Investment objective & strategy
As of March 27, 2026 · prospectusObjective. The Funds investment objective is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities.
Strategy. 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, the Fund purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization (NRSRO). The Fund primarily invests in securities issued or guaranteed by the U.S. government and its agencies (including U.S. Treasury Notes), investment grade mortgage-backed securities (including commercial mortgage-backed securities and residential mortgage-backed securities), and investment grade debt securities (including corporate debt securities, asset-backed securities, and collateralized mortgage obligations). The Fund may also invest in Rule 144A securities. The Fund may invest up to 10% of its net assets in other investment … 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, the Fund purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization (NRSRO). The Fund primarily invests in securities issued or guaranteed by the U.S. government and its agencies (including U.S. Treasury Notes), investment grade mortgage-backed securities (including commercial mortgage-backed securities and residential mortgage-backed securities), and investment grade debt securities (including corporate debt securities, asset-backed securities, and collateralized mortgage obligations). The Fund may also invest in Rule 144A securities. The Fund may invest up to 10% of its net assets in other investment companies (mutual funds and exchange-traded funds (ETFs)), including in any mutual fund advised by the Adviser (a PIA Fund), provided that investment in an investment company that predominantly invests in high yield (junk bond) securities will count towards the Funds limitation of no more than 10% of the Funds net assets invested in high yield securities. To the extent that the Fund invests in a PIA Fund, the Adviser will waive any management fee charged by the PIA Fund. The Fund may also invest in ETFs that provide exposure to AAA-rated collateralized loan obligations (CLOs). Duration is a measure of a debt securitys price sensitivity. Higher duration indicates bonds that are more sensitive to interest rate changes. Bonds with shorter duration have lower risk associated with interest rates. Duration takes into account a debt securitys cash flows over time including the possibility that a debt security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until final payment is due. The weighted average duration of the Fund portfolio will generally range from six months on the short end to three years on the long end. In selecting investments for the Fund, the Adviser primarily will consider credit quality, duration and yield.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $10.01M | 5.46% |
| US TREASURY N/B | — | $8.23M | 4.49% |
| US TREASURY N/B | — | $7.00M | 3.82% |
| U.S. Treasury Bills | B | $6.94M | 3.79% |
| US TREASURY N/B | — | $6.25M | 3.41% |
| US TREASURY N/B | — | $5.06M | 2.76% |
| CMBS | BX | $3.99M | 2.18% |
| MONEYMKT | FIGXX | $3.71M | 2.02% |
| U.S. Treasury Bills | B | $3.48M | 1.90% |
| US TREASURY N/B | — | $3.23M | 1.76% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| WisdomTree 1-3 Year Laddered Treasury Fund · USSH | 20% | 0.15% |
| Fidelity SAI Short-Term Bond Fund · FZOMX | 17% | 0.21% |
| Fidelity Short-Term Bond Fund · FSHBX, FBNAX, FBNTX, FANCX, FBNIX, FIKTX | 15% | 0.25% |
Advisers
| Firm | Role |
|---|---|
| Pacific Income Advisers Inc | Adviser |
Footnotes
- Expense ratio as of March 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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