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.

Canterbury Portfolio Thermostat Fund

Institutional Shares (CAPTX)

Semi-Annual Shareholder Report - October 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Canterbury Portfolio Thermostat Fund for the period of May 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.canterburygroup.com/mutualfund. You can also request this information by contacting us at (844) 838-2121. This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$183	3.53%

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Canterbury Portfolio Thermostat - Institutional Shares	MSCI World Index (Gross)
Aug-2016	$10,000	$10,000
Oct-2016	$9,770	$9,967
Oct-2017	$11,231	$12,305
Oct-2018	$11,106	$12,515
Oct-2019	$11,776	$14,186
Oct-2020	$10,693	$14,883
Oct-2021	$13,038	$20,991
Oct-2022	$12,122	$17,194
Oct-2023	$11,643	$19,094
Oct-2024	$13,182	$25,640

Fund Statistics

Net Assets	$8,101,933
Number of Portfolio Holdings	18
Advisory Fee #ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value ((history))	$9,634
Portfolio Turnover	80%

Average Annual Total Returns

	1 Year	5 Years	Since Inception (August 2, 2016)
Canterbury Portfolio Thermostat - Institutional Shares	13.21%	2.28%	3.41%
MSCI World Index (Gross)	34.29%	12.57%	12.10%

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

What did the Fund invest in?

Portfolio Composition (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Communications	4.0%
Technology	4.3%
Industrials	4.3%
Financials	4.9%
Utilities	5.5%
Money Market Funds	8.1%
Materials	8.8%
Consumer Staples	9.8%
Exchange-Traded Funds	50.4%

Material Fund Changes

No material changes occurred during the period ended October 31, 2024.

Canterbury Portfolio Thermostat Fund - Institutional Shares (CAPTX)

Semi-Annual Shareholder Report - October 31, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://www.canterburygroup.com/mutualfund ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 103124-CAPTX

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.

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

The Canterbury Portfolio Thermostat Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified series of Capitol Series Trust (the “Trust”) on December 17, 2015. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated September 18, 2013 (the “Trust Agreement”). The Trust Agreement permits the Board of Trustees of the Trust (the “Board”) to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds currently authorized by the Board. The Fund’s investment adviser is Canterbury Investment Management, LLC (the “Adviser”). The investment objective of the Fund is to seek long-term risk-adjusted growth. The Fund attempts to achieve its investment objective by obtaining long-term, risk adjusted growth. The Fund’s portfolio is structured primarily as a “fund of funds”. The Fund will invest in any debt, equity, and alternative securities deemed appropriate and necessary to improve the portfolio’s composition, exposure to which may be obtained through the use of ETFs.

The Fund currently offers one class of shares, Institutional Shares. The Fund’s Investor Shares have been approved by the Board, but are not yet available for purchase and are not being offered at this time. The Fund’s Institutional Shares commenced operations on August 2, 2016. Each share represents an equal proportionate interest in the assets and liabilities belonging to the Fund and is entitled to such dividends and distributions out of income belonging to the Fund as are declared by the Board. Both share classes impose a 2.00% redemption fee on shares redeemed within 60 days of purchase.

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”).

Regulatory Update – Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”): The Securities and Exchange Commission adopted rule and form amendments that have resulted in changes to the design and delivery of shareholders reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, no longer appears in a streamlined

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

shareholder report but is available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR.

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.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

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

Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds of the Trust based on each fund’s relative net assets or another appropriate basis (as determined by the Board).

Security Transactions and Related Income – Throughout the reporting period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

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.

Dividends and Distributions – The Fund intends to distribute its net investment income 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.

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

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

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

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

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

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

In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value in accordance with policies established by and under supervision of the Board. Under these policies, the securities will be classified as Level 2 or Level 3 within the fair value hierarch, depending on the inputs used.

In accordance with the Trust’s Portfolio Valuation Procedures, the Fair Value Committee, in making its recommendations with the Adviser’s participation, is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued pursuant to the Trust’s Fair Value Guidelines would be the amount which the Fund might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair value pricing is permitted if, in accordance with the Trust’s Portfolio Valuation Procedures, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s value, or other data calls into question the reliability of market quotations.

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2024:

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.

NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS

Under the terms of the investment advisory agreement (the “Agreement”), the Adviser manages the Fund’s investments subject to approval of the Board. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 0.90% of the Fund’s average daily net assets. For the six months ended October 31, 2024, the Adviser earned fees of $34,971 from the Fund. At October 31, 2024, the Fund owed the Adviser $3,581.

Effective June 1, 2024 the Adviser agreed to a voluntary waiver of the full investment advisory fees of 0.90% of the Fund’s average daily net assets. Effective October 1, 2024,

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

the Adviser agreed to contractually waive its advisory fee from 0.90% to 0.50% of the average daily net assets of the Fund through September 30, 2025. The Adviser is not entitled to the reimbursement of any fees waived. During the six months ended October 31, 2024, the Adviser waived fees of $25,337 for the Fund.

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

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

The officers of the Trust are employees of the Administrator. Ultimus Fund Distributors, LLC (the “Distributor”) acts as the principal distributor of the Fund’s shares. The Distributor is a wholly-owned subsidiary of the Administrator.

For the six months ended October 31, 2024, purchases and sales of investment securities, other than short-term investments, were $6,251,399 and $5,617,212, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended October 31, 2024.

At October 31, 2024, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

The tax character of distributions paid for the fiscal year ended April 30, 2024, the Fund’s most recent fiscal year end, was as follows:

At April 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

As of April 30, 2024, the Fund had available for tax purposes unused capital loss carryforwards of $1,496,881 of short-term and long-term capital loss carryforwards, respectively. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

For the year ended April 30, 2024, the Fund utilized short-term capital loss carryforwards of $1,210,861.

Certain capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund’s fiscal year may be deferred and treated as occurring on the first business day of the Fund’s following taxable year. For the tax period ended April 30, 2024, the Fund deferred qualified late year ordinary losses in the amount of $16,967.

The Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end mutual funds and money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of October 31, 2024, the Fund had 50.45% and 8.05% of the value of its net assets invested in these ETFs and the Morgan Stanley Institutional Liquidity Government Portfolio - Institutional Shares, respectively. The financial statements of these investment companies can be found at www.sec.gov.

Canterbury Portfolio Thermostat Fund
Notes to the Financial Statements (continued)

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.

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.

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 (844) 838-2121 and (2) in Fund documents filed with the SEC on the SEC’s website at www.sec.gov.

This report is intended only for the information of shareholders or those who have received the Fund’s prospectus which contains information about the Fund’s management fee and expenses. Please read the prospectus carefully before investing.

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

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

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

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

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

(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.

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.

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.

	Shares		Fair Value
COMMON STOCKS — 41.57%
Communications — 3.99%
T-Mobile US, Inc.		1,450	$	323,582

Consumer Staples — 9.82%
Coca-Cola Co. (The)		5,975		390,227
Procter & Gamble Co. (The)		2,455		405,517
				795,744
Financials — 4.94%
Blackstone Group L.P. (The), Class A		2,385		400,084

Industrials — 4.30%
Dover Corp.		1,840		348,367

Materials — 8.76%
Eastman Chemical Co.		3,670		385,680
Linde PLC		710		323,867
				709,547
Technology — 4.27%
Paychex, Inc.		2,485		346,235

Utilities — 5.49%
Southern Co. (The)		4,885		444,682

Total Common Stocks (Cost $3,058,714)				3,368,241

EXCHANGE-TRADED FUNDS — 50.45%
Communication Services Select Sector SPDR^® Fund		6,735		619,889
Energy Select Sector SPDR^® ETF		5,590		495,218
Invesco S&P 500^® Equal Weight ETF		3,365		593,216
ProShares Short MSCI EAFE		23,845		386,766
ProShares Short MSCI Emerging Markets		31,395		406,565
SPDR^® Gold MiniShares^® Trust		8,970		487,878
SPDR^® S&P Aerospace & Defense ETF		3,275		503,695
Technology Select Sector SPDR^® Fund		2,670		593,381

Total Exchange-Traded Funds (Cost $3,596,657)				4,086,608

MONEY MARKET FUNDS — 8.05%
Morgan Stanley Institutional Liquidity Government Portfolio - Institutional Shares, 4.78%^(a)		652,546		652,546
Total Money Market Funds (Cost $652,546)				652,546
Total Investments — 100.07% (Cost $7,307,917)				8,107,395
Liabilities in Excess of Other Assets — (0.07)%				(5,462	)
NET ASSETS — 100.00%			$	8,101,933

	ETF	- Exchange-Traded Fund
	SPDR	- Standard & Poor’s Depositary Receipt

Assets
Investments in securities at fair value (cost $7,307,917)	$	8,107,395
Dividends and interest receivable		8,401
Prepaid expenses		20,886
Total Assets		8,136,682
Liabilities
Payable for fund shares redeemed		3,091
Payable to Adviser		3,581
Payable to Administrator		9,689
Other accrued expenses		18,388
Total Liabilities		34,749
Net Assets	$	8,101,933
Net Assets consist of:
Paid-in capital		8,620,427
Accumulated deficit		(518,494	)
Net Assets	$	8,101,933
Institutional Shares
Shares outstanding (unlimited number of shares authorized, no par value)		728,610
Net asset value, offering and redemption price per share^(a)	$	11.12

Investment Income
Dividend income	$	88,847
Interest income		3,753
Total investment income		92,600

Expenses
Adviser		34,971
Administration		19,670
Registration		16,845
Fund accounting		16,358
Transfer agent		11,896
Legal		10,586
Compliance services		10,081
Trustee		8,793
Audit and tax preparation		8,653
Printing		6,446
Custodian		2,521
Insurance		1,759
Pricing		180
Interest expense		54
Miscellaneous		14,271
Total expenses		163,084
Fees waived by Adviser		(25,337	)
Net operating expenses		137,747
Net investment loss		(45,147	)

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain on investment securities transactions		240,944
Net change in unrealized appreciation of investment securities		216,080
Net realized and change in unrealized gain on investments		457,024
Net increase in net assets resulting from operations	$	411,877

	For the Six Months Ended October 31, 2024			For the Year Ended April 30, 2024
	(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)	$	(45,147	)	$	135,417
Net realized gain on investment securities transactions		240,944			1,197,941
Net change in unrealized appreciation (depreciation) of investment securities		216,080			(96,466	)
Net increase in net assets resulting from operations		411,877			1,236,892

Distributions to Shareholders - Institutional Shares
From earnings		—			(104,991	)
Total Distributions to Shareholders		—			(104,991	)

Capital Transactions - Institutional Shares
Proceeds from shares sold		2,211,434			2,627,487
Reinvestment of distributions		—			104,991
Amount paid for shares redeemed		(4,716,379	)		(20,794,590	)
Proceeds from redemption fees^(a)		—			27,001
Total Capital Transactions - Institutional Shares		(2,504,945	)		(18,035,111	)
Total Decrease in Net Assets		(2,093,068	)		(16,903,210	)

Net Assets
Beginning of period	$	10,195,001		$	27,098,211
End of period	$	8,101,933		$	10,195,001

Share Transactions - Institutional Shares
Shares sold		200,862			256,366
Shares issued in reinvestment of distributions		—			10,301
Shares redeemed		(435,598	)		(1,996,878	)
Total Share Transactions - Institutional Shares		(234,736	)		(1,730,211	)

Date of fiscal year end:	April 30

Date of reporting period:	October 31, 2024

	For the Six Months Ended October 31, 2024			For the Years Ended April 30,
	(Unaudited)			2024			2023			2022			2021			2020
Selected Per Share Data:
Net asset value, beginning of period	$	10.58		$	10.06		$	10.85		$	12.40		$	10.02		$	11.11

Income from investment operations:
Net investment income (loss)		(0.07	)		0.05			0.01			(0.02	)		(0.12	)		0.05
Net realized and unrealized gain (loss)		0.61			0.50			(0.81	)		(0.08	)		2.49			(1.01	)
Total from investment operations		0.54			0.55			(0.80	)		(0.10	)		2.37			(0.96	)

Less distributions to shareholders from:
Net investment income		—			(0.04	)		(0.02	)		—			—	^(a)		(0.05	)
Net realized gains		—			—			—			(1.47	)		—			(0.08	)
Return of capital		—			—			—			—			—			(0.01	)
Total from distributions		—			(0.04	)		(0.02	)		(1.47	)		—	^(a)		(0.14	)

Paid-in capital from redemption fees		—			0.01			0.03			0.02			0.01			0.01
Net asset value, end of period	$	11.12		$	10.58		$	10.06		$	10.85		$	12.40		$	10.02
Total Return^(b)		5.10	%^(c)		5.59	%		(7.07	)%		(1.10	)%		23.80	%		(8.69	)%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	8,102		$	10,195		$	27,098		$	21,555		$	17,566		$	27,303
Ratio of expenses to average net assets before expense waiver		3.53	%^(d)		1.96	%		1.69	%		1.98	%		1.86	%		1.61	%
Ratio of expenses to average net assets after expense waiver		3.53	%^(d)		1.96	%		1.69	%		1.98	%		1.69	%		1.30	%
Ratio of net investment income (loss) to average net assets after expense waiver		(1.16	)%^(d)		0.57	%		0.11	%		(0.32	)%		(0.72	)%		0.51	%
Portfolio turnover rate		80	%^(c)		177	%		297	%		234	%		160	%		206	%

(a)	Rounds to less than $0.005 per share.
(b)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Excludes redemption fees.
(c)	Not annualized.
(d)	Annualized.

	Valuation Inputs
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,368,241	$	—	$	—	$	3,368,241
Exchange-Traded Funds		4,086,608		—		—		4,086,608
Money Market Funds		652,546		—		—		652,546
Total	$	8,107,395	$	—	$	—	$	8,107,395

Gross unrealized appreciation	$	857,846
Gross unrealized depreciation		(58,289	)
Net unrealized appreciation/(depreciation) on investments		799,557

Tax cost of investments	$	7,307,838

Distributions paid from:
Ordinary income	$	104,991
Total distributions paid	$	104,991

Accumulated capital and other losses	$	(1,513,848	)
Unrealized appreciation on investments		583,477
Total accumulated deficit	$	(930,371	)

TRUSTEES	INDEPENDENT REGISTERED PUBLIC
Walter B. Grimm, Chairman	ACCOUNTING FIRM
Lori Kaiser	Ernst & Young LLP
Janet Smith Meeks	221 East 4th Street, Suite 2900
Mary Madick	Cincinnati, OH 45202

OFFICERS	LEGAL COUNSEL
Matthew J. Miller, Chief Executive Officer and President	Practus, LLP
Zachary P. Richmond, Chief Financial Officer and Treasurer	11300 Tomahawk Creek Parkway, Suite 310
Martin R. Dean, Chief Compliance Officer	Leawood, KS 66211
Tiffany R. Franklin, Secretary

INVESTMENT ADVISER	CUSTODIAN
Canterbury Investment Management, LLC	Huntington National Bank
23 East Cedar Street	41 South High Street
Zionsville, IN 46077	Columbus, OH 43215

DISTRIBUTOR	ADMINISTRATOR, TRANSFER
Ultimus Fund Distributors, LLC	AGENT AND FUND ACCOUNTANT
225 Pictoria Drive, Suite 450	Ultimus Fund Solutions, LLC
Cincinnati, OH 45246	225 Pictoria Drive, Suite 450
	Cincinnati, OH 45246

(Registrant)	Capitol Series Trust

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

Date	1/08/2025

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

Date	1/08/2025