EX-99.77J REVALUATN 3 rev.htm REVALUATION rev.htm


EX-99.77J REVALUATION

Exhibit 77(j)(b) – NAV Errors

On February 19, 2010, for the PIA Moderate Duration Bond Fund, fund accounting incorrectly posted a credit default swap transaction as a purchase of buy protection instead of sale protection.  There was a loss of $19.61 to the Fund which was reimbursed by U.S. Bancorp Fund Services.

On May 18, 2010 for the PIA Moderate Duration Bond Fund, fund accounting used the prior day closing price for a credit default swap.  There was a loss of $79.87 to the Fund which was reimbursed by U.S. Bancorp Fund Services.



 
 
 
 
 

 

 
 
 
 
EX-99.77J REVALUATION
 
 
Exhibit 77(j)(b) – Restatement of Capital Accounts

For the year ended November 30, 2010, the PIA Funds made the following permanent tax adjustments on the statements of assets and liabilities:

   
Undistributed
    
Accumulated Net
  
   
Net Investment
    
Realized
  
   
Income
    
Gain/(Loss)
  
BBB Bond Fund
   $ 135,556     $ (135,556 )
MBS Bond Fund
     138,155       (138,155 )
Moderate Duration Bond Fund
     10,211       (10,211 )
Short-Term Securities Fund
     211,118       (211,118 )

The reclassifications have no effect on net assets or net asset value per share.