Salesforce, Inc. | 3000 | 768750 |
| Snowflake, Inc., Class A<sup>(a)</sup> | 10000 | 2386600 |
| Twilio, Inc., Class A<sup>(a)</sup> | 12500 | 1320125 |
|  |  | 26418895 |
| **Total Common Stocks - Long (Cost $65,048,951)** |  | 79133608 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Fair Value** |
| **PURCHASED OPTIONS — 1.55%** |  |  |  |  |  |
| **PURCHASED PUT OPTIONS — 1.07%** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 250 | $14260000 | $558.00 | 9/22/2025 | $126250 |
| Invesco QQQ Trust Series 1 | 500 | 28520000 | 563.00 | 9/22/2025 | 312500 |
| SPDR® S&P 500® ETF Trust | 750 | 48378750 | 640.00 | 9/22/2025 | 426750 |
| **Total Purchased Put Options (Cost $990,536)** | **Total Purchased Put Options (Cost $990,536)** |  |  |  | 865500 |
| **PURCHASED CALL OPTIONS — 0.48%** |  |  |  |  |  |
| Alphabet, Inc. | 250 | $5322750 | $215.00 | 9/22/2025 | $152500 |
| Apple, Inc. | 250 | 5803500 | 235.00 | 9/22/2025 | 101250 |
| GameStop Corp. | 1000 | 2241000 | 26.00 | 9/22/2025 | 58000 |
| Microsoft Corp. | 150 | 7600350 | 515.00 | 9/22/2025 | 83250 |
| **Total Purchased Call Options (Cost $453,867)** | **Total Purchased Call Options (Cost $453,867)** |  |  |  | 395000 |

---

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Schedule of Investments (continued)** |
| *August 31, 2025* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Fair Value** |
| **PURCHASED OPTIONS — 1.55% - continued** | **PURCHASED OPTIONS — 1.55% - continued** |  |  |  |  |
| **PURCHASED CALL OPTIONS — 0.48% - continued** | **PURCHASED CALL OPTIONS — 0.48% - continued** |  |  |  |  |
| **Total Purchased Options (Cost $1,444,403)** | **Total Purchased Options (Cost $1,444,403)** |  |  |  | $1260500 |
| **Total Investments — 99.13% (Cost $66,493,354)** | **Total Investments — 99.13% (Cost $66,493,354)** |  |  |  | 80394108 |
| **Other Assets in Excess of Liabilities — 0.87%** | **Other Assets in Excess of Liabilities — 0.87%** |  |  |  | 705262 |
| **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** |  |  |  | $81099370 |

---

(a) Non-income producing security.

(b) All or a portion of the security
 is held as collateral for written options and securities sold short. The fair value of this collateral on August 31, 2025 was $6,869,721.

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Schedule of Securities Sold Short** |
| *August 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - SHORT — (2.39)%** | **Shares** | **Fair Value** |
| **Consumer Discretionary - (1.81)%** |  |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | (2500) | $(326325) |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | (3000) | (499470) |
| SharkNinja, Inc.<sup>(a)</sup> | (5500) | (643280) |
|  |  | (1469075) |
| **Financials - (0.57)%** |  |  |
| OneMain Holdings, Inc. | (7500) | (463950) |
| **Total Common Stocks - Short** (Proceeds Received $1,799,999) |  | (1933025) |
| **Total Securities Sold Short — (2.38)% (Proceeds Received $1,799,999)** |  | $(1933025) |

---

(a) Non-income producing security.

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Statement of Assets and Liabilities** |
| *August 31, 2025* |

---

---

| | |
|:---|:---|
| **Assets** | |
| Investments in securities, at fair value (cost $66,493,354) | $80394108 |
| Cash and cash equivalents | 1870682 |
| Cash held at broker for securities sold short | 1518515 |
| Receivable for fund shares sold | 326819 |
| Receivable for investments sold | 153357 |
| Dividends receivable | 16064 |
| Prepaid expenses | 18961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 84298506 |
| **Liabilities** |  |
| Investments in securities sold short, at fair value (proceeds received $1,799,999) | 1933025 |
| Payable for investments purchased | 1137661 |
| Payable to Adviser | 105774 |
| Payable to Administrator | 7139 |
| Payable to trustees | 1344 |
| Other accrued expenses | 14193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3199136 |
| **Net Assets** | $81099370 |
| **Net Assets consist of:** |  |
| Paid-in capital | $67764406 |
| Accumulated earnings | 13334964 |
| **Net Assets** | $81099370 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 6461387 |
| Net asset value, offering and redemption price per share | $12.55 |

---

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Statement of Operations** |
| *For the Year Ended August 31, 2025* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income (net of foreign taxes withheld of $7,575) | $626230 |
| Interest income | 223957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 850187 |
| **Expenses** |  |
| Investment Adviser | 1360025 |
| Administration | 75650 |
| Registration | 59717 |
| Compliance services | 26638 |
| Transfer agent | 25584 |
| Audit and tax preparation | 21493 |
| Legal | 21247 |
| Custodian | 19042 |
| Trustee expenses | 18597 |
| Dividend expense on securities sold short | 14935 |
| Report printing | 12304 |
| Miscellaneous | 39996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 1695228 |
| Fees waived by Adviser | (318587) |
| Net operating expenses | 1376641 |
| **Net investment loss** | (526454) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 2943227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (2506978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 523703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options | 136392 |
| Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 9423627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options | (27457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and change in unrealized gain on investments** | 10512510 |
| **Net increase in net assets resulting from operations** | $9986056 |

---

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended August**<br>**31, 2025** | **For the Period**<br>**Ended August**<br>**31, 2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(526454) | $10870 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | 1096344 | (1054564) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investments | 9416166 | 4351562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 9986056 | 3307868 |
| **Distributions to Shareholders from Earnings (Note 2)** | (16144) |  |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21425337 | 59659621 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 16144 |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (12252292) | (1027220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 9189189 | 58632401 |
| **Total Increase in Net Assets** | 19159101 | 61940269 |
| **Net Assets** |  |  |
| Beginning of year | 61940269 |  |
| End of year | $81099370 | $61940269 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1849855 | 5760046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1054231) | (95713) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 797054 | 5664333 |

---

<sup>(a)</sup> For the period December 18, 2023 (commencement of operations) to August 31, 2024.

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Financial Highlights** |

---

*(For a share outstanding during the period)*

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**August 31,**<br>**2025** | **For the**<br>**Period**<br>**Ended**<br>**August 31,**<br>**2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $10.94 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.69 | 0.94 |
| Total from investment operations | 1.61 | 0.94 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | — <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |
| Total distributions | — <sup>(b)</sup> |  |
| Net asset value, end of period | $12.55 | $10.94 |
| **Total Return<sup>(c)</sup>** | 14.75% | 9.40 % <sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $81099 | $61940 |
| Ratio of net expenses to average net assets | 1.97 % <sup>(e)</sup> | 2.00 % <sup>(f)(g)(h)</sup> |
| Ratio of expenses to average net assets before waiver and reimbursement | 2.43% | 2.78 % <sup>(g)(h)</sup> |
| Ratio of net investment income (loss) to average net assets | (0.75)% | 0.04 % <sup>(g)(h)</sup> |
| Portfolio turnover rate | 201% | 105 % <sup>(d)</sup> |

---

(a) For the period December 18, 2023
 (commencement of operations) to August 31, 2024.

(b) Rounds to less than $0.005 per share.

(c) Total return represents the rate
 that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not annualized.

(e) Excluding dividend expense, the
 ratio of net expenses to average net assets was 1.95% for the fiscal year ended August 31, 2025.

(f) Annualized.

(g) Excluding dividend expense, the
 ratio of net expenses to average net assets was 1.95% for the fiscal period ended August 31, 2024.

(h) The Fund commenced operations on
 December 18, 2023, but did not start pursuing its investment objective until January 11, 2024. Expenses incurred by the Fund and corresponding
 ratios reflect the period from January 11, 2024 to August 31, 2024.

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund<br> Notes to the Financial Statements** |
| *August 31, 2025* |

---

**NOTE 1. ORGANIZATION**

The Oak Harvest Long/Short Hedged Equity Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a non-diversified series of Capitol Series Trust (the "Trust") on October 19, 2023. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2013, as amended and restated November 18, 2021 (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Oak Harvest Investment Services, LLC (the "Adviser"). The investment objective of the Fund is to seek capital appreciation.

The Fund currently offers one class of shares, Institutional Shares. The Fund commenced operations on December 18, 2023. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Fund and is entitled to such dividends and distributions out of income belonging to the Fund as are declared by the Board.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the 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.

**Short Sales** – The Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including exchange-traded funds (ETFs). A short sale involves the sale of a security that is borrowed from a broker or

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as "covering" the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund.

The amount of loss may exceed the proceeds received in a short sale. The Fund's investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund's needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will reduce the Fund's potential return on a short sale. The amount of restricted cash or cash equivalents held at the broker as collateral for securities sold short was $1,518,515 as of August 31, 2025.

**Cash and Cash Equivalents** — Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in the bank deposit accounts which, at times, may exceed the Federal Deposit Insurance Corporation (FDIC) limit of $250,000. Amounts swept overnight are available on the next business day.

**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 three tax year ends 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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

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 of the Trust based on each fund's relative net assets or another appropriate basis (as determined by the Board).

**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 and interest income is recorded on an accrual basis.

**Dividends and Distributions** – The Fund intends to distribute substantially all of its net investment income, if any, at least quarterly. The Fund intends to distribute its net realized capital gains, if any, annually. 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 year 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 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 in the components of the 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.

For the fiscal year ended August 31, 2025, the Fund made the following reclassifications to increase (decrease) the components of net assets due to net operating losses:

---

| | |
|:---|:---|
| <br>**Paid-In Capital** | **Accumulated Earnings**<br>**(Deficit)** |
| $(57010) | $57010 |

---

**Derivatives** – The Fund may invest in various types of derivative instruments (such as options, futures contracts, and forward contracts) to gain or hedge exposure to certain types of securities as an alternative to investing directly in or selling such securities. The Fund may use derivatives for hedging purposes, including to attempt to protect against

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

possible changes in the market value of securities held or to be purchased for the Fund's portfolio resulting from securities markets, currency exchange rate or interest rate fluctuations (i.e., to hedge); protect the Fund's unrealized gains reflected in the value of its portfolio securities; facilitate the sale of such securities for investment purposes; and as a substitute for buying or selling securities, securities indices or currencies. The Fund may also use derivatives for nonhedging (speculative) purposes including to enhance a Fund's returns. The Fund may use any or all of these investment techniques and different types of derivative securities may be purchased at any time and in any combination. There is no particular strategy that dictates the use of one technique rather than another, as use of derivatives is a function of numerous variables, including market conditions.

**Options and Futures Transactions** — The Fund may purchase and sell exchange traded and OTC put and call options on securities, on indexes of securities and other types of instruments. The Fund may also purchase and sell futures contracts on securities and indexes of securities and other instruments such as interest rate futures and global interest rate futures. Each of these instruments is a derivative instrument as its value derives from the underlying asset or index.

The following tables identify the location and fair value of derivative instruments on the Statements of Assets and Liabilities as of August 31, 2025, and the effect of derivative instruments on the Statements of Operations for the fiscal year ended August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** |
| **Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Fair Value** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | Investments in<br> securities at fair<br> value |  | $1260500 |

---

For the fiscal year ended August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives** | <br>**Location of Gain (Loss) on**<br>**Derivatives on Statement of**<br>**Operations** |<br>**Realized Gain**<br>**(Loss) on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | Net realized gain and change<br> in unrealized appreciation<br> (depreciation) on purchased<br> options | $136392 | $(27457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | Net realized gain and change<br> in unrealized appreciation<br> (depreciation) on written<br> options | 523703 | 17930 |

---

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| <br>**Derivatives**<sup>(a)</sup> | **Average Ending Monthly**<br>**Fair Value** |
| Purchased Options | $928236 |
| Written Options | (575804) |

---

<sup>(a)</sup> Average based on the 9 months during the year that had activity.

**NOTE 3. NON-DIVERSIFICATION RISK**

The Fund is non-diversified, which means it may invest a greater percentage of its assets in a limited number of issuers as compared to other mutual funds that are more broadly diversified. As a result, the Fund's share price may be more volatile than the share price of some other mutual funds, and the poor performance of an individual holding in the Fund's portfolio may have a significant negative impact on the Fund's performance.

**NOTE 4. 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 ("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 or transferring a liability 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.

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

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 Fund's own assumptions in determining fair value of investments based on the best information available)

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.

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.

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

In accordance with the Trust's Portfolio Valuation Procedures, the Adviser, as Valuation Designee, is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued pursuant to the Trust's Fair Value Guidelines would be the amount which the Fund might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in accordance with the Trust's Portfolio Valuation Procedures, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or other data calls into question the reliability of market quotations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets |  | **Valuation Inputs** |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $79133608 | $— | $— | $79133608 |
| Call Options Purchased |  | 395000 |  | 395000 |
| Put Options Purchased |  | 865500 |  | 865500 |
| Total | $79133608 | $1260500 | $— | $80394108 |
| **Liabilities** |  |  |  |  |
| Common Stocks <sup>(a)</sup> | $(1933025) | $— | $— | $(1933025) |
| Total | $(1933025) | $— | $— | $(1933025) |

---

<sup>(a)</sup> Refer to Schedule of Investments and Schedule of Securities Sold Short for sector classifications.

The Fund did not hold any investments during or at the end of the reporting period for 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.

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

**NOTE 5. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement (the "Agreement"), the Adviser manages the Fund's investments subject to approval of the Board. 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 1.95% of the Fund's average daily net assets. For the fiscal year ended August 31, 2025, the Adviser earned fees of $1,360,025 from the Fund. At August 31, 2025, the Fund owed the Adviser $105,774.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that total annual operating expenses (excluding (i) interest; (ii) taxes; (iii) brokerage fees and commissions; (iv) other extraordinary expenses not incurred in the ordinary course of the Fund's business; (v) dividend expenses on short sales; and (vi) indirect expenses such as acquired fund fees and expenses) and expenses) do not exceed 1.95% of the Fund's average daily net assets through August 31, 2025 ("Expense Limitation"). During any fiscal year that the Agreement between the Adviser and the Trust is in effect, the Adviser may recoup the sum of all fees previously waived or expenses reimbursed, less any reimbursement previously paid, provided that the Adviser is only permitted to recoup fees or expenses within 36 months from the date the fee waiver or expense reimbursement took effect and provided further that such recoupment can be achieved within the Expense Limitation currently in effect and the Expense Limitation in place when the waiver/reimbursement occurred. This expense cap agreement may be terminated by the Board at any time. As of August 31, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements in the amount as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| August 31, 2027 | $200530 |
| August 31, 2028 | 318587 |

---

The Trust retains Ultimus Fund Solutions, LLC (the "Administrator") to provide the Fund with administration, fund accounting, and transfer agent services, including all regulatory reporting. Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust.

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

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

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 the Administrator or NLCS. Ultimus Fund Distributors, LLC (the "Distributor") acts as the principal distributor of the Fund's shares. The Distributor is a wholly-owned subsidiary of the Administrator.

**NOTE 6. PURCHASES AND SALES OF SECURITIES**

During the fiscal year ended August 31, 2025, the Fund purchased $148,620,020 and sold $137,008,029 of securities, excluding securities sold short and short-term investments.

**NOTE 7. FEDERAL TAX INFORMATION**

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $13778424 |
| Gross unrealized depreciation | (781352) |
| Net unrealized appreciation on investments | $12997072 |
| Tax cost of investments and securities sold short | $65464011 |

---

The tax character of distributions paid for the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from:<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $15932 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains | 212 |  |
| Total distributions paid | $16144 | $— |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

---

| |
|:---|
| **Oak Harvest Long/Short Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *August 31, 2025* |

---

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

---

| | |
|:---|:---|
| Undistributed long-term capital gains | $803662 |
| Accumulated capital and other losses | (465769) |
| Unrealized appreciation on investments | 12997072 |
| Total accumulated earnings | $13334964 |

---

For the year ended August 31, 2025, the Fund utilized short-term capital loss carryforwards of $769,141.

Certain capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as occurring on the first business day of the Fund's following taxable year. For the tax period ended August 31, 2025, the Fund deferred qualified late year ordinary losses in the amount of $465,769.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. 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 9. SUBSEQUENT EVENTS**

Management of the Fund 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.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Oak Harvest Long/Short Hedged Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Oak Harvest Long/ Short Hedged Equity Fund (the "Fund") (one of the funds constituting Capitol Series Trust (the "Trust")), including the schedule of investments, as of August 31, 2025, and the related statement of operations for the year ended August 31, 2025 and the statements of changes in net assets and financial highlights for the year ended August 31, 2025 and the period from December 18, 2023 (commencement of operations) to August 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 (one of the funds constituting Capitol Series Trust) at August 31, 2024, the results of its operations for the year ended August 31, 2025, and the changes in its net assets, and its financial highlights for the year ended August 31, 2025 and the period from December 18, 2023 (commencement of operations) to August 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust'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 Trust 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 audits 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. The Trust is not required to have, nor were we engaged to perform, an audit of Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 August 31, 2025, by correspondence with the custodian and broker; when replies were not received from broker, we performed other auditing procedures. Our audits 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 audits provide a reasonable basis for our opinion.

![(SIGNATURE)](ca002_v1.jpg)

We have served as the auditor of one or more Capitol Series Trust investment companies since 2017.

Cincinnati, Ohio

October 24, 2025

**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 100% 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, 100% qualifies for the corporate dividends received deduction.

For the year ended August 31, 2025, the Fund designated $212 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.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics](cst_codeof-ethics.htm) attached hereto.

(a)(2) Not applicable.

(a)(3) [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940](ex99-cert.htm) are filed herewith.

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b))](ex99-906cert.htm) are filed herewith.

**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)&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Matthew J. Miller |
|  | Matthew J. Miller, Principal Executive Officer |

---

Date <u>10/30/2025</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)&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Matthew J. Miller |
|  | Matthew J. Miller, Principal Executive Officer |

---

Date <u>10/30/2025</u>

---

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

---

Date <u>10/30/2025</u>

## Ex-99.Code

**CAPITOL SERIES TRUST<br> 1.3 Code of Ethics for Principal Officers<br> 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;3. I
will comply with the Code of Ethics for Principal Officers in all other respects.

By:

Name:

Title:

Trust or Fund Organization:   <br>

Date:

**APPENDIX 2**

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

I certify that during the past year:

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

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

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

By:

Name:

Title:

Trust or Fund Organization:   <br>

Date:

## 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: | 10/30/2025 | /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: | 10/30/2025 | /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 August 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>10/30/2025</u> Date: <u>10/30/2025</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.