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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Value Line Funds (MM) | NASDAQ:ACDEX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
|
PIA Moderate Duration Bond Fund
Advisor Class (PIATX)
Summary Prospectus
March 30, 2013
|
SHAREHOLDER FEES
(fees paid directly from your investment)
|
None
|
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Management Fees
|
0.30%
|
Distribution and Service (Rule 12b-1) Fees
|
0.10%
|
Other Expenses
|
0.39%
|
Acquired Fund Fees and Expenses
|
0.01%
|
Total Annual Fund Operating Expenses
(1)
|
0.80%
|
Less: Fee Waiver and Expense Reimbursement
|
-0.29%
|
Net Annual Fund Operating Expenses
(2)
|
0.51%
|
(1)
|
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 acquired fund fees and expenses.
|
(2)
|
Pacific Income Advisers, Inc. (t
he “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 acquired fund fees and expenses, 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 of 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.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$52
|
$226
|
$416
|
$963
|
Short End
|
Long End
|
2 years
|
7 years
|
·
|
Market Risk.
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.
|
·
|
Management Risk.
The Moderate Duration 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 Moderate Duration Fund may not be able to make interest or principal payments.
|
·
|
Prepayment Risk.
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. 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.
|
·
|
Convertible Bond Risk.
Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to debt security risks and equity risk. Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond. 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.
|
·
|
ETF and Mutual Fund Risk.
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’s or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs.
|
·
|
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 Moderate Duration Fund at quoted market prices.
|
·
|
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.
|
·
|
Derivatives Risk.
The Moderate Duration 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.
|
·
|
To Be Announced (“TBA”) Securities Risk.
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.
|
·
|
Dollar Roll Risk.
Dollar rolls involve the risk that the Moderate Duration Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. 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’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. Dollar roll transactions may have the effect of creating leverage in the Fund’s portfolio.
|
·
|
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.
|
·
|
Risks Associated with High Yield Securities.
The Moderate Duration Fund may invest in high yield securities. Securities with ratings lower than BBB or Baa are known as “high yield” securities (commonly known as “junk bonds”). High yield securities provide greater income and opportunity for gains than higher-rated securities but entail greater risk of loss of principal.
|
Average Annual Total Returns
(for the periods ended December 31, 2012)
|
1 Year
|
5 Years
|
10 Years
|
PIA Moderate Duration Bond Fund
|
|||
Return before taxes
|
3.75
%
|
5.24
%
|
4.81
%
|
Return after taxes on distributions
|
2.79%
|
4.18%
|
3.45%
|
Return after taxes on distributions and sale of Fund shares
|
2.45%
|
3.89%
|
3.34%
|
Barclays Capital U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses or taxes)
|
4.21
%
|
5.95
%
|
5.18
%
|
Portfolio Managers
|
Years of Service
with the Fund
|
Primary Title with the Adviser
|
Lloyd McAdams, CFA, CEBS
|
14
|
Chairman and Chief Investment Officer
|
Evangelos Karagiannis, Ph.D., CFA
|
5
|
Senior Vice President
|
Type of Account
|
To Open
Your Account
|
To Add to
Your Account
|
Regular
|
$1,000
|
$50
|
Retirement Accounts
|
$100
|
$50
|
Automatic Investment Plan
|
$50
|
$50
|
1 Year Value Line Funds (MM) Chart |
1 Month Value Line Funds (MM) Chart |
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