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PIA High Yield Fund (First Prospectus Summary) | PIA High Yield Fund
PIA High Yield Fund ("High Yield Fund" or "Fund")
Investment Objectives
The High Yield Fund's primary objective is to seek a high level of current
income.
The Fund's secondary objective is to seek capital growth when that is
consistent with its primary objective.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees
PIA High Yield Fund
Investor Class
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Redemption Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
PIA High Yield Fund
Investor Class
Management Fees 0.65%
Distribution and Service (Rule 12b-1) Fees none
Other Expenses 2.38%
Acquired Fund Fees and Expenses 0.03%
Total Annual Fund Operating Expenses [1] 3.06%
Less: Fee Waiver and Expense Reimbursement (2.05%)
Net Annual Fund Operating Expenses [2] 1.01%
[1] Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Fee Waivers and Expense Reimbursements" in the Financial Highlights of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE").
[2] Pacific Income Advisers, Inc. (the "Adviser") has contractually agreed to waive all or a portion of its management fees and pay Fund expenses to ensure that Net Annual Fund Operating Expenses (excluding AFFE, interest, taxes and extraordinary expenses) do not exceed 0.98% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least March 30, 2013, and may be terminated only by the Trust's Board of Trustees (the "Board" or the "Trustees"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap.
Example
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all
of your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same (taking into account the Expense Cap only in the first
year). Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
Expense Example (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Expense Example, With Redemption, 5 Years
Expense Example, With Redemption, 10 Years
PIA High Yield Fund Investor Class
103 752 1,426 3,230
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio
turnover rate was 33% of the average value of its portfolio.
Principal Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of its net assets
(plus any borrowings for investment purposes) in a diversified portfolio of
domestic and foreign high yield instruments, defined as bonds ("junk bonds"),
forward commitments, loan participations and assignments, and preferred
stocks. High yield instruments are securities rated below investment grade by
Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard
& Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated,
determined by the Adviser to be of comparable quality.

The remainder of the Fund's assets may be invested in investment grade
instruments including bonds, debt securities and other similar instruments
issued by various U.S. and non-U.S. public- or private-sector entities, and
loan participations and assignments.

The average portfolio duration of the Fund normally varies within two years
(plus or minus) of the duration of the Barclays Capital U.S. Corporate
High-Yield Index (the "Barclays Index") at any point in time. The Barclays
Index had a duration of 4.1 years as of January 31, 2012. Duration is a
measure of the expected life of a fixed income security that is used to
determine the sensitivity of a security's price to changes in interest rates.

The Fund may invest up to 5% of its net assets in securities denominated in
foreign currencies. The Fund may invest up to 10% of its net assets in
securities and instruments that are economically tied to emerging market
countries.

The Fund may invest up to 5% of its net assets in derivative instruments, such
as options, futures contracts or swap agreements. From time to time, the Fund
may experience significant inflows; if this occurs, the Fund may invest up to
30% of its net assets in derivative instruments until such time as the Adviser
can identify and invest in appropriate high yield instruments in accordance with
the Fund's principal strategy. A derivative is a financial contract whose value
is based on (or "derived from") a traditional security (such as a bond) or a
market index. The Fund may invest in derivatives for both bona fide hedging
purposes and for speculative purposes. The Fund may purchase or sell securities
on a when-issued, delayed delivery or forward commitment basis. The Fund may,
without limitation, seek to obtain market exposure to the securities in which it
primarily invests by entering into a series of purchase and sale contracts or by
using other investment techniques (such as buy backs or dollar rolls).

In selecting investments for the Fund, the Adviser will consider the risks and
opportunities presented by the industries within the high yield universe. The
Adviser evaluates the bond issuers within the selected industries and identifies
those investments which the Adviser believes have favorable risk reward
characteristics and match the Adviser's investing philosophy. The Adviser
evaluates various criteria such as historical and future expected financial
performance, management tenure and experience, capital structure, free
cash flow generation, barriers to entry, security protections, yield and relative
value, and ownership structure. Investments are targeted that have individual
yield premiums which appear to be favorable and are viewed by the Adviser as
having a comparable or lower probability of default and/or loss risk. The Adviser
may sell an investment as part of its overall investment decision to reposition
assets into a more attractive security or to implement a change in maturity and
quality to the overall portfolio.
Principal Risks of Investing in the Fund
Losing all or a portion of your investment is a risk of investing in the
Fund. The success of the Fund cannot be guaranteed. There are risks associated
with investments in the types of securities in which the Fund invests. These
risks include:

·   Risks Associated with High Yield Securities. High yield securities (or "junk
    bonds") entail greater risk of loss of principal because of their greater    
    exposure to credit risk.                                                     

·   Counterparty Risk. Fund transactions involving a counterparty are subject to
    the risk that the counterparty or a third party will not fulfill its         
    obligation to the Fund. Counterparty risk may arise because of the           
    counterparty's financial condition (i.e., financial difficulties, bankruptcy,
    or insolvency), market activities and developments, or other reasons, whether
    foreseen or not. A counterparty's inability to fulfill its obligation may    
    result in significant financial loss to the Fund.                            

·   Credit Risk. The issuers of the bonds and other instruments held by the Fund
    may not be able to make interest or principal payments.                      
  
·   Market Risk. The prices of the securities in which the Fund invests may      
    decline for a number of reasons including responses to economic and political
    developments.                                                                
  
·   Management Risk. The Fund is subject to management risk because it is an     
    actively managed portfolio. The Adviser's management practices and investment
    strategies might not work to produce the desired results.                    
  
·   Interest Rate Risk. In general, the value of bonds and other instruments     
    falls when interest rates rise. Longer term obligations are usually more     
    sensitive to interest rate changes than shorter term obligations.            

·   Liquidity Risk. Low or lack of trading volume may make it difficult to sell  
    securities or derivative instruments held by the Fund at quoted market       
    prices.                                                                      
  
·   Derivatives Risk. Derivatives involve the risk of improper valuation, the    
    risk of ambiguous documentation and the risk that changes in the value of the
    derivative may not correlate perfectly with the underlying security.         
  
·   Leverage Risk. Leverage risk is the risk that losses from a derivative       
    instrument may be greater than the amount invested in the derivative         
    instrument. Certain derivatives have the potential for unlimited losses,     
    regardless of the size of the initial investment.                            
  
·   Preferred Stock Risk. Preferred stocks may be more volatile than fixed income
    securities and are more correlated with the issuer's underlying common stock
    than fixed income securities. Additionally, the dividend on a preferred stock
    may be changed or omitted by the issuer.                                     
  
·   Foreign Securities and Emerging Markets Risk. The value of the Fund's foreign
    investments may be adversely affected by changes in the foreign country's    
    exchange rates, political and social instability, changes in economic or     
    taxation policies, decreased illiquidity and increased volatility. Foreign   
    companies may be subject to less regulation than U.S. companies. Investment  
    in emerging markets involves additional risks, including less social,        
    political and economic stability, smaller securities markets and lower       
    trading volume, restrictive national policies and less developed legal       
    structures.                                                                  

·   Currency Risk. The Fund is subject to the risk that foreign currencies will  
    decline in value relative to the U.S. dollar, or, in the case of hedging     
    positions, that the U.S. dollar will decline in value relative to the        
    currency being hedged.                                                       
  
·   Loan Participation and Assignment Risk. Loan participations and assignments  
    involve special types of risk, including credit risk, interest rate risk,    
    liquidity risk, and the risks of being a lender. Bank loans (i.e., loan      
    participations and assignments), like other high yield corporate debt        
    obligations, have a higher risk of default and may be less liquid and/or     
    become illiquid.                                                             

·   Newer Fund Risk. The Fund is newer with limited operating history and there  
    can be no assurance that the Fund will grow to or maintain an economically   
    viable size, in which case the Board may determine to liquidate the Fund.
Performance
The following performance information provides some indication of the risks of
investing in the High Yield Fund by showing the Fund's performance for one year
and by showing how the Fund's average annual total returns for the 1-year and
since inception periods compare with those of a broad measure of market
performance. The Fund's past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the future. Updated
performance information is available on the Fund's website at
www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.
Calendar Year Total Return as of December 31
Bar Chart
During the period shown on the bar chart, the High Yield Fund's highest total
return for a quarter was 5.48% (quarter ended December 31, 2011) and the lowest
total return for a quarter was -4.11% (quarter ended September 30, 2011).
Average Annual Total Returns (for the periods ended December 31, 2011)
Average Annual Total Returns PIA High Yield Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Investor Class
Return before taxes 4.49% 4.49% Dec. 31, 2010
Investor Class After Taxes on Distributions
Return after taxes on distributions 2.58% 2.58% Dec. 31, 2010
Investor Class After Taxes on Distributions and Sales
Return after taxes on distributions and sale of Fund shares 2.90% 2.90% Dec. 31, 2010
Barclays Capital U.S. Corporate High-Yield Index
Barclays Capital U.S. Corporate High-Yield Index (reflects no deduction for fees, expenses or taxes) 4.98% 4.98% Dec. 31, 2010
The after-tax returns were calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown, and after-tax returns are not relevant to investors
who hold shares of the High Yield Fund through tax-deferred arrangements, such
as 401(k) plans or individual retirement accounts ("IRAs").

The Return After Taxes on Distributions and Sale of Fund Shares is higher than
other return figures when a capital loss occurs upon the redemption of Fund
shares.