Buffalo Business & Estate Services Ltd

Item 5 – Fees and Compensation

Asset Management Programs
Clients who elect to receive asset management services through one or more of our asset management
programs or TPAM programs will generally pay the firm and their advisor for those services with an annual
asset management fee based on a percentage of assets under management, including cash and money
market positions. The standard account management fee charged in any of our firm’s managed account
program is listed below. The fee schedules for TPAM programs are provided in the respective TPAM
sponsor’s Form ADV Part 2A and advisory client agreements. Certain managed account programs have
lower maximum annual fee amounts, and fee schedules will vary among programs but will not exceed
1.25%. Clients are urged to carefully review and discuss the contents of this Brochure with their advisor,
including descriptions of the various programs and services offered, the fees and charges clients will pay,
the means by which the firm and your advisor are compensated, and the conflicts of interest that exist
between the client and the firm and your advisor in respect to each program or service offered, to
determine the most appropriate programs or services for your specific needs. The fee schedule offered
by Moldenhauer & Associates is generally referred to as a “breakpoint” schedule.

Breakpoint Schedule
A breakpoint schedule looks at the account value and compares it to a set fee schedule. Based upon the
value of the account at the end of the billing period, the billable fee rate will decline as the value of the
account reaches the next fee rate, or “breakpoint.” The total value of the account is compared against the
fee rate for the respective value range that corresponds with the account value to determine the total
account fee for that period.

For example, assume the advisor and client negotiate the following breakpoint fee schedule:

 Account Value                                            Management Fee
 $0-$999,999                                              1%
 $1,000,000-$2,500,000                                    0.85%
 $2,500,000 and over                                      0.72%

Also, assume the account value at the end of the billing period is $200,000. In this hypothetical example,
and assuming an advanced quarterly billing cycle is applied, the account fee for the upcoming quarter

Revised January 2026

would be assessed as follows: The $200,000 account value falls within the fee schedule value range of $0
to less than $1,000,000which corresponds with a fee rate of 1 percent. Therefore, $200,000 x 1 = $2,000;
$2,000 ÷ 4 = an $500 advance quarterly account fee.

Commonwealth PPS Program Fee Schedules

PPS Custom Program
Unless otherwise agreed between the client and the advisor, clients participating in the PPS Custom
Program will pay a total account fee that consists of a combination of a management fee, which is
negotiable, and a platform fee. Depending upon the mutual fund families selected, transaction charges
will also apply.

The standard total account fee schedule for a new PPS Custom Program account is:
 Account Value                                         Management Fee
 $0-$999,999                                           1%
 $1,000,000-$2,500,000                                 0.85%
 $2,500,000 and over                                   0.72%

Transaction charges of $15 for buys and sells and a maximum of $3 for periodic investment plans and
systematic withdrawal plans will apply in the following mutual fund families: Dodge & Cox, Vanguard,
and Dimensional Fund Advisors (DFA), except that DFA sells are $0. For trader-assisted transactions,
an additional $5 fee is charged which can be paid by the firm if the firm is covering transaction fees or by
the client if the client is being charged transaction fees. A transaction charge of $1 per contract for
purchases and sales of options will apply. A $5 quarterly paper document fee will apply account by
account to all accounts not enrolled in electronic delivery of statements and confirmations.

PPS Select Program
Clients participating in the PPS Select Program will pay a total account fee that consists of a combination
of an advisor fee and a program fee.

The standard advisor fee for a new account in the PPS Select Program is as follows:
 Account Value                                          Management Fee
 $0-$999,999                                            0.75%
 $1,000,000-$2,500,000                                  0.60%
 $2,500,000 and over                                    0.47%

In addition to the annual advisor fee, all clients participating in PPS Select will pay an annual program
fee.

There are several different PPS Select model portfolios with program fees that vary; however, the

Revised January 2026

maximum fee within the PPS Select program is as follows:

1 Themaximum annual advisor fee for certain account sizes and types may be negotiated.
2Commonwealth will charge a minimum annual program fee of $600 ($150 quarterly) for certain accounts, which may exceed
the maximum annual program fee percentage based on account size.

Commonwealth performs fee billing on our firm’s behalf. In most cases, the annual account management
fees are payable quarterly in advance and are computed as one quarter of the annual fee based on the
account’s AUM on the last business day of the previous calendar quarter.

To the extent that you hold positions in your account for which pricing data is not readily available,
Commonwealth receives quarter-end values from alternative investment issuers or other service
providers which are used when calculating billable AUM for our clients. Neither our firm nor
Commonwealth engages in an independent valuation of your account assets and relies on valuations
provided by the investment issuers or other service providers. We (via Commonwealth and further via the
...

Item 7 – Types of Clients
Moldenhauer & Associates generally provides advisory services to the following types of clients:

    •    Individuals (other than high net worth individuals)
    •    High net worth individuals
    •    Pension and profit-sharing plans
    •    Charitable organizations
    •    Corporations or other businesses not listed above

Moldenhauer & Associates’ managed account programs generally require a minimum investment of
$100,000. The firm retains the ability to waive this requirement for any reason in its sole discretion. In
some cases, account balances may be combined at the household level to satisfy the account minimum.