Asset Preservation Advisors LLC

Item 5 – Fees and Compensation

5.A. Adviser Compensation

The fees charged by APA are described generally below and detailed in each client’s advisory
agreement or applicable account documents, as well as, with respect to the Mutual Fund’s
prospectuses and SAIs.

Fee Schedules

Separately Managed Accounts

APA's basic annual fee schedule for separate account clients is as follows:

       APA High Quality Intermediate Tax-Exempt, APA Taxable Municipal and APA Positive
       Impact Tax-Exempt Strategies charge .35% on net assets under management.

       APA Short-Term Tax-Exempt Strategy charges .20% on net assets under management.

APA Form ADV Part 2A                          5                               March 30, 2026

       APA Enhanced Intermediate Tax-Exempt Strategy charges .40% on net assets under
       management.

APA High Quality Intermediate Tax‐Exempt, APA Taxable Municipal, APA Short‐Term Tax‐
Exempt, APA Enhanced Intermediate Tax‐Exempt, and APA Positive Impact Tax-Exempt
Strategies

APA’s fees for the APA High Quality Intermediate Tax‐Exempt, APA Taxable Municipal, APA
Short‐Term Tax‐Exempt, APA Enhanced Intermediate Tax‐Exempt, and APA Positive Impact
Tax-Exempt Strategies are based upon the market value, which includes accrued interest, of
the assets in the Account as of the last business day preceding the current quarter. Such
quarterly fees will be paid in advance or arrears and based on the fee schedule above. For
purposes of calculating the fee for the first quarter the Agreement is in effect, the market
value, which includes accrued interest, of the assets and pro-rated fee will be determined as
of the first day the account is funded. (For example: if a new account was funded on July
15th, then you will be charged a pro-rated fee for the remaining quarter based on the assets
in the client account as of July 15).

Mutual Funds

The Mutual Fund pays APA sub-advisory fees monthly at an annual rate of 0.35% of the
Mutual Fund’s net assets, computed and accrued daily; however, pursuant to a contractual
operating expense limitation, APA has agreed to waive its sub-advisory fees through April
30, 2027. As noted above, APA’s clients may receive, at no additional charge, advice from
APA with respect to the allocation of their assets among the Mutual Fund. Although there is
no separate or additional charge for this service, as discussed further in Item 5.C, below,
APA’s clients who invest in the Mutual Fund bear their proportionate share of the Mutual
Fund’s fees and expenses, including their pro rata share of APA’s advisory fees. Fees paid by
the Mutual Funds are described to Investors, in detail, in each Mutual Fund’s prospectus and
SAI.

Other Advisory Fee Arrangements

In limited instances, APA charges a fixed fee for its advisory services. Fixed fees for
investment advisory services are negotiated and agreed upon based on client type, asset
class, pre-existing relationship, portfolio complexity and account size or other special
circumstances or requirements.

APA, in its sole discretion, may choose to either not charge an advisory fee or choose to
charge a lesser advisory fee based upon certain criteria. APA’s fees are negotiable. No
increase in APA’s fee(s) shall be effective without prior written notification of at least thirty
(30) days to the client.

APA Form ADV Part 2A                           6                                   March 30, 2026

5.B. Direct Billing of Advisory Fees

Clients may choose one of two methods for paying their advisory fees: direct billing or billing
by the custodian.

Direct billing. If so desired, the client may choose to be billed directly by APA for its
management fees. If chosen, the client shall be invoiced subsequent to the most recently
ended billing period. Payments shall be due within 45 days of the end of the billing period.

Billing by custodian. Contemporaneously with the execution of the advisory agreement, the
client may sign an authorization that will allow the custodian of any of his/her accounts to
debit such account(s) the amount of certain service fees owed to APA and remit such to APA.
The authorization shall remain valid until a written revocation of the authorization is
received by APA.

The custodian shall generally send to the client a statement, at least quarterly, indicating:

       •   all amounts disbursed from the account, and
       •   the amount of advisory fees paid directly to APA.

5.C. Other Non-Advisory Fees

In addition to APA’s investment advisory fee(s), the client may be assessed other fees by
parties independent from APA. The client may also incur, relative to certain investment
products, charges imposed directly at the investment product level. Brokerage fees charged
to the client for securities trade executions may be billed to the client by the broker-dealer
or custodian of record for the client account, not APA. In addition to commissions charged
by brokers that are clearly reflected on confirmations, clients may also pay mark-ups or
mark-downs to brokers when transacting in municipal bonds. These mark-ups and mark-
downs are factored into the price a client pays for a bond (or sells a bond at). Because mark-
ups and mark-downs are not a separate line items on confirmations (like commissions) they
may be more difficult to identify. Other such charges may apply (i.e., custodial fees, wire
transfer and electronic fund fees). Any such fees are exclusive of, and, in addition to, APA’s
compensation.

Item 12 further describes the factors that APA considers in selecting or recommending
broker/dealers for client transactions and determining the reasonableness of their
compensation (e.g., commissions).

5.D.       Advance Payment of Fees

Fees for certain separately managed accounts are generally paid quarterly in advance.
Certain clients such as the Mutual Fund, wrap clients, and sub-advisory clients, are billed
...

Item 7 – Types of Clients

APA serves as a discretionary investment adviser to institutional and retail separately
managed account clients (i.e., individuals, high net worth individuals, corporations,
institutions, foundations, endowments, and trusts).

Separately Managed Accounts

For separate accounts, APA generally requires a minimum of $500,000. APA may waive the
minimum based on client type, asset class, pre-existing relationship(s) with the client and
other factors.

Sub-Advisory and Dual Contract Clients

Clients who obtain APA’s services on a dual contract basis, through an intermediary,
generally must complete account documentation with both APA and the intermediary.
Clients who obtain APA’s services on a sub-advisory basis may only complete account
documentation with the intermediary. The terms and conditions of these arrangements may
vary and contact between APA and such clients will typically take place through the relevant
intermediary. Clients who obtain APA’s services on a sub-advisory or dual contract basis
will retain individual ownership of the funds and securities held in their accounts as well as
the right to impose reasonable restrictions upon APA’s management of the account. APA’s
dual contract and sub-advisory relationships are also typically terminable upon written
notice to APA.

APA Form ADV Part 2A                           8                                   March 30, 2026

Mutual Fund

APA also provides discretionary services to Mutual Funds and is subject to the supervision
and direction of the Mutual Fund’s Board of Trustees. The minimum initial investment is
$10,000 and the minimum subsequent investment is $250. The minimum investment may
be waived or reduced in some cases.