Timothy Tarpening

Pacific Income Advisers (PIA) manages investments through several platforms. Fees for retail wrap-fee programs generally vary between 1.00% and 1.50% of the assets managed, as charged by the program sponsor. The amount PIA receives from the wrap fee depends on the terms agreed upon with the wrap-fee sponsor, the client's account size, related investment management accounts, individual account investment restrictions, and whether assets are invested in PIA's mutual funds. PIA charges management fees for acting as investment manager for PIA’s non-MACS Mutual Funds. Such fees are calculated depending on the portfolio style, and paid monthly in arrears. PIA Short-Term Securities Fund charges 0.20% of assets under management and PIA High Yield Fund, Institutional Class charges 0.55% of assets under management.