The Fund's investment strategy focuses on High Yield with 0.24% total expense ratio. The minimum amount to invest in Advisors Series Trust: PIA High Yield (MACS) Fund; Managed Account Completion Shares is $1,000 on a standard taxable account. Advisors Series Trust: PIA High Yield (MACS) Fund; Managed Account Completion Shares seeks a high level of current income. PIAMX invests, under normal circumstances, at least 80% of its net assets in a diversified portfolio of domestic and foreign high yield instruments, defined as bonds, convertible securities, forward commitments, loan participations and assignments, and preferred stocks.