Mutual Fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. The Fund may invest in foreign securities, where the value may be adversely affected by changes in the foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, decreased illiquidity and increased volatility. These risks are increased for emerging markets. When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF’s or mutual fund’s operating expenses, including the potential duplication of management fees. These risks are fully disclosed in the Prospectus.

Statutory Prospectus – High Yield Fund, Short Term Securities Fund, BBB Bond Fund, MBS Bond Fund, and High Yield MACS Fund.

Diversification does not guarantee a profit or protect from loss in a declining market.

The PIA Mutual Funds are distributed by Quasar Distributors, LLC

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