Appleton is an SEC-registered investment adviser with its principal place of business located at One Post Office Square, 5th Floor, Boston, Massachusetts 02109. Appleton began conducting business as a firm in 1987 when it filed its first registration with the Commission. Appleton’s principal shareholder is the Appleton Partners Business Trust. PRIVATE CLIENT SERVICES Appleton manages separately managed accounts under a variety of arrangements. One such arrangement is through direct relationships with the investor. These direct relationships are managed by Appleton’s Private Client Services (“PCS”) team. PCS clients sign investment management agreements directly with Appleton. PCS, with the support of its various industry partners and relationships, offers its diverse client base a menu of wealth management solutions. Primary among Appleton’s PCS services are discretionary investment management and general financial planning services. Through a relationship-driven and customized approach, Appleton works to identify and address each client’s individual needs and provides services based on those unique sets of circumstances. During the information-gathering process at the outset of the client relationship, Appleton will discuss a wide range of issues with the client, including the client’s individual investment objectives, time horizons, risk tolerances, tax sensitivities and liquidity needs. Periodically thereafter, the Firm will, in consultation with the client when possible, review and revise investment objectives, strategies, and financial plans (if applicable), where deemed necessary and appropriate. Appleton specializes in municipal bond, taxable bond, and equity strategies, with domestic fixed income securities, large cap equities, and exchange-traded funds (“ETFs”) generally comprising the major asset classes held by PCS clients. Some client advisory accounts also include small cap equities, mid cap equities, mutual funds, and various other security types, including but not limited to investments in private funds and other alternatives. Appleton manages client advisory accounts on a discretionary basis. As such, clients authorize Appleton to buy, sell, or otherwise trade securities or other investments in their accounts without first discussing the transactions with the clients. Account supervision is guided by the individual client’s stated objectives (e.g., growth, income, or growth and income), as well as risk tolerance, tax considerations and other factors. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Appleton’s advisory recommendations are not limited to any specific product or service offered by a broker-dealer, investment company or insurance company. As an accommodation to clients who wish to gain exposure to bitcoin (and/or other types of cryptocurrencies), Appleton’s Equity Investment Committee has approved the use of certain spot bitcoin ETFs. These bitcoin spot ETFs are only included in a client’s account if explicitly requested by the client and are not utilized in any standard Appleton strategy. Cryptocurrency is historically volatile, and investors should speak with their Portfolio Manager to assess whether an investment in such an asset is consistent with their long term objectives and risk tolerance. Further risks associated with investing in cryptocurrency and bitcoin spot ETFs may be found in Item 8 – “Methods of Analysis, Investment Strategies and Risk of Loss.” THIRD-PARTY ADVISORY PROGRAMS Appleton also manages separately managed accounts (some of which are “wrap fee accounts”) for individual and institutional clients pursuant to individual agreements with certain brokerage firms, investment banks, and investment advisers (commonly referred to as “Sponsors”). Under these arrangements, separately managed account holders typically enter into an agreement directly with the Sponsor, who in turn enters into an agreement with Appleton in order to offer Appleton’s investment services to their clients. Appleton typically manages these separately managed accounts in a manner consistent with other accounts not

under such a portfolio management arrangement. Appleton receives a portion of the fee paid to the Sponsor for the management of the separately managed account. Under these arrangements, Appleton receives the suitability determination, investment objective, and any restrictions directly from the Sponsors with which the client has a primary relationship. Often, separately managed accounts are funded prior to Appleton’s management of them. In such circumstances, the account may hold securities inconsistent with the ultimate strategy objective. In such instances, Appleton will realign the portfolio positions in a manner consistent with the determined and agreed upon objective. Further details of Appleton’s advisory services with respect to separately managed accounts may be found in Item 5 – “Fees and Expenses.” SUB-ADVISORY & DUAL CONTRACT RELATIONSHIPS Appleton has executed sub-advisory agreements with various investment advisers and financial services firms, including banks and trust companies (each, an “Advising Firm” and together, the “Advising Firms”), for the management of certain client accounts. The fees Appleton receives for these sub-advisory services are established in the relevant sub-advisory agreements and are described in greater detail in Item 5 – “Fees and Expenses.” Typically, in cases where Appleton serves as a sub-advisor, the Firm receives the suitability determination, investment objective, and any restrictions directly from the Advising Firm with which the client has a primary relationship. Appleton also manages separately managed accounts pursuant to dual contracts. A dual contract is an investment management agreement executed by Appleton and the end investor. The dual contract identifies the investor as a client of the investor’s investment adviser or financial services firm. Operationally, there is no distinction between the way Appleton manages sub-advised accounts and the way Appleton manages dual contract accounts. The fees that Appleton receives for the management of these dual contract accounts are established in the relevant dual contract and are described in greater detail in Item 5 – “Fees and Expenses.” In cases where Appleton manages an account pursuant to a dual contract, Appleton receives the suitability determination, investment objective, and any restrictions directly from the investor’s investment adviser or financial services firm with which the client has a primary relationship. Appleton does not communicate directly with the investor in sub-advisory nor dual contract relationships unless requested by the investor’s investment manager or financial services firm. All communication with the investor typically runs through the investor’s investment manager or financial services firm. AMOUNT OF MANAGED ASSETS As of December 31, 2023, Appleton actively managed approximately $12,650,265,281 of client assets on a discretionary basis. Appleton does not provide ongoing management or advisory services for any client assets on a non-discretionary basis. UNSUPERVISED ASSETS Occasionally, clients ask Appleton to include in their managed accounts certain assets, including non-security assets, for which the Firm does not provide ongoing management or advisory services (the “unsupervised assets”). While Appleton includes these unsupervised assets in its reports to clients and may consider these assets when making asset allocation decisions or recommendations for clients, the Firm does not include these unsupervised assets when determining the total assets under management upon which the client’s fee is based. Appleton does not research, review, monitor, or otherwise evaluate a client’s unsupervised assets. Clients requesting this courtesy service should recognize that the Firm may be unaware of certain factors that could lead an unsupervised asset to change in value, and that Appleton should not be expected to alert the client should such a change be in progress or have already occurred. The client bears the sole responsibility to monitor unsupervised assets and the client must alert their Portfolio Manager when they wish to effect transactions in the unsupervised assets.