PIA High Yield (MACS) Fund (Prospectus Summary) | PIA High Yield (MACS) Fund

PIA High Yield (MACS) Fund ("High Yield (MACS) Fund" or "Fund")

Investment Objectives

The High Yield (MACS) 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 (USD $)	PIA High Yield (MACS) Fund Managed Account Completion Shares
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 (MACS) Fund Managed Account Completion Shares
Management Fees		none
Distribution and Service (Rule 12b-1) Fees		none
Other Expenses	[1]	1.03%
Acquired Fund Fees and Expenses	[2]	0.03%
Total Annual Fund Operating Expenses		1.06%
Less: Expense Reimbursement		(1.03%)
Net Annual Fund Operating Expenses	[3]	0.03%

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 voluntary expense limitation 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
PIA High Yield (MACS) Fund Managed Account Completion Shares	3	234

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.

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.                                                             
  
·   New Fund Risk. The Fund is new with no 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

When the Fund has been in operation for a full calendar year, performance
information will be shown here. Updated performance information will be
available on the Fund's website at www.piamutualfunds.com or by calling the Fund
toll-free at 1-800-251-1970.

[1] Other expenses are based on estimated Fund expenses for the current fiscal year.

[2] Acquired Fund Fees and Expenses ("AFFE") are based on estimated amounts for the current fiscal year.

[3] Pacific Income Advisers, Inc. (the "Adviser") will not charge a fee for its advisory services to the Fund. However, investors in the Fund are clients of the Adviser and pay the Adviser an advisory fee to manage their assets, which includes assets invested in the Fund. The Adviser has agreed to pay for all operating expenses (excluding AFFE) incurred by the Fund through at least March 30, 2013. This waiver arrangement may be discontinued by the Adviser at any time after March 30, 2013, as long as the Adviser provides Fund shareholders with written notice six months in advance of the discontinuance. The table shows the net expenses of the Fund as 0.03% (without AFFE net expenses would be 0.00%) reflecting the fact that the Fund is used to implement certain fixed-income strategies that are offered to Eligible Investors (as such are defined in the statutory Prospectus). Investors should carefully consider the separate fees charged in connection with investment in the Fund.