4. A. Advisory Firm Description
Asset Preservation Advisors, LLC (“APA”) was established in 1989 by Kenneth R. Woods.
Principal Owners. iM Square Holding 8, LLC and APA Fixed Income Advisors, LLC. APA Fixed
Income Advisors, LLC is principally owned by:
Kenneth Woods, Chairman, Partner
Charles Doty, Co-Chief Executive Officer, Partner
Kevin Woods, Co-Chief Executive Officer, Chief Investment Officer, Partner
APA provides municipal bond investment advisory services to its clients in separately
managed accounts, as well as managing municipal bond funds formed as limited
partnerships. Additionally, APA provides sub-advisory services to clients of unaffiliated
investment advisers who have engaged APA for its experience and expertise in managing
municipal bond portfolios. APA provides discretionary and non-discretionary investment
supervisory services that include ongoing monitoring and supervision of client assets.
4.B. Types of Advisory Services
APA provides investment advisory and management services: (1) as a discretionary
investment adviser to institutional and retail separate account clients; and (2) as a
discretionary investment adviser to private pooled investment vehicles (“Private Funds”)
organized as domestic limited partnerships. APA’s investment advice is limited to tax-
exempt and taxable municipal bond portfolios.
4.C. Client Investment Objectives/Restrictions
APA's investment advisory services are provided based on the individual needs of a client
and stated objectives, guidelines and restrictions of the account. In making investment
decisions on behalf of the client, APA shall rely upon information provided by the client or
by an intermediary on behalf of a client.
Investments for separately managed client accounts are managed in accordance with each
client’s stated investment objectives, strategies, restrictions and guidelines. Investments for
Private Funds are managed in accordance
with the fund’s investment objective, strategies
and restrictions and are not tailored to the individualized needs of any particular investor in
the fund (each an “Investor”). Therefore, Investors should consider whether the Private
Fund meets their investment objectives and risk tolerance prior to investing. Information
about each Private Fund can be found in its offering documents, including its private
placement memorandum (“PPM”), which will be available to qualified current and
prospective investors only through APA or another authorized party.
APA Form ADV Part 2A 5 March 27, 2024
4.D. Wrap-Fee Programs
APA has entered into agreements with Wrap program sponsors. These are sub-advisory
relationships where the Program Sponsor provides investment supervisory services to its
clients, including making recommendations concerning an investment adviser to render
certain investment advice with respect to a client's portfolio. The client enters into an
agreement with the Program Sponsor and the Program Sponsor has a separate master
agreement with APA. For Wrap program accounts, APA may affect transactions through
other broker-dealers in order to seek to obtain the best execution for each client Account.
We manage the Wrap program accounts on a discretionary basis.
APA receives a portion of the wrap fee from the sponsor as an investment adviser to these
programs. In these relationships, APA may not have direct contact with the underlying
client, as we do with our direct accounts. APA attempts to manage these accounts in the
same manner as our non-wrap accounts managed in the same strategy. The management
styles offered by APA to client participants in these wrap-fee programs vary among the
different programs.
4.E Client Assets as of December 31, 2023:
Assets Under Management:
Discretionary basis: $6,927,768,523; 2,148 accounts
Non-Discretionary basis: $170,308; 1 account
Assets Under Advisement: $105,164,463; 1 account