XML 22 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading PIA Short-Term Securities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Short-Term Fund’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.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Short-Term Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-29
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Short-Term Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 53.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
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.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap only in the first year).  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
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.  Under normal market conditions, the Fund purchases securities rated BBB or better by a nationally recognized rating agency.

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.

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.

Duration is a measure of a debt security’s price sensitivity.  Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration have lower risk associated with interest rates. Duration takes into account a debt security’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.  In contrast, maturity measures only the time until final payment is due.  The weighted average duration of the Short-Term Fund portfolio will generally range as follows:

Short End
Long End
6 months
3 years

In selecting investments for the Short-Term Fund, the Adviser primarily will consider credit quality, duration and yield.  The Short-Term Fund’s annual portfolio turnover rate may exceed 100%.

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.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Losing all or a portion of your investment is a risk of investing in the Short-Term Fund.  The success of the Fund cannot be guaranteed.  There are risks associated with investments in the types of securities in which the Fund invests.  These risks include:

·  
Market Risk.  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.
 

·  
Management Risk. The Short-Term Fund is subject to management risk because it is an actively managed portfolio.  The Adviser’s management practices and investment strategies might not work to produce the desired results.
 

·  
Interest Rate Risk.  In general, the value of bonds and other debt securities falls when interest rates rise.  Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations.
 

·  
Credit Risk.  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.
 

·  
Prepayment Risk.  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.  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.
 

·  
Portfolio Turnover Risk. 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.  A high portfolio turnover rate also leads to higher transactions costs.
 

·  
Risks Associated with Mortgage-Backed Securities.  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.  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.

·  
Liquidity Risk.  Low or lack of trading volume may make it difficult to sell securities held by the Short-Term Fund at quoted market prices.
 

·  
Derivatives Risk. The Short-Term Fund may invest in derivative securities for both bona fide hedging purposes and for speculative purposes.  A derivative security is a financial contract whose value is based on (or “derived from”) a traditional security (such as a bond) or a market index.  Derivatives involve the risk of improper valuation, the risk of ambiguous documentation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying security.
 

·  
Leverage Risk.  Leverage risk is the risk that losses from a derivative instrument may be greater than the amount invested in the derivative instrument. Certain derivatives have the potential for unlimited losses, regardless of the size of the initial investment.
 

·  
Adjustable Rate and Floating Rate Securities Risks. Although adjustable and floating rate debt securities tend to be less volatile than fixed-rate debt securities, they nevertheless fluctuate in value.
 

·  
Risks Associated with Inflation and Deflation.  Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time.  Deflation risk is the risk that prices throughout the economy decline over time – the opposite of inflation.
Risk Lose Money [Text] rr_RiskLoseMoney Losing all or a portion of your investment is a risk of investing in the Short-Term Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
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.  The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.piamutualfunds.com or by calling the Fund toll-free at 1-800-251-1970.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-251-1970
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.piamutualfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period shown on the bar chart, the Short-Term Fund’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, 2004).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.89%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2004
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.28%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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").
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
The after-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold shares of the Short-Term Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2012)
BofA Merrill Lynch 1-Year U.S. Treasury Note Index (reflects no deduction for fees, expenses or taxes)
  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel BofA Merrill Lynch 1-Year U.S. Treasury Note Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.24%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.42%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.19%
Barclays Capital U.S. Government/Corporate 1-Year Duration Index (reflects no deduction for fees, expenses or taxes)
  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Barclays Capital U.S. Government/Corporate 1-Year Duration Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.58%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.60%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.38%
Advisor Class
  
Risk/Return: rr_RiskReturnAbstract  
SHAREHOLDER FEES (fees paid directly from your investment) rr_MaximumAccountFeeOverAssets none
Management Fees rr_ManagementFeesOverAssets 0.20%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.38%
Less: Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.03%)
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 0.35% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 119
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 210
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 477
Annual Return 2003 rr_AnnualReturn2003 1.48%
Annual Return 2004 rr_AnnualReturn2004 1.32%
Annual Return 2005 rr_AnnualReturn2005 2.34%
Annual Return 2006 rr_AnnualReturn2006 4.45%
Annual Return 2007 rr_AnnualReturn2007 5.43%
Annual Return 2008 rr_AnnualReturn2008 4.17%
Annual Return 2009 rr_AnnualReturn2009 1.62%
Annual Return 2010 rr_AnnualReturn2010 1.08%
Annual Return 2011 rr_AnnualReturn2011 0.55%
Annual Return 2012 rr_AnnualReturn2012 0.40%
Label rr_AverageAnnualReturnLabel Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.40%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.55%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.27%
Advisor Class | After Taxes on Distributions
  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.26%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.07%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 1.41%
Advisor Class | After Taxes on Distributions and Sale of Fund Shares
  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.26%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.04%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 1.43%
[1] 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.