Angeles Wealth Management LLC

ITEM 5 – FEES AND COMPENSATION

  AWM charges an asset-based fee. Fees are charged on a tiered basis and generally range from .50%
  to 1%. We generally accept clients with a minimum account size of $5 million, which would generally create a
  minimum fee of $50,000. In certain circumstances fees and minimums may be negotiated. Negotiated fees
  may be higher or lower than those stated above. Generally, fees are payable on a quarterly basis in
  advance, based upon fair market appraisals of the Client's investments, as of the beginning of the
  quarter. Clients will receive a quarterly statement from AWM and also typically receive a
  statement from their custodian on a monthly basis, but no less than quarterly. See Item 12 for a more
  complete discussion of the custodian/broker relationship. A Client’s custodian account will be
  automatically debited on a quarterly basis in accordance with the fee calculations described above
  unless other arrangements are made. The specific manner in which fees are calculated by AWM and paid
  by Client will be established in a client’s written Investment Advisory Agreement (the “Advisory
  Agreement”). AWM urges you to review the fee calculation prepared by AWM and compare it to the
  fee schedule in your Advisory Agreement; your custodian will not review this calculation.

  Our advisory agreement can be terminated by AWM with 30 days’ written notice, and the client may
  terminate the advisory agreement at any time. Upon termination of an advisory agreement, any prepaid,
  unearned fees will be refunded at quarter end, and any earned, unpaid fees will be due and payable.

  Clients incur fees in addition to those charged by AWM (“Other Fees”). AWM purchases certain
  NASDAQ securities for Clients where AWM does not have direct access to market makers. As a result,
  such orders are placed with other financial institutions thus causing a Client to pay an agency
  commission. This cost may be in addition to the mark-up or mark-down assessed by the market maker.
  AWM’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
  expenses, which may be incurred by the Client. Clients may incur certain charges imposed by
  custodians, brokers and other third parties such as fees charged by other managers, fees related to
  private fund investments (as set forth in relevant private fund offering documents), custodial fees,
  deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and
  other fees and taxes on brokerage accounts and securities transactions. Money market funds, mutual
  funds, and exchange-traded funds also charge internal management fees, which are disclosed in a
  fund’s prospectus.

  If a Client later terminates AWM’s services but wishes to remain in or is prohibited from withdrawing
  from one of the Funds, the Client will become subject to such Fund’s fee schedule detailed in the
  allocation agreement immediately upon termination of AWM’s Advisory Agreement and may result
  in increased fees paid by the Client. A Client investing in a Fund will also indirectly incur fund expenses
  (e.g., administrative fee, legal, audit, etc.) that they would otherwise not incur if that Client invested
  directly with the Sub-Funds.

  Clients of AWM invested in certain AIA Funds will pay a performance-based fee on assets invested
  in the fund. These assets are excluded from AWM’s management fee. AWM will share in the
  performance fee charged by AIA for these funds. Please see Item 6 titled Performance-Based Fees

Angeles Wealth Management, LLC                  Form ADV 2A           Angeles Wealth Management Brochure

  and Side-By-Side Management for further information on performance-based fees.

  All fees paid to AWM for investment advisory services, both through managed accounts and the
  Funds, are in addition to the fees and expenses charged by the mutual funds, ETF’s, commingled
  funds, hedge funds, unaffiliated investment advisers providing sub-advisory services, separately
  managed accounts, custodians, brokers, and Sub-Funds of the Funds. When recommending mutual
  funds, AWM will typically use no-load, or load-waived funds. Fees and expenses are described in the
  offering documents of each respective investment and will generally include a management fee,
  administrative, legal, audit, travel, research, and other expenses. Fees for sub- advisory services are
  disclosed in the relevant sub-advisory agreement and/or sub-advisory ADV provided to the client.
  Commingled funds, separately managed accounts and Sub-Funds of the Funds could also charge a
  performance-based fee. Custodian fees will vary by vendor, as will the related brokerage fees.
  Please see the item 12 titled Brokerage Practices for further information on brokerage fees.

  A Client could invest in certain of the above-mentioned products without the services of AWM. In the
  event a client did not utilize the services of AWM, the client would not receive the services provided by
  AWM which are designed, among other things, to assist the client in determining which investment is
  most appropriate to each client's financial condition and objectives. Accordingly, the client should
  understand the total fees paid to AWM and the underlying managers and evaluate the advisory service
  being provided.

ITEM 7 – TYPES OF CLIENTS
  AWM generally provides discretionary portfolio management services to high-net-worth individuals,

Angeles Wealth Management, LLC                  Form ADV 2A        Angeles Wealth Management Brochure

  charitable organizations, and corporations.

  We generally accept clients with a minimum account size of $5 million, which would generally create
  a minimum fee of $50,000; however, fees and minimums may be negotiated. Assets of family
  members are generally aggregated for the purpose of meeting asset minimums.