The investment seeks to provide a total rate of return that approximates that of bonds rated within the BBB category by credit rating agencies currently registered as nationally recognized statistical rating organizations (NRSROs). The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rated BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch. It 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.

Nasdaq

PBBBX

The investment seeks a high level of current income; capital growth is a secondary objective when it is consistent with its primary objective. The fund normally invests 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, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities. It may invest up to 10% of its net assets in securities and instruments that are economically tied to emerging market countries.

PHYSX

The investment seeks a high level of current income; the fund's secondary objective is to seek capital growth when that is consistent with its primary objective. 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 ("junk bonds"), defined as bonds, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities.

PIAMX

The investment seeks a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities. The 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, it purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization. The fund may invest up to 20% of its net assets in debt futures contracts, option contracts, options on securities and options on debt futures.

PIASX

The investment seeks to provide a total rate of return that exceeds the Bloomberg Barclays U.S. MBS Fixed Rate Index.  The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage-backed securities, including commercial mortgage-backed securities. It may invest up to 20% of its net assets in futures, options and other derivatives. The fund may also invest up to 20% of its net assets in asset-backed securities.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
PBBBX	PIA BBB Bond Fund	Corporate Bonds	Sep 25, 2003	0.15%	-1.26%	2.98%	3.78%	53
PHYSX	PIA High Yield Fund	High Yield Bonds	Dec 31, 2010	0.86%	-2.34%	5.42%	7.98%	8
PIAMX	PIA High Yield (MACS) Fund	High Yield Bonds	Dec 26, 2017	0.20%	-2.20%	—	8.51%	11
PIASX	PIA Short Term Securities Fund	Ultrashort Bond	Apr 29, 1994	0.39%	0.13%	2.28%	4.10%	99
PMTGX	PIA MBS Bond Fund	Government Bonds	Feb 27, 2006	0.23%	-0.32%	1.19%	3.79%	50

PIA Mutual Funds Mutual Funds List

Risk vs. Return Scatterplot