THE APPLETON FUNDS

                                 CODE OF ETHICS

                                       FOR

                   PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS

I.    Introduction

      The Board of Trustees of The Appleton Funds (the "Trust") has adopted this
code of ethics (the "Code") applicable to the Trust's Principal Executive
Officers and Principal Financial Officers (the "Covered Officers") to deter
wrongdoing and to promote:

            o     honest and ethical conduct, including the ethical handling of
                  conflicts of interest;

            o     full, fair, accurate, timely and understandable disclosure;

            o     compliance with applicable laws and governmental rules and
                  regulations;

            o     the prompt internal reporting to an appropriate person or
                  persons identified in the Code of violations of the Code; and

            o     accountability for adherence to the Code.

II.   Covered Officers Should Act Honestly and Candidly

      Each Covered Officer owes a duty to the Trust to act with integrity.
Integrity requires, among other things, being honest and candid. Deceit and
subordination of principle are inconsistent with integrity.

      Each Covered Officer must:

            o     act with integrity, including being honest and candid while
                  still maintaining the confidentiality of information where
                  required by law or the Trust's policies;

            o     observe both the form and spirit of laws and governmental
                  rules and regulations, accounting standards and the Trust's
                  policies;

            o     adhere to a high standard of business ethics; and

            o     place the interests of the Trust before the Covered Officer's
                  own personal interests.


      All activities of Covered Officers should be guided by and adhere to these
      fiduciary standards.

III.  Covered Officers Should Handle Actual and Apparent Conflicts of Interest
      Ethically

      Guiding Principles. A "conflict of interest" occurs when an individual's
private interest interferes with the interests of the Trust. A conflict of
interest can arise when a Covered Officer takes actions or has interests that
may make it difficult to perform the Trust's work objectively and effectively.
For example, a conflict of interest would arise if a Covered Officer, or a
member of his or her family, receives improper personal benefits as a result of
his or her position with the Trust. In addition, Covered Officers should be
sensitive to situations that create apparent, not actual, conflicts of interest.
Service to the Trust should never be subordinated to personal gain and
advantage.

      Certain conflicts of interest covered by this Code arise out of the
relationships between Covered Officers and the Trust that already are subject to
conflict of interest provisions in the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. For example, Covered Officers may not
individually engage in certain transactions (such as the purchase or sale of
securities or other property) with the Trust because of their status as
"affiliated persons" of the Trust. Therefore, as to the existing statutory and
regulatory prohibitions on individual behavior they will be deemed to be
incorporated into this Code and therefore any violations of such prohibitions
will also be deemed a violation of the Code. Covered Officers must in all cases
comply with applicable statutes and regulations.

      As to conflicts arising from, or as a result of the contract relationship
between, the Trust and Appleton Partners, Inc. (the "Adviser"), the Trust's
investment adviser, of which the Covered Officers are also officers or
employees, it is recognized by the Board that, subject to the Adviser's
fiduciary duties to the Trust, the Covered Officers will in the normal course of
their duties (whether formally for the Trust or for the Adviser, or for both) be
involved in establishing policies and implementing decisions which will have
different effects on the Adviser and the Trusts. The Board recognizes that the
participation of the Covered Officers in such activities is inherent in the
contractual relationship between the Trust and the Adviser and is consistent
with the expectation of the Board of the performance by the Covered Officers of
their duties as officers of the Trust.

      Each Covered Officer must:

            o     avoid conflicts of interest wherever possible;

            o     handle any actual or apparent conflict of interest ethically;

            o     not use his or her personal influence or personal
                  relationships to influence investment decisions or financial
                  reporting by the Trust whereby the Covered Officer would
                  benefit personally to the detriment of the Trust;


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            o     not cause the Trust to take action, or fail to take action,
                  for the personal benefit of the Covered Officer rather than
                  the benefit of the Trust;

            o     not use knowledge of portfolio transactions made or
                  contemplated for the Trust to profit or cause others to
                  profit, by the market effect of such transactions;

            o     as described in more detail below, discuss any material
                  transaction or relationship that could reasonably be expected
                  to give rise to a conflict of interest with the Trust's
                  Compliance Officer prior to engaging in such transaction or
                  relationship;

            o     report at least annually any affiliations or other
                  relationships related to conflicts of interest that the
                  Trust's Directors and Officers Questionnaire covers;

                  Some conflict of interest situations that should always, be
                  discussed with the Compliance Officer, if material, include
                  the following;

            o     any outside business activity;

            o     service as a director on the board of any public or private
                  company;

            o     the receipt of any gifts in excess of $100;

            o     the receipt of any entertainment from any company with which
                  the Trust has current or prospective business dealings unless
                  such entertainment is business related, reasonable in cost,
                  appropriate as to time and place, and not so frequent as to
                  raise any question of impropriety;

            o     being in the position of supervising, reviewing or having any
                  influence on the job evaluation, pay or benefit of any
                  immediate family member;

            o     any ownership interest in, or any consulting or employment
                  relationship with, any of the Trust's service providers, other
                  than the Adviser;

            o     a direct or indirect financial interest in commissions,
                  transaction charges or spreads paid by the Trust for effecting
                  portfolio transactions or for selling or redeeming shares
                  other than an interest arising from the Covered Officer's
                  employment, such as compensation or equity ownership.

IV.   Disclosure

      Each Covered Officer is required to be familiar, and comply, with the
Trust's disclosure controls and procedures so that the Trust's subject reports
and documents filed with the Securities and Exchange Commission (the "SEC")
comply in all material respects with the applicable federal securities laws and
SEC rules. In addition, each Covered Officer having direct or supervisory
authority regarding these SEC filings or the Trust's other public communications
should, to the extent appropriate within his or her area of responsibility,
consult with other Trust officers and employees and take other appropriate steps
regarding these disclosures with the goal of making full, fair, accurate, timely
and understandable disclosure.


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      Each Covered Officer must:

            o     familiarize himself or herself with the disclosure
                  requirements applicable to the Trust as well as the business
                  and financial operations of the Trust; and

            o     not knowingly misrepresent, or cause others to misrepresent,
                  facts about the Trust to others, whether within or outside the
                  Trust, including to the Trust's internal auditors, independent
                  directors, independent auditors, and to governmental
                  regulators and self-regulatory organizations.

V.    Compliance

      It is the Trust's policy to comply with all applicable laws and
governmental rules and regulations. It is the personal responsibility of each
Covered Officer to adhere to the standards and restrictions imposed by those
laws, rules and regulations, including those relating to affiliated
transactions, accounting and auditing matters.

VI.   Reporting and Accountability

      Each Covered Officer must:

            o     upon receipt of the Code, sign and submit to the Compliance
                  Officer an acknowledgement stating that he or she has
                  received, read, and understands the Code.

            o     annually thereafter submit a form to the Compliance Officer
                  confirming that he or she has received, read and understands
                  the Code and has complied with the requirements of the Code.

            o     not retaliate against any employee or Covered Officer for
                  reports of potential violations that are made in good faith.

            o     notify the Compliance Officer promptly if he or she becomes
                  aware of any existing or potential violation of this Code.
                  Failure to do so is itself a violation of this Code.

      Except as described otherwise below, the Compliance Officer is responsible
for applying this Code to specific situations in which questions are presented
to it and has the authority to interpret this Code in any particular situation.
The Compliance Officer shall take all action he or she considers appropriate to
investigate any actual or potential violations reported to him or her.

      The Compliance Officer is authorized to consult, as appropriate, with the
Audit Committee (the "Committee"), the Independent Trustees, the Board of
Trustees and counsel to the Trust and is encouraged to do so.


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      The Committee is responsible for granting waivers and determining
sanctions, as appropriate. In addition, approvals, interpretations, or waivers
sought by the Covered Officers will be considered by the Committee.

      The Trust will follow these procedures in investigating and enforcing this
Code, and in reporting on the Code:

            o     the Compliance Officer will take all appropriate action to
                  investigate any violations reported to him or her;

            o     violations and potential violations will be reported to the
                  Committee after such investigation;

            o     if the Committee determines that a violation has occurred, it
                  will inform the Board of Trustees who will take all
                  appropriate disciplinary or preventive action;

            o     appropriate disciplinary or preventive action may include a
                  letter of censure, suspension, dismissal or, in the event of
                  criminal or other serious violations of law, notification of
                  the SEC or other appropriate law enforcement authorities;

            o     the Board will be responsible for granting waivers, as
                  appropriate, to the extent such matters are referred to it by
                  the Committee; and

            o     any changes to or waivers of this Code will, to the extent
                  required, be disclosed on Form N-CSR as provided by SEC rules.

VII.  Other Policies and Procedures

      The Trust's and the Adviser's codes of ethics under Rule 17j-1 of the
Investment Company Act of 1940 are separate requirements applying to Covered
Officers and others, and are not part of this Code.

VIII. Amendments

      This Code may not be amended except in written form, which is specifically
approved by a majority vote of the Trust's Board of Trustees, including a
majority of Independent Trustees.

IX.   Confidentiality

      All reports and records prepared or maintained pursuant to this Code shall
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the members of the Board of Trustees.

X.    Internal Use

      The Code is intended solely for the internal use by the Trust and does not
constitute an admission, by or on behalf of the Trust, as to any fact,
circumstance, or legal conclusion.


Date:  June 13, 2003


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Exhibit A

Persons Covered by this Code of Ethics

      James I. Ladge - President and Treasurer


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