Capitol Series Trust

09/04/2026 | Press release | Distributed by Public on 09/04/2026 10:01

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22895
Capitol Series Trust
(Exact name of registrant as specified in charter)
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Address of principal executive offices) (Zip code)
Zachary P. Richmond
Ultimus Fund Solutions, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Name and address of agent for service)
Registrant's telephone number, including area code: 513-587-3400
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026

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

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

Item 1. Reports to Stockholders.

(a)

Sterling Capital Enhanced Core Bond ETF

(SCEC) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Sterling Capital Enhanced Core Bond ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://sterlingcapital.com/investments/exchange-traded-funds/scec/#materials. You can also request this information by contacting us at (888) 228-1872. This report describes material fund changes to the Fund that occurred during the period in the MATERIAL FUND CHANGES section of this report.

What were the Fund's costs for the last six months?

(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%
Fund Statistics
Net Assets $584,808,094
Number of Portfolio Holdings 339
Advisory Fee $1,037,300
Portfolio Turnover 76%

What did the Fund invest in?

Asset Weighting (% of total investments)
Value Value
Asset Backed Securities 33.4
Collateralized Loan Obligations 0.6
Collateralized Mortgage Obligations 1.0
Corporate Bonds 34.9
Municipal Bonds 0.5
Preferred Stocks 0.2
U.S. Government & Agencies 18.6
U.S. Treasury Bonds & Notes 10.8

Material Fund Changes

On August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of Sterling Capital Management LLC (the "Adviser"), announced that it had entered into a definitive agreement with Desjardins Global Asset Management Inc. ("DGAM") to be taken private pursuant to an arrangement whereby DGAM would purchase all of the issued and outstanding shares of Guardian, other than shares held by certain shareholders who entered into equity rollover agreements (the "Transaction"). The closing of the Transaction occurred on March 23, 2026.

The Adviser is now an indirect, wholly-owned subsidiary of Desjardins and is anticipated to continue to operate as a standalone entity. To provide continuity and stability, the Adviser's team of management and senior professionals will continue servicing the Adviser's clients, including the Fund.

At a meeting held on October 23, 2025, the Board of Trustees of Capitol Series Trust approved an Agreement and Plan of Reorganization of the Fund into a fund of the same name, a newly created series of Sterling Capital Funds (the "Reorganization"). The Reorganization was originally expected to occur in March 2026, but was postponed. Shareholders approved the Reorganization at a special meeting held on August 18, 2026, and the Reorganization is expected to occur in September 2026.

Sterling Capital Enhanced Core Bond ETF

Semi-Annual Shareholder Report - June 30, 2026

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 063026-SCEC

(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)

Sterling Capital Enhanced Core Bond ETF

SCEC

Semi-Annual Financial Statements

and Additional Information

June 30, 2026

1-888-228-1872

www.sterlingcapital.com/etf

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

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

Distributed by Northern Lights Distributors LLC

Member FINRA

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments

June 30, 2026 (Unaudited)

Shares Fair Value
PREFERRED STOCKS - 0.2%
ASSET MANAGEMENT - 0.2%
37,100 Apollo Global Management, Inc., 7.47% $ 946,421
TOTAL PREFERRED STOCKS (Cost $966,538) 946,421
Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
ASSET BACKED SECURITIES - 34.5%
AUTO LOAN - 1.7%
1,617,000 Avis Budget Rental Car Funding AESOP, LLC Series 1A A(a) 5.3600 06/20/30 1,643,595
250,000 Avis Budget Rental Car Funding AESOP, LLC Series 3A A(a) 5.2300 12/20/30 253,431
2,249,000 Avis Budget Rental Car Funding, LLC Series 4A A(a) 5.4500 12/20/32 2,261,758
155,000 Enterprise Fleet Financing 2024-3, LLC Series 3 A4(a) 5.0600 03/20/31 156,316
2,000,000 Hertz Vehicle Financing III, LLC Series 1A A(a) 5.0900 11/25/30 2,004,711
1,335,000 Hertz Vehicle Financing III, LLC Series 2A A(a) 5.4800 01/27/31 1,354,432
2,383,482 M&T Bank RV Trust 2026-1 Series 1A A(a) 4.3500 01/15/46 2,352,971
10,027,214
COLLATERALIZED LOAN OBLIGATIONS - 6.1%
4,516,000 Ares XLIV CLO Ltd. Series 44A A1RR(a)(b) TSFR3M + 1.130% 4.8030 04/15/34 4,520,439
3,350,000 Barings Clo Ltd. 2021-III Series 3A AR(b)(c) TSFR3M + 1.130% 4.8050 01/18/35 3,350,620
2,275,056 Carlyle US CLO 2017-3 Ltd. Series 3A A1R2 3A(a)(b) TSFR3M + 1.400% 5.0720 10/21/37 2,279,995
1,000,000 CarVal CLO XI C Ltd. Series 3A A1(a)(b) TSFR3M + 1.390% 5.0650 10/20/37 1,001,751
1,195,000 CTM CLO 2025-1 Ltd. Series 1A A1(a)(b) TSFR3M + 1.500% 5.1730 07/15/38 1,199,228
2,673,000 Dryden 53 CLO Ltd. Series 53A BR(a)(b) TSFR3M + 1.300% 4.9730 01/15/31 2,672,949
5,800,000 Fortress Credit Bsl XXI Ltd. Series 1A AR(a)(b) TSFR3M + 1.380% 5.0440 04/24/37 5,809,217
4,182,000 LCM 33 Ltd. Series 33A AR(a)(b) TSFR3M + 1.180% 4.8550 07/20/34 4,183,255
500,000 LCM 40 Ltd. Series 40A A2R(a)(b) TSFR3M + 1.650% 5.3230 01/15/38 500,543
2,500,000 Magnetite XXI Ltd. Series 21AR BR2(a)(b) TSFR3M + 1.300% 4.9310 04/20/34 2,500,000

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

1

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
3,031,000 Neuberger Berman Loan Advisers CLO 41 Ltd. Series 41A AR(a)(b) TSFR3M + 1.050% 4.7230 04/15/34 $ 3,034,064
3,800,000 Oaktree CLO 2019-3 Ltd. Series 3A BR2(a)(b) TSFR3M + 1.750% 5.4250 01/20/38 3,813,300
685,000 Symphony CLO XXV Ltd. Series 25A AR(a)(b) TSFR3M + 1.050% 4.7250 04/19/34 685,366
35,550,727
COLLATERALIZED MORTGAGE OBLIGATIONS - 22.9%
105,000 BANK 2020-BNK29 Series BN29 A4 1.9970 11/15/53 92,690
200,000 BANK 2023-BNK46 Series BNK46 A4 5.7450 08/15/56 207,333
3,910,000 BANK 2026-BNK52 Series BNK52 A5 5.5860 06/15/36 4,060,054
1,390,000 BANK5 2023-5YR1 Series 5YR1 A3 6.2600 04/15/56 1,415,644
500,000 BANK5 2023-5YR2 Series 5YR2 A3 6.6560 07/15/56 514,516
4,311,000 BANK5 2023-5YR3 Series 5YR3 AS 7.5590 09/15/56 4,507,229
3,462,454 BANK5 2023-5YR4 Series 5YR4 A3 6.5000 12/15/56 3,565,038
494,000 BANK5 2023-5YR4 Series 5YR4 AS 7.2740 12/15/56 515,022
676,000 BANK5 2023-5YR4 Series 5YR4 B 7.8580 12/15/56 708,863
1,189,928 BANK5 2024-5YR5 Series 5YR5 A3 5.7020 02/15/29 1,210,686
1,263,000 BANK5 2024-5YR5 Series 5YR5 AS 6.2680 02/15/29 1,291,723
864,000 BANK5 2024-5YR9 Series 5YR9 AS 6.1820 08/15/57 885,230
3,804,000 BANK5 2025-5YR18 Series 5YR18 A3 5.1450 12/15/58 3,841,725
2,831,000 BANK5 2025-5YR19 Series 5YR19 A3 5.2700 12/15/30 2,874,552
1,082,000 BANK5 2026-5YR21 Series 5YR21 A3 5.5250 04/15/59 1,108,966
1,642,000 BANK5 2026-5YR22 Series 5YR22 A3 5.7130 06/15/59 1,694,872
2,500,000 BANK5 Trust 2024-5YR6 Series 5YR6 A3 6.2250 05/15/57 2,577,447
2,915,000 BANK5 Trust 2024-5YR6 Series 5YR6 AS 6.7900 05/15/57 3,024,384
2,467,000 BBCMS Mortgage Trust 2024-5C25 Series 5C25 A3 5.9460 03/15/57 2,524,396
667,000 BBCMS Mortgage Trust 2024-5C25 Series 5C25 AS 6.3580 03/15/57 684,715
2,190,000 BBCMS Mortgage Trust 2025-5C36 Series 5C36 A3 5.5170 08/15/58 2,241,257
243,000 Benchmark 2018-B1 Mortgage Trust Series B1 AM 3.8780 01/15/51 235,657
325,000 Benchmark 2018-B2 Mortgage Trust Series B2 AS 4.0840 02/15/51 306,770
1,141,000 Benchmark 2023-V2 Mortgage Trust Series V2 A3 5.8120 05/15/55 1,159,003
285,000 Benchmark 2023-V2 Mortgage Trust Series V2 AS 6.5370 05/15/55 290,996
3,522,000 Benchmark 2023-V3 Mortgage Trust Series V3 A3 6.3630 07/15/56 3,610,637

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

2

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
2,949,000 Benchmark 2024-V5 Mortgage Trust Series V5 A3 5.8050 01/10/57 $ 3,009,982
225,000 Benchmark 2024-V6 Mortgage Trust Series V6 A3 5.9260 03/15/57 230,552
4,187,000 Benchmark 2024-V6 Mortgage Trust Series V6 AS 6.3840 03/15/57 4,300,420
1,013,000 Benchmark 2024-V7 Mortgage Trust Series V7 A3 6.2280 05/15/56 1,047,664
653,000 Benchmark 2024-V7 Mortgage Trust Series V7 AS 6.5330 05/15/56 674,830
5,500,000 Benchmark 2024-V9 Mortgage Trust Series V9 A3 5.6020 08/15/57 5,602,447
916,000 Benchmark 2024-V9 Mortgage Trust Series V9 AS 6.0640 08/15/57 935,120
1,163,000 Benchmark 2025-V16 Mortgage Trust Series V16 A3 5.4390 08/15/57 1,184,944
1,579,000 Benchmark 2025-V19 Mortgage Trust Series V19 A3 5.2490 01/15/58 1,600,575
1,064,000 Benchmark 2026-B43 Mortgage Trust Series B43 A5(a) 5.5060 04/15/63 1,098,351
1,500,000 Benchmark 2026-V22 Series V22 A3 5.4680 05/15/59 1,533,803
3,510,000 BMO 2023-5C1 Mortgage Trust Series 5C1 A3 6.5340 08/15/56 3,603,587
180,000 BMO 2023-5C1 Mortgage Trust Series 5C1 AS 7.3550 08/15/56 186,342
2,880,000 BMO 2025-5C12 Mortgage Trust Series 5C12 A3 5.1800 10/15/58 2,906,221
1,878,000 BMO 2025-5C13 Mortgage Trust Series 5C13 A3 5.2270 12/15/58 1,899,827
254,000 BX Commercial Mortgage Trust 2024-VLT5 Series VLT5 A(a)(b) 5.5910 11/13/46 253,736
493,000 BX Commercial Mortgage Trust 2024-VLT5 Series VLT5 B(a)(b) 5.9950 11/13/46 496,051
1,208,000 BX Commercial Mortgage Trust 2024-VLT5 Series VLT5 C(a)(b) 6.3980 11/13/46 1,201,463
1,679,000 BX Commercial Mortgage Trust 2026-Vlt10 Series VLT10 A(a)(b) 5.3580 06/13/58 1,635,545
1,560,000 BX Commercial Mortgage Trust 2026-Vlt10 Series VLT10 E(a)(b) 7.5710 06/13/58 1,532,133
285,000 CD 2016-CD2 Mortgage Trust Series CD2 A4(b) 3.5260 11/10/49 281,853
1,606,000 CD 2017-CD3 Mortgage Trust Series CD3 A4 3.6310 02/10/50 1,582,040

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

3

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
377,000 CFCRE Commercial Mortgage Trust 2016-C7 Series C7 A3 3.8380 12/10/26 $ 375,434
2,000,000 Citigroup Commercial Mortgage Trust 2018-B2 Series B2 A4 4.0090 03/10/51 1,976,161
1,300,000 COMM 2017-COR2 Mortgage Trust Series COR2 A3 3.5100 09/10/50 1,284,566
630,000 CONE Commercial Mortgage Trust 2026-DFW3 Series DFW3 A(a)(b) 5.7510 05/15/43 628,631
847,000 CONE Commercial Mortgage Trust 2026-DFW3 Series DFW3 C(a)(b) 6.5040 05/15/43 844,585
671,000 CONE Commercial Mortgage Trust 2026-DFW3 Series DFW3 E(a)(b) 8.1030 05/15/43 677,063
308,000 DBJPM 20-C9 Mortgage Trust Series C9 A5 1.9260 08/15/53 274,983
1,675,009 Fannie Mae REMICS Series 74 GZ 4.0000 07/25/43 1,600,605
227,288 Fannie Mae REMICS Series 66 QZ 4.0000 10/25/44 216,053
48,332 Fannie Mae REMICS 3.0000 01/25/45 45,203
8,285,498 Freddie Mac REMICS Series 5243 B 3.5000 05/15/40 7,942,295
192,435 Freddie Mac REMICS Series 3197 DZ 5.0000 08/15/36 193,099
1,400,000 Freddie Mac REMICS Series 4112 PB 4.0000 09/15/42 1,335,536
58,228 Freddie Mac REMICS Series 4427 KA 2.2500 07/15/44 54,809
692,474 Freddie Mac REMICS Series 5300 AB 5.5000 01/25/49 695,288
217,503 FRESB 2018-SB52 Mortgage Trust Series SB52 A10F 3.4800 06/25/28 214,145
761,924 Government National Mortgage Association Series 90 AB 3.0000 07/20/49 679,156
1,000,946 Government National Mortgage Association Series 154 GA 6.0000 04/20/50 1,021,044
270,000 GS Mortgage Securities Trust 2016-GS4 Series GS4 A4 3.4420 11/10/49 269,028
535,000 GS Mortgage Securities Trust 2020-GSA2 Series GSA2 A5 2.0120 12/12/53 469,361
3,655,000 Hertz Vehicle Financing III, LLC Series 2A A(a) 5.5700 09/25/29 3,702,983
224,000 JP Morgan Chase Commercial Mortgage Securities Series JP4 A4 3.6480 12/15/49 222,818
598,000 JPMCC Commercial Mortgage Securities Trust Series JP5 A5 3.7230 03/15/50 593,294
900,000 Morgan Stanley Bank of America Merrill Lynch Trust Series 5C2 A3 5.1070 11/15/30 906,873
300,000 Morgan Stanley Capital I 2017-HR2 Series HR2 A4 3.5870 12/15/50 294,581

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

4

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
1,622,000 Morgan Stanley Capital I Trust 2016-BNK2 Series BNK2 A4 3.0490 11/15/49 $ 1,600,587
1,483,000 Morgan Stanley Capital I Trust 2018-H3 Series H3 A5 4.1770 07/15/51 1,463,499
4,500,000 OneMain Direct Auto Receivables Trust 2025-1 Series 1A A(a) 5.3600 04/16/35 4,565,862
3,556,903 Progress Residential 2025-SFR1 Trust Series SFR1 A(a) 3.4000 02/17/42 3,376,638
2,802,173 SMB Private Education Loan Trust 2024-A Series A A1A(a) 5.2400 03/15/56 2,817,973
1,202,000 VDCM Commercial Mortgage Trust 2025-AZ Series AZ C(a)(b) 6.0330 07/13/44 1,189,934
452,000 Wells Fargo Commercial Mortgage Trust 2017-C40 Series C40 A4 3.5810 10/15/50 445,934
243,000 Wells Fargo Commercial Mortgage Trust 2017-C40 Series C40 AS 3.8540 10/15/50 237,514
130,000 Wells Fargo Commercial Mortgage Trust 2020-C58 Series C58 A4 2.0920 07/15/53 115,958
2,393,000 Wells Fargo Commercial Mortgage Trust 2025-5C5 Series 5C5 A3 5.5900 07/15/58 2,444,195
2,597,000 Wells Fargo Commercial Mortgage Trust 2025-5C6 Series 5C6 A3 5.1860 10/15/58 2,618,248
4,419,000 Wells Fargo Commercial Mortgage Trust 2025-5C7 Series 5C7 A3(a) 5.2030 12/15/58 4,457,659
133,798,486
OTHER ASSET BACKED SECURITIES - 3.4%
4,463,000 Barings Equipment Finance, LLC 2025-A Series A A3(a) 4.8200 08/13/32 4,499,707
1,502,940 Hilton Grand Vacations Trust 2026-1 Series 1A A(a) 4.6700 02/25/43 1,504,362
373,072 MVW 2024-2, LLC Series 2A A(a) 4.4300 03/20/42 371,592
2,735,360 MVW 2026-1, LLC Series 1A A(a) 4.6700 03/20/43 2,726,440
2,090,000 OneMain Financial Issuance Trust 2023-1 Series 1A A(a) 5.5000 06/14/38 2,128,643
1,947,000 QTS Issuer A.B.S II, LLC Series 3A A2(a) 6.1560 01/05/56 1,939,033
2,837,000 Stack Infrastructure Issuer, LLC Series 1A A2(a) 5.0000 05/25/50 2,760,988
859,000 Vantage Data Centers Issuer, LLC Series 2A A2(a) 5.2390 11/15/55 835,636
2,931,000 Vantage Data Centers, LLC Series 1A A2(a) 5.1320 08/15/55 2,881,006
19,647,407

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

5

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
STUDENT LOANS - 0.5%
1,003,262 SMB Private Education Loan Trust 2024-E Series E A1A(a) 5.0900 10/16/56 $ 1,003,481
1,758,524 SMB Private Education Loan Trust 2026-A Series A A1A(a) 4.6800 05/16/39 1,725,337
2,728,818
TOTAL ASSET BACKED SECURITIES (Cost $203,181,254) 201,752,652
Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
CORPORATE BONDS - 34.3%
AEROSPACE & DEFENSE - 1.2%
848,000 ATI, Inc. 5.8750 06/15/33 860,285
895,000 BAE Systems plc(a) 5.1250 03/26/29 907,440
1,210,000 Boeing Company (The) 5.7050 05/01/40 1,231,018
830,000 Boeing Company (The) 5.9300 05/01/60 817,039
868,000 Bombardier, Inc.(a) 5.8750 01/15/35 872,298
1,930,000 Honeywell Aerospace, Inc.(a) 5.8520 03/16/66 1,946,139
460,000 Howmet Aerospace, Inc. 4.5500 11/15/32 452,910
7,087,129
ASSET MANAGEMENT - 1.6%
1,412,000 Apollo Debt Solutions BDC 6.9000 04/13/29 1,449,492
1,389,000 Ares Capital Corporation 5.2500 04/12/31 1,350,044
569,000 Ares Finance Co. III LLC(a)(b) H15T5Y + 3.237% 4.1250 06/30/51 569,957
419,000 Ares Management Corporation 6.3750 11/10/28 433,646
1,388,000 Blackstone Secured Lending Fund 5.1250 01/31/31 1,329,996
332,000 Blue Owl Capital Corporation 5.9500 03/15/29 332,091
1,044,000 First Eagle Holdings, Inc.(a) 7.2500 08/15/32 1,052,243
1,420,000 Fortitude Group Holdings, LLC(a) 6.2500 04/01/30 1,452,141
824,000 Goldman Sachs Private Credit Corporation 5.8750 01/31/31 814,218
857,000 Golub Capital Private Credit Fund(a) 5.6000 04/15/31 820,787
9,604,615
AUTOMOTIVE - 0.2%
1,145,000 Hyundai Capital America(a) 5.4000 06/23/32 1,163,517
BANKING - 3.3%
1,391,000 Bank of America Corporation(b) SOFRRATE + 2.160% 5.0150 07/22/33 1,393,442
60,000 Bank of America Corporation(b) SOFRRATE + 1.910% 5.2880 04/25/34 60,817

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

6

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
1,268,000 Bank of America Corporation(b) SOFRRATE + 1.697% 5.7440 02/12/36 $ 1,294,213
842,000 Barclays plc 5.0880 06/20/30 844,466
4,000 Citigroup, Inc.(b) SOFRRATE + 1.422% 2.9760 11/05/30 3,778
1,353,000 Citigroup, Inc.(b) H15T5Y + 3.001% 6.6250 05/15/74 1,379,082
602,000 Citizens Financial Group, Inc.(b) SOFRRATE + 2.010% 5.8410 01/23/30 617,109
1,069,000 Fifth Third Bancorp(b) SOFRRATE + 1.660% 4.3370 04/25/33 1,031,309
1,428,000 Fifth Third Bancorp(b) SOFRRATE + 1.240% 5.1410 01/29/37 1,402,280
837,000 JPMorgan Chase & Co(b) SOFRRATE + 1.635% 5.5760 07/23/36 850,067
1,347,000 JPMorgan Chase & Company SOFRRATE + 2.080% 4.9120 07/25/33 1,345,743
1,526,000 Macquarie Group Ltd.(a)(b) SOFRRATE + 1.440% 2.6910 06/23/32 1,372,327
797,000 Mitsubishi UFJ Financial Group, Inc.(b) H15T1Y + 0.970% 2.4940 10/13/32 706,042
789,000 Regions Financial Corporation SOFRRATE + 2.060% 5.5020 09/06/35 799,301
873,000 Sumitomo Mitsui Financial Group, Inc. 2.1300 07/08/30 787,994
438,000 Sumitomo Mitsui Financial Group, Inc. 5.3340 03/03/41 426,601
1,143,000 Toronto-Dominion Bank (The)(b) USSW5 + 2.205% 3.6250 09/15/31 1,140,408
1,168,000 Wells Fargo & Co.(b) SOFRRATE + 2.100% 4.8970 07/25/33 1,160,889
971,000 Wells Fargo & Company(b) TSFR3M + 1.432% 2.8790 10/30/30 914,172
1,054,000 Wells Fargo & Company(b) SOFRRATE + 2.530% 3.0680 04/30/41 805,327
1,238,000 Westpac Banking Corporation(b) USISOA05 + 2.236% 4.3220 11/23/31 1,235,866
19,571,233
BEVERAGES - 0.1%
823,000 Bacardi Ltd. / Bacardi-Martini BV(a) 5.4000 06/15/33 825,103
BIOTECH & PHARMA - 1.0%
1,408,000 Amgen, Inc. 5.6000 03/02/43 1,400,271
806,000 CSL Finance plc(a) 4.2500 04/27/32 775,041
1,563,000 Eli Lilly & Company 5.5500 10/15/55 1,563,443

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

7

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
1,860,000 Organon & Company / Organon Foreign Debt Co-Issuer(a) 5.1250 04/30/31 $ 1,841,002
5,579,757
CABLE & SATELLITE - 0.3%
583,000 CCO Holdings, LLC / CCO Holdings Capital(a) 4.2500 01/15/34 494,098
496,000 Charter Communications Operating, LLC / Charter 6.1000 06/01/29 508,218
866,000 Space Exploration Technologies Corporation(a) 5.6500 07/15/33 861,088
1,863,404
COMMUNICATIONS - 0.5%
2,784,000 WULF Compute, LLC(a) 7.7500 10/15/30 2,925,881
CONSTRUCTION MATERIALS - 0.2%
1,086,000 CRH America Finance, Inc. 5.0000 02/09/36 1,062,547
E-COMMERCE DISCRETIONARY - 0.2%
976,000 Amazon.com, Inc. 2.8750 05/12/41 723,195
278,000 Amazon.com, Inc. 5.8000 03/13/56 276,421
999,616
ELECTRIC UTILITIES - 2.8%
759,000 Alpha Generation, LLC(a) 6.2500 01/15/34 747,334
3,987,000 Appalachian Power Recovery Funding, LLC 5.8360 04/01/46 4,077,077
742,000 CenterPoint Energy Houston Electric, LLC 5.1500 03/01/34 749,995
766,000 CMS Energy Corporation 4.7000 03/31/43 657,322
1,151,000 DTE Electric Company 5.2500 05/15/35 1,164,762
1,175,000 Duke Energy Florida, LLC 6.2000 11/15/53 1,244,002
1,504,000 Duke Energy Progress, LLC 3.6000 09/15/47 1,112,982
1,231,000 Entergy Louisiana, LLC 5.7000 03/15/54 1,212,392
330,000 Eversource Energy 3.3750 03/01/32 303,854
1,202,000 FirstEnergy Transmission, LLC 4.7500 01/15/33 1,179,052
211,000 Indiana Michigan Power Company 4.5500 03/15/46 181,413
349,000 Nevada Power Company(b) H15T5Y + 1.936% 6.2500 05/15/55 351,268
644,000 NextEra Energy Capital Holdings Inc 2.4400 01/15/32 568,173
1,052,000 NRG Energy, Inc.(a) 5.4070 10/15/35 1,034,632
1,035,000 Sempra 3.8000 02/01/38 880,804
672,000 Sempra 4.0000 02/01/48 509,257
384,000 Virginia Electric and Power Company 4.9500 03/15/36 376,015
16,350,334

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

8

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
ELECTRICAL EQUIPMENT - 0.3%
921,000 Amphenol Corporation 4.6250 02/15/36 $ 889,615
906,000 Vertiv Holdings Company 4.8500 03/15/36 880,267
1,769,882
FOOD - 0.4%
1,072,000 JBS N.V./JBS USA Foods Group Holdings, Inc./JBS 5.5000 01/15/36 1,071,111
1,488,000 Kraft Heinz Foods Company 5.0000 06/04/42 1,333,914
2,405,025
GAS & WATER UTILITIES - 0.2%
1,097,000 KeySpan Gas East Corporation(a) 5.9940 03/06/33 1,144,845
HEALTH CARE FACILITIES & SERVICES - 0.2%
802,000 CVS Health Corporation 6.0500 06/01/54 802,988
628,000 IQVIA, Inc. 6.2500 02/01/29 649,135
1,452,123
HOME CONSTRUCTION - 0.3%
1,406,000 New Home Company, Inc. (The)(a) 9.2500 10/01/29 1,456,018
508,000 New Home Company, Inc. (The)(a) 8.5000 11/01/30 519,273
1,975,291
INSTITUTIONAL FINANCIAL SERVICES - 1.0%
907,000 Bank of New York Mellon Corporation (The)(b) H15T5Y + 2.034% 5.6250 06/20/74 905,743
897,000 Jefferies Financial Group, Inc. 5.5000 02/15/36 866,043
1,699,000 Morgan Stanley(b) SOFRRATE + 1.200% 2.5110 10/20/32 1,502,318
1,948,000 Morgan Stanley(b) SOFRRATE + 1.870% 5.2500 04/21/34 1,960,819
504,000 Morgan Stanley(b) H15T5Y + 1.170% 5.3140 01/18/41 491,370
5,726,293
INSURANCE - 2.4%
769,000 American National Group, Inc. 6.0000 07/15/35 766,527
1,569,000 Athene Holding Ltd. 5.8750 01/15/34 1,587,387
725,000 Athene Holding Ltd.(b) H15T5Y + 2.607% 6.6250 10/15/54 698,945
460,000 Constellation Insurance, Inc.(a) 6.8000 01/24/30 460,845
639,000 Enstar Group Ltd. 3.1000 09/01/31 569,239
651,000 Enstar Group Ltd.(a)(b) SOFRRATE + 2.540% 6.6930 07/15/37 652,696
863,000 GA Global Funding Trust(a) 5.5000 01/08/29 872,114

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

9

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
1,145,000 Global Atlantic Fin Company(a) 6.7500 03/15/54 $ 1,092,772
648,000 Lincoln National Corporation 5.3500 11/15/35 633,554
810,000 Omnis Funding Trust(a) 6.7220 05/15/55 844,082
499,000 Panther Escrow Issuer, LLC(a) 7.1250 06/01/31 497,706
829,000 RGA Global Funding(a) 5.0000 08/25/32 821,559
772,000 Sammons Financial Group, Inc.(a) 5.9500 06/15/36 773,614
960,000 SBL Holdings, Inc.(a) 7.2000 10/30/34 899,759
888,000 SBL Holdings, Inc.(a)(b) H15T5Y + 5.620% 6.5000 11/13/74 809,989
1,057,000 Teachers Insurance & Annuity Association of(a) 6.0500 06/15/56 1,067,395
640,000 Transatlantic Holdings, Inc. 8.0000 11/30/39 778,543
13,826,726
INTERNET MEDIA & SERVICES - 0.8%
3,095,000 Beignet Investor, LLC(a) 6.5810 05/30/49 3,158,907
1,051,000 Meta Platforms, Inc. 6.2000 05/15/46 1,052,316
602,000 Meta Platforms, Inc. 5.4000 08/15/54 531,526
4,742,749
LEISURE FACILITIES & SERVICES - 0.2%
601,000 Carnival Corporation(a) 5.7500 08/01/32 607,621
774,000 NCL Corporation Ltd.(a) 6.7500 02/01/32 772,806
1,380,427
MACHINERY - 0.1%
722,000 Caterpillar, Inc. 5.2000 05/15/35 736,704
MEDICAL EQUIPMENT & DEVICES - 0.3%
684,000 Baxter International, Inc. 2.5390 02/01/32 588,965
1,023,000 VSP Optical Group, Inc.(a) 5.4000 06/01/33 1,026,074
1,615,039
METALS & MINING - 0.7%
890,000 Anglo American Capital plc(a) 6.0000 04/05/54 891,543
1,217,000 Freeport-McMoRan, Inc. 5.4500 03/15/43 1,177,358
1,109,000 Glencore Funding, LLC(a) 5.6730 04/01/35 1,137,244
844,000 Southern Copper Corporation 5.3500 06/24/36 840,413
4,046,558
OIL & GAS PRODUCERS - 2.2%
875,000 Aker BP ASA(a) 5.8000 10/01/54 815,147
793,000 APA Corporation 6.7500 02/15/55 828,176
843,000 DT Midstream, Inc.(a) 5.8000 12/15/34 861,842
693,000 Energy Transfer, L.P. 5.3500 01/15/36 690,458
1,129,000 Energy Transfer, L.P. 5.9500 05/15/54 1,081,389

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

10

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
1,058,000 Genesis Energy, L.P. / Genesis Energy Finance 6.7500 03/15/34 $ 1,050,451
291,000 Hess Midstream Operations, L.P.(a) 5.8750 03/01/28 293,213
835,000 MPLX, L.P. 4.5000 04/15/38 756,671
697,000 Ovintiv, Inc. 6.2500 07/15/33 733,482
494,000 PBF Holding Company, LLC / PBF Finance Corporation(a) 7.2500 06/01/34 489,376
587,000 Permian Resources Operating LLC(a) 5.8750 07/01/29 587,224
4,000 Pioneer Natural Resources Company 1.9000 08/15/30 3,591
348,000 Sunoco, L.P. / Sunoco Finance Corporation 4.5000 05/15/29 340,451
1,129,000 Venture Global LNG, Inc.(a) 6.6250 06/15/36 1,113,480
1,194,000 Venture Global Plaquemines LNG, LLC(a) 6.1250 12/15/30 1,222,224
756,000 Williams Companies, Inc. (The) 5.1500 03/15/36 743,328
1,271,000 Woodside Finance Ltd. 6.0000 05/19/35 1,320,677
12,931,180
OIL & GAS SERVICES & EQUIPMENT - 0.2%
40,000 Archrock Services, L.P. / Archrock Partners(a) 6.0000 02/01/34 39,784
1,191,000 Baker Hughes Holdings, LLC / Baker Hughes 5.0000 06/15/36 1,165,367
1,205,151
REAL ESTATE INVESTMENT TRUSTS - 1.3%
194,000 American Tower Trust #1 Series 2018-1 A(a) 3.6520 03/23/28 191,279
1,027,000 Extra Space Storage, L.P. 4.9500 01/15/33 1,016,875
617,000 Global Net Lease, Inc. / Global Net Lease(a) 3.7500 12/15/27 604,268
1,283,000 Invitation Homes Operating Partnership, L.P. 4.1500 04/15/32 1,221,621
1,031,000 Iron Mountain, Inc.(a) 4.5000 02/15/31 986,628
153,000 Iron Mountain, Inc.(a) 6.2500 01/15/35 153,788
682,000 LXP Industrial Trust 2.7000 09/15/30 621,160
839,000 Phillips Edison Grocery Center Operating 4.9500 01/15/35 822,754
946,000 Prologis Targeted US Logistics Fund, L.P.(a) 5.5000 04/01/34 962,735
1,083,000 Store Capital, LLC 2.7500 11/18/30 979,451
7,560,559
RETAIL - DISCRETIONARY - 0.5%
1,138,000 Bath & Body Works, Inc. 6.8750 11/01/35 1,166,089
438,000 ERAC USA Finance, LLC(a) 5.2000 10/30/34 440,772
1,520,000 O'Reilly Automotive, Inc. 5.1000 03/12/36 1,506,570
3,113,431

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

11

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
SEMICONDUCTORS - 0.7%
1,210,000 Entegris Escrow Corporation(a) 4.7500 04/15/29 $ 1,196,441
1,191,000 Foundry JV Holdco, LLC(a) 6.3000 01/25/39 1,266,729
1,524,000 Intel Corporation 5.3000 05/15/36 1,517,073
86,000 Microchip Technology, Inc. 5.0500 02/15/30 86,380
4,066,623
SOFTWARE - 1.9%
2,843,000 CoreWeave, Inc.(a) 9.7500 10/01/31 2,838,747
2,742,000 Flash Compute, LLC(a) 7.2500 12/31/30 2,822,814
1,248,000 Oracle Corporation 5.8750 09/26/45 1,093,182
736,000 Oracle Corporation 6.7000 02/04/56 693,159
882,000 Oracle Corporation 6.1250 08/03/65 741,720
2,881,000 RD Michigan Property Owner I, LLC(a) 7.5000 03/30/45 2,875,279
11,064,901
SPECIALTY FINANCE - 1.5%
768,000 Aircastle Ltd. / Aircastle Ireland DAC(a) 5.0000 09/15/30 765,220
1,272,000 Ally Financial, Inc.(b) SOFRRATE + 1.730% 5.5430 01/17/31 1,278,891
1,157,000 Ally Financial, Inc. 6.7000 02/14/33 1,191,408
1,096,000 American Express Company(b) SOFRINDX + 1.320% 5.4420 01/30/36 1,118,826
715,000 Capital One Financial Corporation(b) SOFRRATE + 2.860% 6.3770 06/08/34 756,854
1,025,000 Ladder Capital Finance Holdings LLLP / Ladder(a) 7.0000 07/15/31 1,063,431
508,000 OneMain Finance Corporation 6.1250 05/15/30 508,370
578,000 PennyMac Financial Services, Inc.(a) 6.7500 02/15/34 555,243
862,000 Rocket Companies, Inc.(a) 6.5000 06/15/34 885,213
721,000 Stonebriar A.B.F Issuer, LLC(a) 8.1250 12/15/30 754,343
8,877,799
STEEL - 0.1%
508,000 Commercial Metals Company(a) 5.7500 11/15/33 505,276
TECHNOLOGY HARDWARE - 0.3%
576,000 Dell International, LLC / EMC Corporation 4.7500 10/06/32 569,520
1,312,000 Dell International, LLC / EMC Corporation 5.2500 02/15/37 1,292,100
1,861,620
TECHNOLOGY SERVICES - 0.1%
513,000 CACI International, Inc.(a) 6.3750 06/15/33 520,603
TELECOMMUNICATIONS - 6.0%
2,738,000 APLD ComputeCo, LLC(a) 9.2500 12/15/30 2,955,271

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

12

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Spread Coupon
Rate (%) 		Maturity Fair Value
816,000 AT&T, Inc. 6.2000 10/30/56 $ 807,184
1,338,000 AT&T, Inc. 6.3000 10/30/66 1,327,080
2,025,000 Beacon Point DC, LLC(a) 6.1290 11/30/42 2,043,207
2,885,000 Black Pearl Compute, LLC(a) 6.1250 02/15/31 2,925,577
2,819,000 Cipher Compute, LLC(a) 7.1250 11/15/30 2,933,937
2,565,000 Core Scientific Finance I, LLC(a) 7.7500 05/15/31 2,602,964
2,076,000 Edged Compute, LLC(a) 7.5000 04/30/31 2,024,894
2,878,000 HUT 8 DC, LLC(a) 6.1920 11/15/42 2,916,287
2,892,000 PR RNO Property Owner 1, LLC(a) 6.5000 05/01/31 2,889,822
2,919,000 QTS Fayetteville I Dc1-2, LLC / QTS TRS(a) 5.7000 04/15/36 2,776,426
2,801,000 SE Cosmos, LLC(a) 8.8750 05/01/31 2,881,941
856,000 Sprint Capital Corporation 8.7500 03/15/32 1,008,654
2,899,000 SV RNO Property Owner 1, LLC(a) 5.8750 03/01/31 2,859,047
1,286,000 T-Mobile USA, Inc. 6.0000 06/15/54 1,272,273
688,000 Verizon Communications, Inc. 5.8750 11/30/55 667,940
34,892,504
TOBACCO & CANNABIS - 0.2%
672,000 Philip Morris International, Inc. 4.2500 11/10/44 565,143
806,000 Reynolds American, Inc. 5.8500 08/15/45 794,398
1,359,541
TRANSPORTATION & LOGISTICS - 0.8%
749,917 American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) 5.7500 04/20/29 751,816
783,000 Burlington Northern Santa Fe, LLC 4.9500 09/15/41 755,047
1,169,000 Delta Air Lines, Inc. 5.2500 07/10/30 1,182,107
540,000 Stonepeak Nile Parent, LLC(a) 7.2500 03/15/32 559,599
561,000 United Airlines Holdings, Inc. 4.8750 03/01/29 555,831
1,030,000 United Airlines, Inc.(a) 4.6250 04/15/29 1,016,379
4,820,779
TOTAL CORPORATE BONDS (Cost $201,019,406) 200,634,765
Principal
Amount
($) 		Coupon
Rate (%) 		Maturity Fair Value
MUNICIPAL BONDS - 0.5%
BOND - 0.5%
2,880,000 City of New York NY 5.3920 10/01/55 2,775,597
TOTAL MUNICIPAL BONDS (Cost $2,758,771) 2,775,597

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

13

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

Principal
Amount
($) 		Coupon
Rate (%) 		Maturity Fair Value
U.S. GOVERNMENT & AGENCIES - 18.3%
7,797,950 Fannie Mae Pool FA0642 2.5000 03/01/42 $ 6,965,774
8,881,860 Fannie Mae Pool FM8686 2.5000 09/01/51 7,619,133
8,146,401 Fannie Mae Pool FS1133 4.0000 10/01/51 7,700,652
5,123,702 Fannie Mae Pool CB6081 5.5000 04/01/53 5,181,617
3,524,704 Fannie Mae Pool FA0202 5.5000 02/01/54 3,557,523
5,105,546 Fannie Mae Pool CB8755 6.0000 06/01/54 5,256,981
6,903,083 Fannie Mae Pool FS9801 5.5000 11/01/54 6,941,061
6,154,388 Freddie Mac Pool SD6920 4.0000 04/01/47 5,926,775
9,327,147 Freddie Mac Pool SD0739 3.5000 10/01/51 8,592,402
6,335,148 Freddie Mac Pool SL0704 4.5000 03/01/53 6,154,173
5,453,164 Freddie Mac Pool SL0448 4.5000 04/01/53 5,271,457
8,174,473 Freddie Mac Pool SD3354 5.0000 06/01/53 8,099,302
424,651 Freddie Mac Pool SD3282 5.0000 06/01/53 425,442
1,735,539 Freddie Mac Pool SD4170 5.5000 11/01/53 1,748,054
3,715,262 Freddie Mac Pool SL5439 6.0000 06/01/54 3,831,409
6,444,104 Freddie Mac Pool QX0510 5.0000 12/01/54 6,350,132
4,232,209 Freddie Mac Pool SL1522 6.0000 02/01/55 4,395,238
3,441,856 Freddie Mac Pool SL0797 6.0000 02/01/55 3,537,930
3,008,042 Freddie Mac Pool SL0769 6.0000 02/01/55 3,125,668
4,005,980 Freddie Mac REMICS Series 5266 ZB 4.5000 09/25/52 3,703,453
50,751 Ginnie Mae I Pool 711067 5.0000 01/15/40 51,619
620,292 Ginnie Mae II Pool 786280 4.0000 07/20/52 579,865
1,778,868 Freddie Mac Pool SF3012 4.0000 05/01/36 1,744,136
106,759,796
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $106,208,025) 106,759,796
Principal
Amount
($) 		Coupon
Rate (%) 		Maturity Fair Value
U.S. TREASURY BONDS & NOTES - 10.6%
10,352,400 United States Treasury Bond 2.5000 02/15/45 7,263,664
7,948,100 United States Treasury Bond 3.3750 11/15/48 6,219,078
32,340,400 United States Treasury Bond 1.3750 08/15/50 15,872,062
21,481,300 United States Treasury Bond 4.2500 08/15/54 19,182,968
12,316,600 United States Treasury Inflation Indexed Bonds 1.8750 07/15/35 12,494,649
48,000 United States Treasury Note/Bond 4.0000 04/30/32 47,374
1,180,900 United States Treasury Note/Bond 4.1250 02/15/36 1,152,300
62,232,095
TOTAL U.S. TREASURY BONDS & NOTES (Cost $63,232,007) 62,232,095
TOTAL INVESTMENTS - 98.3% (Cost $577,366,001) $ 575,101,326
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7% 9,706,768
NET ASSETS - 100.0% $ 584,808,094

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

14

Sterling Capital Enhanced Core Bond ETF

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

(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, 2026, the total market value of Rule 144A securities is $192,548,929 or 32.93% of net assets.
(b) Variable rate security; the rate shown represents the rate on June 30, 2026.
(c) 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. The Advisor, using Board approved procedures, has deemed these securities or a portion of these securities to be liquid.

H15T1Y - 1 Year Treasury Rate

H15T5Y - 5 Year Treasury Rate

SOFRINDX - Secured Overnight Financing Rate Index

SOFRRATE - Secured Overnight Financing Rate

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

USISOA05 - 5 Year Secured Overnight Financing Swap Rate

USSW5 - USD 5 Year Interest Rate Swap Rate

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

15

Sterling Capital Enhanced Core Bond ETF

Schedule of Futures Contracts

June 30, 2026 (Unaudited)

FUTURES CONTRACTS Contracts Expiration
Date 		Notional Value Aggregate
Market Value
of Contracts 		Unrealized
Appreciation
(Depreciation)
CBOT 2-Year US Treasury Note Future 125 10/01/2026 $ 25,764,649 $ 25,766,601 $ 1,952
CBOT 5-Year US Treasury Note Future 25 10/01/2026 2,665,818 2,676,172 10,354
CBOT US Treasury Bond Future 105 09/22/2026 11,756,327 11,917,500 161,173
Ultra 10-Year US Treasury Note Future 20 09/22/2026 2,218,742 2,249,375 30,633
Total Futures Contracts $ 42,405,536 $ 42,609,648 $ 204,112

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

16

Sterling Capital Enhanced Core Bond ETF

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Sterling Capital
Enhanced Core
Bond ETF
Assets:
Investments at fair value(a) $ 575,101,326
Cash held for futures contract transactions(b) 681,499
Cash 9,357,157
Receivable for investments sold 1,413,007
Interest receivable 4,798,612
Unrealized appreciation on futures contracts 204,112
Total Assets 591,555,713
Liabilities:
Payable for investments purchased 6,328,601
Accrued expenses and other payables:
Investment advisory fees 419,018
Total Liabilities 6,747,619
Net Assets $ 584,808,094
Net Assets consist of:
Capital $ 585,601,670
Total distributable earnings (accumulated deficit) (793,576 )
Net Assets $ 584,808,094
Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value) 23,400,000
Net asset value, offering and redemption price per share $ 24.99
(a) Investments, at cost $ 577,366,001
(b) Cash held as collateral at broker

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

17

Sterling Capital Enhanced Core Bond ETF

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

Sterling Capital
Enhanced Core
Bond ETF
Investment Income:
Dividend income $ 35,361
Interest income 13,555,069
Total investment income 13,590,430
Expenses:
Investment advisory fees (See Note 6) 1,037,300
Total expenses 1,037,300
Net investment income 12,553,130
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments (303,197 )
Futures contracts (818,621 )
Change in unrealized appreciation/(depreciation) on:
Investments (7,288,512 )
Futures contracts 245,648
Net realized and change in unrealized loss on investments (8,164,682 )
Net increase in net assets resulting from operations $ 4,388,448

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

18

Sterling Capital Enhanced Core Bond ETF

Statements of Changes in Net Assets

For the
Six Months Ended
June 30,
2026
(Unaudited) 		For the
Period Ended
December 31,
2025(a)
Increase in Net Assets due to:
Operations:
Net investment income $ 12,553,130 $ 15,027,867
Net realized gain (loss) (1,121,818 ) 628,834
Net change in unrealized appreciation (depreciation) (7,042,864 ) 4,982,302
Net increase in net assets resulting from operations 4,388,448 20,639,003
Distributions to Shareholders:
Income distribution (10,253,087 ) (15,567,940 )
Capital Transactions:
Proceeds from shares sold 239,960,042 482,814,396
Cost of shares redeemed (137,172,768 ) -
Change in net assets from capital transactions 102,787,274 482,814,396
Change in net assets 96,922,635 487,885,459
Net Assets:
Beginning of period 487,885,459 -
End of period $ 584,808,094 $ 487,885,459
Share Transactions:
Shares sold 9,500,000 19,300,000
Shares redeemed (5,400,000 ) -
Net increase in shares outstanding 4,100,000 19,300,000
(a) For the period March 13, 2025 (commencement of operations) to December 31, 2025.

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

19

Sterling Capital Enhanced Core Bond ETF

Financial Highlights

(For a share outstanding during each period)

For the
Six Months Ended
June 30,
2026
(Unaudited) 		For the
Period Ended
December 31,
2025(a)
Net asset value, beginning of period $ 25.28 $ 25.00
Income from investment operations:
Net investment income 0.59 0.89
Net realized and unrealized gain (loss) on investments (0.39 ) 0.31
Total from investment operations 0.20 1.20
Less distributions to shareholders from:
Net investment income (0.49 ) (0.92 )
Net asset value, end of period $ 24.99 $ 25.28
Total Return(b) 0.84 %(c) 4.83 %(c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted) $ 584,808 $ 487,885
Ratio of expenses to average net assets 0.39 %(d) 0.39 %(d)
Ratio of net investment income to average net assets 4.77 %(d) 4.63 %(d)
Portfolio turnover 76 %(c)(e) 67 %(c)(e)
(a) For the period March 13, 2025 (commencement of operations) to December 31, 2025.
(b) Total returns are historical in nature and assume changes in share price, reinvestment of all dividends and distributions, if any.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (See Note 8)

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

20

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements

June 30, 2026 (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, 2024. The Trust is an open-end investment management company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2023 (the "Trust Agreement"). The Trust Agreement permits the Board to issue an unlimited number of shares of beneficial interest of separate series. The Fund is one of a series of funds currently authorized by the Board. The Fund's investment adviser is Sterling Capital Management, LLC (the "Adviser"). The Fund's investment objective is to seek high level current income and competitive total return.

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

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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

Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from

21

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

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.

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

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

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

Dividends and Distributions - The Fund intends to distribute its net investment income, if any, monthly and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the

22

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

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.

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,

23

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

interest rates, prepayment speeds, credit risk, etc.)

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

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

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

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

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

24

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2026:

Valuation Inputs
Assets Level 1 Level 2 Level 3 Total
Asset Backed Securities $ - $ 201,752,652 $ - $ 201,752,652
Corporate Bonds - 200,634,765 - 200,634,765
Municipal Bonds - 2,775,597 - 2,775,597
Preferred Stocks 946,421 - - 946,421
U.S. Government & Agencies - 106,759,796 - 106,759,796
U.S. Treasury Bonds & Notes - 62,232,095 - 62,232,095
Total $ 946,421 $ 574,154,905 $ - $ 575,101,326
Valuation Inputs
Assets Level 1 Level 2 Level 3 Total
Long Futures Contracts(a) $ 204,112 $ - $ - $ 204,112
Total $ 204,112 $ - $ - $ 204,112
(a) The amount shown represents the unrealized appreciation/(depreciation).

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

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

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

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

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

25

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

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

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

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

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

NOTE 5. DERIVATIVE TRANSACTIONS

The following tables identify the location and fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2026, and the effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2026.

At June 30, 2026:

26

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

Assets Liabilities
Contract Type/Primary Risk Exposure

Unrealized
appreciation on
futures contracts*



Unrealized
depreciation on
futures contracts*

Interest Rate Contracts $ 204,112 $ -
* Includes cumulative appreciation/(depreciation), as reported in the Schedule of Futures Contracts.

For the six months ended June 30, 2026:

Location Interest Rate
Contracts
Net Realized gain (loss) from:
Futures contracts $ (818,621 )
Change in unrealized appreciation/depreciation on:
Futures contracts $ 245,648

The following table summarizes the average ending monthly notional value of derivatives outstanding during the six months ended June 30, 2026:

Derivatives Average Ending
Monthly
Notional Value
Long Futures $ 40,397,096

The following table provides a summary of offsetting financial assets and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2026:

27

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

Gross Amounts Not Offset in
Statement of Assets and Liabilities
Gross
Amounts of
Recognized
Assets 		Gross
Amounts
Offset in
Statement of
Assets and
Liabilities 		Net
Amounts of
Assets
Presented in
Statement of
Assets and
Liabilities 		Financial
Instruments 		Collateral
Received* 		Net
Amount
Futures Contracts $ 204,112 $ - $ 204,112 $ - $ - $ 204,112
* Any over-collateralization of total financial instruments is not shown. Collateral amounts can be found on the Statement of Assets and Liabilities as cash held for futures contract transactions.

NOTE 6. 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 Adviser has agreed to pay all other expenses of the Fund, except for the management fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1.

For the six months ended June 30, 2026, the Adviser earned a fee of $1,037,300 from the Fund. At June 30, 2026, the Fund owed the Adviser $419,018 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

28

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

the pleasure and request of the Board), or until he/she dies, resigns, or is removed, whichever is sooner. "Independent Trustees", meaning those Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act, as amended, have each received an annual retainer of $2,000 per Fund and $500 per Fund for each quarterly Board meeting. The Trust also reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings. The officers of the Trust are employees of Ultimus.

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

NOTE 7. PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2026, purchases and sales of investment securities, other than short-term investments and long-term U.S. government obligations, were $285,943,441 and $171,485,136, respectively.

For the six months ended June 30, 2026, purchases and sales of long-term U.S. government obligations were $168,627,447 and $186,242,784, respectively.

NOTE 8. CAPITAL SHARES TRANSACTIONS

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

29

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

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 six months ended June 30, 2026, the Fund received $11,000 and $124,287 in Fixed Fees and Variable Charges, respectively. Transaction Fees are recorded as an increase to paid-in capital and are included in proceeds from shares sold on the Statement of Changes in Net Assets. The Fixed Fees are retained by the Adviser, which bears the custodial and processing costs they defray under the unitary advisory fee described in Note 6, and are accordingly included in the investment advisory fee expense reported on the Statement of Operations. Net assets are not affected by this presentation.

NOTE 9. FEDERAL TAX INFORMATION

At June 30, 2026, the net unrealized appreciation/(depreciation) and tax cost of investments for tax purposes were as follows:

Tax Cost Gross Tax
Unrealized
Appreciation 		Gross Tax
Unrealized
Depreciation 		Net Tax
Unrealized
Appreciation
(Depreciation)
Sterling Capital Enhanced Core Bond ETF $ 577,366,001 $ 2,138,184 $ (4,402,858 ) $ (2,264,674 )

For Federal income tax purposes, the cost of securities owned at June 30, 2026, and the net realized gains or losses on securities sold for the period, may differ from amounts reported for financial reporting purposes primarily due to wash sales, derivative transactions and other temporary differences. Such differences are determined as of the Fund's fiscal year end and, accordingly, the amounts presented above are based on the Fund's financial reporting cost.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the six months ended June 30, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund were immaterial.

NOTE 10. INDEMNIFICATIONS

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure

30

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

NOTE 11. MATERIAL EVENTS

On August 28, 2025, Guardian Capital Group Limited ("Guardian"), the indirect parent company of the Adviser, announced that it had entered into a definitive agreement with Desjardins Global Asset Management Inc. ("DGAM"), a wholly-owned indirect subsidiary of Fédération des caisses Desjardins du Québec ("Desjardins"), to be taken private pursuant to an arrangement whereby DGAM will purchase all of the issued and outstanding shares of Guardian, other than certain Guardian shares held by specific shareholders who entered into equity rollover agreements to exchange certain of their Guardian shares for a combination of cash and shares in the capital of DGAM (the "Transaction"). The closing of the Transaction (the "Closing") occurred on March 23, 2026.

The Adviser is now an indirect, wholly-owned subsidiary of Desjardins. It is anticipated that the Adviser will continue to operate as a standalone entity. To provide continuity and stability, the Adviser's team of management and senior professionals will continue servicing the Adviser's clients, including the Fund.

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

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

31

Sterling Capital Enhanced Core Bond ETF

Notes to the Financial Statements (continued)

June 30, 2026 (Unaudited)

The Reorganization was subject to approval by shareholders of the Fund and was originally expected to occur in March 2026, but was postponed. Shareholders of the Fund approved the Reorganization at a special meeting of shareholders held on August 18, 2026. The Reorganization is expected to occur in September 2026.

NOTE 12. 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 other than as disclosed in Note 11.

32

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.

33

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.

34

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

Not Applicable.

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

Not Applicable.

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

Included under Item 7

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

Included under Item 7

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

None

Item 16. Controls and Procedures

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable.
(b) Not Applicable.

Item 19. Exhibits.

(a)(1) 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.
(a)(4) Not Applicable.
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

SIGNATURES

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

(Registrant) Capitol Series Trust
By (Signature and Title) /s/ Matthew J. Miller
Matthew J. Miller, President and Principal Executive Officer
Date 9/03/2026

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

By (Signature and Title) /s/ Matthew J. Miller
Matthew J. Miller, President and Principal Executive Officer
Date 9/03/2026
By (Signature and Title) /s/ Zachary P. Richmond
Zachary P. Richmond, Treasurer and Principal Financial Officer
Date 9/03/2026
Capitol Series Trust published this content on September 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 04, 2026 at 16:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]