This form provides information on any applicable 2022 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2022 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2021 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2020 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2019 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2018 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2017 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2016 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2015 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
This form provides information on any applicable 2014 distributions and proceeds from redemptions. Please note that all information contained in this form has been provided to the Internal Revenue Service.
Supplement Institutional Redesignation and New Management Fee 12.2014
Effective at the close of business on December 31, 2014, the Investor Class shares of the PIA High Yield Fund (the “Fund”) will be re-designated as Institutional Class shares. In addition, Pacific Income Advisers, Inc. (the “Adviser”) has contractually agreed to reduce its management fee for the Fund to 0.55%, effective January 1, 2015. The Adviser has also voluntarily agreed to waive all or a portion of its management fees and pay operating expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) of the Fund in order to limit the net annual Fund operating expenses to 0.73% of the average daily net assets of the Institutional Class through at least March 28, 2016. The Fund’s existing Investor Class shareholders will be grandfathered with respect to the Institutional Class’ minimum investment amounts and are not required to meet the Institutional Class’ minimum investment amounts. In connection with these changes, effective at the close of business on December 31, 2014, the above modifications are made to the Fund’s Summary Prospectus, Prospectus and SAI.
Mutual fund investing involves risk. Principal loss is possible.
Statutory Prospectuses – High Yield Fund, Short Term Securities Fund, BBB Bond Fund, MBS Bond Fund, and High Yield MACS Fund.
The PIA Mutual Funds are distributed by Quasar Distributors, LLC