Canterbury Investment Management is a SEC-registered investment adviser with its principal place of business located in Indiana. Canterbury Investment Management began conducting business in 2003. Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company).  Thomas Lee Hardin , CEO Canterbury Investment Management offers the following advisory services to our clients: Canterbury Portfolio Thermostat ETF Strategy Through personal discussions with the client in which the client's goals and objectives are discussed, we initially determine whether the thermostat strategy is suitable to the client's circumstances. The portfolio is managed based on the portfolio's goal, rather than on each client's individual needs. Clients, nevertheless, have the opportunity to place reasonable restrictions on the types of investments to be held in their account. Clients retain individual ownership of all securities. We manage these advisory accounts on a discretionary basis. Account supervision is guided by the changes in the different market states that the Thermostat identifies. Each market state is based on combining the long term trend, medium term and short term changes in volatility, and a combination of short term market indicators. Once the client's portfolio has been established, we review the portfolio periodically. We make allocation changes based on the change in the market states. Our investment recommendations are not limited to any specific product or service offered by a broker dealer or insurance company and may generally include advice regarding the following securities:  Exchange-listed securities  Mutual Funds Because some types

of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. To ensure that our initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will encourage the client to: at least annually, contact us to determine whether there have been any changes in the client's financial situation or investment objectives, and whether the client wishes to impose investment restrictions or modify existing restrictions. Canterbury Portfolio Thermostat Funds Canterbury provides investment management services through its affiliated mutual fund, the Canterbury Portfolio Thermostat Fund, a series of the Capitol Series Trust (the "Trust"). The advisor receives a management fee as the investment manager to the fund in the amount of .90% The fund offers one share class. A complete description of the fund, its strategy, 5 objectives, and costs is set forth in the fund prospectus. Additional disclosure relative to the Fund is also set forth in the Investment Advisory Agreement.Canterbury will only receive, and the client will only pay, one management fee relative to the Fund investment, which fee shall be paid directly to Canterbury by the Fund. Amount of Managed Assets Regulatory Assets Under Management Discretionary: (a) $68,925,029 Non-Discretionary: (b) $ 2,987,400 Regulatory Assets Under Advisement Assets Advised: (c) $ 381,421 TOTAL ASSETS MANAGED/ADVISED: $ 72,293,850