# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-25-005730
**Filing Date:** 2025-9
**Character Count:** 81948
**Document Hash:** d8081680a631818187434ec0ac5ab5c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005730.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001580642-25-005730

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22895
- **FILM NUMBER:** 251290967

**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>June 30, 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 policy making 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) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](iaf9ac092d7100d8d71ca54cd.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Sterling Capital Enhanced Core Bond ETF for the period of March 13, 2025 to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sterling Capital Enhanced Core Bond ETF | $20 | 0.39% |

---

\*The expenses reflect the period of March 13, 2025 (commencement of operations) to June 30, 2025. Such expenses would be higher for the full reporting period.

## **Fund Statistics** 
* Net Assets$417,275,857

* Number of Portfolio Holdings222

* Advisory Fee $343,236

* Portfolio Turnover35%

#### What did the Fund invest in?

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

## Asset Weighting (% of total investments)
![Group By Sector Chart](id224852a6053225cf792570f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 23.7% |
| Corporate Bonds | 23.2% |
| U.S. Government & Agencies | 28.6% |
| U.S. Treasury Bonds & Notes | 24.5% |

---

![Image](i1b29b310da8d7258542fd1ea.jpg)

# Sterling Capital Enhanced Core Bond ETF

#### Semi-Annual Shareholder Report - June 30, 2025
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-SAR 063025-SCEC

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

**Item 2. Code of Ethics.**

Not Applicable – disclosed with annual report

**Item 3. Audit Committee Financial Expert.**

Not Applicable – disclosed with annual report

**Item 4. Principal Accountant Fees and Services.**

Not Applicable – disclosed with annual report

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

Not Applicable – disclosed with annual report

**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) ![](img_001.jpg)

**Sterling Capital Enhanced Core Bond ETF**

**SCEC**

**Semi-Annual Financial Statements**

**and Additional Information**

**June 30, 2025**

**1-888-228-1872**

**www.sterlingcapital.com/etf**

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**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 23.3%** |  |  |  |  |
|  | **AUTO LOAN — 1.1%** |  |  |  |  |
| 250000 | Avis Budget Rental Car Funding AESOP, LLC Series 3A A<sup>(a)</sup> |  | 5.2300 | 12/20/30 | $255927 |
| 155000 | Enterprise Fleet Financing 2024-3, LLC Series 3 A4<sup>(a)</sup> |  | 5.0600 | 03/20/31 | 158359 |
| 3915000 | Toyota Auto Loan Extended Note Trust 2025-1 Series 1A A<sup>(a)</sup> |  | 4.6500 | 05/25/38 | 3973661 |
|  |  |  |  |  | 4387947 |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 2.4%** |  |  |  |  |
| 2275056 | CARLYLE US CLO 2017-3 Ltd. Series 3A A1R2 3A<sup>(a)(b)</sup> | TSFR3M + 1.400% | 5.6690 | 10/21/37 | 2282955 |
| 2673000 | Dryden 53 CLO Ltd. Series 53A BR<sup>(a),(b)</sup> | TSFR3M + 1.300% | 5.6020 | 01/15/31 | 2673000 |
| 5152000 | OHA Credit Funding 5 Ltd. Series 5A AR 5A<sup>(a)(b)</sup> | TSFR3M + 1.350% | 5.6190 | 10/18/37 | 5172443 |
|  |  |  |  |  | 10128398 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — **18.0%** |  |  |  |  |
| 3500000 | Avis Budget Rental Car Funding AESOP, LLC Series 4A A<sup>(a)</sup> |  | 4.7700 | 02/20/29 | 3529766 |
| 200000 | BANK 2023-BNK46 Series BNK46 A4 |  | 5.7450 | 08/15/56 | 209747 |
| 1390000 | BANK5 2023-5YR1 Series 5YR1 A3 |  | 6.2600 | 04/15/56 | 1445838 |
| 3650000 | BANK5 2023-5YR3 Series 5YR3 AS |  | 7.5590 | 09/15/56 | 3906014 |
| 3462454 | BANK5 2023-5YR4 Series 5YR4 A3 |  | 6.5000 | 12/15/56 | 3652521 |
| 200000 | BANK5 2023-5YR4 Series 5YR4 AS |  | 7.2740 | 12/15/56 | 214232 |
| 866578 | BANK5 2024-5YR5 Series 5YR5 A3 |  | 5.7020 | 02/15/29 | 896253 |
| 2500000 | BANK5 Trust 2024-5YR6 Series 5YR6 A3 |  | 6.2250 | 05/15/57 | 2633980 |
| 1000000 | BANK5 Trust 2024-5YR6 Series 5YR6 AS |  | 6.7900 | 05/15/57 | 1062505 |
| 1535000 | BBCMS Mortgage Trust 2024-5C25 Series 5C25 A3 |  | 5.9460 | 03/15/57 | 1603369 |
| 1141000 | Benchmark 2023-V2 Mortgage Trust Series V2 A3<sup>(b)</sup> |  | 5.8120 | 05/15/55 | 1177909 |
| 3222000 | Benchmark 2023-V3 Mortgage Trust Series V3 A3<sup>(b)</sup> |  | 6.3630 | 07/15/56 | 3379101 |
| 665000 | Benchmark 2024-V5 Mortgage Trust Series V5 A3 |  | 5.8050 | 01/10/57 | 690786 |
| 100000 | Benchmark 2024-V6 Mortgage Trust Series V6 A3 |  | 5.9260 | 03/15/57 | 104411 |
| 1750000 | Benchmark 2024-V6 Mortgage Trust Series V6 AS |  | 6.3840 | 03/15/57 | 1830125 |
| 200000 | Benchmark 2024-V7 Mortgage Trust Series V7 A3<sup>(b)</sup> |  | 6.2280 | 05/15/56 | 210804 |
| 3500000 | Benchmark 2024-V9 Mortgage Trust Series V9 A3 |  | 5.6020 | 08/15/57 | 3621854 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | <br>**Spread** | <br>**Coupon**<br> **Rate (%)** | <br>**Maturity** | <br>**Fair Value** |
| 3260000 | BMO 2023-5C1 Mortgage Trust Series 5C1 A3<sup>(b)</sup> |  | 6.5340 | 08/15/56 | $3427312 |
| 285000 | CD 2016-CD2 Mortgage Trust Series CD2 A4<sup>(b)</sup> |  | 3.5260 | 11/10/49 | 270839 |
| 880000 | CD 2017-CD3 Mortgage Trust Series CD3 A4 |  | 3.6310 | 02/10/50 | 847718 |
| 5000000 | CIFC Funding 2017-III Ltd. Series 3A AR<sup>(a)(b)</sup> | TSFR3M + 1.540% | 5.8090 | 04/20/37 | 5016570 |
| 2000000 | Citigroup Commercial Mortgage Trust 2018- B2 Series B2 A4 |  | 4.0090 | 03/10/51 | 1967912 |
| 1200000 | COMM 2017-COR2 Mortgage Trust Series COR2 A3 |  | 3.5100 | 09/10/50 | 1170676 |
| 9555753 | Freddie Mac REMICS Series 5243 B |  | 3.5000 | 05/15/40 | 9264267 |
| 3400000 | Hertz Vehicle Financing III, LLC Series 2A A<sup>(a)</sup> |  | 5.5700 | 09/25/29 | 3475436 |
| 175000 | JPMCC Commercial Mortgage Securities Trust Series JP5 A5 |  | 3.7230 | 03/15/50 | 172302 |
| 500000 | Morgan Stanley Bank of America Merrill Lynch Trust Series C32 A4 |  | 3.7200 | 12/15/26 | 493818 |
| 300000 | Morgan Stanley Capital I 2017-HR2 Series HR2 A4 |  | 3.5870 | 12/15/50 | 292643 |
| 608000 | Morgan Stanley Capital I Trust 2018- H3 Series H3 A5 |  | 4.1770 | 07/15/51 | 599861 |
| 4500000 | OneMain Direct Auto Receivables Trust 2025-1 Series 1A A<sup>(a)</sup> |  | 5.3600 | 04/16/35 | 4647020 |
| 3740000 | PFS Financing Corporation Series B A<sup>(a)</sup> |  | 4.8500 | 02/15/30 | 3790487 |
| 3055000 | Progress Residential 2025-SFR1 Trust Series SFR1 A<sup>(a)</sup> |  | 3.4000 | 02/17/42 | 2897373 |
| 2550000 | Santander Drive Auto Receivables Trust 2025-1 Series 1 B |  | 4.8800 | 03/17/31 | 2573801 |
| 3404799 | SMB Private Education Loan Trust 2024-A Series A A1A<sup>(a)</sup> |  | 5.2400 | 03/15/56 | 3467556 |
| 601000 | Wells Fargo Commercial Mortgage Trust 2015-P2 Series P2 A4 |  | 3.8090 | 12/15/48 | 597439 |
|  |  |  |  |  | 75142245 |
|  | **OTHER ASSET BACKED SECURITIES — 1.8%** |  |  |  |  |
| 4463000 | Barings Equipment Finance, LLC 2025-A Series A A3<sup>(a)</sup> |  | 4.8200 | 08/13/32 | 4541137 |
| 190753 | MVW 2024-2, LLC Series 2A A<sup>(a)</sup> |  | 4.4300 | 03/20/42 | 190597 |
| 1385000 | OneMain Financial Issuance Trust 2023-2 Series 2A A1<sup>(a)</sup> |  | 5.8400 | 09/15/36 | 1417521 |
| 1500000 | Verizon Master Trust Series 2023-7 A1A |  | 5.6700 | 11/20/29 | 1530848 |
|  |  |  |  |  | 7680103 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $96,617,863)** |  |  |  | 97338693 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | <br>**Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 22.8%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.8%** |  |  |  |  |
| 632000 | BAE Systems plc<sup>(a)</sup> |  | 5.1250 | 03/26/29 | $648021 |
| 543000 | Boeing Company (The) |  | 6.2980 | 05/01/29 | 574209 |
| 798000 | Boeing Company (The) |  | 5.7050 | 05/01/40 | 788921 |
| 66000 | Howmet Aerospace, Inc. |  | 4.8500 | 10/15/31 | 66922 |
| 248000 | Howmet Aerospace, Inc. |  | 5.9500 | 02/01/37 | 263513 |
| 550000 | RTX Corporation |  | 6.1000 | 03/15/34 | 594872 |
|  |  |  |  |  | 2936458 |
|  | **ASSET MANAGEMENT — 0.7%** |  |  |  |  |
| 426000 | Ares Finance Co. III LLC<sup>(a),(b)</sup> | H15T5Y + 3.237% | 4.1250 | 06/30/51 | 417156 |
| 364000 | Ares Management Corporation |  | 6.3750 | 11/10/28 | 385986 |
| 907000 | BlackRock, Inc. |  | 1.9000 | 01/28/31 | 798355 |
| 603000 | Blue Owl Capital Corp. |  | 3.4000 | 07/15/26 | 593462 |
| 445000 | Fortitude Group Holdings, LLC<sup>(a)</sup> |  | 6.2500 | 04/01/30 | 458014 |
| 458000 | KKR Group Finance Company III, LLC<sup>(a)</sup> |  | 5.1250 | 06/01/44 | 417848 |
|  |  |  |  |  | 3070821 |
|  | **AUTOMOTIVE — 0.2%** |  |  |  |  |
| 795000 | Ford Motor Company |  | 6.1000 | 08/19/32 | 794228 |
| 195000 | Hyundai Capital America<sup>(a)</sup> |  | 5.4000 | 06/23/32 | 197571 |
|  |  |  |  |  | 991799 |
|  | **BANKING — 4.4%** |  |  |  |  |
| 743000 | Australia & New Zealand Banking Group Ltd.<sup>(a),(b)</sup> | H15T5Y + 1.288% | 2.9500 | 07/22/30 | 742198 |
| 1717000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.302% | 3.4190 | 12/20/28 | 1678671 |
| 592000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.910% | 5.2880 | 04/25/34 | 604077 |
| 880000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.697% | 5.7440 | 02/12/36 | 894635 |
| 1868000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.422% | 2.9760 | 11/05/30 | 1748047 |
| 457000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.010% | 5.8410 | 01/23/30 | 473434 |
| 501000 | Comerica Inc<sup>(b)</sup> | SOFRRATE + 2.155% | 5.9820 | 01/30/30 | 513289 |
| 789000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.355% | 4.0550 | 04/25/28 | 784212 |
| 601000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 2.020% | 6.2080 | 08/21/29 | 630745 |
| 1384000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.310% | 5.0120 | 01/23/30 | 1409795 |
| 1040000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.080% | 4.9120 | 07/25/33 | 1046330 |
| 427000 | KeyCorporation |  | 2.5500 | 10/01/29 | 394602 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| 1005000 | Macquarie Group Ltd.<sup>(a),(b)</sup> | SOFRRATE + 1.069% | 1.3400 | 01/12/27 | $988251 |
| 897000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.970% | 2.4940 | 10/13/32 | 785276 |
| 1083000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | 07/08/30 | 968077 |
| 801000 | Toronto-Dominion Bank (The)<sup>(b)</sup> | USSW5 + 2.205% | 3.6250 | 09/15/31 | 792116 |
| 527000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 520563 |
| 930000 | Wells Fargo & Co.<sup>(b)</sup> | SOFRRATE + 1.980% | 4.8080 | 07/25/28 | 938004 |
| 979000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.070% | 5.3960 | 04/22/28 | 985927 |
| 1069000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | 10/30/30 | 999044 |
| 898000 | Westpac Banking Corporation<sup>(b)</sup> | USISOA05 + 2.236% | 4.3220 | 11/23/31 | 892389 |
|  |  |  |  |  | 18789682 |
|  | **BEVERAGES — 0.6%** |  |  |  |  |
| 648000 | Anheuser-Busch InBev Finance, Inc. |  | 4.9000 | 02/01/46 | 591835 |
| 684000 | Bacardi Ltd. / Bacardi-Martini BV<sup>(a)</sup> |  | 5.4000 | 06/15/33 | 682198 |
| 1175000 | Constellation Brands, Inc. |  | 4.9000 | 05/01/33 | 1164921 |
|  |  |  |  |  | 2438954 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 955000 | Amgen, Inc. |  | 5.2500 | 03/02/30 | 984292 |
| 618000 | CSL Finance plc<sup>(a)</sup> |  | 4.2500 | 04/27/32 | 603719 |
| 770000 | Organon & Company / Organon Foreign Debt Co-Issuer<sup>(a)</sup> |  | 5.1250 | 04/30/31 | 668888 |
| 614000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.6500 | 05/19/30 | 622676 |
|  |  |  |  |  | 2879575 |
|  | **CABLE & SATELLITE — 0.3%** |  |  |  |  |
| 431000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | 06/01/29 | 451357 |
| 752000 | Charter Communications Operating, LLC / Charter |  | 6.5500 | 06/01/34 | 802661 |
|  |  |  |  |  | 1254018 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 894000 | Amazon.com, Inc. |  | 2.8750 | 05/12/41 | 667620 |
|  | **ELECTRIC UTILITIES — 1.8%** |  |  |  |  |
| 589000 | CenterPoint Energy Houston Electric, LLC |  | 5.1500 | 03/01/34 | 594578 |
| 657000 | CMS Energy Corporation |  | 4.7000 | 03/31/43 | 571398 |
| 818000 | DTE Electric Company |  | 5.2000 | 04/01/33 | 841034 |
| 1180000 | Duke Energy Florida, LLC |  | 6.2000 | 11/15/53 | 1257546 |
| 1090000 | Duke Energy Progress, LLC |  | 3.6000 | 09/15/47 | 801006 |
| 660000 | Entergy Louisiana, LLC |  | 5.7000 | 03/15/54 | 652261 |

---

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

 

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon**<br> **Rate (%)** | **Maturity** | **Fair Value** |
| 409000 | Nevada Power Company<sup>(b)</sup> | H15T5Y + 1.936% | 6.2500 | 05/15/55 | $408040 |
| 967000 | NextEra Energy Capital Holdings Inc. |  | 2.4400 | 01/15/32 | 840442 |
| 733000 | Sempra |  | 3.8000 | 02/01/38 | 607167 |
| 487000 | Southern California Edison Company |  | 5.9500 | 11/01/32 | 500296 |
| 358000 | Southern California Edison Company |  | 5.7500 | 04/15/54 | 321125 |
|  |  |  |  |  | 7394893 |
|  | **FOOD — 0.4%** |  |  |  |  |
| 859000 | Kraft Heinz Foods Company |  | 4.8750 | 10/01/49 | 738158 |
| 920000 | Mars, Inc.<sup>(a)</sup> |  | 5.2000 | 03/01/35 | 931482 |
|  |  |  |  |  | 1669640 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 576000 | Sempra Global<sup>(a)</sup> |  | 3.2500 | 01/15/32 | 490945 |
| 750000 | Southern Company Gas Capital Corporation |  | 4.9500 | 09/15/34 | 743763 |
|  |  |  |  |  | 1234708 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 682000 | CVS Health Corporation |  | 6.0500 | 06/01/54 | 668865 |
| 733000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 750768 |
| 562000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 587763 |
|  |  |  |  |  | 2007396 |
|  | **HOME CONSTRUCTION — 0.4%** |  |  |  |  |
| 396000 | DR Horton, Inc. |  | 4.8500 | 10/15/30 | 399651 |
| 433000 | Meritage Homes Corporation<sup>(a)</sup> |  | 3.8750 | 04/15/29 | 417536 |
| 536000 | New Home Company, Inc. (The)<sup>(a)</sup> |  | 9.2500 | 10/01/29 | 556355 |
| 176000 | New Home Company, Inc. (The)<sup>(a)</sup> |  | 8.5000 | 11/01/30 | 179470 |
|  |  |  |  |  | 1553012 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 0.9%** |  |  |  |  |
| 736000 | Jane Street Group / JSG Finance, Inc.<sup>(a)</sup> |  | 7.1250 | 04/30/31 | 774921 |
| 528000 | Jefferies Group, LLC / Jefferies Group Capital |  | 4.1500 | 01/23/30 | 515867 |
| 1201000 | Morgan Stanley<sup>(b)</sup> | US0003M + 1.340% | 3.5910 | 07/22/28 | 1180203 |
| 1283000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | 1305611 |
|  |  |  |  |  | 3776602 |
|  | **INSURANCE — 1.5%** |  |  |  |  |
| 157000 | American International Group, Inc. |  | 4.8500 | 05/07/30 | 159577 |
| 779000 | Athene Holding Ltd. |  | 5.8750 | 01/15/34 | 807222 |
| 335000 | Athene Holding Ltd.<sup>(b)</sup> | H15T5Y + 2.607% | 6.6250 | 10/15/54 | 330612 |
| 346000 | Corebridge Financial, Inc.<sup>(b)</sup> | H15T5Y + 2.646% | 6.3750 | 09/15/54 | 345716 |
| 436000 | Enstar Group Ltd. |  | 3.1000 | 09/01/31 | 387913 |
| 675000 | GA Global Funding Trust<sup>(a)</sup> |  | 5.5000 | 01/08/29 | 692120 |
| 500000 | Meiji Yasuda Life Insurance Company<sup>(a),(b)</sup> | USSW5 + 4.230% | 5.2000 | 10/20/45 | 503112 |

---

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

 

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 971000 | Panther Escrow Issuer, LLC<sup>(a)</sup> |  | 7.1250 | 06/01/31 | $1009264 |
| 363000 | RGA Global Funding<sup>(a)</sup> |  | 5.5000 | 01/11/31 | 374668 |
| 770000 | SBL Holdings, Inc.<sup>(a)</sup> |  | 5.1250 | 11/13/26 | 763848 |
| 392000 | SBL Holdings, Inc.<sup>(a)</sup> |  | 7.2000 | 10/30/34 | 374932 |
| 484000 | Transatlantic Holdings, Inc. |  | 8.0000 | 11/30/39 | 608502 |
|  |  |  |  |  | 6357486 |
|  | **INTERNET MEDIA & SERVICES — 0.2%** |  |  |  |  |
| 653000 | Meta Platforms, Inc. |  | 5.4000 | 08/15/54 | 637292 |
|  | **MACHINERY — 0.1%** |  |  |  |  |
| 555000 | Caterpillar, Inc. |  | 5.2000 | 05/15/35 | 566033 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.2%** |  |  |  |  |
| 816000 | GE HealthCare Technologies, Inc. |  | 5.8570 | 03/15/30 | 862112 |
|  | **METALS & MINING — 0.7%** |  |  |  |  |
| 694000 | Anglo American Capital plc<sup>(a)</sup> |  | 5.5000 | 05/02/33 | 708084 |
| 817000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 7.5000 | 09/15/31 | 788650 |
| 757000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 715850 |
| 778000 | Glencore Funding, LLC<sup>(a)</sup> |  | 5.6730 | 04/01/35 | 794049 |
|  |  |  |  |  | 3006633 |
|  | **OIL & GAS PRODUCERS — 1.9%** |  |  |  |  |
| 952000 | Aker BP ASA<sup>(a)</sup> |  | 3.7500 | 01/15/30 | 906811 |
| 385000 | Antero Resources Corporation<sup>(a)</sup> |  | 5.3750 | 03/01/30 | 387706 |
| 431000 | APA Corporation<sup>(a)</sup> |  | 6.7500 | 02/15/55 | 407625 |
| 390000 | Ascent Resources Utica Holdings, LLC / ARU Finance<sup>(a)</sup> |  | 6.6250 | 10/15/32 | 397187 |
| 10000 | Buckeye Partners, L.P.<sup>(a)</sup> |  | 6.7500 | 02/01/30 | 10388 |
| 495000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 9.6250 | 06/15/33 | 507831 |
| 381000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 9.2500 | 02/15/28 | 397396 |
| 420000 | Crescent Energy Finance, LLC<sup>(a)</sup> |  | 8.3750 | 01/15/34 | 420550 |
| 522000 | Diamondback Energy, Inc. |  | 5.4000 | 04/18/34 | 523790 |
| 485000 | Energy Transfer LP |  | 3.7500 | 05/15/30 | 465527 |
| 635000 | MPLX, L.P. |  | 4.5000 | 04/15/38 | 562108 |
| 791000 | Permian Resources Operating LLC<sup>(a)</sup> |  | 5.8750 | 07/01/29 | 794591 |
| 644000 | Pioneer Natural Resources Company |  | 1.9000 | 08/15/30 | 571095 |
| 604000 | Sunoco, L.P. / Sunoco Finance Corporation |  | 4.5000 | 05/15/29 | 586799 |
| 497000 | Targa Resources Corporation |  | 6.5000 | 03/30/34 | 534333 |
| 629000 | Woodside Finance Ltd. |  | 6.0000 | 05/19/35 | 642360 |
|  |  |  |  |  | 8116097 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.3%** |  |  |  |  |
| 473000 | Invitation Homes Operating Partnership, L.P. |  | 4.1500 | 04/15/32 | 448042 |
| 1102000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 4.5000 | 02/15/31 | 1050803 |
| 572000 | LXP Industrial Trust |  | 2.7000 | 09/15/30 | 512976 |
| 1078000 | Necessity Retail REIT Inc (The) / American Finance<sup>(a)</sup> |  | 4.5000 | 09/30/28 | 1045337 |
| 659000 | Phillips Edison Grocery Center Operating |  | 4.9500 | 01/15/35 | 638556 |
| 587000 | Prologis Targeted US Logistics Fund, L.P.<sup>(a)</sup> |  | 5.5000 | 04/01/34 | 599891 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
| 805000 | Store Capital, LLC |  | 2.7500 | 11/18/30 | $710770 |
| 348000 | Tanger Properties, L.P. |  | 2.7500 | 09/01/31 | 305364 |
|  |  |  |  |  | 5311739 |
|  | **RETAIL - DISCRETIONARY — 0.4%** |  |  |  |  |
| 571000 | Bath & Body Works, Inc. |  | 6.8750 | 11/01/35 | 592996 |
| 747000 | Lowe's Companies, Inc. |  | 1.7000 | 10/15/30 | 650486 |
| 604000 | O'Reilly Automotive, Inc. |  | 4.2000 | 04/01/30 | 598624 |
|  |  |  |  |  | 1842106 |
|  | **SEMICONDUCTORS — 1.0%** |  |  |  |  |
| 982000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.9260 | 05/15/37 | 953565 |
| 833000 | Entegris Escrow Corporation<sup>(a)</sup> |  | 4.7500 | 04/15/29 | 824529 |
| 1039000 | Foundry JV Holdco, LLC<sup>(a)</sup> |  | 6.1500 | 01/25/32 | 1094146 |
| 680000 | Intel Corporation |  | 5.2000 | 02/10/33 | 686033 |
| 400000 | Microchip Technology, Inc. |  | 5.0500 | 02/15/30 | 405926 |
|  |  |  |  |  | 3964199 |
|  | **SOFTWARE — 0.2%** |  |  |  |  |
| 827000 | Oracle Corporation |  | 6.1250 | 08/03/65 | 828448 |
|  | **SPECIALTY FINANCE — 0.6%** |  |  |  |  |
| 480000 | AerCap Ireland Capital DAC |  | 6.1500 | 09/30/30 | 512100 |
| 504000 | Ladder Capital Finance Holdings LLLP / Ladder<sup>(a)</sup> |  | 7.0000 | 07/15/31 | 527358 |
| 283000 | OneMain Finance Corporation |  | 7.8750 | 03/15/30 | 300910 |
| 159000 | OneMain Finance Corporation |  | 7.1250 | 09/15/32 | 164807 |
| 862000 | Starwood Property Trust, Inc.<sup>(a)</sup> |  | 6.5000 | 10/15/30 | 892118 |
|  |  |  |  |  | 2397293 |
|  | **STEEL — 0.3%** |  |  |  |  |
| 398000 | Cleveland-Cliffs, Inc.<sup>(a)</sup> |  | 6.8750 | 11/01/29 | 392203 |
| 665000 | Steel Dynamics, Inc. |  | 5.3750 | 08/15/34 | 675680 |
|  |  |  |  |  | 1067883 |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |  |  |  |
| 694000 | Dell Technologies, Inc. |  | 5.5000 | 04/01/35 | 701169 |
| 679000 | Motorola Solutions, Inc. |  | 4.8500 | 08/15/30 | 686510 |
|  |  |  |  |  | 1387679 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |  |  |  |
| 632000 | Gartner, Inc.<sup>(a)</sup> |  | 4.5000 | 07/01/28 | 625870 |
| 814000 | Kyndryl Holdings, Inc. |  | 3.1500 | 10/15/31 | 735505 |
| 598000 | Verisk Analytics, Inc. |  | 5.2500 | 03/15/35 | 601636 |
|  |  |  |  |  | 1963011 |
|  | **TELECOMMUNICATIONS — 0.8%** |  |  |  |  |
| 593000 | AT&T, Inc. |  | 4.3000 | 02/15/30 | 591263 |
| 1315000 | AT&T, Inc. |  | 3.5000 | 06/01/41 | 1032323 |
| 654000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 793729 |
| 907000 | T-Mobile USA, Inc. |  | 6.0000 | 06/15/54 | 923981 |
|  |  |  |  |  | 3341296 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 721000 | B.A.T. Capital Corp. |  | 6.4210 | 08/02/33 | $783400 |
| 611000 | Philip Morris International, Inc. |  | 5.1250 | 02/15/30 | 628859 |
|  |  |  |  |  | 1412259 |
|  | **TRANSPORTATION & LOGISTICS — 0.3%** |  |  |  |  |
| 636000 | Burlington Northern Santa Fe, LLC |  | 4.9500 | 09/15/41 | 599091 |
| 691000 | Delta Air Lines, Inc. |  | 5.2500 | 07/10/30 | 695895 |
| 30000 | Stonepeak Nile Parent, LLC<sup>(a)</sup> |  | 7.2500 | 03/15/32 | 31821 |
|  |  |  |  |  | 1326807 |
|  | **TOTAL CORPORATE BONDS (Cost $93,192,500)** |  |  |  | 95053551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 28.2%** |  |  |  |
| 8717120 | Fannie Mae Pool FA0642 | 2.5000 | 03/01/42 | 7797635 |
| 4384553 | Fannie Mae Pool CA3823 | 4.0000 | 07/01/49 | 4164598 |
| 10616804 | Fannie Mae Pool CB0737 | 3.0000 | 06/01/51 | 9285329 |
| 398139 | Fannie Mae Pool FS8708 | 4.0000 | 08/01/51 | 375420 |
| 8634914 | Fannie Mae Pool FM8686 | 2.5000 | 09/01/51 | 7281009 |
| 5730293 | Fannie Mae Pool FS1133 | 4.0000 | 10/01/51 | 5401983 |
| 330695 | Fannie Mae Pool FM9464 | 3.0000 | 11/01/51 | 290670 |
| 216616 | Fannie Mae Pool FS8108 | 2.5000 | 01/01/52 | 181974 |
| 3316610 | Fannie Mae Pool FA0543 | 2.5000 | 06/01/52 | 2798183 |
| 360962 | Fannie Mae Pool FS3809 | 4.5000 | 11/01/52 | 347374 |
| 5701640 | Fannie Mae Pool CB6081 | 5.5000 | 04/01/53 | 5737552 |
| 368319 | Fannie Mae Pool FS4571 | 5.5000 | 05/01/53 | 371261 |
| 3959097 | Fannie Mae Pool FA0202 | 5.5000 | 02/01/54 | 3978160 |
| 9449708 | Fannie Mae Pool CB8755 | 6.0000 | 06/01/54 | 9667502 |
| 7666378 | Fannie Mae Pool FS9801 | 5.5000 | 11/01/54 | 7692133 |
| 6910494 | Freddie Mac Pool SD6920 | 4.0000 | 04/01/47 | 6660008 |
| 10175613 | Freddie Mac Pool SD0739 | 3.5000 | 10/01/51 | 9323284 |
| 327938 | Freddie Mac Pool RA7191 | 3.5000 | 04/01/52 | 296981 |
| 7032242 | Freddie Mac Pool SL0704 | 4.5000 | 03/01/53 | 6767518 |
| 6070098 | Freddie Mac Pool SL0448 | 4.5000 | 04/01/53 | 5825147 |
| 4039487 | Freddie Mac Pool SD3354 | 5.0000 | 06/01/53 | 3972734 |
| 371502 | Freddie Mac Pool SD3814 | 5.0000 | 08/01/53 | 367229 |
| 5949992 | Freddie Mac Pool SL0715 | 5.0000 | 10/01/54 | 5863784 |
| 7048121 | Freddie Mac Pool QX0510 | 5.0000 | 12/01/54 | 6920391 |
| 4035318 | Freddie Mac Pool SL0797 | 6.0000 | 02/01/55 | 4127414 |
| 1931975 | Freddie Mac Pool SL0769 | 6.0000 | 02/01/55 | 1988724 |
|  |  |  |  | 117483997 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $117,273,419)** |  |  | 117483997 |

---

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

**Sterling Capital Enhanced Core Bond ETF**

**Schedule of Investments (continued)**

*June 30, 2025 (Unaudited)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY BONDS & NOTES — 24.1%** |  |  |  |
|  | **U.S. TREASURY BONDS — 24.1%** |  |  |  |
| 12451900 | United States Treasury Bond | 2.6250 | 02/15/29 | $11994195 |
| 10988300 | United States Treasury Bond | 4.0000 | 02/28/30 | 11097754 |
| 17193300 | United States Treasury Bond | 4.1250 | 11/15/32 | 17315534 |
| 23033300 | United States Treasury Bond | 4.0000 | 02/15/34 | 22800268 |
| 23588500 | United States Treasury Bond | 2.5000 | 02/15/45 | 16613307 |
| 22385000 | United States Treasury Bond | 1.3750 | 08/15/50 | 11043850 |
| 10698600 | United States Treasury Bond | 4.2500 | 08/15/54 | 9773338 |
|  |  |  |  | 100638246 |
|  | **TOTAL U.S. TREASURY BONDS & NOTES (Cost $100,950,510)** |  |  | 100638246 |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $408,034,292)** |  |  | $410514487 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%** |  |  | 6761370 |
|  | **NET ASSETS - 100.0%** |  |  | $417275857 |

---

(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 June 30, 2025 the total market value of 144A securities is 74,940,834
 or 18.0% of net assets.

(b) Variable
 rate security; the rate shown represents the rate on June 30, 2025.

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

**Sterling Capital Enhanced Core Bond ETF**

**Statement of Assets and Liabilities**

*June 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
|  | **Sterling Capital<br> Enhanced Core <br> Bond ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (a) | $410514487 |
| &nbsp;&nbsp;&nbsp;Cash | 5973530 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares issued | 1258811 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 3311896 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 421058724 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3620909 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 161958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 3782867 |
| **Net Assets** | $417275857 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Capital | $413522022 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 3753835 |
| Net Assets | $417275857 |
| **Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value)** | 16550000 |
| Net asset value, offering and redemption price per share | $25.21 |
| (a) Investments at cost | $408034292 |

---

*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 June 30, 2025 (Unaudited)<sup>(a)</sup>*

---

| | |
|:---|:---|
|  | **Sterling Capital<br> Enhanced Core<br> Bond ETF** |
| **Investment Income:** |  |
| Interest income | $4331126 |
| Total investment income | 4331126 |
| **Expenses:** |  |
| Investment advisory fees (See Note 4) | 343236 |
| Total expenses | 343236 |
| Net investment income | 3987890 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| Net realized gain (loss) from: |  |
| Investments | (335731) |
| Change in unrealized appreciation/depreciation on: |  |
| Investments | 2480196 |
| Net realized and change in unrealized gain on investments and in-kind redemptions | 2144465 |
| Net increase in net assets resulting from operations | $6132355 |

---

(a) For the period March 13, 2025 (commencement
 of operations) to June 30, 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**

*June 30, 2025*

---

| | |
|:---|:---|
|  | **For the <br> Period Ended<br> June **30,**<br> 2025**<sup>(a)</sup>**<br> (Unaudited)** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations:** |  |
| Net investment income | $3987890 |
| Net realized loss | (335731) |
| Net change in unrealized appreciation | 2480196 |
| Net increase in net assets resulting from operations | 6132355 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Income distribution: | (2378520) |
| Change in net assets from shareholder distributions | (2378520) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 413522022 |
| Change in net assets from capital transactions | 413522022 |
| Change in net assets | 417275857 |
| **Net Assets:** |  |
| Beginning of period |  |
| End of period | $417275857 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 16550000 |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 16550000 |

---

(a) For the period March 13, 2025 (commencement
 of operations) to June 30, 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> June 30,<br> 2025<sup>(a)</sup> (Unaudited)** |
| **Net asset value, beginning of period** | $25.00 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.24 |
| Total from investment operations | 0.21 |
| Less distributions to shareholders from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) |
| **Net asset value, end of period** | $25.21 |
| **Total Return <sup>(b)</sup>** | 1.64 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $417276 |
| Before waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.39 %<sup>(d)</sup> |
| After waiver or recoupment: |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.39 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.28)%<sup>(d)</sup> |
| Portfolio turnover<sup>(e)</sup> | 35 %<sup>(c)</sup> |

---

(a) For
 the period March 13, 2025 (commencement of operations) to June 30, 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.
 (Note 6)

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

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements**

*June 30, 2025 (Unaudited)*

**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 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.

**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.

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

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 and interest income is recorded on an accrual basis.

**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 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.

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

**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 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.

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

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.

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.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Asset Backed Securities | $— | $97338693 | $— | $97338693 |
| Corporate Bonds |  | 95053551 |  | 95053551 |
| U.S. Government & Agencies |  | 117483997 |  | 117483997 |
| U.S. Treasury Bonds & Notes |  | 100638246 |  | 100638246 |
| Total | $— | $410514487 | $— | $410514487 |

---

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.

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND 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 net assets. Pursuant to its Agreement, the 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 June 30, 2025, the Adviser earned a fee of $343,236 from the Fund. At June 30, 2025, the Fund owed the Adviser $161,958 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.

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, purchases and sales of investment securities, other than short-term investments, were $169,968,521 and $30,028,082, respectively.

For the period ended June 30, 2025, purchases and sales of long-term U.S. government obligations were $289,696,604 and $62,078,961, respectively

**NOTE 6. 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 for cash redemptions or partial cash 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 June 30, 2025, the Fund received $0 and $0 in Fixed Fees and Variable Charges, respectively.

**NOTE 7. FEDERAL TAX INFORMATION**

At June 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Tax**<br> **Unrealized**<br> **Appreciation** | **Gross Tax**<br> **Unrealized**<br> **Depreciation** | **Net Tax**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| **Sterling Capital Enhanced Core Bond ETF** | $414007821 | $3341261 | $(861065) | $2480196 |

---

**Sterling Capital Enhanced Core Bond ETF**

**Notes to the Financial Statements (continued)**

*June 30, 2025 (Unaudited)*

**NOTE 8. 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 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.

**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**

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT**

**STERLING CAPITAL MANAGEMENT LLC**

At a quarterly meeting of the Board of Trustees of Capitol Series Trust (the "Trust") on December 10 and 11, 2024, the Trust's Board of Trustees (the "Board"), including all of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees") as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered and approved for an initial two-year period the Investment Advisory Agreement between the Trust and Sterling Capital Management LLC ("Sterling Capital") (the "Investment Advisory Agreement") with respect to the Sterling Capital Enhanced Core Bond ETF (the "Fund"), a series of the Trust.

Prior to the meeting, the Trustees received and considered information from Sterling Capital and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the terms of the proposed Investment Advisory Agreement between the Trust and Sterling Capital, including, but not limited to, Sterling Capital's response to counsel's due diligence letter requesting information relevant to the approval of the Investment Advisory Agreement, the unitary fee contained in the Investment Advisory Agreement pursuant to which the operating expenses of the Fund would be limited to those fees paid by the Fund to Sterling Capital (subject to specific exclusions disclosed in the Fund's prospectus), the projected profitability of the Fund to Sterling Capital, the overall financial condition of Sterling Capital, and peer group expense and performance data provided by Broadridge for comparative purposes (collectively, the "Support Materials"). At various times, the Trustees reviewed the Support Materials with Sterling Capital, Trust management, and with counsel to the Independent Trustees. The completeness of the Support Materials provided by Sterling Capital, which included both responses and materials provided in response to initial and supplemental due diligence requests, was noted. Representatives from Sterling Capital met with the Trustees and provided further information, including but not limited to, the services it proposed to provide to the Fund, firm ownership, resources available to service the Fund, including compliance resources, other investment strategies managed by Sterling Capital, succession planning, and profitability. This information formed the primary, but not exclusive, basis for the Board's determinations.

Before voting to approve the Investment Advisory Agreement, the Trustees reviewed the terms and the form of the Investment Advisory Agreement and the Support Materials with Trust management and with counsel to the Independent Trustees. The Trustees also received a memorandum from

**Additional Information (Unaudited) (continued)**

counsel discussing the legal standards for their consideration of the proposed Investment Advisory Agreement, which memorandum described the various factors that the U.S. Securities and Exchange Commission ("SEC") and U.S. Courts over the years have suggested would be appropriate for trustee consideration in the advisory agreement approval process, including the factors outlined in the case of Gartenberg v. Merrill Lynch Asset Management Inc., 694 F.2d 923, 928 (2d Cir. 1982); cert. denied sub. nom. and Andre v. Merrill Lynch Ready Assets Trust, Inc., 461 U.S. 906 (1983).

In determining whether to approve the Investment Advisory Agreement, the Trustees considered all factors they believed relevant with respect to the Fund, including the following: (1) the nature, extent, and quality of the services to be provided by Sterling Capital; (2) the cost of the services to be provided and the profits to be realized by Sterling Capital from services rendered to the Trust with respect to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale may be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the Fund's benefit; and (5) other financial benefits to Sterling Capital resulting from services to be rendered to the Fund. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

After having received and reviewed the Support Materials, as well as Sterling Capital's presentation, and noting additional discussions with representatives of Sterling Capital that had occurred at various times, the Trustees determined that they had all of the information they deemed reasonably necessary to make an informed decision concerning the approval of the Investment Advisory Agreement. The Trustees discussed the facts and factors relevant to the approval of the Investment Advisory Agreement, which incorporated and reflected their knowledge of Sterling Capital's services to be provided to the Fund. Based upon Sterling Capital's presentation and the Support Materials, the Board concluded that the overall arrangements between the Trust and Sterling Capital as set forth in the Investment Advisory Agreement are fair and reasonable in light of the services Sterling Capital will perform, the investment advisory fees that the Fund will pay, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees' determination to approve the Investment Advisory Agreement are summarized below.

**Nature, Extent and Quality of Services Provided.** The Trustees considered the scope of services that Sterling Capital would provide under the Investment Advisory Agreement, noting that such services include but are not limited to the following: (1) obtaining and evaluating such information and advice relating to the economy, securities markets, and securities and other investments as it deems necessary or useful to discharge its duties under the Investment Advisory Agreement, respectively; (2) investing the Fund's assets consistent with the its investment objective and investment policies; (3) determining the portfolio securities to be purchased, sold or otherwise disposed of and the timing of such transactions; (4) voting all proxies with respect to the Fund's portfolio securities; (5) maintaining the required books and records for transactions that Sterling Capital effects on behalf of the Fund; (6) selecting broker-dealers to execute orders on behalf of the Fund; (7) performing compliance services on behalf of the Fund; and (8) engaging in marketing activities to support asset growth in the Fund. The Trustees noted that, subject to Board supervision, the Adviser is responsible for providing general investment advice and guidance to the Fund, research support, and compliance/compliance oversight services and that the Adviser would also provide proxy voting, record-keeping

**Additional Information (Unaudited) (continued)**

and other administrative services for the Fund. The Trustees also noted that Sterling Capital and its affiliates, from their own profits and resources, will also provide marketing and distribution support for the Fund.

The Trustees considered the capitalization of Sterling Capital and its assets under management. The Trustees further considered the investment philosophy and investment industry experience of the portfolio managers, and noted the investment methodology Sterling Capital would utilize to manage the Fund's portfolio in accordance with its investment strategy. The Trustees also considered the back-tested performance of Sterling Capital's investment model. The Trustees concluded that they were satisfied with the nature, extent, and quality of services that Sterling Capital would provide to the Fund under the Investment Advisory Agreement.

**Cost of Advisory Services and Profitability.** The Trustees considered the unitary fee that the Fund would pay to Sterling Capital under the Investment Advisory Agreement, noting that the Sterling Capital is obligated to pay all of the operating expenses of the Fund under such agreement, and also reviewed the projected profitability to Sterling Capital resulting from the services that the firm would render to the Fund. The Trustees also considered the commitment of Sterling Capital with respect to the Fund and the expected growth of assets in the Fund over time. Finally, the Trustees reviewed financial condition and fiscal health of Sterling Capital, as it relates to the firm's financial ability to provide contractually required services to the Fund.

**Comparative Fee and Expense Data.** The Trustees also reviewed and discussed with Sterling Capital the projected unitary fee, and the contractual expenses of the Fund as compared to those of other funds in the peer group category analysis provided by Broadridge. The Trustees noted that the peer group category for the Fund comparison included other actively managed exchange-traded funds in the Morningstar Intermediate Core-Plus Bond category, and discussed the appropriateness of the category selected for the comparison. In addition, they considered that the proposed fee structure of the Fund was a unitary fee wherein Sterling Capital would be obligated to pay all operating expenses of the Fund. The Trustees noted that the Fund's proposed unitary fee of 0.39% was lower than the average management fees reported for the Morningstar category and equal to those the Broadridge custom peer group. The Trustees noted that the Fund's proposed unitary fee of 0.39% was equal to the median management fees of the Morningstar category and lower than the average management fees of the Morningstar category. The Trustees also noted that the proposed unitary fee of the Fund was equal to the median and slightly lower than the average management fees of the Broadridge custom peer group. The Trustees noted that the Fund's proposed unitary fee of 0.39% was lower than both the median and average gross fees of both the Morningstar category and the Broadridge custom peer group. With respect to total net fees, the Trustees noted that the Fund's proposed unitary fee was equal to the median net fees of both the Morningstar category and Broadridge custom peer group and lower than the average net fees of both the Morningstar category and Broadridge custom peer group. While recognizing that it is difficult to compare management fees because the scope of advisory services provided and fee structures may vary from one investment adviser to another, the Trustees concluded that the proposed unitary management fee is reasonable at this time.

**Economies of Scale.** The Trustees considered whether the Fund may benefit from any economies of scale and noted the pro forma profitability projections. They noted that at an asset level of $350

**Additional Information (Unaudited) (continued)**

million, it was projected that the Fund would be profitable. The Trustees concluded that no material economies exist at this time.

**Other Benefits.** The Trustees noted that Sterling Capital will not utilize soft dollar arrangements with respect to portfolio transactions in the Fund and does not anticipate the use of affiliated brokers to execute the Fund's portfolio transactions. The Trustees concluded that Sterling Capital will not receive any other material financial benefits from services rendered to the Fund.

**Other Considerations.** The Trustees also considered potential conflicts of interest for Sterling Capital. Based on the assurances from representatives of Sterling Capital, the Trustees concluded that no conflict of interest currently exists that could adversely impact the Fund.

**Conclusions.** Based upon presentation of Sterling Capital to the Board and the Support Materials considered in connection with the approval of the Investment Advisory Agreement, the Board concluded that the overall arrangements between the Trust and Sterling Capital, as set forth in the Investment Advisory Agreement, are fair and reasonable in light of the services to be performed, the fees to be paid and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment.

**Proxy Voting (Unaudited)**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (888) 711-2837 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

**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) Not Applicable – disclosed with annual report.

(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>9/03/2025</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) | /s/ Matthew J. Miller |
|  | Matthew J. Miller, President and Principal Executive Officer |

---

Date <u>9/03/2025</u> <br>

---

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

---

Date <u>9/03/2025</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: | 9/03/2025 | /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: | 9/03/2025 | /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 June 30, 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 |

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Date: <u>9/03/2025</u> Date: <u>9/03/2025</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.