FIXED INCOME    
 |  OVERVIEW |  PORTFOLIO
MANAGEMENT GROUP
 
Lloyd McAdams, CFA, CEBS
Chairman
Chief Investment Officer
Lloyd McAdams has been the Chairman of the Board and Chief Investment Officer of our company since its formation. Before joining PIA, Mr. McAdams held the positions of President of Security Pacific Investment Managers, Inc., Senior Vice President of Trust Company of the West, and an Investment Officer with the State of Tennessee. Mr. McAdams has served as a Board member of the California Public Employees Retirement System ("CALPERS"). Mr. McAdams is also the Chairman and CEO of Anworth Mortgage Asset Corp, a NYSE listed company that manages a portfolio of mortgage backed securities for its shareholders. He is a Chartered Financial Analyst Charter Holder, and a Certified Employee Benefit Specialist. B.S. in Statistics, Stanford University; M.B.A., University of Tennessee.

Joseph E. McAdams, CFA
Senior Vice President
Director of Bond Portfolio Management

Mr. McAdams is a Portfolio Manager and the Director of Fixed Income. Since joining the Bond Strategy Group in 1998, Joe's responsibilities have included mortgage and asset-backed security research and managing fixed income trading. Mr. McAdams’ investment experience began with Donaldson, Lufkin & Jenrette in New York as a mortgage-backed security analyst and trader. Mr. McAdams earned his Bachelor's degree magna cum laude from The Wharton School of the University of Pennsylvania with dual concentrations in Finance and Real Estate and additionally holds a Master's degree in Economics from the University of Chicago.

H. Mitchell Harper, CFA, CMT
Senior Vice President
Portfolio Administrator/Credit Research

Prior experience includes serving as a senior investment officer at Chase Asset Management, John Alden Life Insurance, and Bankers Life and Casualty. He was Manager of Cash and Banking Worldwide for G.D. Searle & Co. and was an officer in the Cash Management Consulting Group at Northern Trust Bank. Mr. Harper earned a B.A. in Business Administration from the University of Arizona and an M.B.A. in accounting, marketing and finance from Northwestern University.

Evangelos Karagiannis, Ph.D., CFA
Senior Vice President
Portfolio Manager

Mr. Karagiannis is a portfolio manager and member of the Bond Strategy Group. Prior to joining PIA he served as a Post Doctoral Fellow at the University of California at Los Angeles where he studied as a Fulbright Scholar. Evangelos earned a Bachelor of Science in Physics from the University of Athens, Greece; and M.S., Ph.D. from the University of California at Los Angeles.

Rory L. Hargaden, CFA
Vice President
Credit Research

Mr. Hargaden is a member of the Bond Strategy Group, responsible for Credit Research. Mr. Hargaden’s prior experience at PIA includes serving as a Portfolio Manager and managing fixed income trading. Prior to joining PIA in 1989, Mr. Hargaden served in the Audit and Tax Services divisions of Ernst & Whinney and KPMG Peat Marwick. He earned a Bachelor of Science degree in Business Administration and an M.B.A. from the University of Southern California.

Bistra Pashamova, CFA
Vice President
Portfolio Manager
Ms. Pashamova is a Portfolio Manager and member of the Bond Strategy Group, specializing in mortgage-backed and asset-backed securities. Ms. Pashamova began her career at PIA as an investment analyst. Ms. Pashamova studied Economics and International Studies at Denison University, earning her Bachelor's Degree cum laude. She earned a Master's Degree in Economics from the University of Southern California.

Timothy Tarpening, CIMA, AIF®
Executive Vice President
Senior Portfolio Strategist
Mr. Tarpening is a Portfolio Strategist and the Director of the Business Development Group. Since joining the firm in 1993, Tim has been instrumental in forming the PIA Business Development and Investment Strategy Group. Mr. Tarpening began his investment career in 1984 with Drexel Burnham Lambert in Beverly Hills. In 1987, he transitioned into sales as a registered representative with Drexel and later became a Vice President of Investments with PaineWebber prior to joining PIA. Mr. Tarpening received a Bachelor of Arts degree in Psychology at the University of California at Santa Barbara. In 1996, he earned his CIMA credential at The Wharton School of Business.

Daniel F. Meyer, CFA, CPA
Senior Vice President
Portfolio Manager
Mr. Meyer is a Fixed Income Portfolio Manager and member of the Fixed Income Strategy Group. Prior to joining PIA, Mr. Meyer served as Vice President of Credit/Underwriting at CSFC Retail Energy Finance, a wholly owned subsidiary of Credit Suisse First Boston. Additionally, he served as Finance Manager for Equity Marketing, Inc. and Senior Associate for Arthur Anderson LLP. He earned a Bachelor of Arts degree cum laude in Business Economics from the University of California at Santa Barbara.

Michael Y. Yean
Vice President
Credit Research Analyst
Mr. Yean is a member of the Bond Strategy Group, responsible for Credit Research. Mr. Yean worked in the consulting department of Merrill Lynch and the investment department of M.J. Segal & Company. B.A. in Economics, University of California at Los Angeles.

Hsin Tong
Portfolio Analyst
Ms. Hsin Tong has joined the PIA Bond Strategy Group as a Portfolio Analyst. Hsin is a recent Graduate of the University of Southern California (USC), where she earned a MS degree in Industrial and Systems Engineering. Hsin earned a BS degree in Mechanical and Electronics Engineering from Shantou University in China, where she was a four year member of the Dean's List.

Hazel Funcion
Trader/Analyst
Ms. Funcion is a fixed income analyst and trader, focusing on Separately Managed Accounts. Prior to joining PIA in 1994, Hazel served in the Investment Trust Offices at Sanwa Bank and Santa Barbara Bank and Trust. Hazel earned a Bachelor of Arts degree in Political Science from the University of California at Santa Barbara.