Investment Objective
The Municipal Income Portfolio invests in federally tax-exempt securities offering high current yields.

Investment Process
Newgate uses a three-step discipline to identify and invest in tax-exempt closed-end funds. The first is the use of top-down Asset Allocation which determines investment commitment and cash reserves. Secondly a Strategic Fund Evaluation that identifies the best performing funds and the third is acquiring the best values.

Newgate's investment strategy is implemented through the shares of closed-end funds (CEFs) that invest in tax-exempt securities. Unlike mutual funds, CEFs typically sell at discounts from their net asset value. The ability to invest in municipal bonds at substantial discounts to market value can dramatically improve returns without increasing overall risk. Buying CEFs at discounts to their net asset value can result in higher current yields.