APA charges an annual fee based on net assets under management. The APA High Quality Intermediate Tax-Exempt, APA Taxable Municipal, and APA Positive Impact Tax-Exempt Strategies charge 0.35%. The APA Enhanced Short-Term Tax-Exempt Strategy charges 0.20%. The APA Enhanced Intermediate Tax-Exempt Strategy charges 0.40%. Fees are paid quarterly in advance. In limited instances, APA charges a fixed fee for its advisory services, which are negotiated. APA's fees are negotiable. For separate accounts, APA generally requires a minimum of $500,000, which may be waived.