Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Long-Term Bond Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
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   Avg Duration
   6.70 Yrs
   Avg Credit Quality
   BBB
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 9.68
  
YTD Return % (2009-11-20)
24.35%
  
Total Assets ($ mil)
329
View Data Definitions
  Performance    
Growth of $10,000 Fund: PIA BBB Bond
(from 2003-08-01 to 2009-10-31) Category: Long-Term Bond
Index: BarCap US Agg Bond TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2003-08-01 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 24.35 32.07 6.24 5.05 --- 4.57
+/- Category 8.95 1.60 0.45 0.76 --- ---
+/- BarCap US Agg Bond TR USD 17.44 19.58 -0.21 -0.22 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 22.35 20.02 6.21 4.87 --- 4.55
Month-End (as of 2009-10-31) 22.94 34.53 6.09 4.73 --- 4.57
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 31.52 3.91 2.67 --- ---
On Distribution & Sale of Shares --- 22.20 3.85 2.79 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 38 funds), (5 yrs : out of 29 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
US Government 3.49
US Treasuries 3.49
TIPS 0.00
US Agency 0.00
Mortgage 0.00
Mortgage Pass-Thru 0.00
Mortgage CMO 0.00
Mortgage ARM 0.00
Credit 73.31
US Corporate 71.91
Asset-Backed 0.36
Convertible 0.00
Municipal 1.04
Corporate Inflation-Protected 0.00
Foreign 23.08
Foreign Corp 15.58
Foreign Govt 7.50
Cash 0.12
Bond Quality % of Bonds
AAA 4.2
AA 0.0
A 0.0
BBB 95.8
BB 0.0
B 0.0
Below B 0.0
Not Rated 0.0
 
Asset Allocation
% of Net Assets
Cash 0.1
Stocks 0.0
Bonds 99.4
Other 0.5
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 39
Total Number of Bond Holdings 195 30 Day SEC Yield % 5.75
% of Assets in Top 10 Holdings 15.35 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
United States Treas Nts 2012-09-15 11,000 10,985 3.47
Brazil Federative Rep 7.125% 2037-01-20 5,030 6,023 1.90
Time Warner Cable 5.4% 2012-07-02 4,310 4,608 1.46
Intl Lease Fin Mtn Be 5.75% 2011-06-15 4,440 4,046 1.28
UNITED MEXICAN STS MTN BE 2034-09-27 3,598 3,976 1.26
Brazil Federative Rep 6% 2017-01-17 3,595 3,908 1.24
Aol Time Warner 7.625% 2031-04-15 3,440 3,866 1.22
Brazil Federative Rep 11% 2012-01-11 3,210 3,844 1.22
Cap One Finl 6.15% 2016-09-01 3,705 3,643 1.15
Rio Tinto Fin Usa 6.5% 2018-07-15 3,365 3,625 1.15
Data through 2009-09-30
  Other Information
Fund Inception: 2003-08-01
Portfolio Manager  (Start Date)
H. Mitchell Harper  (2003-08-01)
Harper has worked for the advisor since 2002. From May 2001 to September 2002 he was an independent consultant. His prior experience includes serving as a senior investment officer at Chase Asset Management from July 1987 to May 2001. Harper holds the Chartered Financial Analyst designation.
Lloyd McAdams  (2003-08-01)
McAdams is chairman and chief investment officer of Pacific Income Advisers, his employer since 1986. Previously, he spent five years as chair and chief investment officer at Security Pacific Investment Managers, and five years with Trust Company of the West, where he served as a vice president. McAdams holds the Chartered Financial Analyst designation, Chartered Investment Counselor designation, and Certified Employee Benefit Specialist designation.
Evangelos Karagiannis  (2005-03-31)
Mr. Karagiannis is a portfolio manager and member of the Bond Strategy Group. Prior to joining PIA he served as a Post Doctoral Fellow at the University of California at Los Angeles where he studied as a Fulbright Scholar. Evangelos earned a Bachelor of Science in Physics from the University of Athens, Greece; and M.S., Ph.D. from the University of California at Los Angeles.
Sales Charge %
(taken from prospectus dated 2009-03-30)
Front: None
Deferred: None
Expense Ratio % 0.00
based on net assets
(taken from annual report dated 2008-11-30)
Correspondence Information
Pacific Income Advisers
1299 Ocean Avenue, Second Floor
Santa Monica,  CA  90401
United States
Telephone:
800-251-1970
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.