Appleton Partners Inc

ITEM 5 – FEES AND COMPENSATION
                                        APPLETON WEALTH MANAGEMENT FEES

Appleton typically recommends a starting account balance of at least $2 million for direct client accounts
managed by the AWM team, though Appleton does manage accounts with starting balances under $2 million.
The fee charged for management of these accounts is based upon a percentage of the assets under
management. Though Appleton’s AWM fees are negotiable based on the size and nature of the accounts, the
standard annual fee assessed for management of an AWM account is 1.00% on the first $2 million of assets
under management, 0.75% on the next $2 million of assets under management and 0.50% on any remaining
balance over $4 million.2 Additionally, Appleton assesses a minimum quarterly fee of $625 for the management
of any AWM account whose asset-based fee is less than that amount in any given quarter.3

Fixed income accounts are typically assessed a lower advisory fee than equity and balanced accounts. Appleton
retains the discretion to negotiate all fees on a client-by-client basis. Client facts, circumstances, and needs are
considered in determining the applicable fee. Items for consideration may include, but are not limited to, the
assets to be placed under management, portfolio style, account allocation, anticipated future assets, related
accounts, and time of investment.4 The specific annual fee and the minimum quarterly fee are identified in the
investment management agreement between Appleton and each client.

To determine the annualized fee, Appleton will typically group together clients with the same residential
address. In many cases, grouping client accounts together allows clients to realize fee breaks that they otherwise
would not have realized on their own. Some legacy accounts have a different grouping arrangement for fee
purposes than the one described here.

AWM fees are typically billed on a quarterly basis, in advance, based on the account’s market value as
determined by Appleton’s third-party pricing vendor(s) on the last day of the previous calendar quarter.

For new accounts, the first payment is prorated to cover the period from the date of the account inception
through the end of the next full calendar quarter.

Unless otherwise agreed in writing, cash and cash equivalents are included when calculating the account’s
market value. Clients typically authorize their custodian to deduct Appleton’s management fee directly from
the client’s account. Appleton typically sends its AWM clients quarterly statements showing the fee amount
and the account value on which the fee is based. The client is responsible for verifying fee computations, as
custodians are not typically asked to perform this task. It is important to note that the account value calculated
by Appleton may differ slightly from the value reflected on custodial statements. These differences can be due
to several factors. For example, valuations of fixed income securities often vary slightly from one pricing vendor
to another. These slight differences in valuation are due to the less liquid nature of dealer-traded fixed income
securities. By contrast, equities trade on exchanges, usually more frequent than most bonds. For this reason,

  Legacy clients may have a different standard fee rate.

  Legacy clients may have a different minimum quarterly fee or may not have one at all.

  For certain institutional sources of managed assets, or where special circumstances apply, such as a limited investment program,
the annual fee is negotiated based on the amount of assets under management.

the total market value of a client’s bond portfolio as calculated by Appleton may differ slightly compared to the
total market value reflected on the client’s custodial statement if the client’s custodian does not use the same
pricing service as Appleton to price fixed income securities. Additionally, Appleton includes accrued bond
interest when calculating market value. If the client’s custodian does not include accrued bond interest or if
they calculate accrued interest in a different manner than Appleton, market values may differ slightly.

Typically, an investment advisory agreement with Appleton may be terminated by either the Firm or the client
at any time without penalty following 30 days’ written notice. Upon termination, any prepaid client fees will be
prorated, and the unused portion shall be returned to the client. Please consult your investment management
agreement for specific terms.

Appleton’s fees are exclusive of brokerage commissions, transaction fees, American Depository Receipt (ADR)
fees, and other related costs and expenses which shall be incurred by the client. In some situations, clients will
invest in or hold mutual funds and/or ETFs in portfolios managed by Appleton. The fees and expenses for a
mutual fund or ETF are described in each fund's prospectus. These fees generally include a management fee,
other fund expenses, and, in some cases, a distribution fee and/or redemption fees. If a fund also imposes sales
charges, a client may pay an initial or deferred sales charge. A client could feasibly invest in a mutual fund or
ETF directly, without Appleton’s services, and maintain the account separate from the assets managed by
Appleton for that client. All fees paid to Appleton for investment advisory services are separate and distinct
from the fees and expenses charged by mutual funds and ETFs to their shareholders. All supervised mutual fund
and ETF holdings held within an Appleton client’s portfolio are included within API’s fee calculation.

                          PRIVATE FUND AND OTHER ALTERNATIVE INVESTMENTS

Appleton’s fees are exclusive of any costs, charges or fees assessed by third party fund managers. Assets
allocated to private funds and other alternative investments will be billed by Appleton at the agreed upon fee.
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ITEM 7 – TYPES OF CLIENTS

As of December 31, 2025, Appleton provides portfolio management services to the following types of clients:

   •   Individuals (other than high net worth individuals);
   •   High net worth individuals;
   •   Trusts;
   •   Charitable organizations, foundations or endowments;
   •   Corporations or other businesses not listed above; and
   •   Clients from third-party platforms and/or third-party managers that are not identified to Appleton