Enhanced Intermediate Tax Exempt Strategy



APA seeks to provide a high level of income exempt from federal income tax by
investing primarily in lower-rated municipal bonds. The strategy seeks to exploit investment opportunities using relative-value and credit analysis, primarily through diversified exposure to the lower bands of investment-grade municipal bonds. Investment opportunities that maximize total return are sought through a well-defined investment process that has been in place for over 25 years.

Investment Process:

• Conducted thorough relative-value and credit analysis to take advantage
of pricing inefficiencies in the market

• Fundamental bottom-up credit research is the cornerstone of our
approach to high-yield investing. We combine our fundamental research
with an investment process that emphasizes both risk management and
relative-value investing to achieve competitive risk-adjusted returns.

• Customize portfolios to meet your clients’ specific tax objectives, income
requirements and risk tolerance

• Provide ongoing internal analysis of credit quality and underlying



Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The performance and portfolio characteristics shown relate to the APA Enhanced Intermediate Tax-Exempt Composite (the “Composite”)formerly High Income Tax-Exempt Composite.

Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market predicaments at the time of investment. APA reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio, and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the security transactions, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

APA is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the advisor including its investment strategies and objectives can be obtained by visiting www.assetpreservationadvisors.com. A list of composite descriptions is available upon request.

The fee schedule for APA’s investment advisory services for separately managed accounts in the APA Enhanced Intermediate Tax-Free Strategy Composite is 0.65% on net assets under management. Actual investment advisory fees incurred by clients may vary. A complete description of APA’s fee schedule can be found in Part 2 of its FORM-ADV which is available at www.assetpreservationadvisors.com or by calling (404) 261-1333.