0001752724-25-164857.txt : 20250707 0001752724-25-164857.hdr.sgml : 20250707 20250707114633 ACCESSION NUMBER: 0001752724-25-164857 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250430 FILED AS OF DATE: 20250707 DATE AS OF CHANGE: 20250707 EFFECTIVENESS DATE: 20250707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Capitol Series Trust CENTRAL INDEX KEY: 0001587551 ORGANIZATION NAME: EIN: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22895 FILM NUMBER: 251107464 BUSINESS ADDRESS: STREET 1: 225 PICTORIA DRIVE STREET 2: SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 5135873447 MAIL ADDRESS: STREET 1: 225 PICTORIA DRIVE STREET 2: SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246

0001587551 S000053121 Canterbury Portfolio Thermostat Fund

C000167184 Institutional Shares CAPTX

C000167185 Investor Shares CAPPX

N-CEN 1 primary_doc.xml X0505 N-CEN LIVE 0001587551 XXXXXXXX 811-22895 false false N-1A S000053121 true Capitol Series Trust 811-22895 0001587551 549300MZI5K7U8BD2Q02 225 Pictoria Drive Suite 450 Cincinnati 45246-1617 US-OH US 513-587-3400 Northern Lights Compliance Services LLC 4221 North 203rd Street Suite 100 Elkhorn 68022 402-513-9530 Books and records relating to compliance support services Northern Lights Distributors LLC 4221 North 203rd Street Suite 100 Elkhorn 68022 402-513-9530 Books and records related to distribution services Ultimus Fund Distributors LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 Books and records related to distribution services Huntington National Bank 41 S. High Street Columbus 43215 800-322-4600 Books and records related to Custody services Canterbury Investment Management LLC 23 East Cedar Street Zionsville 46077 844-838-2121 Books and records related to investment advisory services Ultimus Fund Solutions LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 Books and records related to fund accounting, financial reporting, and transfer agency services Brown Brothers Harriman & Co 50 Post Office Square Boston 02110 617-772-1818 Books and records related to custody and transfer agent services N N N N-1A 17 Y Janet Smith Meeks N/A N Mary Madick N/A N Walter B. Grimm N/A N Lori Kaiser N/A N Martin R. Dean 002500364 2 Easton Oval Suite 300 Columbus 43219 XXXXXX N N N N N N N Northern Lights Distributors LLC 008-65857 000126159 N/A N Ultimus Fund Distributors LLC 008-52643 000104177 N/A N N Ernst and Young, LLP 42 N/A N N N N N N N Canterbury Portfolio Thermostat Fund S000053121 54930027Z8ANWHRX3C05 N 1 0 0 Fund of Funds N N Y N N/A 0.00000000 0.00000000 Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y Y N Canterbury Investment Management, LLC 801-61876 000125680 N/A N Ultimus Fund Solutions LLC 084-05829 N/A N N N Intercontinental Exchange Inc 5493000F4ZO33MV32P92 N N Huntington National Bank 2WHM8VNJH63UN14OL754 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Ultimus Fund Solutions LLC 084-05829 SEC File number N N N Ultimus Fund Solutions LLC 084-05829 SEC File number N N N Brownstone Investment Group 008-50460 000043884 549300EBC8OHVQMGF416 1728.47000000 Mischler Financial Group, Inc. 008-48067 000037818 2549004IPXPSM9EJFC92 2127.05000000 3855.52000000 0.00000000 N 706003.26560000 N N N N false false true false false false INTERNAL CONTROL RPT 2 canterburyncen.htm

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Canterbury Portfolio Thermostat Fund of Capitol Series Trust

In planning and performing our audit of the financial statements of the Canterbury Portfolio Thermostat Fund, a series of the Capitol Series Trust (“Trust”), as of and for the year ended April 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2025.

This report is intended solely for the information and use of management and the Board of Trustees of the Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Ernst & Young, LLP

Cincinnati, Ohio

June 26, 2025