Canterbury Investment Management LLC

Item 5      Fees and Compensation

Investment Advisory Services

Canterbury Portfolio Thermostat ETF Strategy
The annualized fee for the Canterbury Portfolio Thermostat ETF Strategy is charged as a
percentage of assets under management, according to the following schedule:
    Annual Management Fee as a Percentage of Assets for Portfolios of More than
                                  $1,000,000
First $2,000,000    1.00%
Next $3,000,000     0.80%
Over $5,000,000      0.60%
     Annual Management Fee as a Percentage of Assets for Portfolios of Less than
                                   $1,000,000
First $500,000     1.50%
Next $500,000      1.25%
Limited Negotiability of Advisory Fees: Although Canterbury Investment Management has
established the aforementioned fee schedule(s), we retain the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs are
considered in determining the fee schedule. These include the complexity of the client, assets
to be placed under management, anticipated future additional assets; related accounts;

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portfolio style, account composition, reports, among other factors. The specific annual fee
schedule is identified in the contract between the adviser and each client.
We may group certain related client accounts for the purposes of achieving the minimum
account size requirements and determining the annualized fee.
Discounts, not generally available to our advisory clients, may be offered to family members
and friends of associated persons of our firm.
Our advisory fees are charged in advance.
Advisory fees are billed in advance at the beginning of each calendar quarter based upon the
asset value (market or fair market value in the absence of market value, plus any credit
balance or minus any debit balance), of the client's account equity at the end of the previous
quarter.
When authorized by the client, fees are debited from the account in accordance with the
terms set forth in the Investment Advisory Agreement.
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 find in the amount
of .90%. The fund offers one share class. A complete description of the fund, its strategy,
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.

                                  GENERAL INFORMATION
Termination of the Advisory Relationship: A client agreement may be canceled at any
time, by either party, for any reason upon receipt of 30 days written notice. Upon termination
of any account, any prepaid, unearned fees will be promptly refunded.
Mutual Fund Fees: All fees paid to Canterbury Investment Management for investment
advisory services are separate and distinct from the fees and expenses charged by mutual
funds and/or ETFs to their shareholders. These fees and expenses are described in each
fund's prospectus. These fees will generally include a management fee, other fund expenses,
and a possible distribution fee. If the fund also imposes sales charges, a client may pay an
initial or deferred sales charge. A client could invest in a mutual fund directly, without our
services. In that case, the client would not receive the services provided by our firm which are
designed, among other things, to assist the client in determining which mutual fund or funds
are most appropriate to each client's financial condition and objectives. Accordingly, the client
should review both the fees charged by the funds and our fees to fully understand the total
amount of fees to be paid by the client and to thereby evaluate the advisory services being
provided.
Wrap Fee Programs and Separately Managed Account Fees: Clients participating in
separately managed account programs may be charged various program fees in addition to
the advisory fee charged by our firm. Such fees may include the investment advisory fees of
the independent advisers, which may be charged as part of a wrap fee arrangement. In a
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wrap fee arrangement, clients pay a single fee for advisory, brokerage and custodial services.
Client's portfolio transactions may be executed without commission charge in a wrap fee
arrangement. In evaluating such an arrangement, the client should also consider that,
depending upon the level of the wrap fee charged by the broker-dealer, the amount of
portfolio activity in the client's account, and other factors, the wrap fee may or may not exceed
the aggregate cost of such services if they were to be provided separately. We will review
with clients any separate program fees that may be charged to clients.
Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible
for the fees and expenses charged by custodians and imposed by broker dealers, including,
but not limited to, any transaction charges imposed by a broker dealer with which an
independent investment manager effects transactions for the client's account(s). Please refer
to the "Brokerage Practices" section (Item 12) of this Form ADV for additional information.
Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are
subject to Canterbury Investment Management's minimum account requirements and
advisory fees in effect at the time the client entered into the advisory relationship. Therefore,
...

Item 7      Types of Clients
Canterbury Investment Management provides advisory services to the following types of
clients:
 Individuals (other than high net worth individuals)
 High net worth individuals
 Corporations or other businesses not listed above