0000894189-13-002092.txt : 20130412 0000894189-13-002092.hdr.sgml : 20130412 20130412121330 ACCESSION NUMBER: 0000894189-13-002092 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130412 DATE AS OF CHANGE: 20130412 EFFECTIVENESS DATE: 20130412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-17391 FILM NUMBER: 13758094 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 13758095 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000005064 PIA BBB Bond Fund C000013849 Managed Account Completion Shares PBBBX 0001027596 S000005065 PIA Short-Term Securities Fund C000013850 Advisor Class PIASX 0001027596 S000005066 PIA Moderate Duration Bond Fund C000013851 Advisor Class PIATX 0001027596 S000005067 PIA MBS Bond Fund C000013852 Managed Account Completion Shares PMTGX 0001027596 S000029824 PIA High Yield Fund C000091707 Class A C000091708 Investor Class PHYSX 0001027596 S000029825 PIA High Yield (MACS) Fund C000091709 Managed Account Completion Shares 485BPOS 1 ast-pia_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL ast-pia_485bxbrl.htm

 
Filed with the Securities and Exchange Commission on April 12, 2013
 
1933 Act Registration File No. 333-17391
1940 Act File No. 811-07959
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.  ____         
¨
Post-Effective Amendment No. 499
x
                and
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No. 501
x

 
(Check appropriate box or boxes.)
 
 
ADVISORS SERIES TRUST
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, Wisconsin  53202
(Address of Principal Executive Offices) (Zip Code)
 
(Registrant’s Telephone Numbers, Including Area Code) (414) 765-6609
 
Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 
Copies to:
 
Domenick Pugliese, Esq.
Paul Hastings LLP
75 East 55th Street
New York, New York 10022
 
 
It is proposed that this filing will become effective
 
ý
immediately upon filing pursuant to paragraph (b)
o
on __________ pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on _________ pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on _________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[  ]
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 499 to the Advisors Series Trust’s (the “Trust”) Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 496 on Form N-1A filed March 27, 2013.  This PEA No. 499 is filed for the sole purpose of submitting the XBRL exhibit for the risk return summary first provided in PEA No. 496 to the Trust’s Registration Statement for its series: the PIA BBB Bond Fund, PIA MBS Bond Fund, PIA High Yield Fund, PIA High Yield (MACS) Fund, PIA Short-Term Securities Fund and PIA Moderate Duration Bond Fund.
 
 
 
 
 

 
 
SIGNATURES


Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 499 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 499 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 12th day of April, 2013.

Advisors Series Trust

By: /s/ Douglas G. Hess                                              
     Douglas G. Hess
     President

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 499 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
Donald E. O’Connor*                                     
Trustee
April 12, 2013
Donald E. O’Connor
   
     
George J. Rebhan*                                     
Trustee
April 12, 2013
George J. Rebhan
   
     
George T. Wofford*                                     
Trustee
April 12, 2013
George T. Wofford
   
     
Joe D. Redwine*                                      
Trustee, Chairman and
April 12, 2013
Joe D. Redwine
Chief Executive Officer
 
     
/s/ Cheryl L. King
Treasurer and
April 12, 2013
Cheryl L. King
Principal Financial Officer
 
     
/s/ Douglas G. Hess
President and
April 12, 2013
Douglas G. Hess
Principal Executive Officer
 
     
*By: /s/ Douglas G. Hess
 
April 12, 2013
   Douglas G. Hess
   Attorney-In Fact pursuant to
   Power of Attorney
   
 

 
 
C-1

 
 
EXHIBIT LIST

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE
 
 
C-2

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(the "Adviser") will not charge a fee for its advisory services to the BBB Bond Fund. However, investors in the Fund are clients of the Adviser and pay the Adviser an advisory fee to manage their assets, which include assets invested in the Fund. The Adviser has voluntarily agreed to pay for all operating expenses (excluding acquired fund fees and expenses (-"AFFE") incurred by the Fund through at least March 29, 2014 (the "voluntary expense limitation"). This waiver arrangement may be discontinued at any time after March 29, 2014, as long as the Adviser provides Fund shareholders with written notice six months in advance of the discontinuance. The Adviser may not recoup amounts subject to the voluntary expense limitation in future periods. The table shows the net expenses of the Fund as 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. The Adviser will not charge a fee for its advisory services to the MBS Bond Fund. However, investors in the Fund are clients of the Adviser and pay the Adviser an advisory fee to manage their assets, which include assets invested in the Fund. The Adviser has voluntarily agreed to pay for all operating expenses (excluding acquired fund fees and expenses - "AFFE") incurred by the Fund through at least March 29, 2014 (the "voluntary expense limitation"). This waiver arrangement may be discontinued at any time after March 29, 2014, as long as the Adviser provides Fund shareholders with written notice six months in advance of the discontinuance. The Adviser may not recoup amounts subject to the voluntary expense limitation in future periods. The table shows the net expenses of the Fund as 0.01% (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. Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Expense Reimbursement" in the Financial Highlights of the statutory prospectus, which reflects the operating expenses of the Fund and does not include AFFE. Pacific Income Advisers, Inc. (the "Adviser") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Short-Term Fund to the extent necessary to limit Net Annual Fund Operating Expenses for the Fund (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) to 0.35% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least March 29, 2014, 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. Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Fee Waivers and Reimbursements" in the Financial Highlights of the statutory prospectus, which reflects the operating expenses of the Fund and does not include AFFE. The Adviser has contractually agreed to waive all or a portion of its management fees and pay expenses of the Moderate Duration Fund to the extent necessary to limit Net Annual Fund Operating Expenses for the Fund (excluding AFFE, interest, taxes and extraordinary expenses) to 0.50% of the Fund's average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least March 29, 2014, and may be terminated only by the Trust's Board. 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. 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"). 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 for Investor Class shares (the "Expense Cap"). The Expense Cap will remain in effect through at least March 29, 2014, 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. Other expenses for Class A shares are based on estimated amounts for the current fiscal year. 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 acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.23% of the Fund's average daily net assets for Class A shares (the "Expense Cap"). The Expense Cap will remain in effect through at least March 29, 2014, 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. Both classes of the Fund's shares are invested in the same portfolio of securities. Annual returns will differ only to the extent the expenses of the classes differ. Other expenses are based on estimated Fund expenses for the current fiscal year. Acquired Fund Fees and Expenses ("AFFE") are based on estimated amounts for the current fiscal year. 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 29, 2014. This waiver arrangement may be discontinued by the Adviser at any time after March 29, 2014, 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 0.01% (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. ADVISORS SERIES TRUST 485BPOS false 0001027596 2012-11-30 2013-03-27 2013-03-30 2013-03-30 PIA BBB Bond Fund PBBBX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the BBB Bond Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk.</font> The prices of the securities in which the BBB Bond Fund invests may decline for a number of reasons, including in response to economic developments and perceptions about the creditworthiness of individual issuers.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk.</font> The BBB Bond Fund is subject to management risk because it is an actively managed portfolio.&#160;&#160;The Adviser&#8217;s management practices and investment strategies might not work to produce the desired results.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.</font> In general, the value of bonds and other debt securities falls when interest rates rise.&#160;&#160;Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.</font> The issuers of the bonds and other debt securities held by the BBB Bond Fund may not be able to make interest or principal payments.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment Risk.</font> Issuers of securities held by the BBB Bond Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates.&#160;&#160;Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk.</font> Low or lack of trading volume may make it difficult to sell securities held by the BBB Bond Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> The BBB Bond Fund may invest in derivative securities for both bona fide hedging purposes and for speculative purposes.&#160;&#160;A derivative security is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk.</font>&#160;&#160;A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.&#160;&#160;A high portfolio turnover rate also leads to higher transactions costs.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-family: Symbol, serif;">&#183;</font></font> </div> </td> <td width="1084"> <div align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Leverage Risk.</font>&#160;&#160;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.</font> </div> <div align="left"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Inflation and Deflation.</font> Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time.&#160;&#160;Deflation risk is the risk that prices throughout the economy decline over time &#8212; the opposite of inflation.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with High Yield Securities</font>.&#160;&#160;The BBB Bond Fund may hold high yield securities as a result of credit rating downgrades.&#160;&#160;Securities with ratings lower than BBB or Baa are known as &#8220;high yield&#8221; securities (commonly known as &#8220;junk bonds&#8221;).&#160;&#160;High yield securities provide greater income and a greater opportunity for gains than higher-rated securities but entail greater risk of loss of principal.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign and Emerging Market Securities Risk</font>.&#160;&#160;The BBB Bond Fund may invest up to 50% of its total assets in securities of foreign issuers denominated in U.S. dollars, including issuers located in emerging markets.&#160;&#160;Foreign economies may differ from domestic companies in the same industry.&#160;&#160;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.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the BBB Bond Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the BBB Bond Fund.</font> </div> 0.0000 0.0000 0.0013 0.0013 -0.0013 0.0000 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005064_47Member column dei_LegalEntityAxis compact ck0001027596_S000005064Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005064_47Member column dei_LegalEntityAxis compact ck0001027596_S000005064Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) None Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the BBB Bond Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the voluntary expense limitation only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </div> 0 29 60 153 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005064_47Member column dei_LegalEntityAxis compact ck0001027596_S000005064Member row primary compact * ~ Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The BBB Bond Fund&#8217;s investment objective is to seek to provide a total rate of return that approximates that of bonds rated within the BBB category by Standard &amp; Poor&#8217;s Rating Group (&#8220;Standard &amp; Poor&#8217;s&#8221;), the Baa category by Moody&#8217;s Investors Services (&#8220;Moody&#8217;s&#8221;) or the BBB category by Fitch, Inc. (&#8220;Fitch&#8221;).</font> </div> Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the BBB Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated BBB by Standard &amp; Poor&#8217;s, Baa by Moody&#8217;s or BBB by Fitch.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The BBB Bond Fund may invest up to 50% of its total assets in securities of foreign issuers denominated in U.S. dollars, including issuers located in emerging markets.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The weighted average duration of the BBB Bond Fund will generally range from five to eight years.&#160;&#160;Duration is a measure of a debt security&#8217;s price sensitivity.&#160;&#160;</font>Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration reduce the risk associated with interest rates.&#160;&#160;<font style="DISPLAY: inline">Duration takes into account a debt security&#8217;s cash flows over time, including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date.&#160;&#160;In contrast, maturity measures only the time until final payment is due.</font></font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the BBB Bond Fund, the Adviser will primarily consider credit quality, duration and yield.&#160;&#160;The Fund&#8217;s annual portfolio turnover rate may exceed 100%.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In its effort to provide a total rate of return that approximates that of bonds rated within the BBB category by Standard &amp; Poor&#8217;s, Baa by Moody&#8217;s or BBB by Fitch, the BBB Bond Fund may invest up to 20% of its net assets in futures, options and other derivatives.&#160;&#160;The Fund may sometimes use derivatives as a substitute for taking a position in bonds rated BBB or Baa and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser will sell a security as part of its overall investment decision to remove an overvalued security or reposition the BBB Bond Fund&#8217;s assets into a more attractive security.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The BBB Bond Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline">75</font>% of the average value of its portfolio.</font> </div> 0.75 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the BBB Bond Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the 1 year, 5 year and since inception periods compare with those of broad measures of market performance.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.</font> </div> Calendar Year Total Returns as of December 31 0.0541 0.0113 0.0425 0.0489 -0.0786 0.2412 0.1005 0.0917 0.1063 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005064_47Member column dei_LegalEntityAxis compact ck0001027596_S000005064Member row primary compact * ~ highest total return 0.1105 2009-06-30 lowest total return -0.0525 2008-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the BBB Bond Fund&#8217;s highest total return for a quarter was 11.05% (quarter ended June 30, 2009) and the lowest total return for a quarter was -5.25% (quarter ended September 30,&#160;2008).</font> </div> 0.1063 0.0874 0.0638 Return Before Taxes 0.0844 0.0641 0.0432 Return After Taxes on Distributions 0.0745 0.0623 0.0429 Return After Taxes on Distributions and Sale of Fund Shares 0.1132 0.0927 0.0704 Barclays Capital U.S. Credit Baa Bond Index (reflects no deduction for fees, expenses or taxes) 0.1110 0.0922 0.0679 Barclays Capital U.S. Baa Corporate Index (reflects no deduction for fees, expenses or taxes) 2003-09-25 2003-09-30 2003-09-25 ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005064_47Member column dei_LegalEntityAxis compact ck0001027596_S000005064Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Performance shown for the &#8220;since inception&#8221; period for the Barclays Capital U.S. Baa Corporate Index is for the period September 30, 2003, through December 31, 2012.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund was invested primarily in U.S. Treasury securities on the inception date in September 2003 until mid January 2004 when the Adviser&#8217;s clients commenced investing in the Fund and the Fund began pursuing fully its investment strategy.&#160;&#160;Therefore, performance prior to this time is not fully reflective of the Fund&#8217;s investment strategy.</font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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 Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The following performance information provides some indication of the risks of investing in the BBB Bond Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1 year, 5 year and since inception periods compare with those of broad measures of market performance. (reflects no deduction for fees, expenses or taxes) 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA MBS Bond Fund PMTGX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the MBS Bond Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.</font> In general, the value of bonds and other debt securities falls when interest rates rise.&#160;&#160;Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.</font> The issuers of the bonds and other debt securities held by the MBS Bond Fund may not be able to make interest or principal payments.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-14" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment Risk.</font> Issuers of securities held by the MBS Bond Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates.&#160;&#160;Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Real Estate and Regulatory Actions</font>.&#160;&#160;The securities that the MBS Bond Fund owns are dependent on real estate prices.&#160;&#160;Although some of the securities in the Fund are expected to either have a U.S. Government sponsored entity guarantee or be AAA rated by Moody&#8217;s, Standard &amp; Poor&#8217;s and/or Fitch, if real estate experiences a significant price decline, this could adversely affect the prices of the securities the Fund owns.&#160;&#160;Any adverse regulatory action could impact the prices of the securities the Fund owns.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-17" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk.</font> Low or lack of trading volume may make it difficult to sell securities held by the MBS Bond Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-18" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> The MBS Bond Fund may invest in derivative securities for both bona fide hedging purposes and for speculative purposes.&#160;&#160;A derivative security is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">TBA Securities Risk</font><font style="DISPLAY: inline">.&#160;&#160;</font>The MBS Bond Fund may invest in TBA securities. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. The principal risks of TBA transactions are increased credit risk and increased overall investment exposure.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CMO Risk.&#160;&#160;</font>A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security. Similar to a bond, interest and prepaid principal on CMOs is paid, in most cases, semiannually.&#160;&#160;CMOs may be collateralized by whole mortgage loans, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC or FNMA, and their income streams.&#160;&#160;CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater price fluctuation and credit risk.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-21" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dollar Roll Risk.&#160;&#160;</font>Dollar rolls involve the risk that the MBS Bond Fund&#8217;s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time.&#160;&#160;If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund&#8217;s repurchase obligation.&#160;&#160;In addition, the Fund earns interest by investing the transaction proceeds during the roll period.&#160;&#160;Dollar roll transactions may have the effect of creating leverage in the Fund&#8217;s portfolio.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-22" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk.</font>&#160;&#160;A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.&#160;&#160;A high portfolio turnover rate also leads to higher transactions costs.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 26px"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-family: Symbol, serif;">&#183;</font></font> </div> </td> <td width="1084"> <div align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Leverage Risk.</font>&#160;&#160;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.</font> </div> <div align="left"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-23" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Inflation and Deflation.</font> Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time.&#160;&#160;Deflation risk is the risk that prices throughout the economy decline over time &#8212; the opposite of inflation.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-24" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Government-Sponsored Entities Risk.</font>&#160;&#160;The MBS Bond Fund invests in securities issued or guaranteed by government-sponsored entities, including GNMA, FNMA and FHLMC.&#160;&#160;However, these securities may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 26px"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">&#183;</font></font> </div> </td> <td width="1084"> <div align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Mortgage-Backed Securities.&#160;&#160;</font>These risks include Market Risk, Interest Rate Risk, Credit Risk and Prepayment Risk, as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, which may cause their prices to be very volatile.&#160;&#160;In particular, events related to the U.S. housing market in recent years have had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in these securities.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the MBS Bond Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the MBS Bond Fund.</font> </div> 0.0000 0.0000 0.0017 0.0001 0.0018 -0.0017 0.0001 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20008 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005067_110Member column dei_LegalEntityAxis compact ck0001027596_S000005067Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20009 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005067_110Member column dei_LegalEntityAxis compact ck0001027596_S000005067Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Expense Reimbursement" in the Financial Highlights of the statutory prospectus, which reflects the operating expenses of the Fund and does not include AFFE. SHAREHOLDER FEES (fees paid directly from your investment) None Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the MBS Bond Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the voluntary expense limitation only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </div> 1 41 84 213 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005067_110Member column dei_LegalEntityAxis compact ck0001027596_S000005067Member row primary compact * ~ Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the MBS Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds that meet the criteria for inclusion in the MBS Index.&#160;&#160;In pursuing its objective, the Adviser attempts to provide a return that exceeds the total rate of return of the MBS Index, although there is no guarantee that the Adviser will be able to do so.&#160;&#160;The MBS Index represents the universe of mortgage-backed securities issued by the Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) with a minimum issue size of $150 million.&#160;&#160;The Adviser will primarily consider credit quality, effective duration and yield in selecting investments for the MBS Bond Fund&#8217;s portfolio.&#160;&#160;The weighted average duration of the MBS Bond Fund will generally be in a range of plus or minus one year of the effective duration of the MBS Index.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The MBS Bond Fund may invest up to 20% of its net assets in futures, options and other derivatives.&#160;&#160;The MBS Bond Fund may sometimes use derivatives as a substitute for taking positions in bonds and/or as part of a strategy designed to reduce exposure to other risks.&#160;&#160;The MBS Bond Fund may also utilize the &#8220;To Be Announced&#8221; (&#8220;TBA&#8221;) market for MBS for up to 100% of its net assets.&#160;&#160;The TBA market allows investors to gain exposure to MBS securities with certain broad characteristics (maturity, coupon, age) without taking delivery of the actual securities until the settlement day which is once every month.&#160;&#160;In addition, the MBS Bond Fund may utilize the dollar roll market, in which one sells, in the TBA market, the security for current month settlement, while simultaneously committing to buy the same TBA security for next month settlement.&#160;&#160;The MBS Bond Fund may utilize the dollar roll market for extended periods of time without taking delivery of the physical securities.&#160;&#160;The MBS Bond Fund may also invest up to 20% of its net assets in collateralized mortgage obligations (&#8220;CMOs&#8221;), asset-backed securities, commercial mortgage-backed securities and other mortgage-related securities that are not part of the MBS Index.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The MBS Bond Fund&#8217;s annual portfolio turnover rate will generally exceed 100%.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser will sell a security as part of its overall investment decision to:&#160;&#160;remove an overvalued security or reposition the Fund&#8217;s assets into a more attractive security.</font> </div> Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The MBS Bond Fund&#8217;s investment objective is to seek to provide a total rate of return that approximates that of mortgage-backed securities (&#8220;MBS&#8221;) included in the Barclays Capital U.S. MBS Fixed Rate Index (the &#8220;MBS Index&#8221;).</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The MBS Bond Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline">278</font>% of the average value of its portfolio.</font> </div> 2.78 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the MBS Bond Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the 1 year, 5 year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the&#160;Fund&#160;toll-free&#160;at&#160;1-800-251-1970.</font> </div> Calendar Year Total Returns as of December 31 0.0690 0.0810 0.0608 0.0511 0.0548 0.0283 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005067_110Member column dei_LegalEntityAxis compact ck0001027596_S000005067Member row primary compact * ~ highest total return 0.0422 2008-12-31 lowest total return -0.0076 2008-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the MBS Bond Fund&#8217;s highest total return for a quarter was 4.22% (quarter ended December 31, 2008) and the lowest total return for a quarter was -0.76% (quarter ended June 30, 2008).</font> </div> 0.0283 0.0551 0.0570 Return Before Taxes 0.0169 0.0348 0.0374 Return After Taxes on Distributions 0.0183 0.0355 0.0375 Return after Taxes on Distributions and Sale of Fund Shares 0.0260 0.0572 0.0585 Barclays Capital U.S. MBS Fixed Rate Index (reflects no deduction for fees, expenses or taxes) 2006-02-28 2006-02-28 ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005067_110Member column dei_LegalEntityAxis compact ck0001027596_S000005067Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the MBS Bond Fund through tax-deferred arrangements, such as 401(k) plans or IRAs.&#160;&#160;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.</font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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 MBS Bond Fund through tax-deferred arrangements, such as 401(k) plans or IRAs. The following performance information provides some indication of the risks of investing in the MBS Bond Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1 year, 5 year and since inception periods compare with those of a broad measure of market performance. (reflects no deduction for fees, expenses or taxes) 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. 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA Short-Term Securities Fund PIASX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Short-Term Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-96" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk.&#160;&#160;</font>The prices of the securities in which the Short-Term Fund invests may decline for a number of reasons including in response to economic developments and perceptions about the creditworthiness of individual issuers.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-97" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk.</font> The Short-Term Fund is subject to management risk because it is an actively managed portfolio.&#160;&#160;The Adviser&#8217;s management practices and investment strategies might not work to produce the desired results.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-98" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.&#160;&#160;</font>In general, the value of bonds and other debt securities falls when interest rates rise.&#160;&#160;Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-99" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.&#160;&#160;</font>The issuers of the bonds and other debt securities held by the Short-Term Fund may not be able to make interest or principal payments.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-100" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment Risk.&#160;&#160;</font>Issuers of securities held by the Short-Term Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates.&#160;&#160;Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-101" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk.</font> A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.&#160;&#160;A high portfolio turnover rate also leads to higher transactions costs.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-102" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Mortgage-Backed Securities.&#160;&#160;</font>These include Market Risk, Interest Rate Risk, Credit Risk and Prepayment Risk as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, making their prices very volatile.&#160;&#160;In particular, events related to the U.S. housing market in recent years have had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in the securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-104" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk.</font>&#160;&#160;Low or lack of trading volume may make it difficult to sell securities held by the Short-Term Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-105" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> The Short-Term Fund may invest in derivative securities for both bona fide hedging purposes and for speculative purposes.&#160;&#160;A derivative security is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-106" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Leverage Risk.</font>&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-107" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Adjustable Rate and Floating Rate Securities Risks.</font> Although adjustable and floating rate debt securities tend to be less volatile than fixed-rate debt securities, they nevertheless fluctuate in value.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-108" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Inflation and Deflation</font>.&#160;&#160;Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time.&#160;&#160;Deflation risk is the risk that prices throughout the economy decline over time &#8211; the opposite of inflation.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the Short-Term Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Short-Term Fund.</font> </div> 0.0000 0.0020 0.0000 0.0018 0.0038 -0.0003 0.0035 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20015 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005065_963Member column dei_LegalEntityAxis compact ck0001027596_S000005065Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20016 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005065_963Member column dei_LegalEntityAxis compact ck0001027596_S000005065Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) None Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">This Example is intended to help you compare the cost of investing in the Short-Term Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline">(taking into account the Expense Cap only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></font> </div> 36 119 210 477 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20017 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005065_963Member column dei_LegalEntityAxis compact ck0001027596_S000005065Member row primary compact * ~ Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Short-Term Fund is a diversified investment company that normally invests at least 80% of its net assets in short-term securities having a duration of less than three years.&#160;&#160;Under normal market conditions, the Fund purchases securities rated BBB or better by a nationally recognized rating agency.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Short-Term Fund primarily invests in securities issued or guaranteed by the U.S. Government and its agencies, investment grade mortgage-backed securities and investment grade debt securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Short-Term Fund may invest up to 20% of its net assets in debt futures contracts, option contracts, options on securities and options on debt futures.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Duration is a measure of a debt security&#8217;s price sensitivity.&#160;&#160;</font>Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration have lower risk associated with interest rates. <font style="DISPLAY: inline">Duration takes into account a debt security&#8217;s cash flows over time including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date.&#160;&#160;In contrast, maturity measures only the time until final payment is due.&#160;&#160;The weighted average duration of the Short-Term Fund portfolio will generally range as follows:</font></font> </div> <br/><table cellpadding="2" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Short End</font></font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Long End</font></font> </div> </td> </tr> <tr> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6 months</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3 years</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the Short-Term Fund, the Adviser primarily will consider credit quality, duration and yield.&#160;&#160;The Short-Term Fund&#8217;s annual portfolio turnover rate may exceed 100%.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser may sell a security 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.</font> </div> Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Short-Term Fund&#8217;s investment objective is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Short-Term Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 53% of the average value of its portfolio.</font> </div> 0.53 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Short-Term Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.</font> </div> Calendar Year Total Returns as of December 31 0.0148 0.0132 0.0234 0.0445 0.0543 0.0417 0.0162 0.0108 0.0055 0.0040 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005065_963Member column dei_LegalEntityAxis compact ck0001027596_S000005065Member row primary compact * ~ highest total return 0.0189 2008-03-31 lowest total return -0.0028 2004-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Short-Term Fund&#8217;s highest total return for a quarter was 1.89% (quarter ended March 31, 2008) and the lowest total return for a quarter was -0.28% (quarter ended June 30,&#160;2004).</font> </div> 0.0040 0.0155 0.0227 Return before taxes 0.0026 0.0107 0.0141 Return after taxes on distributions 0.0026 0.0104 0.0143 Return after taxes on distributions and sale of Fund shares 0.0024 0.0142 0.0219 BofA Merrill Lynch 1-Year U.S. Treasury Note Index (reflects no deduction for fees, expenses or taxes) 0.0058 0.0160 0.0238 Barclays Capital U.S. Government/Corporate 1-Year Duration Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005065_963Member column dei_LegalEntityAxis compact ck0001027596_S000005065Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Short-Term Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#160;&#160;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.</font></font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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 Short-Term Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). The following performance information provides some indication of the risks of investing in the Short-Term Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. (reflects no deduction for fees, expenses or taxes) 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. 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA Moderate Duration Bond Fund PIATX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Moderate Duration Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-111" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk.&#160;&#160;</font>The prices of the securities in which the Moderate Duration Fund invests may decline for a number of reasons including in response to economic developments and perceptions about the creditworthiness of individual issuers.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-112" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Risk.</font> The Moderate Duration Fund is subject to management risk because it is an actively managed portfolio.&#160;&#160;The Adviser&#8217;s management practices and investment strategies might not work to produce the desired results.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-113" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.&#160;&#160;</font>In general, the value of bonds and other debt securities falls when interest rates rise.&#160;&#160;Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-114" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.&#160;&#160;</font>The issuers of the bonds and other debt securities held by the Moderate Duration Fund may not be able to make interest or principal payments.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-115" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment Risk.&#160;&#160;</font>Issuers of securities held by the Moderate Duration Fund may be able to prepay principal due on these securities, particularly during periods of declining interest rates.&#160;&#160;Securities subject to prepayment risk generally offer less potential for gains when interest rates decline, and may offer a greater potential for loss when interest rates rise. Prepayment risk is a major risk of mortgage-backed securities.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-116" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Bond Risk.</font>&#160;&#160;Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to debt security risks and equity risk.&#160;&#160;Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond.&#160;&#160;The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-117" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ETF and Mutual Fund Risk.</font> When the Moderate Duration Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF&#8217;s or mutual fund&#8217;s operating expenses, including the potential duplication of management fees.&#160;&#160;The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds.&#160;&#160;The Fund also will incur brokerage costs when it purchases ETFs.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-118" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Mortgage-Backed Securities.&#160;&#160;</font>These include Market Risk, Interest Rate Risk, Credit Risk and Prepayment Risk as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest rates and other factors difficult to predict, making their prices very volatile.&#160;&#160;In particular, events related to the U.S. housing market in recent years have had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in the securities.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-119" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk.</font>&#160;&#160;Low or lack of trading volume may make it difficult to sell securities held by the Moderate Duration Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-120" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk.</font> A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.&#160;&#160;A high portfolio turnover rate also leads to higher transactions costs.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-121" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> The Moderate Duration Fund may invest in derivative securities for both bona fide hedging purposes and for speculative purposes.&#160;&#160;A derivative security is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-122" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Leverage Risk.</font>&#160;&#160;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.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-123" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">To Be Announced (&#8220;TBA&#8221;) Securities Risk.&#160;&#160;</font>The Moderate Duration Fund may invest in TBA securities. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. The principal risks of TBA transactions are increased credit risk and increased overall investment exposure.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-124" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dollar Roll Risk.&#160;&#160;</font>Dollar rolls involve the risk that the Moderate Duration Fund&#8217;s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time.&#160;&#160;If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund&#8217;s repurchase obligation.&#160;&#160;In addition, the Fund earns interest by investing the transaction proceeds during the roll period.&#160;&#160;Dollar roll transactions may have the effect of creating leverage in the Fund&#8217;s portfolio.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-125" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Adjustable Rate and Floating Rate Securities Risks.</font> Although adjustable and floating rate debt securities tend to be less volatile than fixed-rate debt securities, they nevertheless fluctuate in value.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-127" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Inflation and Deflation</font>.&#160;&#160;Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time.&#160;&#160;Deflation risk is the risk that prices throughout the economy decline over time &#8211; the opposite of inflation.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-128" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with High Yield Securities.</font> The Moderate Duration Fund may invest in high yield securities. Securities with ratings lower than BBB or Baa are known as &#8220;high yield&#8221; securities (commonly known as &#8220;junk bonds&#8221;).&#160;&#160;High yield securities provide greater income and opportunity for gains than higher-rated securities but entail greater risk of loss of principal.</font> </div> </td> </tr> </table> Losing all or a portion of your investment is a risk of investing in the Moderate Duration Fund. Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Moderate Duration Fund.</font> </div> 0.0000 0.0030 0.0010 0.0039 0.0001 0.0080 -0.0029 0.0051 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20022 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005066_1025Member column dei_LegalEntityAxis compact ck0001027596_S000005066Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20023 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005066_1025Member column dei_LegalEntityAxis compact ck0001027596_S000005066Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Total Annual Fund Operating Expenses do not correlate to the "Ratio of Expenses to Average Net Assets Before Fee Waivers and Reimbursements" in the Financial Highlights of the statutory prospectus, which reflects the operating expenses of the Fund and does not include AFFE. SHAREHOLDER FEES (fees paid directly from your investment) None Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Moderate Duration Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </div> 52 226 416 963 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20024 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005066_1025Member column dei_LegalEntityAxis compact ck0001027596_S000005066Member row primary compact * ~ Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Moderate Duration Fund is a diversified investment company that will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds.&#160;&#160;Under normal market conditions, the Fund may purchase securities rated less than A, including up to 15% of its net assets in securities rated less than investment grade <font style="FONT-STYLE: italic; DISPLAY: inline">(i.e.</font>, BB, Ba, B or Caa) by a nationally recognized rating agency.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Moderate Duration Fund primarily invests in securities issued or guaranteed by the U.S. Government and its agencies, investment grade mortgage-backed securities and investment grade debt securities, including convertible bonds.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Moderate Duration Fund may invest up to 30% of its net assets in debt futures contracts, stock index futures contracts, option contracts, options on securities, options on stock indexes, options on debt futures, credit swaps, interest rate swaps and other derivative securities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Moderate Duration Fund may invest up to 20% of its net assets in other investment companies (mutual funds and exchange-traded funds (&#8220;ETFs&#8221;)), including the PIA BBB Bond Fund and the PIA High Yield Fund.&#160;&#160;Investments in other investment companies that invest predominantly in bonds are considered bonds for the 80% test and investments in other investment companies that invest predominantly in securities rated less than investment grade are considered securities rated less than investment grade for the 15% test.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Duration is a measure of a debt security&#8217;s price sensitivity.&#160;&#160;</font>Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration have lower risk associated with interest rates. <font style="DISPLAY: inline">Duration takes into account a debt security&#8217;s cash flows over time including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date.&#160;&#160;In contrast, maturity measures only the time until final payment is due.&#160;&#160;The weighted average duration of the Moderate Duration Fund&#8217;s portfolio will generally range as follows:</font></font> </div> <br/><table cellpadding="2" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Short End</font></font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Long End</font></font> </div> </td> </tr> <tr> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2 years</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7 years</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the Moderate Duration Fund, the Adviser primarily will consider credit quality, duration and yield.&#160;&#160;The Adviser actively trades the Fund&#8217;s portfolio. The Fund&#8217;s annual portfolio turnover rate generally will exceed 100%.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser may sell a security 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.</font> </div> Investment Objective <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Moderate Duration Fund&#8217;s investment objective is to seek to maximize total return through investing in bonds, while minimizing risk as compared to the market. Total return may include income and appreciation of bond prices resulting from changes in interest rates and/or bond spreads.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Moderate Duration Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline">134</font>% of the average value of its portfolio.</font> </div> 1.34 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the Moderate Duration Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.</font> </div> Calendar Year Total Returns as of December 31 0.0473 0.0298 0.0225 0.0522 0.0682 0.0801 0.0425 0.0477 0.0548 0.0375 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005066_1025Member column dei_LegalEntityAxis compact ck0001027596_S000005066Member row primary compact * ~ highest total return 0.0616 2008-12-31 lowest total return -0.0209 2004-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Moderate Duration Fund&#8217;s highest total return for a quarter was 6.16% (quarter ended December&#160;31,&#160;2008) and the lowest total return for a quarter was &#8211;2.09% (quarter ended June&#160;30,&#160;2004).</font> </div> 0.0375 0.0524 0.0481 Return before taxes 0.0279 0.0418 0.0345 Return after taxes on distributions 0.0245 0.0389 0.0334 Return after taxes on distributions and sale of Fund shares 0.0421 0.0595 0.0518 Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000005066_1025Member column dei_LegalEntityAxis compact ck0001027596_S000005066Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Moderate Duration Fund through tax-deferred arrangements, such as 401(k) plans or IRAs.</font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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 Moderate Duration Fund through tax-deferred arrangements, such as 401(k) plans or IRAs. The following performance information provides some indication of the risks of investing in the Moderate Duration Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. (reflects no deduction for fees, expenses or taxes) 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA High Yield Fund PHYSX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-186" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; 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WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.&#160;&#160;</font>The issuers of the bonds and other instruments held by the Fund may not be able to make interest or principal payments.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-189" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; 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FONT-WEIGHT: bold">Liquidity Risk.</font>&#160;&#160;Low or lack of trading volume may make it difficult to sell securities or derivative instruments held by the Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-193" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> 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.</font> </div> <div style="TEXT-INDENT: 0pt; 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Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0065 0.0000 0.0065 0.0001 0.0131 -0.0032 0.0099 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20029 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2012Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20030 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2012Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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"). SHAREHOLDER FEES (fees paid directly from your investment) Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </div> 101 384 688 1551 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20031 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2012Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ Investment Objectives <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The High Yield Fund&#8217;s primary objective is to seek a high level of current income.</font></div> <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s secondary objective is to seek capital growth when that is consistent with its primary objective.</font> </div> Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">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 (&#8220;junk bonds&#8221;), forward commitments, loan participations and assignments, and preferred stocks.&#160;&#160;High yield instruments are securities rated below investment grade by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), or equivalently rated by Standard &amp; Poor&#8217;s Rating Services (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;), or, if unrated, determined by the Adviser to be of comparable quality.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The remainder of the Fund&#8217;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.</font> </div> <br/><div> The average portfolio duration of the Fund normally varies within two years (plus or minus) of the duration of the Barclays U.S. Corporate High-Yield Index (the &#8220;Barclays Index&#8221;) at any point in time.&#160;&#160;The Barclays Index had a duration of 4.12 years as of January 31, 2013. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in interest rates. </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The Fund may invest up to 5% of its net assets in securities denominated in foreign currencies.&#160;&#160;The Fund may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The Fund may invest up to 5% of its net assets in derivative instruments, such as options, futures contracts or swap agreements.&#160;&#160;From time to time, the Fund may experience significant inflows; 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FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the Fund, the Adviser will consider the risks and opportunities presented by the industries within the high yield universe.&#160;&#160;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&#8217;s investing philosophy.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.</font> </div> 0.36 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the <font style="DISPLAY: inline">High Yield Fund</font> by showing changes in the Fund&#8217;s Investor Class performance from year to year and by showing how the Fund&#8217;s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;<font style="DISPLAY: inline">Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.</font></font> </div> Calendar Year Total Return as of December 31 - Investor Class 0.0449 0.1348 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2012Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ highest total return 0.0548 2011-12-31 lowest total return -0.0411 2011-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the <font style="DISPLAY: inline">High Yield Fund</font>&#8217;s Investor Class 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,&#160;2011).</font> </div> 0.1348 0.0889 Return before taxes 0.1085 0.0663 Return after taxes on distributions 0.0871 0.0625 Return after taxes on distributions and sale of Fund shares 0.1581 0.1026 Barclays U.S. Corporate High-Yield Index (reflects no deduction for fees, expenses or taxes) 2010-12-31 2010-12-31 ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2012Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;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 (&#8220;IRAs&#8221;).</font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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 following performance information provides some indication of the risks of investing in the High Yield Fund by showing changes in the Fund's Investor Class performance from year to 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. (reflects no deduction for fees, expenses or taxes) 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA High Yield Fund PHYSX Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-244" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; 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FONT-WEIGHT: bold">Liquidity Risk.</font>&#160;&#160;Low or lack of trading volume may make it difficult to sell securities or derivative instruments held by the Fund at quoted market prices.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-251" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Derivatives Risk.</font> 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.</font> </div> <div style="TEXT-INDENT: 0pt; 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Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160;&#160;You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.&#160;&#160;More information about these and other discounts is available from your financial professional and in the &#8220;More About Class A Shares&#8221; section on page 15 of the Fund&#8217;s statutory Prospectus and the &#8220;Breakpoints/Volume Discounts and Sales Charge Waivers&#8221; section on page 46 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;).</font> </div> 0.0400 0.0000 0.0000 0.0065 0.0025 0.0083 0.0001 0.0174 -0.0050 0.0124 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20036 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2432Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20037 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2432Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ 2014-03-29 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Other expenses for Class A shares are based on estimated amounts for the current fiscal year. 25000 SHAREHOLDER FEES (fees paid directly from your investment) Example <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the Expense Cap only in the first year).&#160;&#160;Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </div> 521 879 1261 2330 ~ http://usbank.com/20130327/role/ScheduleExpenseExampleTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2432Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ Investment Objectives <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The High Yield Fund&#8217;s primary objective is to seek a high level of current income.</font></div> <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s secondary objective is to seek capital growth when that is consistent with its primary objective.</font> </div> Principal Investment Strategies of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">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 (&#8220;junk bonds&#8221;), forward commitments, loan participations and assignments, and preferred stocks.&#160;&#160;High yield instruments are securities rated below investment grade by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), or equivalently rated by Standard &amp; Poor&#8217;s Rating Services (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;), or, if unrated, determined by the Adviser to be of comparable quality.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The remainder of the Fund&#8217;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.</font> </div> <br/><div> The average portfolio duration of the Fund normally varies within two years (plus or minus) of the duration of the Barclays U.S. Corporate High-Yield Index (the &#8220;Barclays Index&#8221;) at any point in time.&#160;&#160;The Barclays Index had a duration of 4.12 years as of January 31, 2013. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in interest rates. </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The Fund may invest up to 5% of its net assets in securities denominated in foreign currencies.&#160;&#160;The Fund may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The Fund may invest up to 5% of its net assets in derivative instruments, such as options, futures contracts or swap agreements.&#160;&#160;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&#8217;s principal strategy.&#160;&#160;A derivative is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;The Fund may invest in derivatives for both bona fide hedging purposes and for speculative purposes.&#160;&#160;The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis.&#160;&#160;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).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the Fund, the Adviser will consider the risks and opportunities presented by the industries within the high yield universe.&#160;&#160;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&#8217;s investing philosophy.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio.</font> </div> 0.36 Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the <font style="DISPLAY: inline">High Yield Fund</font> by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;As of the date of this Prospectus, Class A shares had not commenced operations.&#160;&#160;For that reason, the performance information below is that of the Fund&#8217;s Investor Class shares.&#160;&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;<font style="DISPLAY: inline">Updated performance information is available on the Fund&#8217;s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.</font></font> </div> Calendar Year Total Return as of December 31 - Investor Class 0.0449 0.1348 ~ http://usbank.com/20130327/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2432Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member row primary compact * ~ highest total return 0.0548 2011-12-31 lowest total return -0.0411 2011-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the <font style="DISPLAY: inline">High Yield Fund</font>&#8217;s Investor Class 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,&#160;2011).</font> </div> 0.1348 0.0889 Return before taxes 0.1085 0.0663 Return after taxes on distributions 0.0871 0.0625 Return after taxes on distributions and sale of Fund shares 0.1581 0.1026 Barclays U.S. Corporate High-Yield Index (reflects no deduction for fees, expenses or taxes) 2010-12-31 2010-12-31 ~ http://usbank.com/20130327/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029824_2432Member column dei_LegalEntityAxis compact ck0001027596_S000029824Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Actual after-tax returns depend on an investor&#8217;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 (&#8220;IRAs&#8221;).</font> </div> 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. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.piamutualfunds.com 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"). As of the date of this Prospectus, Class A shares had not commenced operations. The following performance information provides some indication of the risks of investing in the High Yield Fund by showing changes in the Fund's performance from year to 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. (reflects no deduction for fees, expenses or taxes) 1-800-251-1970 Average Annual Total Returns (for the periods ended December 31, 2012) PIA High Yield (MACS) Fund Principal Risks of Investing in the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Losing all or a portion of your investment is a risk of investing in the Fund.&#160;&#160;The success of the Fund cannot be guaranteed.&#160;&#160;There are risks associated with investments in the types of securities in which the Fund invests.&#160;&#160;These risks include:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-324" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 26px"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td width="1084"> <div style="TEXT-INDENT: 0pt; 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Fees and Expenses of the Fund <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0103 0.0001 0.0104 -0.0103 0.0001 ~ http://usbank.com/20130327/role/ScheduleShareholderFees20043 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029825_2895Member column dei_LegalEntityAxis compact ck0001027596_S000029825Member row primary compact * ~ ~ http://usbank.com/20130327/role/ScheduleAnnualFundOperatingExpenses20044 column dei_DocumentInformationDocumentAxis compact ck0001027596_S000029825_2895Member column dei_LegalEntityAxis compact ck0001027596_S000029825Member row primary compact * ~ 2014-03-29 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses ("AFFE") are based on estimated amounts for the current fiscal year. Other expenses are based on estimated Fund expenses for the current fiscal year. 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(&#8220;Moody&#8217;s&#8221;), or equivalently rated by Standard &amp; Poor&#8217;s Rating Services (&#8220;S&amp;P&#8221;) or Fitch, Inc. (&#8220;Fitch&#8221;), or, if unrated, determined by the Adviser to be of comparable quality.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">The remainder of the Fund&#8217;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.</font> </div> <br/><div> The average portfolio duration of the Fund normally varies within two years (plus or minus) of the duration of the Barclays U.S. Corporate High-Yield Index (the &#8220;Barclays Index&#8221;) at any point in time.&#160;&#160;The Barclays Index had a duration of 4.12 as of January 31, 2013. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#8217;s price to changes in interest rates. </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">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.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #141413; FONT-SIZE: 10pt">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&#8217;s principal strategy.&#160;&#160;A derivative is a financial contract whose value is based on (or &#8220;derived from&#8221;) a traditional security (such as a bond) or a market index.&#160;&#160;The Fund may invest in derivatives for both bona fide hedging purposes and for speculative purposes.&#160;&#160;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).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In selecting investments for the Fund, the Adviser will consider the risks and opportunities presented by the industries within the high yield universe.&#160;&#160;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&#8217;s investing philosophy.&#160;&#160;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.&#160;&#160;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.&#160;&#160;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.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.</font> </div> Performance <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">When the Fund has been in operation for a full calendar year, performance information will be shown here.&#160;&#160;Updated performance information will be available on the Fund&#8217;s website at</font> <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.piamutualfunds.com</font> <font style="DISPLAY: inline">or by calling the Fund toll-free at 1-800-251-1970.</font></font> </div> www.piamutualfunds.com When the Fund has been in operation for a full calendar year, performance information will be shown here. 1-800-251-1970 EX-101.SCH 3 ck0001027596-20130327.xsd SCHEMA DOCUMENT 000001 - 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