Ayrshire Capital Management LLC

Item 5- Fees and Compensation
Fee Schedules
The following schedule sets forth Ayrshire’s basic fee schedule for investment
supervisory services to its separately managed accounts. These currently offered
rates reflect the annual charges which would generally apply for clients entering
into Ayrshire’s traditional investment advisory agreement. The rates are negotiable,
however, particularly for accounts with assets above $25 million, or accounts that
were previously clients of WJR Financial LLC prior to its merger into Ayrshire.
Because Ayrshire’s services generally depend on a client's individual and particular
needs, the fees for such services vary depending upon the identity and nature of the
client, relationships with other clients, the nature of the account and the
circumstances involved.
                       FEE SCHEDULE Effective January 1, 2021
              (annual rate, based on market value of assets under management)
                        Up to $1 million                           1.00% per year
                        Between $1 million and $3 million          0.85% per year
                        Between $3 million and $5 million          0.75% per year
                        Between $5 million and $10 million         0.60% per year
                        Above $10 million                          0.50% per year

                          FEE SCHEDULE Prior to January 1, 2021
         (Annual rate, based on market value of assets under management)
          Cash and Fixed Income:                    0.50% (i.e. 50 basis points)
          Equities:
            1st $5 million:                         1.00% (i.e. 100 basis points)
            Next $10 million:                       0.70% (i.e. 70 basis points)
            Amount above $15 million:               0.50% (i.e. 50 basis points)

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Billing Practices

Fees generally are payable quarterly in advance. Ayrshire’s investment advisory
agreement provides that either party upon at least thirty days’ may terminate an
account written notice. Each managed account's applicable fee schedule is
contained in such account's investment advisory agreement. Clients pay investment
management fees to Ayrshire in advance of services being rendered. If a client
terminates the investment management relationship during a quarter then a refund
of the management fee will be provided.

Ayrshire believes that its fees are competitive with fees charged by other
investment advisors for comparable services; however, comparable services may be
available from other sources for lower fees than those charged by Ayrshire.

Ayrshire deducts management fees from client accounts quarterly. A billing notice
is delivered to clients to inform them of the fee, which is charged in advance of
services being rendered.

Other Fees and Expenses

In addition to Ayrshire’s investment management fee, client accounts pay
commissions to brokerage firms for transactions in securities. Custodians may
charge clients a fee for custodial services.       When Ayrshire determines it is
appropriate to purchase a mutual fund or exchange traded fund (ETF) in a client
account, the fees that client pays Ayrshire for investment advisory services are
separate and distinct from the fees and expenses charged by mutual funds or
exchange traded funds (described in each fund’s prospectus) to their shareholders.
These fees will generally include a management fee and other fund expenses.
Please see section 12, Brokerage Services, for additional information.

Pre-paid Fees

As discussed in “Billing Practices” above, fees generally are payable quarterly in
advance. Each managed account's applicable fee schedule is contained in such
account's investment advisory agreement. Clients pay investment management fees
to Ayrshire in advance of services being rendered. If a client terminates the
investment management relationship during a quarter then a refund of the
management fee will be provided. The amount of the investment management fee
charge by Ayrshire to be refunded would be proportionate to the time between the
receipt of termination notice and the end of the quarter.

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Compensation for Sales
No employee of Ayrshire receives compensation for the sale of securities or other
investment products.

IRA Rollover Considerations

As part of our investment advisory services to clients, Ayrshire may recommend
that a client withdraw assets from an employer’s retirement plan and roll the assets
over to an individual retirement account (IRA) that Ayrshire will manage. If a client
elects to roll the assets to an IRA that is subject to Ayrshire’s management, we will
charge the client an asset based fee as set forth in the agreement executed with
Ayrshire. This practice presents a conflict of interest because persons providing
investment advice on behalf of Ayrshire have an incentive to recommend a rollover
to clients for the purpose of generating fee based compensation rather than solely
based upon client needs.

When we provide investment advice regarding a retirement plan account or IRA,
Ayrshire is a fiduciary within the meaning of Title I of ERISA and/or the Internal
Revenue Code, as applicable. Before we make a recommendation with respect to a
retirement plan or IRA, we will ask for certain information about a client’s current
plan or IRA, including its investment options, fees and expenses, whether the
employer pays for some or all of the plan’s administrative expenses, and certain
provisions and features of the plan. This information will enable us to compare a
client’s current plan or IRA, to the investment options, fees and expenses, and
provisions and features that would apply in a new IRA. We use this information in
order to provide clients with investment advice that is in their best interest. When
we advise clients regarding a retirement plan account or IRA, we will provide them
with written documentation describing why a rollover or transfer is in their best
...

Item 7- Types of Clients

Ayrshire provides investment advisory services to individuals, trusts, estates,
charitable organizations, pension and profit-sharing plans.

Ayrshire generally requires a minimum initial portfolio value of $1 million for
starting a separately managed investment account. The requirement may vary
depending on the particular client, relationships with other clients, the nature of the
account and the circumstances involved. Ayrshire may waive the minimum at its
discretion.

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