PIA BBB Bond Fund
|
-3.44%
|
PIA MBS Bond Fund
|
-0.72%
|
Average Annual Total Return*
|
1 Year
|
5 Year
|
10 Year
|
PIA BBB Bond Fund
|
-3.44%
|
3.00%
|
7.11%
|
Bloomberg Barclays U.S. Credit Baa Bond Index
|
-3.29%
|
3.20%
|
7.55%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Average Annual Total Return*
|
1 Year
|
5 Year
|
10 Year
|
PIA MBS Bond Fund
|
-0.72%
|
1.89%
|
2.95%
|
Bloomberg Barclays U.S. MBS Fixed Rate Index
|
-0.49%
|
2.08%
|
3.11%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Since Inception
|
|
Average Annual Total Return*
|
(12/26/17)
|
PIA High Yield (MACS) Fund
|
-0.07%
|
Bloomberg Barclays U.S. Corporate High-Yield Index
|
0.20%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
6/1/18
|
11/30/18
|
6/1/18 – 11/30/18*
|
|
PIA BBB Bond Fund
|
|||
Actual
|
$1,000.00
|
$ 985.80
|
$0.87
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,024.20
|
$0.88
|
PIA MBS Bond Fund
|
|||
Actual
|
$1,000.00
|
$1,000.70
|
$1.15
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,023.92
|
$1.17
|
PIA High Yield (MACS) Fund
|
|||
Actual
|
$1,000.00
|
$ 995.30
|
$1.25
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,023.82
|
$1.27
|
*
|
Expenses are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the PIA BBB Bond Fund, the PIA MBS Bond Fund and the PIA High Yield (MACS) Fund was 0.17%, 0.23%, and 0.25%, respectively.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 91.3%
|
|||||||
Aerospace & Defense 0.5%
|
|||||||
Rockwell Collins, Inc.
|
|||||||
$
|
750,000
|
3.20%, due 3/15/24
|
$
|
717,922
|
|||
Agricultural Chemicals 0.5%
|
|||||||
Mosaic Co.
|
|||||||
785,000
|
3.75%, due 11/15/21
|
784,028
|
|||||
Agriculture 0.4%
|
|||||||
Bunge Limited Finance Corp.
|
|||||||
600,000
|
3.75%, due 9/25/27
|
538,478
|
|||||
Auto Parts 1.1%
|
|||||||
Advance Auto Parts, Inc.
|
|||||||
1,100,000
|
5.75%, due 5/1/20
|
1,130,249
|
|||||
AutoZone, Inc.
|
|||||||
600,000
|
3.125%, due 7/15/23
|
581,038
|
|||||
1,711,287
|
|||||||
Autos 1.7%
|
|||||||
Ford Motor Co.
|
|||||||
675,000
|
7.45%, due 7/16/31
|
697,356
|
|||||
Ford Motor Credit Co. LLC
|
|||||||
600,000
|
5.875%, due 8/2/21
|
611,361
|
|||||
1,000,000
|
3.815%, due 11/2/27
|
847,386
|
|||||
General Motors Co.
|
|||||||
400,000
|
5.20%, due 4/1/45
|
333,297
|
|||||
2,489,400
|
|||||||
Banks 6.9%
|
|||||||
Barclays Bank PLC
|
|||||||
700,000
|
5.14%, due 10/14/20
|
711,852
|
|||||
1,000,000
|
4.836%, due 5/9/28
|
903,086
|
|||||
Capital One Bank USA N.A.
|
|||||||
1,100,000
|
3.375%, due 2/15/23
|
1,056,285
|
|||||
Citigroup, Inc.
|
|||||||
500,000
|
2.70%, due 3/30/21
|
489,208
|
|||||
1,000,000
|
3.50%, due 5/15/23
|
977,528
|
|||||
700,000
|
3.40%, due 5/1/26
|
651,996
|
|||||
1,000,000
|
4.45%, due 9/29/27
|
966,404
|
|||||
540,000
|
5.30%, due 5/6/44
|
538,745
|
|||||
Credit Suisse Group
|
|||||||
700,000
|
5.40%, due 1/14/20
|
711,367
|
|||||
Credit Suisse Group
|
|||||||
Funding (Guernsey) Ltd.
|
|||||||
650,000
|
4.55%, due 4/17/26
|
639,344
|
|||||
Discover Bank
|
|||||||
700,000
|
3.20%, due 8/9/21
|
688,402
|
|||||
Fifth Third Bancorp
|
|||||||
225,000
|
8.25%, due 3/1/38
|
298,147
|
|||||
KeyCorp
|
|||||||
900,000
|
5.10%, due 3/24/21
|
931,316
|
|||||
Lloyds Banking Group plc
|
|||||||
800,000
|
4.65%, due 3/24/26
|
751,884
|
|||||
10,315,564
|
|||||||
Biotechnology 1.6%
|
|||||||
Amgen, Inc.
|
|||||||
720,000
|
3.875%, due 11/15/21
|
725,915
|
|||||
1,006,000
|
4.663%, due 6/15/51
|
935,062
|
|||||
Celgene Corp.
|
|||||||
800,000
|
4.625%, due 5/15/44
|
697,459
|
|||||
2,358,436
|
|||||||
Broker 2.6%
|
|||||||
Goldman Sachs Group, Inc.
|
|||||||
950,000
|
6.75%, due 10/1/37
|
1,086,849
|
|||||
Merrill Lynch & Co., Inc.
|
|||||||
1,050,000
|
6.11%, due 1/29/37
|
1,147,167
|
|||||
Morgan Stanley
|
|||||||
900,000
|
4.875%, due 11/1/22
|
924,951
|
|||||
Nomura Holdings, Inc.
|
|||||||
700,000
|
6.70%, due 3/4/20
|
728,218
|
|||||
3,887,185
|
|||||||
Building Materials 0.5%
|
|||||||
Owens Corning Inc.
|
|||||||
775,000
|
4.20%, due 12/15/22
|
768,993
|
Principal Amount
|
Value
|
||||||
Chemicals 1.0%
|
|||||||
Dow Chemical Co.
|
|||||||
$
|
865,000
|
7.375%, due 11/1/29
|
$
|
1,039,556
|
|||
RPM International, Inc.
|
|||||||
500,000
|
6.125%, due 10/15/19
|
511,471
|
|||||
1,551,027
|
|||||||
Commercial Finance 1.1%
|
|||||||
AerCap Ireland Capital Ltd.
|
|||||||
1,000,000
|
4.625%, due 10/30/20
|
1,006,095
|
|||||
Air Lease Corp.
|
|||||||
700,000
|
3.875%, due 4/1/21
|
700,946
|
|||||
1,707,041
|
|||||||
Communications 0.4%
|
|||||||
Telefonica Emisiones SAU
|
|||||||
475,000
|
7.045%, due 6/20/36
|
546,752
|
|||||
Communications Equipment 0.4%
|
|||||||
Harris Corp.
|
|||||||
500,000
|
6.15%, due 12/15/40
|
574,724
|
|||||
Construction Materials Manufacturing 0.4%
|
|||||||
Vulcan Materials Co.
|
|||||||
620,000
|
3.90%, due 4/1/27
|
583,702
|
|||||
Consumer Finance 0.9%
|
|||||||
Fidelity National Information
|
|||||||
Services, Inc.
|
|||||||
1,000,000
|
4.75%, due 5/15/48
|
923,915
|
|||||
Synchrony Financial
|
|||||||
500,000
|
4.50%, due 7/23/25
|
456,544
|
|||||
1,380,459
|
|||||||
Consumer Products 0.3%
|
|||||||
Church & Dwight Co., Inc.
|
|||||||
500,000
|
3.15%, due 8/1/27
|
461,242
|
|||||
Diversified Banks 0.6%
|
|||||||
Deutsche Bank AG
|
|||||||
1,000,000
|
4.10%, due 1/13/26
|
905,414
|
|||||
Drugs and Druggists’ Sundries
|
|||||||
Merchant Wholesalers 0.7%
|
|||||||
Actavis Funding SCS
|
|||||||
850,000
|
3.45%, due 3/15/22
|
831,759
|
|||||
268,000
|
4.75%, due 3/15/45
|
248,904
|
|||||
1,080,663
|
|||||||
Electric Utilities 2.5%
|
|||||||
Dominion Resources, Inc.
|
|||||||
500,000
|
2.00%, due 8/15/21
|
476,364
|
|||||
470,000
|
4.90%, due 8/1/41
|
463,519
|
|||||
Exelon Corp.
|
|||||||
1,015,000
|
5.625%, due 6/15/35
|
1,077,539
|
|||||
Jersey Central Power & Light
|
|||||||
700,000
|
7.35%, due 2/1/19
|
704,982
|
|||||
NiSource Finance Corp.
|
|||||||
400,000
|
5.25%, due 2/15/43
|
408,675
|
|||||
Teco Finance, Inc.
|
|||||||
550,000
|
5.15%, due 3/15/20
|
561,067
|
|||||
3,692,146
|
|||||||
Electrical Equipment Manufacturing 1.3%
|
|||||||
Fortive Corp.
|
|||||||
750,000
|
3.15%, due 6/15/26
|
695,599
|
|||||
Johnson Controls International Plc
|
|||||||
1,230,000
|
4.25%, due 3/1/21
|
1,248,473
|
|||||
1,944,072
|
|||||||
Exploration & Production 1.4%
|
|||||||
Apache Corp.
|
|||||||
551,000
|
3.25%, due 4/15/22
|
537,560
|
|||||
600,000
|
4.75%, due 4/15/43
|
516,138
|
|||||
EOG Resources, Inc.
|
|||||||
527,000
|
2.625%, due 3/15/23
|
502,434
|
|||||
Noble Energy, Inc.
|
|||||||
533,000
|
3.90%, due 11/15/24
|
510,312
|
|||||
2,066,444
|
|||||||
Finance 0.6%
|
|||||||
Block Financial Corp.
|
|||||||
900,000
|
5.50%, due 11/1/22
|
927,272
|
Principal Amount
|
Value
|
||||||
Financial Services 2.0%
|
|||||||
AXA Equitable Holdings, Inc.
|
|||||||
$
|
1,000,000
|
5.00%, due 4/20/48 (c)
|
$
|
884,229
|
|||
BrightSphere Investment Group plc
|
|||||||
1,000,000
|
4.80%, due 7/27/26
|
963,457
|
|||||
Legg Mason, Inc.
|
|||||||
500,000
|
5.625%, due 1/15/44
|
483,020
|
|||||
Leucadia National Corp.
|
|||||||
700,000
|
5.50%, due 10/18/23
|
718,685
|
|||||
3,049,391
|
|||||||
Food 1.0%
|
|||||||
ConAgra Brands, Inc.
|
|||||||
1,300,000
|
7.00%, due 10/1/28
|
1,486,141
|
|||||
Food and Beverage 1.0%
|
|||||||
Kraft Heinz Foods Co.
|
|||||||
700,000
|
3.50%, due 7/15/22
|
685,860
|
|||||
1,000,000
|
4.375%, due 6/1/46
|
819,723
|
|||||
1,505,583
|
|||||||
Hardware 0.6%
|
|||||||
Diamond 1 Finance Corp. /
|
|||||||
Diamond 2 Finance Corp.
|
|||||||
900,000
|
6.02%, due 6/15/26 (c)
|
911,159
|
|||||
Health and Personal Care Stores 2.2%
|
|||||||
CVS Health Corp.
|
|||||||
300,000
|
3.70%, due 3/9/23
|
295,643
|
|||||
620,000
|
3.875%, due 7/20/25
|
601,741
|
|||||
1,000,000
|
2.875%, due 6/1/26
|
902,530
|
|||||
500,000
|
5.125%, due 7/20/45
|
487,811
|
|||||
1,000,000
|
5.05%, due 3/25/48
|
974,310
|
|||||
3,262,035
|
|||||||
Health Care Facilities and Services 1.0%
|
|||||||
Express Scripts Holding Co.
|
|||||||
800,000
|
4.75%, due 11/15/21
|
820,612
|
|||||
Laboratory Corporation
|
|||||||
of America Holdings
|
|||||||
640,000
|
3.25%, due 9/1/24
|
610,843
|
|||||
1,431,455
|
|||||||
Home and Office Products Manufacturing 0.6%
|
|||||||
Newell Brands, Inc.
|
|||||||
1,000,000
|
4.20%, due 4/1/26
|
953,493
|
|||||
Information Technology 0.5%
|
|||||||
Ingram Micro, Inc.
|
|||||||
775,000
|
5.00%, due 8/10/22
|
762,069
|
|||||
Insurance 3.2%
|
|||||||
American International Group, Inc.
|
|||||||
1,050,000
|
4.875%, due 6/1/22
|
1,078,025
|
|||||
100,000
|
6.25%, due 3/15/37 (f)
|
97,250
|
|||||
Anthem, Inc.
|
|||||||
600,000
|
4.65%, due 8/15/44
|
570,278
|
|||||
Aon Corp.
|
|||||||
600,000
|
5.00%, due 9/30/20
|
615,233
|
|||||
AXA SA
|
|||||||
500,000
|
8.60%, due 12/15/30
|
630,000
|
|||||
Lincoln National Corp.
|
|||||||
120,000
|
3.80%, due 3/1/28
|
114,213
|
|||||
Markel Corp.
|
|||||||
20,000
|
4.90%, due 7/1/22
|
20,671
|
|||||
Metlife, Inc.
|
|||||||
855,000
|
6.40%, due 12/15/36 (g)
|
865,688
|
|||||
Unum Group
|
|||||||
700,000
|
5.625%, due 9/15/20
|
722,944
|
|||||
4,714,302
|
|||||||
Integrated Oils 0.6%
|
|||||||
Ecopetrol S.A.
|
|||||||
900,000
|
4.125%, due 1/16/25
|
847,980
|
|||||
Lodging 0.4%
|
|||||||
Host Hotels & Resorts LP
|
|||||||
600,000
|
4.75%, due 3/1/23
|
610,287
|
|||||
Machinery 0.6%
|
|||||||
Flowserve Corp.
|
|||||||
900,000
|
3.50%, due 9/15/22
|
880,394
|
|||||
Manufacturing 0.7%
|
|||||||
Boston Scientific Corp.
|
|||||||
1,000,000
|
4.125%, due 10/1/23
|
1,005,399
|
Principal Amount
|
Value
|
||||||
Media 3.5%
|
|||||||
Discover Communications LLC
|
|||||||
$
|
500,000
|
3.30%, due 5/15/22
|
$
|
488,868
|
|||
Expedia, Inc.
|
|||||||
800,000
|
5.95%, due 8/15/20
|
829,899
|
|||||
Omnicom Group, Inc.
|
|||||||
400,000
|
3.625%, due 5/1/22
|
393,338
|
|||||
Time Warner Entertainment
|
|||||||
Company, L.P.
|
|||||||
810,000
|
8.375%, due 7/15/33
|
979,546
|
|||||
Viacom Inc.
|
|||||||
700,000
|
3.875%, due 4/1/24
|
692,895
|
|||||
610,000
|
4.375%, due 3/15/43
|
496,061
|
|||||
Warner Media LLC
|
|||||||
500,000
|
4.05%, due 12/15/23
|
497,470
|
|||||
1,000,000
|
4.85%, due 7/15/45
|
886,496
|
|||||
5,264,573
|
|||||||
Medical Equipment and
|
|||||||
Devices Manufacturing 0.7%
|
|||||||
Abbott Laboratories
|
|||||||
1,000,000
|
4.90%, due 11/30/46
|
1,039,276
|
|||||
Medical Equipment and
|
|||||||
Supplies Manufacturing 0.5%
|
|||||||
Becton Dickinson and Co.
|
|||||||
800,000
|
4.685%, due 12/15/44
|
736,410
|
|||||
Metals 0.5%
|
|||||||
Southern Copper Corp.
|
|||||||
750,000
|
6.75%, due 4/16/40
|
809,306
|
|||||
Metals and Mining 0.7%
|
|||||||
Goldcorp Inc.
|
|||||||
500,000
|
3.70%, due 3/15/23
|
488,583
|
|||||
Reliance Steel & Aluminum Co.
|
|||||||
500,000
|
4.50%, due 4/15/23
|
502,839
|
|||||
991,422
|
|||||||
Mining 0.8%
|
|||||||
Newmont Mining Corp.
|
|||||||
800,000
|
4.875%, due 3/15/42
|
745,575
|
|||||
Vale Overseas Limited
|
|||||||
88,000
|
4.375%, due 1/11/22
|
89,540
|
|||||
336,000
|
6.875%, due 11/21/36
|
378,000
|
|||||
1,213,115
|
|||||||
Newspaper, Periodical, Book, and
|
|||||||
Directory Publishers 1.2%
|
|||||||
21st Century Fox America, Inc.
|
|||||||
1,460,000
|
6.20%, due 12/15/34
|
1,742,976
|
|||||
Nondepository Credit Intermediation 1.4%
|
|||||||
General Motors Financial Co., Inc.
|
|||||||
800,000
|
3.15%, due 1/15/20
|
794,479
|
|||||
800,000
|
4.20%, due 3/1/21
|
799,827
|
|||||
600,000
|
4.00%, due 1/15/25
|
564,121
|
|||||
2,158,427
|
|||||||
Oil and Gas 6.9%
|
|||||||
Anadarko Petroleum Corp.
|
|||||||
900,000
|
6.45%, due 9/15/36
|
960,082
|
|||||
Enterprise Products Operating LLC
|
|||||||
1,850,000
|
4.85%, due 8/15/42
|
1,745,454
|
|||||
Hess Corp.
|
|||||||
800,000
|
5.60%, due 2/15/41
|
702,062
|
|||||
Kinder Morgan Energy Partners
|
|||||||
750,000
|
3.95%, due 9/1/22
|
743,556
|
|||||
1,270,000
|
5.80%, due 3/15/35
|
1,281,588
|
|||||
700,000
|
5.55%, due 6/1/45
|
682,007
|
|||||
Pemex Master Trust
|
|||||||
1,150,000
|
6.625%, due 6/15/35
|
1,011,425
|
|||||
Petroleos Mexicanos
|
|||||||
700,000
|
5.50%, due 1/21/21
|
698,600
|
|||||
1,500,000
|
5.35%, due 2/12/28 (c)
|
1,296,450
|
|||||
Pioneer Natural Resource Co.
|
|||||||
400,000
|
3.95%, due 7/15/22
|
398,265
|
|||||
Valero Energy Corp.
|
|||||||
655,000
|
6.625%, due 6/15/37
|
724,326
|
|||||
10,243,815
|
Principal Amount
|
Value
|
||||||
Oil and Gas Extraction 0.5%
|
|||||||
Canadian Natural Resources Ltd.
|
|||||||
$
|
700,000
|
4.95%, due 6/1/47
|
$
|
662,698
|
|||
Oil and Gas Services and Equipment 0.6%
|
|||||||
Halliburton Co.
|
|||||||
1,000,000
|
3.80%, due 11/15/25
|
956,688
|
|||||
Paper 1.2%
|
|||||||
International Paper Co.
|
|||||||
700,000
|
6.00%, due 11/15/41
|
731,758
|
|||||
Weyerhaeuser Co.
|
|||||||
800,000
|
7.375%, due 3/15/32
|
970,622
|
|||||
1,702,380
|
|||||||
Pharmaceuticals 2.4%
|
|||||||
AbbVie, Inc.
|
|||||||
500,000
|
2.30%, due 5/14/21
|
483,702
|
|||||
800,000
|
4.40%, due 11/6/42
|
696,963
|
|||||
Mylan N.V.
|
|||||||
1,000,000
|
3.15%, due 6/15/21
|
975,886
|
|||||
Shire Acquisitions
|
|||||||
Investments Ireland DAC
|
|||||||
1,500,000
|
2.875%, due 9/23/23
|
1,405,115
|
|||||
3,561,666
|
|||||||
Pipeline Transportation of Crude Oil 0.7%
|
|||||||
Magellan Midstream Partners LP
|
|||||||
500,000
|
3.20%, due 3/15/25
|
477,454
|
|||||
Sunoco Logistics Partners
|
|||||||
500,000
|
4.25%, due 4/1/24
|
489,866
|
|||||
967,320
|
|||||||
Pipeline Transportation of Natural Gas 1.2%
|
|||||||
Williams Partners L.P.
|
|||||||
500,000
|
3.60%, due 3/15/22
|
491,147
|
|||||
800,000
|
3.90%, due 1/15/25
|
772,982
|
|||||
500,000
|
5.10%, due 9/15/45
|
458,441
|
|||||
1,722,570
|
|||||||
Pipelines 3.0%
|
|||||||
El Paso Electric Co.
|
|||||||
850,000
|
6.00%, due 5/15/35
|
938,443
|
|||||
Enbridge Energy Partners, L.P.
|
|||||||
590,000
|
5.20%, due 3/15/20
|
601,772
|
|||||
Energy Transfer Partners L.P.
|
|||||||
700,000
|
5.20%, due 2/1/22
|
716,764
|
|||||
1,000,000
|
7.60%, due 2/1/24
|
1,096,584
|
|||||
Oneok Partners L.P.
|
|||||||
1,200,000
|
3.375%, due 10/1/22
|
1,164,105
|
|||||
4,517,668
|
|||||||
Property & Casualty Insurance 1.3%
|
|||||||
The Hanover Insurance Group, Inc.
|
|||||||
1,400,000
|
4.50%, due 4/15/26
|
1,377,890
|
|||||
Mercury General Corp.
|
|||||||
500,000
|
4.40%, due 3/15/27
|
481,828
|
|||||
1,859,718
|
|||||||
Railroad 0.9%
|
|||||||
Canadian Pacific Railway Co.
|
|||||||
700,000
|
2.90%, due 2/1/25
|
665,132
|
|||||
Norfolk Southern Corp.
|
|||||||
700,000
|
3.85%, due 1/15/24
|
700,740
|
|||||
1,365,872
|
|||||||
Real Estate 2.7%
|
|||||||
American Homes 4 Rent LP
|
|||||||
1,000,000
|
4.25%, due 2/15/28
|
945,794
|
|||||
Columbia Property Trust
|
|||||||
Operating Partnership, L.P.
|
|||||||
1,000,000
|
3.65%, due 8/15/26
|
932,276
|
|||||
Crown Castle International Corp.
|
|||||||
500,000
|
3.65%, due 9/1/27
|
460,472
|
|||||
Essex Portfolio, L.P.
|
|||||||
1,000,000
|
3.375%, due 4/15/26
|
942,814
|
|||||
STORE Capital Corp.
|
|||||||
810,000
|
4.50%, due 3/15/28
|
785,978
|
|||||
4,067,334
|
Principal Amount
|
Value
|
||||||
Real Estate Investment Trusts 1.1%
|
|||||||
Health Care REIT, Inc.
|
|||||||
$
|
1,050,000
|
5.25%, due 1/15/22
|
$
|
1,090,120
|
|||
Ventas Realty LP
|
|||||||
500,000
|
3.75%, due 5/1/24
|
487,972
|
|||||
1,578,092
|
|||||||
Refining & Marketing 0.3%
|
|||||||
Marathon Petroleum Corp.
|
|||||||
500,000
|
3.625%, due 9/15/24
|
480,409
|
|||||
Restaurants 0.4%
|
|||||||
McDonald’s Corp.
|
|||||||
550,000
|
4.875%, due 12/9/45
|
548,871
|
|||||
Retail 1.1%
|
|||||||
Macy’s Retail Holdings, Inc.
|
|||||||
800,000
|
2.875%, due 2/15/23
|
747,157
|
|||||
Walgreens Boots Alliance
|
|||||||
1,000,000
|
4.80%, due 11/18/44
|
921,014
|
|||||
1,668,171
|
|||||||
Retail – Consumer Discretionary 0.1%
|
|||||||
AutoNation, Inc.
|
|||||||
200,000
|
3.50%, due 11/15/24
|
185,910
|
|||||
Scientific Instruments 0.6%
|
|||||||
Thermo Fisher Scientific, Inc.
|
|||||||
900,000
|
3.60%, due 8/15/21
|
898,652
|
|||||
Software 0.9%
|
|||||||
Fiserv, Inc.
|
|||||||
700,000
|
3.50%, due 10/1/22
|
691,114
|
|||||
600,000
|
3.85%, due 6/1/25
|
589,579
|
|||||
1,280,693
|
|||||||
Software & Services 0.6%
|
|||||||
Equifax, Inc.
|
|||||||
200,000
|
2.30%, due 6/1/21
|
193,278
|
|||||
Hewlett Packard Enterprise Co.
|
|||||||
700,000
|
4.90%, due 10/15/25 (b)
|
703,430
|
|||||
896,708
|
|||||||
Telecommunications 2.7%
|
|||||||
American Tower Corp.
|
|||||||
1,350,000
|
5.05%, due 9/1/20
|
1,379,967
|
|||||
British Telecommunications PLC
|
|||||||
855,000
|
9.125%, due 12/15/30 (d)
|
1,160,833
|
|||||
Deutsche Telekom
|
|||||||
International Finance
|
|||||||
345,000
|
8.75%, due 6/15/30 (e)
|
454,696
|
|||||
France Telecom SA
|
|||||||
575,000
|
5.375%, due 1/13/42
|
602,493
|
|||||
Grupo Televisa SAB
|
|||||||
400,000
|
6.625%, due 3/18/25
|
435,315
|
|||||
4,033,304
|
|||||||
Tobacco 0.7%
|
|||||||
BAT Capital Corp.
|
|||||||
600,000
|
4.54%, due 8/15/47
|
488,459
|
|||||
Reynolds American, Inc.
|
|||||||
600,000
|
4.45%, due 6/12/25
|
583,880
|
|||||
1,072,339
|
|||||||
Transportation 1.1%
|
|||||||
CSX Corp.
|
|||||||
1,390,000
|
6.22%, due 4/30/40
|
1,603,180
|
|||||
Transportation and Logistics 1.0%
|
|||||||
FedEx Corp.
|
|||||||
1,000,000
|
4.00%, due 1/15/24
|
1,014,374
|
|||||
Kirby Corp.
|
|||||||
450,000
|
4.20%, due 3/1/28
|
433,388
|
|||||
1,447,762
|
|||||||
Travel & Lodging 0.4%
|
|||||||
Marriott International, Inc.
|
|||||||
600,000
|
3.75%, due 3/15/25
|
575,640
|
|||||
Utilities 1.0%
|
|||||||
PSEG Power LLC
|
|||||||
500,000
|
4.30%, due 11/15/23
|
506,447
|
|||||
Southern Co.
|
|||||||
1,000,000
|
3.25%, due 7/1/26
|
926,141
|
|||||
1,432,588
|
Principal Amount/
|
|||||||
Shares
|
Value
|
||||||
Utilities – Gas 0.5%
|
|||||||
National Fuel Gas Co.
|
|||||||
$
|
680,000
|
4.90%, due 12/1/21
|
$
|
688,613
|
|||
Waste and Environment Services
|
|||||||
and Equipment 0.5%
|
|||||||
Waste Management, Inc.
|
|||||||
700,000
|
3.125%, due 3/1/25
|
674,641
|
|||||
Wired Telecommunications Carriers 2.3%
|
|||||||
Verizon Communications, Inc.
|
|||||||
900,000
|
5.15%, due 9/15/23
|
952,618
|
|||||
2,700,000
|
4.522%, due 9/15/48
|
2,470,222
|
|||||
3,422,840
|
|||||||
Wireless Telecommunications Services 3.5%
|
|||||||
AT&T, Inc.
|
|||||||
745,000
|
4.10%, due 2/15/28
|
702,846
|
|||||
1,200,000
|
4.50%, due 5/15/35
|
1,065,414
|
|||||
700,000
|
6.00%, due 8/15/40
|
707,446
|
|||||
1,400,000
|
4.80%, due 6/15/44
|
1,226,580
|
|||||
Vodafone Group PLC
|
|||||||
1,600,000
|
2.95%, due 2/19/23
|
1,527,713
|
|||||
5,229,999
|
|||||||
Total Corporate Bonds
|
|||||||
(cost $140,057,686)
|
135,713,585
|
||||||
SOVEREIGN BONDS 7.0%
|
|||||||
Republic of Colombia
|
|||||||
1,000,000
|
7.375%, due 3/18/19
|
1,014,010
|
|||||
600,000
|
3.875%, due 4/25/27
|
568,656
|
|||||
890,000
|
7.375%, due 9/18/37
|
1,062,438
|
|||||
Republic of Italy
|
|||||||
1,050,000
|
6.875%, due 9/27/23
|
1,132,712
|
|||||
Republic of Panama
|
|||||||
200,000
|
5.20%, due 1/30/20
|
204,477
|
|||||
750,000
|
6.70%, due 1/26/36
|
905,625
|
|||||
Republic of Peru
|
|||||||
1,050,000
|
6.55%, due 3/14/37
|
1,294,125
|
|||||
Republic of Philippines
|
|||||||
1,625,000
|
5.00%, due 1/13/37
|
1,760,910
|
|||||
Republic of Uruguay
|
|||||||
209,742
|
8.00%, due 11/18/22
|
235,855
|
|||||
United Mexican States
|
|||||||
2,490,000
|
4.75%, due 3/8/44
|
2,197,425
|
|||||
10,376,233
|
|||||||
Total Sovereign Bonds
|
|||||||
(cost $11,162,809)
|
10,376,233
|
||||||
SHORT-TERM INVESTMENTS 0.5%
|
|||||||
703,947
|
Fidelity Institutional Money
|
||||||
Market Government Portfolio –
|
|||||||
Class I, 2.10% (a)
|
703,947
|
||||||
Total Short-Term Investments
|
|||||||
(cost $703,947)
|
703,947
|
||||||
Total Investments
|
(cost $151,924,442)
|
98.8%
|
146,793,765
|
||||
Other Assets less Liabilities
|
1.2%
|
1,781,040
|
||||
TOTAL NET ASSETS
|
100.0%
|
$
|
148,574,805
|
(a)
|
Rate shown is the 7-day annualized yield as of November 30, 2018.
|
(b)
|
Step-up bond; pays one interest rate for a certain period and a higher rate thereafter. The interest rate shown is the rate in effect as of November 30, 2018, and remains in effect until the bond’s maturity date.
|
(c)
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of November 30, 2018, the value of these investments was $3,091,838 or 2.08% of total net assets.
|
(d)
|
Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter. Coupon rate increases by 25 basis points for each rating downgrade of one notch below A-/A3 made by Standard & Poor’s or Moody’s Investors Service, Inc. Coupon rate decreases by 25 basis points for each upgrade. The minimum coupon rate is 8.625%.
|
(e)
|
Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter. Coupon rate increases by 50 basis points if both Standard & Poor’s and Moody’s ratings are downgraded to less than an A rating. If the rating is then raised to higher than BBB, the coupon rate decreases by 50 basis points.
|
(f)
|
Coupon rate shown is the rate in effect as of November 30, 2018, and remains in effect until March 15, 2037, after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.056%, if not called, and until final maturity date.
|
(g)
|
Coupon rate shown is the rate in effect as of November 30, 2018, and remains in effect until December, 2031, after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.205%, if not called, and until final maturity date.
|
Basis point = 1/100th of a percent.
|
Country Allocation
|
|||||
Country
|
% of Net Assets
|
||||
United States
|
77.9
|
%
|
|||
United Kingdom
|
4.0
|
%
|
|||
Mexico
|
3.1
|
%
|
|||
Ireland
|
2.5
|
%
|
|||
Colombia
|
2.3
|
%
|
|||
Canada
|
1.2
|
%
|
|||
Philippines
|
1.2
|
%
|
|||
Netherlands
|
1.0
|
%
|
|||
Peru
|
0.9
|
%
|
|||
France
|
0.8
|
%
|
|||
Italy
|
0.8
|
%
|
|||
Panama
|
0.7
|
%
|
|||
Luxembourg
|
0.7
|
%
|
|||
Germany
|
0.6
|
%
|
|||
Japan
|
0.5
|
%
|
|||
Switzerland
|
0.5
|
%
|
|||
Guernsey
|
0.4
|
%
|
|||
Spain
|
0.4
|
%
|
|||
Brazil
|
0.3
|
%
|
|||
Uruguay
|
0.2
|
%
|
|||
100.0
|
%
|
Principal Amount
|
Value
|
||||||
MORTGAGE BACKED SECURITIES 98.9%
|
|||||||
Commercial Mortgage-Backed Securities 1.3%
|
|||||||
Aventura Mall Trust
|
|||||||
$
|
800,000
|
3.743%, due 12/5/32, Series
|
|||||
2013-AVM, Class A (a) (c)
|
$
|
809,815
|
|||||
U.S. Government Securities 97.6%
|
|||||||
FHLMC Pool
|
|||||||
240,895
|
4.00%, due 3/1/26, #J14785
|
246,204
|
|||||
499,528
|
3.00%, due 11/1/26, #G18409
|
495,686
|
|||||
280,241
|
3.00%, due 6/1/27, #G14497
|
278,117
|
|||||
773,879
|
2.50%, due 12/1/31, #G18622
|
746,127
|
|||||
115,365
|
4.50%, due 10/1/35, #A37869
|
119,192
|
|||||
237,380
|
6.50%, due 9/1/36, #A54908
|
267,531
|
|||||
128,163
|
6.00%, due 6/1/37, #A62176
|
138,720
|
|||||
115,731
|
6.00%, due 6/1/37, #A62444
|
125,265
|
|||||
271
|
7.00%, due 9/1/37, #A66041
|
272
|
|||||
160,171
|
5.00%, due 10/1/38, #G04832
|
169,454
|
|||||
99,718
|
5.00%, due 2/1/39, #G05507
|
105,495
|
|||||
79,689
|
4.50%, due 11/1/39, #G05748
|
82,658
|
|||||
79,948
|
4.50%, due 12/1/39, #A90175
|
83,191
|
|||||
348,815
|
4.50%, due 5/1/40, #G06047
|
363,001
|
|||||
110,164
|
4.50%, due 8/1/40, #A93505
|
114,644
|
|||||
263,560
|
3.50%, due 1/1/41, #A96409
|
260,845
|
|||||
117,863
|
4.50%, due 1/1/41, #A96176
|
122,644
|
|||||
457,241
|
3.50%, due 2/1/42, #Q05996
|
452,531
|
|||||
374,580
|
3.50%, due 4/1/42, #Q07654
|
370,721
|
|||||
715,051
|
3.50%, due 5/1/42, #G08491
|
707,685
|
|||||
551,416
|
3.50%, due 6/1/42, #C09000
|
545,736
|
|||||
354,104
|
3.50%, due 6/1/42, #Q08641
|
350,456
|
|||||
384,279
|
3.50%, due 8/1/42, #Q10324
|
380,320
|
|||||
433,840
|
3.50%, due 6/1/43, #V80161
|
429,197
|
|||||
452,160
|
3.00%, due 8/1/43, #G08540
|
434,661
|
|||||
263,143
|
3.00%, due 8/1/43, #Q20559
|
253,037
|
|||||
152,306
|
3.50%, due 8/1/43, #Q21435
|
150,627
|
|||||
476,202
|
3.50%, due 2/1/44, #Q24712
|
470,903
|
|||||
1,253,541
|
4.00%, due 8/1/44, #G08601
|
1,264,901
|
|||||
1,007,351
|
3.00%, due 3/1/45, #G08631
|
965,004
|
|||||
1,401,496
|
3.00%, due 5/1/45, #G08640
|
1,341,819
|
|||||
734,453
|
3.00%, due 5/1/45, #Q33337
|
702,780
|
|||||
503,852
|
3.50%, due 11/1/45, #G08676
|
496,318
|
|||||
215,511
|
3.00%, due 12/1/46, #Q44655
|
205,682
|
|||||
1,059,380
|
3.00%, due 1/1/47, #G08741
|
1,010,466
|
|||||
551,458
|
3.00%, due 1/1/47, #Q45636
|
526,294
|
|||||
177,791
|
3.00%, due 2/1/47, #G08747
|
169,649
|
|||||
610,067
|
4.50%, due 3/1/47, #G08754
|
628,303
|
|||||
103,130
|
4.50%, due 3/1/47, #V83115
|
106,190
|
|||||
236,394
|
4.50%, due 4/1/47, #G08759
|
243,428
|
|||||
464,694
|
4.50%, due 11/1/47, #G61280
|
478,252
|
|||||
297,210
|
3.50%, due 2/1/48, #V83957
|
291,691
|
|||||
99,056
|
4.00%, due 3/1/48, #G08805
|
99,710
|
|||||
485,114
|
3.50%, due 4/1/48, #Q55213
|
476,113
|
|||||
580,389
|
4.50%, due 5/1/48, #G08820
|
597,324
|
|||||
161,624
|
4.00%, due 6/1/48, #G08817
|
162,705
|
|||||
392,297
|
4.50%, due 6/1/48, #V84282
|
403,744
|
|||||
794,685
|
4.00%, due 8/1/48, #Q58106
|
800,229
|
|||||
692,214
|
3.50%, due 9/1/48, #G08835
|
679,316
|
|||||
FNMA Pool
|
|||||||
310,610
|
3.00%, due 8/1/21, #AL0579
|
306,792
|
|||||
117,775
|
5.50%, due 7/1/22, #905040
|
119,890
|
|||||
444,781
|
4.50%, due 7/1/23, #254846
|
457,662
|
|||||
120,157
|
4.00%, due 12/1/25, #AH6058
|
122,509
|
|||||
134,454
|
4.00%, due 1/1/26, #AH3925
|
137,206
|
|||||
276,864
|
4.00%, due 5/1/26, #AH8174
|
282,553
|
|||||
423,913
|
3.00%, due 9/1/27, #AQ0333
|
421,698
|
|||||
307,171
|
2.50%, due 4/1/31, #BC4938
|
297,699
|
|||||
800,451
|
2.50%, due 10/1/31, #BC9305
|
772,573
|
|||||
824,156
|
2.50%, due 11/1/31, #BD9466
|
795,453
|
|||||
463,611
|
3.00%, due 12/1/32, #MA3218
|
457,869
|
|||||
429,595
|
3.50%, due 5/1/33, #BK5720
|
431,175
|
|||||
430,906
|
3.50%, due 5/1/33, #BK5745
|
432,491
|
|||||
473,555
|
3.50%, due 5/1/33, #MA3364
|
475,297
|
|||||
55,494
|
3.50%, due 6/1/33, #BK5999
|
55,699
|
|||||
123,142
|
5.00%, due 5/1/36, #745515
|
130,710
|
|||||
135,303
|
6.00%, due 6/1/37, #888413
|
146,823
|
|||||
528
|
5.00%, due 1/1/39, #AA0862
|
556
|
Principal Amount
|
Value
|
||||||
U.S. Government Securities 97.6% (continued)
|
|||||||
FNMA Pool (continued)
|
|||||||
$
|
636,963
|
4.00%, due 12/1/39, #AE0215
|
$
|
645,561
|
|||
179,224
|
5.00%, due 5/1/40, #AD6374
|
190,117
|
|||||
114,224
|
4.00%, due 10/1/40, #AE6057
|
115,779
|
|||||
221,054
|
4.00%, due 12/1/40, #MA0583
|
224,058
|
|||||
112,140
|
4.00%, due 11/1/41, #AJ4668
|
113,667
|
|||||
210,144
|
4.00%, due 11/1/41, #AJ5643
|
213,005
|
|||||
157,035
|
4.00%, due 4/1/42, #MA1028
|
159,172
|
|||||
1,036,251
|
3.50%, due 7/1/43, #AB9774
|
1,024,348
|
|||||
1,155,110
|
3.00%, due 8/1/43, #AU3363
|
1,110,817
|
|||||
289,617
|
4.00%, due 6/1/44, #AW4979
|
292,148
|
|||||
468,698
|
4.00%, due 9/1/44, #AS3392
|
472,648
|
|||||
399,824
|
4.00%, due 11/1/44, #AS3903
|
403,070
|
|||||
332,368
|
4.00%, due 11/1/44, #AS3906
|
335,118
|
|||||
375,449
|
3.00%, due 4/1/45, #AS4774
|
359,867
|
|||||
607,934
|
3.50%, due 4/1/45, #AY3376
|
598,824
|
|||||
198,712
|
3.00%, due 5/1/45, #AY6042
|
190,537
|
|||||
1,457,404
|
3.00%, due 6/1/45, #AZ0504
|
1,398,295
|
|||||
280,295
|
3.00%, due 6/1/45, #AZ0171
|
268,561
|
|||||
698,500
|
3.00%, due 6/1/45, #AZ2754
|
669,006
|
|||||
655,325
|
3.50%, due 8/1/45, #AS5699
|
645,504
|
|||||
319,333
|
3.50%, due 9/1/45, #AS5722
|
314,547
|
|||||
887,817
|
3.00%, due 10/1/45, #AZ6877
|
847,755
|
|||||
1,556,350
|
3.50%, due 12/1/45, #BA2275
|
1,532,865
|
|||||
1,168,799
|
3.50%, due 12/1/45, #MA2471
|
1,151,283
|
|||||
731,081
|
3.50%, due 3/1/46, #MA2549
|
719,974
|
|||||
1,476,348
|
3.00%, due 7/1/46, #MA2670
|
1,409,729
|
|||||
850,782
|
3.00%, due 9/1/46, #AS7904
|
812,391
|
|||||
83,098
|
4.00%, due 2/1/47, #BE7985
|
83,653
|
|||||
269,400
|
3.00%, due 4/1/47, #AS9448
|
257,225
|
|||||
359,795
|
4.00%, due 4/1/47, #MA2960
|
362,207
|
|||||
449,204
|
3.00%, due 5/1/47, #AS9562
|
428,856
|
|||||
528,725
|
4.00%, due 5/1/47, #AS9487
|
532,241
|
|||||
459,311
|
3.50%, due 8/1/47, #MA3087
|
451,095
|
|||||
870,817
|
3.50%, due 9/1/47, #MA3120
|
855,062
|
|||||
615,431
|
4.50%, due 11/1/47, #BJ1795
|
633,407
|
|||||
1,459,309
|
3.50%, due 3/1/48, #MA3305
|
1,432,000
|
|||||
235,829
|
4.50%, due 4/1/48, #MA3334
|
242,785
|
|||||
1,209,177
|
4.50%, due 5/1/48, #BM4135
|
1,244,671
|
|||||
978,492
|
4.00%, due 6/1/48, #MA3384
|
984,848
|
|||||
1,271,828
|
4.00%, due 7/1/48, #MA3415
|
1,280,088
|
|||||
890,670
|
4.00%, due 8/1/48, #MA3443
|
896,455
|
|||||
GNMA Pool
|
|||||||
144,219
|
4.50%, due 5/15/39, #717066
|
150,212
|
|||||
208,019
|
5.50%, due 6/15/39, #714720
|
222,829
|
|||||
213,583
|
4.50%, due 7/15/39, #720160
|
222,540
|
|||||
523,713
|
5.00%, due 9/15/39, #726311
|
557,091
|
|||||
597,535
|
4.00%, due 6/15/45, #AM8608
|
605,693
|
|||||
353,548
|
4.00%, due 2/15/46, #AR3772
|
363,389
|
|||||
51,470
|
4.00%, due 5/15/46, #AT7406
|
52,158
|
|||||
481,879
|
4.00%, due 10/15/46, #AQ0545
|
489,619
|
|||||
378,089
|
4.00%, due 12/15/46, #AQ0562
|
384,195
|
|||||
22,039
|
4.00%, due 12/15/46, #AQ0563
|
22,393
|
|||||
1,025,641
|
3.00%, due 5/15/47, #AW1730
|
989,896
|
|||||
198,494
|
3.00%, due 5/15/47, #AZ5535
|
191,580
|
|||||
463,603
|
3.00%, due 8/15/47, #AZ5554
|
447,456
|
|||||
1,372,274
|
3.50%, due 11/15/47, #BD4824
|
1,357,687
|
|||||
1,012,983
|
4.00%, due 11/15/47, #BB3817
|
1,026,853
|
|||||
58,746,323
|
|||||||
Total Mortgage Backed Securities
|
|||||||
(cost $60,706,394)
|
59,556,138
|
Shares
|
Value
|
|||||||
SHORT-TERM INVESTMENTS 0.9%
|
||||||||
510,398
|
Fidelity Institutional Money
|
|||||||
Market Government Portfolio –
|
||||||||
Class I, 2.10% (b)
|
$
|
510,398
|
||||||
Total Short-Term Investments
|
||||||||
(cost $510,398)
|
510,398
|
|||||||
Total Investments
|
(cost $61,216,792)
|
99.8
|
%
|
60,066,536
|
||||
Other Assets less Liabilities
|
0.2
|
%
|
137,923
|
||||
TOTAL NET ASSETS
|
100.0
|
%
|
$
|
60,204,459
|
(a)
|
Variable rate security. The coupon is based on an underlying pool of loans. Rate shown reflects the rate in effect as of November 30, 2018.
|
(b)
|
Rate shown is the 7-day annualized yield as of November 30, 2018.
|
(c)
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of November 30, 2018, the value of these investments was $809,815 or 1.34% of total net assets.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 97.7%
|
|||||||
Advertising & Marketing 0.7%
|
|||||||
Lamar Media Corp.
|
|||||||
$
|
520,000
|
5.75%, due 2/1/26
|
$
|
531,050
|
|||
Aerospace/Defense 1.7%
|
|||||||
TransDigm, Inc.
|
|||||||
700,000
|
6.00%, due 7/15/22
|
701,750
|
|||||
Triumph Group, Inc.
|
|||||||
590,000
|
7.75%, due 8/15/25
|
544,275
|
|||||
1,246,025
|
|||||||
Apparel & Textile Products 0.3%
|
|||||||
HanesBrands, Inc.
|
|||||||
210,000
|
4.875%, due 5/15/26 (b)
|
198,450
|
|||||
Auto Parts Manufacturing 0.6%
|
|||||||
Delphi Technologies Plc
|
|||||||
530,000
|
5.00%, due 10/1/25 (b)
|
460,729
|
|||||
Biotechnology 0.9%
|
|||||||
Sotera Health Topco, Inc.
|
|||||||
710,000
|
8.125% Cash or 8.875%
|
||||||
PIK, due 11/1/21 (b) (e)
|
694,025
|
||||||
Building Materials 0.6%
|
|||||||
U.S. Concrete, Inc.
|
|||||||
470,000
|
6.375%, due 6/1/24
|
447,675
|
|||||
Casinos and Gaming 0.4%
|
|||||||
Scientific Games
|
|||||||
International, Inc.
|
|||||||
300,000
|
5.00%, due 10/15/25 (b)
|
281,595
|
|||||
Chemical and Allied Products
|
|||||||
Merchant Wholesalers 0.9%
|
|||||||
Univar USA, Inc.
|
|||||||
650,000
|
6.75%, due 7/15/23 (b)
|
650,000
|
|||||
Chemicals 9.9%
|
|||||||
CF Industries, Inc.
|
|||||||
650,000
|
3.45%, due 6/1/23
|
609,375
|
|||||
Consolidated Energy Finance SA
|
|||||||
400,000
|
6.875%, due 6/15/25 (b)
|
397,400
|
|||||
300,000
|
6.50%, due 5/15/26 (b)
|
292,875
|
|||||
CSTN Merger Sub, Inc.
|
|||||||
690,000
|
6.75%, due 8/15/24 (b)
|
655,500
|
|||||
Hexion Inc./Hexion Nova
|
|||||||
Scotia Finance ULC
|
|||||||
400,000
|
9.00%, due 11/15/20
|
192,000
|
|||||
Hexion U.S. Finance Corp.
|
|||||||
380,000
|
6.625%, due 4/15/20
|
315,400
|
|||||
Kissner Milling Company Ltd.
|
|||||||
690,000
|
8.375%, due 12/1/22 (b)
|
695,175
|
|||||
Koppers, Inc.
|
|||||||
710,000
|
6.00%, due 2/15/25 (b)
|
639,000
|
|||||
LSB Industries, Inc.
|
|||||||
650,000
|
9.625%, due 5/1/23 (b)
|
667,875
|
|||||
Momentive Performance
|
|||||||
Materials, Inc.
|
|||||||
235,000
|
3.875%, due 10/24/21
|
252,625
|
|||||
OCI NV
|
|||||||
625,000
|
6.625%, due 4/15/23 (b)
|
636,719
|
|||||
Platform Specialty Products Corp.
|
|||||||
360,000
|
6.50%, due 2/1/22 (b)
|
368,100
|
|||||
PolyOne Corp.
|
|||||||
450,000
|
5.25%, due 3/15/23
|
451,125
|
|||||
Starfruit Finco BV / Starfruit
|
|||||||
US Holdco LLC
|
|||||||
275,000
|
8.00%, due 10/1/26 (b)
|
264,688
|
|||||
TPC Group, Inc.
|
|||||||
925,000
|
8.75%, due 12/15/20 (b)
|
897,250
|
|||||
7,335,107
|
|||||||
Commercial and Service Industry
|
|||||||
Machinery Manufacturing 0.7%
|
|||||||
ATS Automation Tooling
|
|||||||
Systems, Inc.
|
|||||||
500,000
|
6.50%, due 6/15/23 (b)
|
513,750
|
Principal Amount
|
Value
|
||||||
Communications Equipment 1.8%
|
|||||||
Anixter, Inc.
|
|||||||
$
|
500,000
|
6.00%, due 12/1/25 (b)
|
$
|
501,250
|
|||
CommScope Technologies LLC
|
|||||||
500,000
|
6.00%, due 6/15/25 (b)
|
465,650
|
|||||
Plantronics, Inc.
|
|||||||
350,000
|
5.50%, due 5/31/23 (b)
|
339,500
|
|||||
1,306,400
|
|||||||
Construction Machinery 0.8%
|
|||||||
Jurassic Holdings III
|
|||||||
600,000
|
6.875%, due 2/15/21 (b)
|
558,000
|
|||||
Construction Materials Manufacturing 1.0%
|
|||||||
Boise Cascade Co.
|
|||||||
440,000
|
5.625%, due 9/1/24 (b)
|
424,600
|
|||||
Northwest Hardwoods, Inc.
|
|||||||
400,000
|
7.50%, due 8/1/21 (b)
|
310,000
|
|||||
734,600
|
|||||||
Consumer Cyclical Services 1.0%
|
|||||||
APX Group, Inc.
|
|||||||
790,000
|
8.75%, due 12/1/20
|
758,400
|
|||||
Consumer Products 0.6%
|
|||||||
Central Garden & Pet Co.
|
|||||||
220,000
|
6.125%, due 11/15/23
|
224,488
|
|||||
Coty, Inc.
|
|||||||
150,000
|
6.50%, due 4/15/26 (b)
|
132,375
|
|||||
Energizer Gamma
|
|||||||
Acquisition, Inc.
|
|||||||
100,000
|
6.375%, due 7/15/26 (b)
|
94,250
|
|||||
451,113
|
|||||||
Consumer Services 4.1%
|
|||||||
AMN Healthcare, Inc.
|
|||||||
350,000
|
5.125%, due 10/1/24 (b)
|
336,437
|
|||||
Aramark Services, Inc.
|
|||||||
300,000
|
5.00%, due 2/1/28 (b)
|
285,750
|
|||||
Carriage Services, Inc.
|
|||||||
450,000
|
6.625%, due 6/1/26 (b)
|
447,187
|
|||||
LSC Communications, Inc.
|
|||||||
550,000
|
8.75%, due 10/15/23 (b)
|
579,563
|
|||||
Quad/Graphics, Inc.
|
|||||||
800,000
|
7.00%, due 5/1/22
|
790,000
|
|||||
Stonemor Partners LP
|
|||||||
600,000
|
7.875%, due 6/1/21
|
562,500
|
|||||
3,001,437
|
|||||||
Containers and Packaging 5.1%
|
|||||||
ARD Finance S.A.
|
|||||||
550,000
|
7.125% Cash or 7.875% PIK,
|
||||||
due 9/15/23 (e)
|
508,750
|
||||||
BWAY Holding Co.
|
|||||||
590,000
|
5.50%, due 4/15/24 (b)
|
567,137
|
|||||
Cascades, Inc.
|
|||||||
54,000
|
5.50%, due 7/15/22 (b)
|
53,730
|
|||||
153,000
|
5.75%, due 7/15/23 (b)
|
149,940
|
|||||
Crown Americas LLC/Crown
|
|||||||
Americas Capital Corp V
|
|||||||
300,000
|
4.25%, due 9/30/26
|
280,125
|
|||||
Crown Americas LLC/Crown
|
|||||||
Americas Capital Corp VI
|
|||||||
150,000
|
4.75%, due 2/1/26 (b)
|
144,945
|
|||||
Flex Acquisition Co., Inc.
|
|||||||
150,000
|
7.875%, due 7/15/26 (b)
|
141,375
|
|||||
Multi-Color Corp.
|
|||||||
580,000
|
6.125%, due 12/1/22 (b)
|
582,900
|
|||||
Plastipak Holdings, Inc.
|
|||||||
650,000
|
6.25%, due 10/15/25 (b)
|
588,250
|
|||||
W/S Packaging Holdings, Inc.
|
|||||||
700,000
|
9.00%, due 4/15/23 (b)
|
712,250
|
|||||
3,729,402
|
|||||||
Distributors 0.7%
|
|||||||
Ferrellgas Partners LP
|
|||||||
575,000
|
6.50%, due 5/1/21
|
493,062
|
|||||
Diversified Manufacturing 0.8%
|
|||||||
Griffon Corp.
|
|||||||
600,000
|
5.25%, due 3/1/22
|
562,500
|
Principal Amount
|
Value
|
||||||
Electrical Equipment Manufacturing 0.9%
|
|||||||
Itron, Inc.
|
|||||||
$
|
690,000
|
5.00%, due 1/15/26 (b)
|
$
|
643,860
|
|||
Financial Services 1.7%
|
|||||||
LPL Holdings, Inc.
|
|||||||
650,000
|
5.75%, due 9/15/25 (b)
|
617,500
|
|||||
Trident Merger Sub, Inc.
|
|||||||
700,000
|
6.625%, due 11/1/25 (b)
|
630,000
|
|||||
1,247,500
|
|||||||
Food and Beverage 5.0%
|
|||||||
Clearwater Seafoods, Inc.
|
|||||||
670,000
|
6.875%, due 5/1/25 (b)
|
643,200
|
|||||
Dean Foods Co.
|
|||||||
610,000
|
6.50%, due 3/15/23 (b)
|
536,800
|
|||||
Matterhorn Merger Sub LLC /
|
|||||||
Matterhorn Finance Sub, Inc.
|
|||||||
750,000
|
8.50%, due 6/1/26 (b)
|
658,125
|
|||||
Pilgrim’s Pride Corp.
|
|||||||
700,000
|
5.75%, due 3/15/25 (b)
|
684,250
|
|||||
Sigma Holdco BV
|
|||||||
650,000
|
7.875%, due 5/15/26 (b)
|
581,750
|
|||||
Simmons Foods, Inc.
|
|||||||
600,000
|
7.75%, due 1/15/24 (b)
|
615,000
|
|||||
3,719,125
|
|||||||
Forest and Paper
|
|||||||
Products Manufacturing 0.8%
|
|||||||
Schweitzer-Mauduit
|
|||||||
International, Inc.
|
|||||||
600,000
|
6.875%, due 10/1/26 (b)
|
591,000
|
|||||
Hardware 0.9%
|
|||||||
Everi Payments Inc.
|
|||||||
700,000
|
7.50%, due 12/15/25 (b)
|
684,250
|
|||||
Health Care Facilities and Services 0.6%
|
|||||||
Hadrian Merger Sub, Inc.
|
|||||||
500,000
|
8.50%, due 5/1/26 (b)
|
465,000
|
|||||
Home Improvement 0.8%
|
|||||||
Apex Tool Group LLC/BC
|
|||||||
Mountain Finance, Inc.
|
|||||||
700,000
|
9.00%, due 2/15/23 (b)
|
607,250
|
|||||
Homebuilders 1.0%
|
|||||||
Williams Scotsman
|
|||||||
International, Inc.
|
|||||||
750,000
|
6.875%, due 8/15/23 (b)
|
738,750
|
|||||
Industrial – Other 5.7%
|
|||||||
Brand Energy & Infrastructure
|
|||||||
Services, Inc.
|
|||||||
650,000
|
8.50%, due 7/15/25 (b)
|
576,874
|
|||||
Cleaver-Brooks, Inc.
|
|||||||
825,000
|
7.875%, due 3/1/23 (b)
|
818,813
|
|||||
First Data Corp.
|
|||||||
650,000
|
5.75%, due 1/15/24 (b)
|
654,875
|
|||||
Frontdoor, Inc.
|
|||||||
150,000
|
6.75%, due 8/15/26 (b)
|
145,125
|
|||||
H&E Equipment Services, Inc.
|
|||||||
410,000
|
5.625%, due 9/1/25
|
383,862
|
|||||
New Enterprise Stone &
|
|||||||
Lime Co., Inc.
|
|||||||
400,000
|
6.25%, due 3/15/26 (b)
|
370,000
|
|||||
United Rentals North
|
|||||||
America, Inc.
|
|||||||
500,000
|
6.50%, due 12/15/26
|
503,125
|
|||||
250,000
|
5.50%, due 5/15/27
|
236,563
|
|||||
Zachry Holdings, Inc.
|
|||||||
550,000
|
7.50%, due 2/1/20 (b)
|
541,750
|
|||||
4,230,987
|
|||||||
Machinery Manufacturing 4.7%
|
|||||||
Amsted Industries Inc.
|
|||||||
300,000
|
5.375%, due 9/15/24 (b)
|
288,000
|
|||||
JPW Industries Holding Corp.
|
|||||||
600,000
|
9.00%, due 10/1/24 (b)
|
607,500
|
|||||
MAI Holdings, Inc.
|
|||||||
700,000
|
9.50%, due 6/1/23 (b)
|
675,500
|
Principal Amount
|
Value
|
||||||
Machinery Manufacturing 4.7% (continued)
|
|||||||
RBS Global, Inc./ Rexnord LLC
|
|||||||
$
|
150,000
|
4.875%, due 12/15/25 (b)
|
$
|
143,063
|
|||
Titan Acquisition Ltd. / Titan
|
|||||||
Co-Borrower LLC
|
|||||||
700,000
|
7.75%, due 4/15/26 (b)
|
575,750
|
|||||
Titan International, Inc.
|
|||||||
1,000,000
|
6.50%, due 11/30/23
|
927,500
|
|||||
Welbilt, Inc.
|
|||||||
240,000
|
9.50%, due 2/15/24
|
258,300
|
|||||
3,475,613
|
|||||||
Manufactured Goods 3.1%
|
|||||||
FXI Holdings, Inc.
|
|||||||
700,000
|
7.875%, due 11/1/24 (b)
|
633,500
|
|||||
Grinding Media Inc./ MC
|
|||||||
Grinding Media Canada, Inc.
|
|||||||
650,000
|
7.375%, due 12/15/23 (b)
|
654,875
|
|||||
Optimas OE Solutions, Inc.
|
|||||||
400,000
|
8.625%, due 6/1/21 (b)
|
366,000
|
|||||
Park-Ohio Industries, Inc.
|
|||||||
620,000
|
6.625%, due 4/15/27
|
615,156
|
|||||
2,269,531
|
|||||||
Media Non-Cable 2.1%
|
|||||||
CBS Outdoor Americas
|
|||||||
Capital, LLC
|
|||||||
890,000
|
5.625%, due 2/15/24
|
893,338
|
|||||
R.R. Donnelley & Sons Co.
|
|||||||
648,000
|
6.50%, due 11/15/23
|
635,170
|
|||||
1,528,508
|
|||||||
Medical Equipment and
|
|||||||
Supplies Manufacturing 0.8%
|
|||||||
Vista Outdoor, Inc.
|
|||||||
650,000
|
5.875%, due 10/1/23
|
619,125
|
|||||
Metals and Mining 3.8%
|
|||||||
American Gilsonite Co.
|
|||||||
419,758
|
17.00% Cash or 17.000% PIK,
|
||||||
due 12/31/21 (b) (e)
|
463,833
|
||||||
Emeco Pty Ltd.
|
|||||||
588,879
|
9.25%, due 3/31/22
|
627,155
|
|||||
Rain CII Carbon LLC/
|
|||||||
CII Carbon Corp.
|
|||||||
650,000
|
7.25%, due 4/1/25 (b)
|
604,500
|
|||||
SunCoke Energy Partners
|
|||||||
LP/SunCoke Energy
|
|||||||
Partners Finance Corp.
|
|||||||
710,000
|
7.50%, due 6/15/25 (b)
|
699,349
|
|||||
TMS International Corp.
|
|||||||
450,000
|
7.25%, due 8/15/25 (b)
|
442,125
|
|||||
2,836,962
|
|||||||
Oil and Gas Extraction 0.7%
|
|||||||
Welltec A/S
|
|||||||
550,000
|
9.50%, due 12/1/22 (b)
|
552,750
|
|||||
Oil and Gas Services and Equipment 1.5%
|
|||||||
Archrock Partners LP
|
|||||||
350,000
|
6.00%, due 4/1/21
|
344,750
|
|||||
Nine Energy Service, Inc.
|
|||||||
150,000
|
8.75%, due 11/1/23 (b)
|
148,688
|
|||||
USA Compression
|
|||||||
Partners LP / USA
|
|||||||
Compression Finance Corp.
|
|||||||
635,000
|
6.875%, due 4/1/26 (b)
|
622,300
|
|||||
1,115,738
|
|||||||
Paper 3.2%
|
|||||||
Clearwater Paper Corp.
|
|||||||
710,000
|
4.50%, due 2/1/23
|
646,100
|
|||||
Mercer International, Inc.
|
|||||||
60,000
|
6.50%, due 2/1/24
|
60,000
|
|||||
690,000
|
5.50%, due 1/15/26
|
631,350
|
|||||
NWH Escrow Corp.
|
|||||||
400,000
|
7.50%, due 8/1/21 (b)
|
306,000
|
|||||
Rayonier A.M. Products, Inc.
|
|||||||
800,000
|
5.50%, due 6/1/24 (b)
|
736,000
|
|||||
2,379,450
|
Principal Amount
|
Value
|
||||||
Petroleum and Petroleum Products
|
|||||||
Merchant Wholesalers 0.9%
|
|||||||
Sunoco LP/Sunoco Finance Corp.
|
|||||||
$
|
700,000
|
5.50%, due 2/15/26 (b)
|
$
|
668,500
|
|||
Pipelines 2.0%
|
|||||||
Exterran Partners, L.P.
|
|||||||
100,000
|
6.00%, due 10/1/22
|
98,000
|
|||||
Rose Rock Midstream, L.P.
|
|||||||
700,000
|
5.625%, due 7/15/22
|
672,000
|
|||||
Summit Midstream Holdings, LLC
|
|||||||
220,000
|
5.50%, due 8/15/22
|
214,500
|
|||||
TransMontaigne Partners LP/
|
|||||||
TLP Finance Corp.
|
|||||||
500,000
|
6.125%, due 2/15/26
|
457,500
|
|||||
1,442,000
|
|||||||
Publishing and Broadcasting 2.2%
|
|||||||
Salem Media Group, Inc.
|
|||||||
420,000
|
6.75%, due 6/1/24 (b)
|
379,050
|
|||||
Townsquare Media, Inc.
|
|||||||
640,000
|
6.50%, due 4/1/23 (b)
|
592,800
|
|||||
Urban One, Inc.
|
|||||||
670,000
|
9.25%, due 2/15/20 (b)
|
653,250
|
|||||
1,625,100
|
|||||||
Railroad 1.2%
|
|||||||
Watco Companies, Inc.
|
|||||||
900,000
|
6.375%, due 4/1/23 (b)
|
906,750
|
|||||
Real Estate 1.5%
|
|||||||
GEO Group, Inc.
|
|||||||
580,000
|
5.125%, due 4/1/23
|
525,625
|
|||||
Iron Mountain, Inc.
|
|||||||
620,000
|
4.875%, due 9/15/27 (b)
|
551,025
|
|||||
1,076,650
|
|||||||
Refining and Marketing 0.8%
|
|||||||
Calumet Specialty Products
|
|||||||
Partners LP / Calumet
|
|||||||
Finance Corp.
|
|||||||
650,000
|
7.75%, due 4/15/23
|
570,375
|
|||||
Retail – Consumer Discretionary 4.0%
|
|||||||
Beacon Roofing Supply, Inc.
|
|||||||
480,000
|
6.375%, due 10/1/23
|
480,000
|
|||||
Hertz Corp.
|
|||||||
700,000
|
5.875%, due 10/15/20
|
692,300
|
|||||
Hillman Company, Inc.
|
|||||||
1,050,000
|
6.375%, due 7/15/22 (b)
|
903,000
|
|||||
Party City Holdings, Inc.
|
|||||||
650,000
|
6.625%, due 8/1/26 (b)
|
629,005
|
|||||
Reliance Intermediate Holdings
|
|||||||
210,000
|
6.50%, due 4/1/23 (b)
|
217,350
|
|||||
2,921,655
|
|||||||
Software and Services 4.6%
|
|||||||
Ascend Learning LLC
|
|||||||
570,000
|
6.875%, due 8/1/25 (b)
|
555,750
|
|||||
Donnelley Financial
|
|||||||
Solutions, Inc.
|
|||||||
580,000
|
8.25%, due 10/15/24
|
586,525
|
|||||
Informatica LLC
|
|||||||
670,000
|
7.125%, due 7/15/23 (b)
|
675,025
|
|||||
Quintiles IMS Inc.
|
|||||||
400,000
|
5.00%, due 10/15/26 (b)
|
388,500
|
|||||
RP Crown Parent, LLC
|
|||||||
590,000
|
7.375%, due 10/15/24 (b)
|
599,588
|
|||||
Sophia, L.P.
|
|||||||
550,000
|
9.00%, due 9/30/23 (b)
|
569,250
|
|||||
3,374,638
|
|||||||
Transportation and Logistics 2.7%
|
|||||||
J.B. Poindexter & Co., Inc.
|
|||||||
650,000
|
7.125%, due 4/15/26 (b)
|
622,375
|
|||||
Martin Midstream Partners L.P.
|
|||||||
650,000
|
7.25%, due 2/15/21
|
637,000
|
|||||
Mobile Mini, Inc.
|
|||||||
750,000
|
5.875%, due 7/1/24
|
755,618
|
|||||
2,014,993
|
|||||||
Transportation Services 1.6%
|
|||||||
LBC Tank Terminals Holding
|
|||||||
600,000
|
6.875%, due 5/15/23 (b)
|
558,000
|
Principal Amount/
|
|||||||
Shares
|
Value
|
||||||
Transportation Services 1.6% (continued)
|
|||||||
OPE KAG Finance Sub, Inc.
|
|||||||
$
|
650,000
|
7.875%, due 7/31/23 (b)
|
$
|
633,750
|
|||
1,191,750
|
|||||||
Utilities 2.4%
|
|||||||
Amerigas Partners LP
|
|||||||
370,000
|
5.50%, due 5/20/25
|
343,638
|
|||||
Rockpoint Gas Storage Canada Ltd.
|
|||||||
750,000
|
7.00%, due 3/31/23 (b)
|
731,250
|
|||||
Superior Plus LP / Superior
|
|||||||
General Partner, Inc.
|
|||||||
700,000
|
7.00%, due 7/15/26 (b)
|
693,000
|
|||||
1,767,888
|
|||||||
Waste and Environment
|
|||||||
Services and Equipment 2.3%
|
|||||||
CD&R Waterworks Merger Sub LLC
|
|||||||
460,000
|
6.125%, due 8/15/25 (b)
|
422,050
|
|||||
GFL Environmental Inc.
|
|||||||
200,000
|
5.625%, due 5/1/22 (b)
|
188,500
|
|||||
Hulk Finance Corp.
|
|||||||
500,000
|
7.00%, due 6/1/26 (b)
|
448,750
|
|||||
Waste Pro USA, Inc.
|
|||||||
700,000
|
5.50%, due 2/15/26 (b)
|
645,750
|
|||||
1,705,050
|
|||||||
Wireline Telecommunications Services 1.6%
|
|||||||
Consolidated Communications, Inc.
|
|||||||
330,000
|
6.50%, due 10/1/22
|
309,375
|
|||||
West Corp.
|
|||||||
560,000
|
5.375%, due 7/15/22 (b)
|
530,600
|
|||||
Zayo Group, LLC
|
|||||||
350,000
|
6.375%, due 5/15/25
|
344,750
|
|||||
1,184,725
|
|||||||
Total Corporate Bonds
|
|||||||
(cost $75,764,202)
|
72,108,793
|
||||||
RIGHTS 0.0%
|
|||||||
Momentive Performance Escrow
|
|||||||
1
|
8.875%, due 10/15/20 (c) (d)
|
—
|
|||||
SHORT-TERM INVESTMENTS 0.5%
|
|||||||
379,941
|
Fidelity Institutional Money
|
||||||
Market Government Portfolio –
|
|||||||
Class I, 2.10% (a)
|
379,941
|
||||||
Total Short-Term Investments
|
|||||||
(cost $379,941)
|
379,941
|
||||||
Total Investments
|
(cost $76,144,143)
|
98.2%
|
72,488,734
|
||||
Other Assets less Liabilities
|
1.8%
|
1,305,029
|
||||
TOTAL NET ASSETS
|
100.0%
|
$
|
73,793,763
|
(a)
|
Rate shown is the 7-day annualized yield as of November 30, 2018.
|
(b)
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of November 30, 2018, the value of these investments was $49,814,993 or 67.51% of total net assets.
|
(c)
|
Restricted security. The escrow shares were received through a distribution, for the purpose of receiving future distributions from the plan of reorganization. As of November 30, 2018, the security had a cost and value of $0 (0.0% of total net assets).
|
(d)
|
Valued at a fair value in accordance with procedures established by the Fund’s Board of Trustees. Value determined using significant unobservable inputs.
|
(e)
|
Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
|
BBB
|
MBS
|
High Yield
|
||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund*
|
||||||||||
Assets:
|
||||||||||||
Investments in securities, at value
|
||||||||||||
(cost $151,924,442, $61,216,792, and $76,144,143, respectively)
|
$
|
146,793,765
|
$
|
60,066,536
|
$
|
72,488,734
|
||||||
Cash
|
—
|
—
|
13,541
|
|||||||||
Receivable for fund shares sold
|
63,961
|
11,585
|
—
|
|||||||||
Interest receivable
|
1,817,632
|
180,537
|
1,370,680
|
|||||||||
Due from investment adviser (Note 4)
|
—
|
14,624
|
—
|
|||||||||
Prepaid expenses
|
13,203
|
2,334
|
10,514
|
|||||||||
Total assets
|
148,688,561
|
60,275,616
|
73,883,469
|
|||||||||
Liabilities:
|
||||||||||||
Payable for fund shares redeemed
|
23,856
|
3,728
|
—
|
|||||||||
Payable to investment adviser
|
—
|
—
|
27,834
|
|||||||||
Administration fees
|
12,299
|
10,368
|
10,732
|
|||||||||
Custody fees
|
2,767
|
3,199
|
1,770
|
|||||||||
Transfer agent fees and expenses
|
19,085
|
10,623
|
6,258
|
|||||||||
Fund accounting fees
|
22,564
|
14,042
|
16,126
|
|||||||||
Audit fees
|
20,559
|
20,560
|
16,610
|
|||||||||
Chief Compliance Officer fee
|
2,250
|
2,249
|
2,250
|
|||||||||
Trustees’ fees and expenses
|
1,465
|
1,329
|
1,504
|
|||||||||
Accrued expenses
|
8,911
|
5,059
|
6,622
|
|||||||||
Total liabilities
|
113,756
|
71,157
|
89,706
|
|||||||||
Net Assets
|
$
|
148,574,805
|
$
|
60,204,459
|
$
|
73,793,763
|
||||||
Net Assets Consist of:
|
||||||||||||
Paid-in capital
|
$
|
158,972,542
|
$
|
62,860,800
|
$
|
77,060,029
|
||||||
Total distributable earnings
|
(10,397,737
|
)
|
(2,656,341
|
)
|
(3,266,266
|
)
|
||||||
Net Assets
|
$
|
148,574,805
|
$
|
60,204,459
|
$
|
73,793,763
|
||||||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$
|
8.67
|
$
|
9.17
|
$
|
9.44
|
||||||
Shares Issued and Outstanding
|
||||||||||||
(Unlimited number of shares authorized, par value $0.01)
|
17,138,604
|
6,568,324
|
7,820,211
|
*
|
The PIA High Yield (MACS) Fund commenced operations on December 26, 2017.
|
BBB
|
MBS
|
High Yield
|
||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund*
|
||||||||||
Investment Income:
|
||||||||||||
Interest
|
$
|
7,942,805
|
$
|
1,879,209
|
$
|
4,338,232
|
||||||
Total investment income
|
7,942,805
|
1,879,209
|
4,338,232
|
|||||||||
Expenses:
|
||||||||||||
Fund accounting fees (Note 4)
|
92,146
|
54,155
|
57,923
|
|||||||||
Transfer agent fees and expenses (Note 4)
|
60,875
|
38,429
|
22,025
|
|||||||||
Administration fees (Note 4)
|
49,130
|
39,859
|
38,832
|
|||||||||
Registration fees
|
28,635
|
23,651
|
13,802
|
|||||||||
Audit fees
|
20,666
|
20,666
|
16,610
|
|||||||||
Custody fees (Note 4)
|
17,381
|
18,300
|
7,961
|
|||||||||
Trustees’ fees and expenses
|
15,797
|
14,436
|
15,318
|
|||||||||
Chief Compliance Officer fee (Note 4)
|
9,049
|
9,049
|
8,396
|
|||||||||
Legal fees
|
8,099
|
7,827
|
7,650
|
|||||||||
Reports to shareholders
|
6,451
|
2,687
|
2,993
|
|||||||||
Insurance
|
4,369
|
2,479
|
1,820
|
|||||||||
Miscellaneous
|
6,812
|
5,779
|
7,602
|
|||||||||
Total expenses
|
319,410
|
237,317
|
200,932
|
|||||||||
Less: Expense reimbursement from adviser (Note 4)
|
(5,696
|
)
|
(91,716
|
)
|
(44,920
|
)
|
||||||
Net expenses
|
313,714
|
145,601
|
156,012
|
|||||||||
Net investment income
|
7,629,091
|
1,733,608
|
4,182,220
|
|||||||||
Realized and Unrealized Gain/(Loss) on Investments
|
||||||||||||
Net realized gain/(loss) on investments
|
(1,665,405
|
)
|
(648,454
|
)
|
347,903
|
|||||||
Net change in unrealized appreciation on investments
|
(12,595,930
|
)
|
(1,663,220
|
)
|
(4,631,488
|
)
|
||||||
Net loss on investments
|
(14,261,335
|
)
|
(2,311,674
|
)
|
(4,283,585
|
)
|
||||||
Net decrease in net assets resulting from operations
|
$
|
(6,632,244
|
)
|
$
|
(578,066
|
)
|
$
|
(101,365
|
)
|
*
|
The PIA High Yield (MACS) Fund commenced operations on December 26, 2017.
|
BBB
|
MBS
|
High Yield
|
||||||||||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund
|
||||||||||||||||||
Dec. 26, 2017*
|
||||||||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
through
|
||||||||||||||||
Nov. 30, 2018
|
Nov. 30, 2017
|
Nov. 30, 2018
|
Nov. 30, 2017
|
Nov. 30, 2018
|
||||||||||||||||
Increase/(Decrease) in Net Assets From
|
||||||||||||||||||||
Operations:
|
||||||||||||||||||||
Net investment income
|
$
|
7,629,091
|
$
|
8,229,252
|
$
|
1,733,608
|
$
|
1,728,011
|
$
|
4,182,220
|
||||||||||
Net realized gain/(loss) on investments
|
(1,665,405
|
)
|
846,057
|
(648,454
|
)
|
689,212
|
347,903
|
|||||||||||||
Net change in unrealized appreciation
|
||||||||||||||||||||
on investments
|
(12,595,930
|
)
|
5,602,527
|
(1,663,220
|
)
|
(1,128,899
|
)
|
(4,631,488
|
)
|
|||||||||||
Net increase/(decrease) in net assets
|
||||||||||||||||||||
resulting from operations
|
(6,632,244
|
)
|
14,677,836
|
(578,066
|
)
|
1,288,324
|
(101,365
|
)
|
||||||||||||
Dividends and Distributions Paid to Shareholders:
|
||||||||||||||||||||
Net dividends and
|
||||||||||||||||||||
distributions to shareholders
|
(7,642,647
|
)
|
(8,234,499
|
)^ |
(1,831,574
|
)
|
(1,903,552
|
)^^ |
(4,140,980
|
)
|
||||||||||
Total dividends and distributions
|
(7,642,647
|
)
|
(8,234,499
|
)
|
(1,831,574
|
)
|
(1,903,552
|
)
|
(4,140,980
|
)
|
||||||||||
Capital Share Transactions:
|
||||||||||||||||||||
Net proceeds from shares sold
|
42,846,132
|
39,251,172
|
15,637,585
|
19,135,112
|
8,256,239
|
|||||||||||||||
Net proceeds from transfer in-kind
|
—
|
—
|
—
|
—
|
65,639,784
|
|||||||||||||||
Distributions reinvested
|
5,828,550
|
6,203,428
|
890,274
|
983,435
|
4,140,980
|
|||||||||||||||
Payment for shares redeemed
|
(92,478,592
|
)
|
(68,284,675
|
)
|
(23,632,579
|
)
|
(37,661,932
|
)
|
(895
|
)
|
||||||||||
Net increase/(decrease) in net assets
|
||||||||||||||||||||
from capital share transactions
|
(43,803,910
|
)
|
(22,830,075
|
)
|
(7,104,720
|
)
|
(17,543,385
|
)
|
78,036,108
|
|||||||||||
Total increase/(decrease) in net assets
|
(58,078,801
|
)
|
(16,386,738
|
)
|
(9,514,360
|
)
|
(18,158,613
|
)
|
73,793,763
|
|||||||||||
Net Assets, Beginning of Period
|
206,653,606
|
223,040,344
|
69,718,819
|
87,877,432
|
—
|
|||||||||||||||
Net Assets, End of Period
|
$
|
148,574,805
|
$
|
206,653,606
|
+
|
$
|
60,204,459
|
$
|
69,718,819
|
++
|
$
|
73,793,763
|
||||||||
Transactions in Shares:
|
||||||||||||||||||||
Shares sold
|
4,696,417
|
4,229,004
|
1,677,737
|
2,005,984
|
832,790
|
|||||||||||||||
Shares issued in connection
|
||||||||||||||||||||
with transfer in-kind
|
—
|
—
|
—
|
—
|
6,563,978
|
|||||||||||||||
Shares issued on
|
||||||||||||||||||||
reinvestment of distributions
|
646,637
|
668,722
|
96,016
|
103,244
|
423,534
|
|||||||||||||||
Shares redeemed
|
(10,318,214
|
)
|
(7,364,543
|
)
|
(2,553,763
|
)
|
(3,951,526
|
)
|
(91
|
)
|
||||||||||
Net increase/(decrease)
|
||||||||||||||||||||
in shares outstanding
|
(4,975,160
|
)
|
(2,466,817
|
)
|
(780,010
|
)
|
(1,842,298
|
)
|
7,820,211
|
*
|
Commencement of operations.
|
+
|
Includes accumulated undistributed net investment income of $65,333.
|
++
|
Includes accumulated undistributed net investment income of $37,883.
|
^
|
Includes net investment income distributions of $8,234,499
|
^^
|
Includes net investment income distributions of $1,903,552.
|
Year Ended November 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
9.35
|
$
|
9.07
|
$
|
8.97
|
$
|
9.57
|
$
|
9.48
|
||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.37
|
0.35
|
0.36
|
0.36
|
0.37
|
|||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.68
|
)
|
0.28
|
0.10
|
(0.55
|
)
|
0.43
|
|||||||||||||
Total from investment operations
|
(0.31
|
)
|
0.63
|
0.46
|
(0.19
|
)
|
0.80
|
|||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.37
|
)
|
(0.35
|
)
|
(0.36
|
)
|
(0.36
|
)
|
(0.37
|
)
|
||||||||||
Distributions from net realized gains on investments
|
—
|
—
|
—
|
(0.05
|
)
|
(0.34
|
)
|
|||||||||||||
Total distributions
|
(0.37
|
)
|
(0.35
|
)
|
(0.36
|
)
|
(0.41
|
)
|
(0.71
|
)
|
||||||||||
Net asset value, end of year
|
$
|
8.67
|
$
|
9.35
|
$
|
9.07
|
$
|
8.97
|
$
|
9.57
|
||||||||||
Total Return
|
-3.44
|
%
|
7.10
|
%
|
5.18
|
%
|
-2.08
|
%
|
8.85
|
%
|
||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$
|
148,575
|
$
|
206,654
|
$
|
223,040
|
$
|
225,946
|
$
|
239,734
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
0.16
|
%^ |
0.15
|
%
|
0.15
|
%
|
0.15
|
%
|
0.02
|
%*
|
||||||||||
Before expense reimbursement
|
0.17
|
%
|
0.17
|
%
|
0.17
|
%
|
0.16
|
%
|
0.15
|
%
|
||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
3.97
|
%
|
3.81
|
%
|
3.90
|
%
|
3.87
|
%
|
3.86
|
%
|
||||||||||
Before expense reimbursement
|
3.96
|
%
|
3.79
|
%
|
3.88
|
%
|
3.86
|
%
|
3.73
|
%
|
||||||||||
Portfolio turnover rate
|
15
|
%
|
11
|
%
|
31
|
%
|
18
|
%
|
18
|
%
|
*
|
Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.
|
^
|
Effective March 30, 2018, the expense cap increased from 0.15% to 0.19%.
|
Year Ended November 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
9.49
|
$
|
9.56
|
$
|
9.70
|
$
|
9.82
|
$
|
9.65
|
||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.24
|
0.25
|
0.25
|
0.24
|
0.29
|
|||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.31
|
)
|
(0.05
|
)
|
(0.11
|
)
|
(0.09
|
)
|
0.20
|
|||||||||||
Total from investment operations
|
(0.07
|
)
|
0.20
|
0.14
|
0.15
|
0.49
|
||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.25
|
)
|
(0.27
|
)
|
(0.28
|
)
|
(0.27
|
)
|
(0.32
|
)
|
||||||||||
Total distributions
|
(0.25
|
)
|
(0.27
|
)
|
(0.28
|
)
|
(0.27
|
)
|
(0.32
|
)
|
||||||||||
Net asset value, end of year
|
$
|
9.17
|
$
|
9.49
|
$
|
9.56
|
$
|
9.70
|
$
|
9.82
|
||||||||||
Total Return
|
-0.72
|
%
|
2.09
|
%
|
1.48
|
%
|
1.54
|
%
|
5.17
|
%
|
||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$
|
60,204
|
$
|
69,719
|
$
|
87,877
|
$
|
96,068
|
$
|
97,345
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
0.21
|
%†
|
0.17
|
%^ |
0.15
|
%
|
0.15
|
%
|
0.03
|
%*
|
||||||||||
Before expense reimbursement
|
0.34
|
%
|
0.39
|
%
|
0.32
|
%
|
0.29
|
%
|
0.29
|
%
|
||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
2.53
|
%
|
2.49
|
%
|
2.59
|
%
|
2.43
|
%
|
2.94
|
%
|
||||||||||
Before expense reimbursement
|
2.40
|
%
|
2.27
|
%
|
2.42
|
%
|
2.29
|
%
|
2.68
|
%
|
||||||||||
Portfolio turnover rate
|
239
|
%
|
151
|
%
|
67
|
%
|
161
|
%
|
160
|
%
|
*
|
Effective October 1, 2014, the expense cap increased from 0.00% to 0.15%.
|
^
|
Effective March 30, 2017, the expense cap increased from 0.15% to 0.18%.
|
†
|
Effective March 30, 2018, the expense cap increased from 0.18% to 0.23%.
|
December 26, 2017*
|
||||
through
|
||||
November 30, 2018
|
||||
Per Share Operating Performance
|
||||
(For a fund share outstanding throughout each period)
|
||||
Net asset value, beginning of period
|
$
|
10.00
|
||
Income From Investment Operations:
|
||||
Net investment income
|
0.56
|
|||
Net realized and unrealized loss on investments
|
(0.56
|
)
|
||
Total from investment operations
|
0.00
|
|||
Less Distributions:
|
||||
Distributions from net investment income
|
(0.56
|
)
|
||
Total distributions
|
(0.56
|
)
|
||
Net asset value, end of period
|
$
|
9.44
|
||
Total Return
|
-0.07
|
%++
|
||
Ratios/Supplemental Data:
|
||||
Net assets, end of period (in 000’s)
|
$
|
73,794
|
||
Ratio of expenses to average net assets:
|
||||
Net of expense reimbursement
|
0.23
|
%+^ | ||
Before expense reimbursement
|
0.30
|
%+
|
||
Ratio of net investment income to average net assets:
|
||||
Net of expense reimbursement
|
6.23
|
%+
|
||
Before expense reimbursement
|
6.16
|
%+
|
||
Portfolio turnover rate
|
22
|
%++
|
*
|
Commencement of operations.
|
|
+
|
Annualized for periods less than one year.
|
|
++
|
Not annualized for periods less than one year.
|
|
^
|
Effective March 30, 2018, the expense cap increased from 0.18% to 0.25%.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
|
Level 2 –
|
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Corporate Bonds
|
$
|
—
|
$
|
135,713,585
|
$
|
—
|
$
|
135,713,585
|
|||||||||
Sovereign Bonds
|
—
|
10,376,233
|
—
|
10,376,233
|
|||||||||||||
Total Fixed Income
|
—
|
146,089,818
|
—
|
146,089,818
|
|||||||||||||
Short-Term Investments
|
703,947
|
—
|
—
|
703,947
|
|||||||||||||
Total Investments
|
$
|
703,947
|
$
|
146,089,818
|
$
|
—
|
$
|
146,793,765
|
MBS Bond Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Commercial Mortgage-Backed Securities
|
$
|
—
|
$
|
809,815
|
$
|
—
|
$
|
809,815
|
|||||||||
Mortgage-Backed Securities —
|
|||||||||||||||||
U.S. Government Agencies
|
—
|
58,746,323
|
—
|
58,746,323
|
|||||||||||||
Total Fixed Income
|
—
|
59,556,138
|
—
|
59,556,138
|
|||||||||||||
Short-Term Investments
|
510,398
|
—
|
—
|
510,398
|
|||||||||||||
Total Investments
|
$
|
510,398
|
$
|
59,556,138
|
$
|
—
|
$
|
60,066,536
|
|||||||||
High Yield (MACS) Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Corporate Bonds
|
$
|
—
|
$
|
72,108,793
|
$
|
—
|
$
|
72,108,793
|
|||||||||
Total Fixed Income
|
—
|
72,108,793
|
—
|
72,108,793
|
|||||||||||||
Short-Term Investments
|
379,941
|
—
|
—
|
379,941
|
|||||||||||||
Total Investments
|
$
|
379,941
|
$
|
72,108,793
|
$
|
—
|
$
|
72,488,734
|
Investments in Securities, at Value
|
|||||
Common Stocks
|
|||||
Balance as of December 26, 2017
|
$
|
—
|
|||
Accrued discounts/premiums
|
—
|
||||
Realized gain/(loss)
|
152,358
|
||||
Change in unrealized appreciation/(depreciation)
|
—
|
||||
Purchases
|
770,082
|
||||
Sales
|
(922,440
|
)
|
|||
Transfers in and/or out of Level 3
|
—
|
||||
Balance as of November 30, 2018
|
$
|
—
|
BBB
|
MBS
|
High Yield
|
|||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund
|
|||||||||||
Administration
|
$
|
49,130
|
$
|
39,859
|
$
|
38,832
|
|||||||
Fund Accounting
|
92,146
|
54,155
|
57,923
|
||||||||||
Transfer Agency
|
|||||||||||||
(excludes out-of-pocket expenses and sub-ta fees)
|
33,218
|
31,771
|
17,682
|
||||||||||
Custody
|
17,381
|
18,300
|
7,961
|
||||||||||
Chief Compliance Officer
|
9,049
|
9,049
|
8,396
|
BBB
|
MBS
|
High Yield
|
|||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund
|
|||||||||||
Administration
|
$
|
12,299
|
$
|
10,368
|
$
|
10,732
|
|||||||
Fund Accounting
|
22,564
|
14,042
|
16,126
|
||||||||||
Transfer Agency
|
|||||||||||||
(excludes out-of-pocket expenses and sub-ta fees)
|
8,388
|
8,153
|
4,919
|
||||||||||
Custody
|
2,767
|
3,199
|
1,770
|
||||||||||
Chief Compliance Officer
|
2,250
|
2,249
|
2,250
|
Non-Government
|
Government
|
||||||||||||||||
Purchases
|
Sales
|
Purchases
|
Sales
|
||||||||||||||
BBB Bond Fund
|
$
|
13,564,544
|
$
|
54,379,726
|
$
|
15,384,978
|
$
|
17,224,516
|
|||||||||
MBS Bond Fund
|
—
|
1,743,227
|
158,043,329
|
162,301,634
|
|||||||||||||
High Yield (MACS) Fund*
|
89,914,629
|
14,428,851
|
—
|
—
|
|||||||||||||
* Purchases include the transfer in-kind of securities.
|
High Yield
|
|||||||||||||||||||||
BBB Bond Fund
|
MBS Bond Fund
|
(MACS) Fund*
|
|||||||||||||||||||
Nov. 30, 2018
|
Nov. 30, 2017
|
Nov. 30, 2018
|
Nov. 30, 2017
|
Nov. 30, 2018
|
|||||||||||||||||
Ordinary income
|
$
|
7,642,647
|
$
|
8,234,499
|
$
|
1,831,574
|
$
|
1,903,552
|
$
|
4,140,980
|
|||||||||||
* Commenced operations on December 26, 2017
|
BBB
|
MBS
|
High Yield
|
|||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund
|
|||||||||||
Cost of investments (a)
|
$
|
151,940,959
|
$
|
61,224,654
|
$
|
76,144,143
|
|||||||
Gross unrealized appreciation
|
2,197,457
|
206,895
|
233,869
|
||||||||||
Gross unrealized depreciation
|
(7,344,651
|
)
|
(1,365,013
|
)
|
(3,889,278
|
)
|
|||||||
Net unrealized depreciation (a)
|
(5,147,194
|
)
|
(1,158,118
|
)
|
(3,655,409
|
)
|
|||||||
Undistributed ordinary income
|
51,778
|
29,211
|
233,427
|
||||||||||
Undistributed long-term capital gain
|
—
|
—
|
155,716
|
||||||||||
Total distributable earnings
|
51,778
|
29,211
|
389,143
|
||||||||||
Other accumulated gains/(losses)
|
(5,302,321
|
)
|
(1,527,434
|
)
|
—
|
||||||||
Total accumulated earnings/(losses)
|
$
|
(10,397,737
|
)
|
$
|
(2,656,341
|
)
|
$
|
(3,266,266
|
)
|
(a)
|
The difference between book-basis and tax-basis net unrealized depreciation in the BBB Bond Fund and the MBS Bond Fund is attributable primarily to wash sales. The book-basis and tax-basis net unrealized depreciation are the same for the High Yield (MACS) Fund.
|
BBB
|
MBS
|
High Yield
|
|||||||||||
Bond Fund
|
Bond Fund
|
(MACS) Fund
|
|||||||||||
Short-term capital losses
|
$
|
640,748
|
$
|
768,696
|
$
|
—
|
|||||||
Long-term capital losses
|
4,661,573
|
758,738
|
—
|
•
|
Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments.
|
|
•
|
Interest Rate Risk. The value of a Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Funds may face a heightened level of interest rate risk.
|
|
•
|
Credit Risk. The issuers of the bonds and other debt securities held by the Funds may not be able to make interest or principal payments.
|
|
•
|
Prepayment Risk. Issuers of securities held by the Funds 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. When debt obligations are prepaid or when securities are called, the Funds may have to reinvest in securities with a lower yield. Prepayment risk is a major risk of mortgage-backed securities.
|
|
BBB Bond Fund
|
||
•
|
High Yield Securities Risk. The BBB Bond Fund may hold high yield securities as a result of credit rating downgrades. Securities with ratings lower than BBB or Baa are known as “high yield” securities (commonly known as “junk bonds”). High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.
|
|
•
|
Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.
|
MBS Bond Fund
|
||
•
|
Extension Risk. An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.
|
|
•
|
Risks Associated with Mortgage-Backed Securities. These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above), 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, which may cause their prices to be very volatile. In particular, events related to the U.S. housing market in recent years had a severe negative impact on the value of some mortgage-backed securities and resulted in an increased risk associated with investments in these securities.
|
|
•
|
Risks associated with Real Estate and Regulatory Actions. The securities that the MBS Bond Fund owns are dependent on real estate prices. Although some of the securities in the Fund are expected to either have a U.S. Government sponsored entity guarantee or be AAA rated by Moody’s Investors Service, Inc., Standard & Poor’s Rating Services and/or Fitch Ratings, Inc., if real estate experiences a significant price decline, this could adversely affect the prices of the securities the Fund owns. Any adverse regulatory action could impact the prices of the securities the Fund owns.
|
|
•
|
Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.
|
|
•
|
TBA Securities Risk. 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 risk of TBA transactions are increased credit risk and increased overall investment exposure.
|
|
•
|
Dollar Roll Risk. Dollar rolls involve the risk that the MBS Bond 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.
|
|
•
|
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.
|
|
•
|
Government-Sponsored Entities Risk. Securities issued or guaranteed by government-sponsored entities, including GNMA, FNMA, and FHLMC, may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.
|
|
•
|
Asset-Backed Securities Risks. These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates.
|
High Yield (MACS) Fund
|
||
•
|
High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.
|
|
•
|
Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.
|
|
•
|
Convertible Securities Risk. Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying common or preferred stock.
|
|
•
|
Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.
|
|
•
|
Loan Participation and Assignment Risk. Loan participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Bank loans (i.e., loan participations and assignments), like other high yield corporate debt obligations, have a higher risk of default and may be less liquid and/or become illiquid.
|
|
•
|
Risks Associated with Inflation and Deflation. 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.
|
|
•
|
Newer Fund Risk. The High Yield (MACS) Fund is newer with limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.
|
TAIT, WELLER & BAKER LLP
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Independent Trustees(1)
|
|||||
Gail S. Duree
|
Trustee
|
Indefinite term;
|
Director, Alpha Gamma
|
6
|
Trustee,
|
(age 72)
|
since
|
Delta Housing Corporation
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2014.
|
(collegiate housing
|
Trust (for series
|
||
Milwaukee, WI 53202
|
management) (2012 to
|
not affiliated
|
|||
present); Trustee and Chair
|
with the Funds);
|
||||
(2000 to 2012), New Covenant
|
Independent
|
||||
Mutual Funds (1999 to 2012);
|
Trustee from
|
||||
Director and Board Member,
|
1999 to 2012,
|
||||
Alpha Gamma Delta
|
New Covenant
|
||||
Foundation (philanthropic
|
Mutual Funds
|
||||
organization) (2005 to 2011).
|
(an open-end
|
||||
investment
|
|||||
company with
|
|||||
4 portfolios).
|
|||||
David G. Mertens
|
Trustee
|
Indefinite term*;
|
Retired; formerly Managing
|
6
|
Trustee,
|
(age 58)
|
since
|
Director and Vice President,
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2017.
|
Jensen Investment ,
|
Trust (for series
|
||
Milwaukee, WI 53202
|
Management Inc. (a privately-
|
not affiliated
|
|||
held investment advisory firm)
|
with the Funds).
|
||||
(2002 to 2017).
|
|||||
George J. Rebhan
|
Chairman
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 84)
|
of the
|
since
|
Hotchkis and Wiley Funds
|
Advisors Series
|
|
615 E. Michigan Street
|
Board and
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Trust (for series
|
|
Milwaukee, WI 53202
|
Trustee
|
not affiliated
|
|||
with the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Joe D. Redwine(4)
|
Trustee
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 71)
|
since
|
CEO, U.S. Bancorp Fund
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2018.
|
Services, LLC (May 1991 to
|
Trust (for series
|
||
Milwaukee, WI 53202
|
July 2017); formerly Manager,
|
not affiliated
|
|||
U.S. Bancorp Fund Services,
|
with the Funds).
|
||||
LLC (1998 to July 2017).
|
|||||
Raymond B. Woolson
|
Trustee
|
Indefinite term*;
|
President, Apogee Group, Inc.
|
6
|
Trustee,
|
(age 59)
|
since
|
(financial consulting firm)
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2016.
|
(1998 to present).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds);
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Funds Trust
|
|||||
(an open-end
|
|||||
investment
|
|||||
company with
|
|||||
15 portfolios),
|
|||||
DoubleLine
|
|||||
Opportunistic
|
|||||
Credit Fund and
|
|||||
DoubleLine
|
|||||
Income Solutions
|
|||||
Fund, from
|
|||||
2010 to present;
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Equity Funds
|
|||||
from 2010
|
|||||
to 2016.
|
Term of Office
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Officers
|
|||
Cheryl L. King
|
Vice President,
|
Indefinite term;
|
Vice President, Compliance and Administration, U.S. Bancorp
|
(age 57)
|
Treasurer and
|
since
|
Fund Services, LLC (October 1998 to present).
|
615 E. Michigan Street
|
Principal
|
December 2007.
|
|
Milwaukee, WI 53202
|
Financial
|
||
Officer
|
|||
Kevin J. Hayden
|
Assistant
|
Indefinite term;
|
Assistant Vice President, Compliance and Administration,
|
(age 47)
|
Treasurer
|
since
|
U.S. Bancorp Fund Services, LLC (June 2005 to present).
|
615 E. Michigan Street
|
September 2013.
|
||
Milwaukee, WI 53202
|
|||
Michael L. Ceccato
|
Vice President,
|
Indefinite term;
|
Senior Vice President, U.S. Bancorp Fund Services, LLC and
|
(age 61)
|
Chief
|
since
|
Vice President, U.S. Bank N.A. (February 2008 to present).
|
615 E. Michigan Street
|
Compliance
|
September 2009.
|
|
Milwaukee, WI 53202
|
Officer and
|
||
AML Officer
|
|||
Emily R. Enslow, Esq.
|
Vice President
|
Indefinite term;
|
Vice President, U.S. Bancorp Fund Services, LLC (July 2013 to
|
(age 32)
|
and
|
since
|
present); Proxy Voting Coordinator and Class Action
|
615 E. Michigan Street
|
Secretary
|
December 2017.
|
Administrator, Artisan Partners Limited Partnership
|
Milwaukee, WI 53202
|
(September 2012 to July 2013).
|
*
|
Under the Trust’s Agreement and Declaration of Trust, a Trustee serves during the continued lifetime of the Trust until he/she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the election and qualification of his/her successor. In addition, the Trustees have designated a mandatory retirement age of 75, such that each Trustee first elected or appointed to the Board after December 1, 2015, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs.
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
As of November 30, 2018, the Trust was comprised of 41 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds and the PIA High Yield Fund, the PIA Short Duration Bond Fund and the PIA Short-Term Securities Fund. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.
|
(4)
|
Mr. Redwine became an Independent Trustee on January 1, 2018.
|
Average Annual Total Return*
|
1 Year
|
5 Years
|
10 Years
|
PIA Short-Term Securities Fund
|
1.23%
|
0.82%
|
0.85%
|
ICE BofA Merrill Lynch 1-Year U.S. Treasury Note Index
|
1.53%
|
0.63%
|
0.63%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 6/1/18
|
Value 11/30/18
|
Period 6/1/18 – 11/30/18*
|
|
Actual
|
$1,000.00
|
$1,008.30
|
$1.96
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,023.11
|
$1.98
|
*
|
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the Fund is 0.39%.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 51.8%
|
|||||||
Aerospace and Defense 1.2%
|
|||||||
General Dynamics Corp.
|
|||||||
$
|
950,000
|
2.998% (3 Month LIBOR USD
|
|||||
+ 0.380%), due 5/11/21 (e)
|
$
|
952,306
|
|||||
Rockwell Collins, Inc.
|
|||||||
500,000
|
1.95%, due 7/15/19
|
496,202
|
|||||
United Technologies Corp.
|
|||||||
500,000
|
3.279% (3 Month LIBOR USD
|
||||||
+ 0.650%), due 8/16/21 (e)
|
500,344
|
||||||
1,948,852
|
|||||||
Automobiles Manufacturing 1.5%
|
|||||||
American Honda Finance Corp.
|
|||||||
1,000,000
|
2.00%, due 2/14/20
|
986,256
|
|||||
BMW US Capitals, LLC
|
|||||||
1,000,000
|
2.984% (3 Month
|
||||||
LIBOR USD + 0.370%),
|
|||||||
due 8/14/20 (a) (e)
|
998,680
|
||||||
Harley-Davidson Financial
|
|||||||
Services, Inc.
|
|||||||
500,000
|
3.146% (3 Month
|
||||||
LIBOR USD + 0.500%),
|
|||||||
due 5/21/20 (a) (e)
|
500,564
|
||||||
2,485,500
|
|||||||
Autos 1.2%
|
|||||||
Ford Motor Credit Co., LLC
|
|||||||
1,000,000
|
2.021%, due 5/3/19
|
993,188
|
|||||
General Motors
|
|||||||
Financial Co., Inc.
|
|||||||
1,000,000
|
2.35%, due 10/4/19
|
992,716
|
|||||
1,985,904
|
|||||||
Banks 11.4%
|
|||||||
Bank of Montreal
|
|||||||
500,000
|
2.10%, due 12/12/19
|
494,666
|
|||||
1,000,000
|
2.896% (3 Month
|
||||||
LIBOR USD + 0.460%),
|
|||||||
due 4/13/21 (e)
|
999,840
|
||||||
Bank of Nova Scotia
|
|||||||
500,000
|
2.15%, due 7/14/20
|
491,797
|
|||||
1,000,000
|
2.50%, due 1/8/21
|
980,770
|
|||||
BB&T Corp.
|
|||||||
2,000,000
|
2.904% (3 Month
|
||||||
LIBOR USD + 0.570%),
|
|||||||
due 6/15/20 (e)
|
2,002,285
|
||||||
Citigroup, Inc.
|
|||||||
2,000,000
|
2.45%, due 1/10/20
|
1,979,303
|
|||||
Citizens Bank, N.A.
|
|||||||
500,000
|
2.20%, due 5/26/20
|
490,661
|
|||||
Goldman Sachs Bank
|
|||||||
USA/New York NY
|
|||||||
2,000,000
|
3.20%, due 6/5/20
|
1,995,620
|
|||||
JPMorgan Chase Bank NA
|
|||||||
1,000,000
|
1.65%, due 9/23/19
|
989,266
|
|||||
KeyBank NA
|
|||||||
1,000,000
|
2.35%, due 3/8/19
|
998,483
|
|||||
PNC Bank NA
|
|||||||
500,000
|
2.00%, due 5/19/20
|
490,389
|
|||||
Regions Bank
|
|||||||
Birmingham Alabama
|
|||||||
2,000,000
|
3.118% (3 Month
|
||||||
LIBOR USD + 0.500%),
|
|||||||
due 8/13/21 (e)
|
1,982,817
|
||||||
Royal Bank of Canada
|
|||||||
1,000,000
|
2.910% (3 Month
|
||||||
LIBOR USD + 0.390%),
|
|||||||
due 4/30/21 (e)
|
998,292
|
||||||
SunTrust Bank
|
|||||||
1,000,000
|
2.25%, due 1/31/20
|
989,582
|
|||||
Toronto Dominion Bank
|
|||||||
2,000,000
|
2.611% (3 Month
|
||||||
LIBOR USD + 0.280%),
|
|||||||
due 6/11/20 (e)
|
1,999,912
|
||||||
Wells Fargo Bank NA
|
|||||||
1,000,000
|
2.72% (SOFR + 0.480%),
|
||||||
due 3/25/20 (e)
|
996,761
|
||||||
18,880,444
|
Principal Amount
|
Value
|
||||||
Cable and Satellite 0.6%
|
|||||||
Comcast Corp.
|
|||||||
$
|
1,000,000
|
2.738% (3 Month
|
|||||
LIBOR USD + 0.330%),
|
|||||||
due 10/1/20 (e)
|
$
|
999,766
|
|||||
Chemicals 1.9%
|
|||||||
DowDuPont, Inc.
|
|||||||
500,000
|
3.417% (3 Month
|
||||||
LIBOR USD + 0.710%),
|
|||||||
due 11/15/20 (e)
|
500,315
|
||||||
PPG Industries, Inc.
|
|||||||
1,000,000
|
3.60%, due 11/15/20
|
1,004,550
|
|||||
Sherwin-Williams Co.
|
|||||||
1,600,000
|
2.25%, due 5/15/20
|
1,567,970
|
|||||
3,072,835
|
|||||||
Commercial Finance 1.5%
|
|||||||
Aviation Capital Group LLC
|
|||||||
2,000,000
|
0.950% (3 Month
|
||||||
LIBOR USD + 0.950%),
|
|||||||
due 6/1/21 (a) (e)
|
2,001,186
|
||||||
500,000
|
3.190% (3 Month
|
||||||
LIBOR USD + 0.670%),
|
|||||||
due 7/30/21 (a) (e)
|
500,269
|
||||||
2,501,455
|
|||||||
Communications Equipment 0.6%
|
|||||||
Apple, Inc.
|
|||||||
1,000,000
|
1.70%, due 2/22/19
|
997,682
|
|||||
Construction Materials Manufacturing 0.9%
|
|||||||
Martin Marietta Materials, Inc.
|
|||||||
500,000
|
3.327% (3 Month LIBOR USD
|
||||||
+ 0.650%), due 5/22/20 (e)
|
501,258
|
||||||
Vulcan Materials Co.
|
|||||||
1,000,000
|
2.934% (3 Month LIBOR USD
|
||||||
+ 0.600%), due 6/15/20 (e)
|
997,944
|
||||||
1,499,202
|
|||||||
Consumer Finance 1.2%
|
|||||||
American Express Co.
|
|||||||
1,000,000
|
3.165% (3 Month LIBOR USD
|
||||||
+ 0.525%), due 5/17/21 (e)
|
999,022
|
||||||
American Express Credit Corp.
|
|||||||
1,000,000
|
1.70%, due 10/30/19
|
987,738
|
|||||
1,986,760
|
|||||||
Consumer Products 0.3%
|
|||||||
The Estee Lauder Companies Inc.
|
|||||||
500,000
|
1.80%, due 2/7/20
|
492,771
|
|||||
Containers and Packaging 0.6%
|
|||||||
Packaging Corp. of America
|
|||||||
1,000,000
|
2.45%, due 12/15/20
|
977,652
|
|||||
Drugs and Druggists’ Sundries
|
|||||||
Merchant Wholesalers 0.3%
|
|||||||
Cardinal Health, Inc.
|
|||||||
500,000
|
1.948%, due 6/14/19
|
496,529
|
|||||
Electrical Equipment Manufacturing 1.3%
|
|||||||
Fortive Corp.
|
|||||||
116,000
|
1.80%, due 6/15/19
|
115,070
|
|||||
Honeywell International, Inc.
|
|||||||
1,000,000
|
1.40%, due 10/30/19
|
985,823
|
|||||
Tyco Electronics Group SA
|
|||||||
1,000,000
|
3.157% (3 Month LIBOR USD
|
||||||
+ 0.450%), due 6/5/20 (e)
|
999,829
|
||||||
2,100,722
|
|||||||
Financial Services 1.6%
|
|||||||
CBOE Global Markets, Inc.
|
|||||||
500,000
|
1.95%, due 6/28/19
|
496,601
|
|||||
Charles Schwab Corp.
|
|||||||
1,000,000
|
2.966% (3 Month LIBOR USD
|
||||||
+ 0.320%), due 5/21/21 (e)
|
1,000,914
|
||||||
Morgan Stanley
|
|||||||
250,000
|
3.414% (3 Month LIBOR USD
|
||||||
+ 0.800%), due 2/14/20 (e)
|
250,045
|
Principal Amount
|
Value
|
||||||
Financial Services 1.6% (continued)
|
|||||||
TD Ameritrade Holding Corp.
|
|||||||
$
|
1,000,000
|
2.971% (3 Month LIBOR USD
|
|||||
+ 0.430%), due 11/1/21 (e)
|
$
|
1,000,131
|
|||||
2,747,691
|
|||||||
Food 0.6%
|
|||||||
Kroger Co.
|
|||||||
1,000,000
|
1.50%, due 9/30/19
|
985,183
|
|||||
Food and Beverage 2.4%
|
|||||||
Campbell Soup Co.
|
|||||||
500,000
|
2.964% (3 Month LIBOR USD
|
||||||
+ 0.630%), due 3/15/21 (e)
|
496,159
|
||||||
Coca-Cola Co.
|
|||||||
1,000,000
|
1.375%, due 5/30/19
|
992,461
|
|||||
General Mills, Inc.
|
|||||||
500,000
|
2.976% (3 Month LIBOR USD
|
||||||
+ 0.540%), due 4/16/21 (e)
|
497,992
|
||||||
Kraft Heinz Foods Co.
|
|||||||
1,000,000
|
3.188% (3 Month LIBOR USD
|
||||||
+ 0.570%), due 2/10/21 (e)
|
997,075
|
||||||
Tyson Foods, Inc.
|
|||||||
1,000,000
|
2.87% (3 Month LIBOR USD
|
||||||
+ 0.550%), due 6/2/20 (e)
|
1,000,632
|
||||||
3,984,319
|
|||||||
Health and Personal Care Stores 0.3%
|
|||||||
CVS Health Corp.
|
|||||||
500,000
|
3.047% (3 Month LIBOR USD
|
||||||
+ 0.720%), due 3/9/21 (e)
|
499,367
|
||||||
Health Care Facilities and Services 1.2%
|
|||||||
Express Scripts Holding Co.
|
|||||||
2,000,000
|
2.60%, due 11/30/20
|
1,959,843
|
|||||
Machinery Manufacturing 0.6%
|
|||||||
Ingersoll-Rand Global
|
|||||||
Holding Co. Ltd.
|
|||||||
1,000,000
|
2.90%, due 2/21/21
|
988,793
|
|||||
Mass Merchants 0.6%
|
|||||||
Walmart, Inc.
|
|||||||
1,000,000
|
2.596% (3 Month LIBOR USD
|
||||||
+ 0.230%), due 6/23/21 (e)
|
1,001,661
|
||||||
Medical Equipment and
|
|||||||
Devices Manufacturing 0.9%
|
|||||||
Medtronic Global Holdings SCA
|
|||||||
1,000,000
|
1.70%, due 3/28/19
|
996,436
|
|||||
Stryker Corp.
|
|||||||
500,000
|
2.00%, due 3/8/19
|
498,580
|
|||||
1,495,016
|
|||||||
Medical Equipment and
|
|||||||
Supplies Manufacturing 0.6%
|
|||||||
Becton Dickinson and Co.
|
|||||||
1,000,000
|
3.261% (3 Month LIBOR USD
|
||||||
+ 0.875%), due 12/29/20 (e)
|
998,703
|
||||||
Navigational, Measuring, Electromedical, and
|
|||||||
Control Instruments Manufacturing 0.8%
|
|||||||
Northrop Grumman Corp.
|
|||||||
1,300,000
|
2.08%, due 10/15/20
|
1,270,331
|
|||||
Nondepository Credit Intermediation 0.6%
|
|||||||
Caterpillar Financial
|
|||||||
Services Corp.
|
|||||||
1,000,000
|
1.85%, due 9/4/20
|
976,295
|
|||||
Oil and Gas Services and Equipment 0.3%
|
|||||||
Schlumberger Finance
|
|||||||
Canada Ltd.
|
|||||||
500,000
|
2.20%, due 11/20/20 (a)
|
487,829
|
|||||
Other Food Manufacturing 0.9%
|
|||||||
Conagra Brands, Inc.
|
|||||||
1,000,000
|
2.908% (3 Month LIBOR USD
|
||||||
+ 0.500%), due 10/9/20 (e)
|
994,576
|
||||||
J.M. Smucker Co.
|
|||||||
500,000
|
2.20%, due 12/6/19
|
493,007
|
|||||
1,487,583
|
Principal Amount
|
Value
|
||||||
Other Telecommunications 0.6%
|
|||||||
AT&T, Inc.
|
|||||||
$
|
1,000,000
|
2.30%, due 3/11/19
|
$
|
997,946
|
|||
Pharmaceuticals 3.0%
|
|||||||
Bayer US Finance II LLC
|
|||||||
1,000,000
|
3.003% (3 Month
|
||||||
LIBOR USD + 0.630%),
|
|||||||
due 6/25/21 (a) (e)
|
994,290
|
||||||
GlaxoSmithKline Capital Plc
|
|||||||
2,000,000
|
2.964% (3 Month LIBOR USD
|
||||||
+ 0.350%), due 5/14/21 (e)
|
1,996,702
|
||||||
Johnson & Johnson
|
|||||||
1,000,000
|
1.95%, due 11/10/20
|
981,034
|
|||||
Shire Acquisitions Investments
|
|||||||
Ireland DAC
|
|||||||
500,000
|
1.90%, due 9/23/19
|
492,396
|
|||||
Teva Pharmaceutical Finance
|
|||||||
Netherlands III BV
|
|||||||
500,000
|
1.70%, due 7/19/19
|
494,400
|
|||||
4,958,822
|
|||||||
Publishing & Broadcasting 0.6%
|
|||||||
Discovery Communications LLC
|
|||||||
1,000,000
|
2.20%, due 9/20/19
|
991,239
|
|||||
Refining and Marketing 0.3%
|
|||||||
Phillips 66
|
|||||||
500,000
|
3.289% (3 Month LIBOR USD
|
||||||
+ 0.600%), due 2/26/21 (e)
|
499,057
|
||||||
Restaurants 0.9%
|
|||||||
McDonald’s Corp.
|
|||||||
500,000
|
2.10%, due 12/7/18
|
499,940
|
|||||
Starbucks Corp.
|
|||||||
1,000,000
|
2.20%, due 11/22/20
|
978,207
|
|||||
1,478,147
|
|||||||
Retail – Consumer Discretionary 0.6%
|
|||||||
Home Depot, Inc.
|
|||||||
1,000,000
|
1.80%, due 6/5/20
|
980,691
|
|||||
Retail – Consumer Staples 0.8%
|
|||||||
Sysco Corp.
|
|||||||
1,400,000
|
1.90%, due 4/1/19
|
1,395,338
|
|||||
Semiconductor and Other Electronic
|
|||||||
Component Manufacturing 0.3%
|
|||||||
Broadcom Corp. / Broadcom
|
|||||||
Cayman Finance Ltd.
|
|||||||
500,000
|
2.375%, due 1/15/20
|
493,504
|
|||||
Semiconductors 0.6%
|
|||||||
Intel Corp.
|
|||||||
1,000,000
|
1.85%, due 5/11/20
|
984,774
|
|||||
Software and Services 0.6%
|
|||||||
DXC Technology Co.
|
|||||||
500,000
|
2.875%, due 3/27/20
|
495,657
|
|||||
Equifax, Inc.
|
|||||||
500,000
|
3.486% (3 Month LIBOR USD
|
||||||
+ 0.870%), due 8/15/21 (e)
|
502,087
|
||||||
997,744
|
|||||||
Supermarkets and Pharmacies 1.2%
|
|||||||
Alimentation Couche-Tard, Inc.
|
|||||||
2,000,000
|
2.35%, due 12/13/19 (a)
|
1,978,302
|
|||||
Transportation & Logistics 0.6%
|
|||||||
PACCAR Financial Corp.
|
|||||||
500,000
|
1.20%, due 8/12/19
|
493,740
|
|||||
United Parcel Service, Inc.
|
|||||||
500,000
|
2.05%, due 4/1/21
|
487,487
|
|||||
981,227
|
|||||||
Travel & Lodging 0.3%
|
|||||||
Royal Caribbean Cruises Ltd.
|
|||||||
500,000
|
2.65%, due 11/28/20
|
489,350
|
|||||
Utilities 5.5%
|
|||||||
Consolidated Edison Co.
|
|||||||
of New York, Inc.
|
|||||||
2,000,000
|
2.773% (3 Month LIBOR USD
|
||||||
+ 0.400%), due 6/25/21 (e)
|
1,999,426
|
Principal Amount
|
Value
|
||||||
Utilities 5.5% (continued)
|
|||||||
Dominion Resources, Inc.
|
|||||||
$
|
1,000,000
|
1.875%, due 1/15/19
|
$
|
998,499
|
|||
500,000
|
1.60%, due 8/15/19
|
494,260
|
|||||
Duke Energy Florida LLC
|
|||||||
312,500
|
2.10%, due 12/15/19
|
310,741
|
|||||
Edison International
|
|||||||
500,000
|
2.125%, due 4/15/20
|
485,268
|
|||||
Eversource Energy
|
|||||||
1,900,000
|
2.50%, due 3/15/21
|
1,859,140
|
|||||
Public Service Enterprise
|
|||||||
Group, Inc.
|
|||||||
2,000,000
|
1.60%, due 11/15/19
|
1,969,989
|
|||||
Sempra Energy
|
|||||||
1,000,000
|
1.625%, due 10/7/19
|
983,711
|
|||||
9,101,034
|
|||||||
Total Corporate Bonds
|
|||||||
(cost $86,329,738)
|
85,635,863
|
||||||
ASSET-BACKED SECURITIES 0.4%
|
|||||||
Other Asset-Backed Securities 0.4%
|
|||||||
BlueVirgo Trust
|
|||||||
633,318
|
3.00%, due 12/15/22,
|
||||||
Series 15-1A (a) (c)
|
633,318
|
||||||
Total Asset-Backed Securities
|
|||||||
(cost $630,477)
|
633,318
|
||||||
MORTGAGE BACKED SECURITIES 2.6%
|
|||||||
U.S. Government Agencies 2.6%
|
|||||||
FHLMC ARM Pool (e)
|
|||||||
827
|
4.322% (1 Year CMT
|
||||||
Rate + 2.302%),
|
|||||||
due 2/1/22, #845113
|
838
|
||||||
5,598
|
3.999% (1 Year CMT
|
||||||
Rate + 1.874%),
|
|||||||
due 10/1/22, #635206
|
5,665
|
||||||
1,440
|
4.616% (1 Year CMT
|
||||||
Rate + 2.308%),
|
|||||||
due 6/1/23, #845755
|
1,450
|
||||||
154,184
|
4.387% (1 Year CMT
|
||||||
Rate + 2.276%),
|
|||||||
due 1/1/25, #785726
|
158,927
|
||||||
8,600
|
4.658% (12 Month
|
||||||
LIBOR USD + 1.783%),
|
|||||||
due 1/1/33, #1B0668
|
8,746
|
||||||
202,205
|
4.739% (1 Year CMT
|
||||||
Rate + 2.250%),
|
|||||||
due 10/1/34, #782784
|
213,644
|
||||||
56,635
|
3.427% (12 Month
|
||||||
LIBOR USD + 1.677%),
|
|||||||
due 12/1/34, #1G0018
|
58,902
|
||||||
40,355
|
4.221% (12 Month
|
||||||
LIBOR USD + 1.886%),
|
|||||||
due 4/1/36, #847671
|
42,504
|
||||||
FHLMC Pool
|
|||||||
80,086
|
5.00%, due 10/1/38, #G04832
|
84,727
|
|||||
FNMA ARM Pool (e)
|
|||||||
15,165
|
4.79% (6 Month
|
||||||
LIBOR USD + 2.165%),
|
|||||||
due 7/1/25, #555206
|
15,170
|
||||||
48,308
|
3.48% (1 Year CMT
|
||||||
Rate + 1.520%),
|
|||||||
due 7/1/27, #424953
|
48,330
|
||||||
56,388
|
3.958% (1 Year CMT
|
||||||
Rate + 2.225%),
|
|||||||
due 3/1/28, #556438
|
57,720
|
||||||
50,733
|
4.032% (1 Year CMT
|
||||||
Rate + 2.028%),
|
|||||||
due 6/1/29, #508399
|
51,540
|
||||||
96,887
|
4.15% (1 Year CMT
|
||||||
Rate + 2.177%),
|
|||||||
due 4/1/30, #562912
|
99,550
|
||||||
24,601
|
3.876% (1 Year CMT
|
||||||
Rate + 2.208%),
|
|||||||
due 10/1/30, #670317
|
25,148
|
Principal Amount
|
Value
|
||||||
U.S. Government Agencies 2.6% (continued)
|
|||||||
FNMA ARM Pool (e) (continued)
|
|||||||
$
|
33,723
|
4.365% (12 Month
|
|||||
LIBOR USD + 1.615%),
|
|||||||
due 9/1/31, #597196
|
$
|
33,871
|
|||||
21,888
|
4.652% (1 Year CMT
|
||||||
Rate + 2.152%),
|
|||||||
due 11/1/31, #610547
|
22,359
|
||||||
117,011
|
4.45% (12 Month
|
||||||
LIBOR USD + 1.593%),
|
|||||||
due 10/1/33, #743454
|
121,132
|
||||||
586,791
|
4.625% (12 Month
|
||||||
LIBOR USD + 1.750%),
|
|||||||
due 11/1/33, #755253
|
616,170
|
||||||
614,842
|
4.447% (1 Year CMT
|
||||||
Rate + 2.295%),
|
|||||||
due 5/1/34, #AC5719
|
644,840
|
||||||
176,613
|
4.42% (12 Month
|
||||||
LIBOR USD + 1.670%),
|
|||||||
due 7/1/34, #779693
|
182,585
|
||||||
88,843
|
4.215% (12 Month
|
||||||
LIBOR USD + 1.407%),
|
|||||||
due 10/1/34, #795136
|
91,902
|
||||||
21,517
|
3.42% (12 Month
|
||||||
LIBOR USD + 1.545%),
|
|||||||
due 1/1/35, #805391
|
22,469
|
||||||
41,433
|
4.399% (12 Month
|
||||||
LIBOR USD + 1.625%),
|
|||||||
due 10/1/35, #845041
|
43,093
|
||||||
53,180
|
4.608% (1 Year CMT
|
||||||
Rate + 2.108%),
|
|||||||
due 10/1/35, #846171
|
56,270
|
||||||
264,115
|
3.601% (12 Month
|
||||||
LIBOR USD + 1.563%),
|
|||||||
due 1/1/36, #849264
|
273,968
|
||||||
45,072
|
4.323% (12 Month
|
||||||
LIBOR USD + 1.747%),
|
|||||||
due 6/1/36, #872502
|
47,438
|
||||||
205,123
|
4.605% (12 Month
|
||||||
LIBOR USD + 1.730%),
|
|||||||
due 1/1/37, #906389
|
216,631
|
||||||
109,042
|
4.202% (12 Month
|
||||||
LIBOR USD + 1.910%),
|
|||||||
due 3/1/37, #907868
|
114,528
|
||||||
43,503
|
4.375% (12 Month
|
||||||
LIBOR USD + 1.625%),
|
|||||||
due 10/1/37, #955963
|
44,590
|
||||||
242,288
|
4.89% (12 Month
|
||||||
LIBOR USD + 2.015%),
|
|||||||
due 11/1/37, #953653
|
248,816
|
||||||
FNMA Pool
|
|||||||
232,696
|
5.00%, due 6/1/40, #AD5479
|
246,885
|
|||||
32,303
|
4.00%, due 11/1/41, #AJ3797
|
32,743
|
|||||
GNMA II ARM Pool (e)
|
|||||||
2,458
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 11/20/21, #008871
|
2,488
|
||||||
15,150
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 10/20/22, #008062
|
15,332
|
||||||
68,454
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 11/20/26, #080011
|
70,455
|
||||||
14,762
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 11/20/26, #080013
|
15,042
|
||||||
11,264
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 12/20/26, #080021
|
11,596
|
||||||
4,011
|
3.375% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 1/20/27, #080029
|
4,123
|
||||||
75,544
|
3.75% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 7/20/27, #080094
|
77,970
|
Principal Amount/
|
|||||||
Shares
|
Value
|
||||||
U.S. Government Agencies 2.6% (continued)
|
|||||||
GNMA II ARM Pool (e) (continued)
|
|||||||
$
|
89,931
|
3.75% (1 Year CMT
|
|||||
Rate + 1.500%),
|
|||||||
due 8/20/27, #080104
|
$
|
92,832
|
|||||
4,335
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 10/20/27, #080122
|
4,470
|
||||||
38,536
|
3.375% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 1/20/28, #080154
|
39,692
|
||||||
75,474
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 10/20/29, #080331
|
78,080
|
||||||
14,080
|
3.125% (1 Year CMT
|
||||||
Rate + 1.500%),
|
|||||||
due 11/20/29, #080344
|
14,567
|
||||||
4,359,798
|
|||||||
Total Mortgage Backed Securities
|
|||||||
(cost $4,196,398)
|
4,359,798
|
||||||
U.S. GOVERNMENT AGENCIES &
|
|||||||
INSTRUMENTALITIES 20.6%
|
|||||||
U.S. Government Agencies 11.4%
|
|||||||
FHLB
|
|||||||
5,000,000
|
1.375%, due 3/18/19
|
4,985,195
|
|||||
2,000,000
|
1.375%, due 5/28/19
|
1,989,006
|
|||||
FHLMC
|
|||||||
6,000,000
|
1.375%, due 8/15/19
|
5,946,210
|
|||||
1,000,000
|
1.50%, due 1/17/20
|
986,245
|
|||||
FNMA
|
|||||||
5,000,000
|
1.00%, due 10/24/19
|
4,923,365
|
|||||
18,830,021
|
|||||||
U.S. Treasury Notes 9.2%
|
|||||||
U.S. Treasury Notes
|
|||||||
5,000,000
|
0.75%, due 2/15/19
|
4,983,836
|
|||||
2,000,000
|
1.00%, due 3/15/19
|
1,992,078
|
|||||
3,300,000
|
0.875%, due 4/15/19
|
3,280,664
|
|||||
5,000,000
|
0.875%, due 6/15/19
|
4,954,980
|
|||||
15,211,558
|
|||||||
Total U.S. Government Agencies
|
|||||||
& Instrumentalities
|
|||||||
(cost $34,251,690)
|
34,041,579
|
||||||
SHORT-TERM INVESTMENTS 26.3%
|
|||||||
Money Market Fund 2.8%
|
|||||||
4,587,222
|
Fidelity Institutional Money
|
||||||
Market Government Portfolio –
|
|||||||
Class I, 2.10% (b)
|
4,587,222
|
||||||
U.S. Treasury Bills 23.5%
|
|||||||
U.S. Treasury Bills
|
|||||||
$
|
6,500,000
|
1.271%, due 12/6/18 (d)
|
6,498,853
|
||||
8,000,000
|
1.716%, due 12/11/18 (d)
|
7,996,187
|
|||||
7,000,000
|
1.910%, due 12/18/18 (d)
|
6,993,685
|
|||||
7,000,000
|
2.031%, due 12/27/18 (d)
|
6,989,733
|
|||||
5,500,000
|
2.126%, due 1/8/19 (d)
|
5,487,659
|
|||||
4,000,000
|
2.175%, due 1/17/19 (d)
|
3,988,644
|
|||||
1,000,000
|
2.195%, due 1/22/19 (d)
|
996,830
|
|||||
38,951,591
|
|||||||
Total Short-Term Investments
|
|||||||
(cost $43,533,798)
|
43,538,813
|
||||||
Total Investments
|
(cost $168,942,101)
|
101.7%
|
168,209,371
|
||||
Liabilities less Other Assets
|
(1.7)%
|
(2,880,323
|
)
|
|||
TOTAL NET ASSETS
|
100.0%
|
$
|
165,329,048
|
(a)
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” The Fund’s adviser has determined that such security is liquid in accordance
|
with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As November 30, 2018, the value of these investments was $8,094,438 or 4.90% of total net assets.
|
|
(b)
|
Rate shown is the 7-day annualized yield as of November 30, 2018.
|
(c)
|
Value determined using significant unobservable inputs.
|
(d)
|
Rate shown is the discount rate at November 30, 2018.
|
(e)
|
Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of November 30, 2018.
|
Assets:
|
||||
Investments in securities, at value (cost $168,942,101)
|
$
|
168,209,371
|
||
Receivable for securities sold
|
13,526
|
|||
Receivable for fund shares sold
|
32,251
|
|||
Interest receivable
|
492,877
|
|||
Prepaid expenses
|
17,298
|
|||
Total assets
|
168,765,323
|
|||
Liabilities:
|
||||
Payable for fund shares redeemed
|
316,247
|
|||
Payable for securities purchased
|
3,000,000
|
|||
Investment advisory fees
|
10,788
|
|||
Administration fees
|
11,936
|
|||
Custody fees
|
3,262
|
|||
Transfer agent fees and expenses
|
38,739
|
|||
Fund accounting fees
|
23,016
|
|||
Audit fees
|
20,559
|
|||
Legal fees
|
925
|
|||
Chief Compliance Officer fee
|
2,250
|
|||
Trustees’ fees and expenses
|
1,019
|
|||
Accrued expenses
|
7,534
|
|||
Total liabilities
|
3,436,275
|
|||
Net Assets
|
$
|
165,329,048
|
||
Net Assets Consist of:
|
||||
Paid-in capital
|
$
|
166,426,958
|
||
Total distributable earnings
|
(1,097,910
|
)
|
||
Net Assets
|
$
|
165,329,048
|
||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$
|
9.97
|
||
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)
|
16,587,775
|
Investment Income:
|
||||
Interest
|
$
|
3,261,979
|
||
Other income
|
1,021
|
|||
Total investment income
|
3,263,000
|
|||
Expenses:
|
||||
Investment advisory fees (Note 4)
|
339,750
|
|||
Transfer agent fees and expenses (Note 4)
|
121,907
|
|||
Fund accounting fees (Note 4)
|
89,789
|
|||
Administration fees (Note 4)
|
47,509
|
|||
Registration fees
|
26,733
|
|||
Audit fees
|
20,666
|
|||
Custody fees (Note 4)
|
19,498
|
|||
Trustees’ fees and expenses
|
14,792
|
|||
Chief Compliance Officer fee (Note 4)
|
9,050
|
|||
Legal fees
|
7,810
|
|||
Reports to shareholders
|
6,991
|
|||
Insurance
|
3,814
|
|||
Miscellaneous
|
6,113
|
|||
Total expenses
|
714,422
|
|||
Less: Fee waiver by adviser (Note 4)
|
(51,909
|
)
|
||
Net expenses
|
662,513
|
|||
Net investment income
|
2,600,487
|
|||
Realized and Unrealized Gain/(Loss) on Investments:
|
||||
Net realized gain on investments
|
1,283
|
|||
Net change in unrealized depreciation on investments
|
(601,959
|
)
|
||
Net loss on investments
|
(600,676
|
)
|
||
Net increase in net assets resulting from operations
|
$
|
1,999,811
|
Year Ended
|
Year Ended
|
|||||||
November 30,
|
November 30,
|
|||||||
2018
|
2017
|
|||||||
Increase/(Decrease) in Net Assets From
|
||||||||
Operations:
|
||||||||
Net investment income
|
$
|
2,600,487
|
$
|
1,907,447
|
||||
Net realized gain on investments
|
1,283
|
25,820
|
||||||
Net change in unrealized appreciation/(depreciation) on investments
|
(601,959
|
)
|
(399,641
|
)
|
||||
Net increase in net assets resulting from operations
|
1,999,811
|
1,533,626
|
||||||
Dividends and Distributions to Shareholders:
|
||||||||
Net dividends and distributions to shareholders
|
(2,587,797
|
)
|
(1,949,900
|
)*
|
||||
Total dividends and distributions
|
(2,587,797
|
)
|
(1,949,900
|
)
|
||||
Capital Share Transactions:
|
||||||||
Proceeds from shares sold
|
36,856,997
|
49,574,382
|
||||||
Distributions reinvested
|
1,975,701
|
1,454,424
|
||||||
Payment for shares redeemed
|
(44,436,198
|
)
|
(49,026,512
|
)
|
||||
Net increase/(decrease) in net assets from capital share transactions
|
(5,603,500
|
)
|
2,002,294
|
|||||
Total increase/(decrease) in net assets
|
(6,191,486
|
)
|
1,586,020
|
|||||
Net Assets, Beginning of Year
|
171,520,534
|
169,934,514
|
||||||
Net Assets, End of Year
|
$
|
165,329,048
|
$
|
171,520,534
|
**
|
|||
Transactions in Shares:
|
||||||||
Shares sold
|
3,694,977
|
4,941,600
|
||||||
Shares issued on reinvestment of distributions
|
198,179
|
145,040
|
||||||
Shares redeemed
|
(4,452,278
|
)
|
(4,886,516
|
)
|
||||
Net increase/(decrease) in shares outstanding
|
(559,122
|
)
|
200,124
|
*
|
Includes net investment income distribution of $1,949,900.
|
|
**
|
Includes accumulated undistributed net investment income of $33,629.
|
Year Ended November 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
10.00
|
$
|
10.03
|
$
|
10.00
|
$
|
10.05
|
$
|
10.08
|
||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.15
|
0.11
|
0.10
|
0.07
|
0.05
|
|||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.03
|
)
|
(0.03
|
)
|
0.03
|
(0.03
|
)
|
(0.02
|
)
|
|||||||||||
Total from investment operations
|
0.12
|
0.08
|
0.13
|
0.04
|
0.03
|
|||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.15
|
)
|
(0.11
|
)
|
(0.10
|
)
|
(0.09
|
)
|
(0.06
|
)
|
||||||||||
Total distributions
|
(0.15
|
)
|
(0.11
|
)
|
(0.10
|
)
|
(0.09
|
)
|
(0.06
|
)
|
||||||||||
Net asset value, end of year
|
$
|
9.97
|
$
|
10.00
|
$
|
10.03
|
$
|
10.00
|
$
|
10.05
|
||||||||||
Total Return
|
1.23
|
%
|
0.85
|
%
|
1.32
|
%
|
0.37
|
%
|
0.33
|
%
|
||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$
|
165,329
|
$
|
171,521
|
$
|
169,935
|
$
|
156,007
|
$
|
155,309
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of fee waivers and reimbursements
|
0.39
|
%
|
0.39
|
%
|
0.39
|
%
|
0.39
|
%
|
0.38
|
%
|
||||||||||
Before fee waivers and reimbursements
|
0.42
|
%
|
0.41
|
%
|
0.41
|
%
|
0.41
|
%
|
0.40
|
%
|
||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of fee waivers and reimbursements
|
1.53
|
%
|
1.12
|
%
|
1.02
|
%
|
0.69
|
%
|
0.56
|
%
|
||||||||||
Before fee waivers and reimbursements
|
1.50
|
%
|
1.10
|
%
|
1.00
|
%
|
0.67
|
%
|
0.54
|
%
|
||||||||||
Portfolio turnover rate
|
28
|
%
|
46
|
%
|
37
|
%
|
60
|
%
|
38
|
%
|
Distributable Earnings
|
Paid-in Capital
|
$56,182
|
$(56,182)
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
Level 2 –
|
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Corporate Bonds
|
$
|
—
|
$
|
85,635,863
|
$
|
—
|
$
|
85,635,863
|
|||||||||
Asset-Backed Securities
|
—
|
—
|
633,318
|
633,318
|
|||||||||||||
Mortgage-Backed Securities
|
—
|
4,359,798
|
—
|
4,359,798
|
|||||||||||||
U.S. Government Agencies
|
|||||||||||||||||
and Instrumentalities
|
—
|
34,041,579
|
—
|
34,041,579
|
|||||||||||||
Total Fixed Income
|
—
|
124,037,240
|
633,318
|
124,670,558
|
|||||||||||||
Short-Term Investments
|
4,587,222
|
38,951,591
|
—
|
43,538,813
|
|||||||||||||
Total Investments
|
$
|
4,587,222
|
$
|
162,988,831
|
$
|
633,318
|
$
|
168,209,371
|
Investments in Securities, at Value
|
|||||
Mortgage-Backed Securities
|
|||||
Balance as of November 30, 2017
|
$
|
1,892,579
|
|||
Accrued discounts/premiums
|
—
|
||||
Realized gain/(loss)
|
5,627
|
||||
Change in unrealized appreciation/(depreciation)
|
(10,685
|
)
|
|||
Purchases
|
—
|
||||
Sales
|
(1,254,203
|
)
|
|||
Transfers in and/or out of Level 3
|
—
|
||||
Balance as of November 30, 2018
|
$
|
633,318
|
Expiration
|
Amount
|
||||
11/30/19
|
$
|
26,651
|
|||
11/30/20
|
27,510
|
||||
Dec. 2020 – Nov. 2021
|
51,909
|
||||
$
|
106,070
|
Administration
|
$47,509
|
||
Fund Accounting
|
89,789
|
||
Transfer Agency
|
|||
(excludes out-of-pocket expenses and sub-ta fees)
|
62,852
|
||
Custody
|
19,498
|
||
Chief Compliance Officer
|
9,050
|
Administration
|
$11,936
|
||
Fund Accounting
|
23,016
|
||
Transfer Agency
|
|||
(excludes out-of-pocket expenses and sub-ta fees)
|
15,243
|
||
Custody
|
3,262
|
||
Chief Compliance Officer
|
2,250
|
Non-Government
|
Government
|
||
Purchases
|
Sales
|
Purchases
|
Sales
|
$37,348,613
|
$32,636,877
|
$ —
|
$10,609,752
|
November 30, 2018
|
November 30, 2017
|
||
Ordinary income
|
$2,587,797
|
$1,949,900
|
Cost of investments (a)
|
$
|
168,942,101
|
||||
Gross unrealized appreciation
|
185,573
|
|||||
Gross unrealized depreciation
|
(918,303
|
)
|
||||
Net unrealized depreciation (a)
|
(732,730
|
)
|
||||
Undistributed ordinary income
|
54,154
|
|||||
Undistributed long-term capital gains
|
—
|
|||||
Total distributable earnings
|
54,154
|
|||||
Other accumulated losses
|
(419,334
|
)
|
||||
Total accumulated earnings/(losses)
|
$
|
(1,097,910
|
)
|
(a)
|
The book-basis and tax-basis net unrealized depreciation are the same.
|
2019
|
Short-Term Indefinite
|
Long-Term Indefinite
|
Total
|
$63,174
|
$31,266
|
$324,894
|
$419,334
|
•
|
Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.
|
|
•
|
Interest Rate Risk. The value of the Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Fund may face a heightened level of interest rate risk.
|
•
|
Credit Risk. The issuers of the bonds and other debt securities held by the Fund may not be able to make interest or principal payments.
|
|
•
|
Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments.
|
|
•
|
Prepayment Risk. Issuers of securities held by the 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. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. Prepayment risk is a major risk of mortgage-backed securities.
|
|
•
|
Extension Risk. An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.
|
|
•
|
Risks Associated with Asset-Backed Securities. These include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates.
|
|
•
|
Risks Associated with Mortgage-Backed Securities. These include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above) 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 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. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.
|
|
•
|
Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities.
|
|
•
|
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.
|
•
|
ETF and Mutual Fund Risk. When the 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 that the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs.
|
|
•
|
High Yield Securities Risk. Securities with ratings lower than BBB- or Baa3 are known as “high yield” securities (commonly known as “junk bonds”). High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.
|
TAIT, WELLER & BAKER LLP
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Independent Trustees(1)
|
|||||
Gail S. Duree
|
Trustee
|
Indefinite term;
|
Director, Alpha Gamma
|
6
|
Trustee,
|
(age 72)
|
since
|
Delta Housing Corporation
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2014.
|
(collegiate housing
|
Trust (for series
|
||
Milwaukee, WI 53202
|
management) (2012 to
|
not affiliated
|
|||
present); Trustee and Chair
|
with the Funds);
|
||||
(2000 to 2012), New Covenant
|
Independent
|
||||
Mutual Funds (1999 to 2012);
|
Trustee from
|
||||
Director and Board Member,
|
1999 to 2012,
|
||||
Alpha Gamma Delta
|
New Covenant
|
||||
Foundation (philanthropic
|
Mutual Funds
|
||||
organization) (2005 to 2011).
|
(an open-end
|
||||
investment
|
|||||
company with
|
|||||
4 portfolios).
|
|||||
David G. Mertens
|
Trustee
|
Indefinite term*;
|
Retired; formerly Managing
|
6
|
Trustee,
|
(age 58)
|
since
|
Director and Vice President,
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2017.
|
Jensen Investment
|
Trust (for series
|
||
Milwaukee, WI 53202
|
Management, Inc. (a privately
|
not affiliated
|
|||
held investment advisory firm)
|
with the Funds).
|
||||
(2002 to 2017).
|
|||||
George J. Rebhan
|
Chairman
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 84)
|
of the
|
since
|
Hotchkis and Wiley Funds
|
Advisors Series
|
|
615 E. Michigan Street
|
Board and
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Trust (for series
|
|
Milwaukee, WI 53202
|
Trustee
|
not affiliated
|
|||
with the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Joe D. Redwine(4)
|
Trustee
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 71)
|
since
|
CEO, U.S. Bancorp Fund
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2018.
|
Services, LLC (May 1991 to
|
Trust (for series
|
||
Milwaukee, WI 53202
|
July 2017); formerly Manager,
|
not affiliated
|
|||
U.S. Bancorp Fund Services,
|
with the Funds).
|
||||
LLC (1998 to July 2017).
|
|||||
Raymond B. Woolson
|
Trustee
|
Indefinite term*;
|
President, Apogee Group, Inc.
|
6
|
Trustee,
|
(age 59)
|
since
|
(financial consulting firm)
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2016.
|
(1998 to present).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds);
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Funds Trust
|
|||||
(an open-end
|
|||||
investment
|
|||||
company with
|
|||||
15 portfolios),
|
|||||
DoubleLine
|
|||||
Opportunistic
|
|||||
Credit Fund and
|
|||||
DoubleLine
|
|||||
Income Solutions
|
|||||
Fund, from
|
|||||
2010 to present;
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Equity Funds
|
|||||
from 2010
|
|||||
to 2016.
|
Term of Office
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Officers
|
|||
Cheryl L. King
|
Vice President,
|
Indefinite term;
|
Vice President, Compliance and Administration, U.S. Bancorp
|
(age 57)
|
Treasurer and
|
since
|
Fund Services, LLC (October 1998 to present).
|
615 E. Michigan Street
|
Principal
|
December 2007.
|
|
Milwaukee, WI 53202
|
Financial
|
||
Officer
|
|||
Kevin J. Hayden
|
Assistant
|
Indefinite term;
|
Assistant Vice President, Compliance and Administration,
|
(age 47)
|
Treasurer
|
since
|
U.S. Bancorp Fund Services, LLC (June 2005 to present).
|
615 E. Michigan Street
|
September 2013.
|
||
Milwaukee, WI 53202
|
|||
Michael L. Ceccato
|
Vice President,
|
Indefinite term;
|
Senior Vice President, U.S. Bancorp Fund Services, LLC and
|
(age 61)
|
Chief
|
since
|
Vice President, U.S. Bank N.A. (February 2008 to present).
|
615 E. Michigan Street
|
Compliance
|
September 2009
|
|
Milwaukee, WI 53202
|
Officer and
|
||
AML Officer
|
|||
Emily R. Enslow, Esq.
|
Vice President
|
Indefinite term;
|
Vice President, U.S. Bancorp Fund Services, LLC (July 2013 to
|
(age 32)
|
and Secretary
|
since
|
present); Proxy Voting Coordinator and Class Action
|
615 E. Michigan Street
|
December 2017.
|
Administrator, Artisan Partners Limited Partnership
|
|
Milwaukee, WI 53202
|
(September 2012 to July 2013).
|
*
|
Under the Trust’s Agreement and Declaration of Trust, a Trustee serves during the continued lifetime of the Trust until he/she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the election and qualification of his/her successor. In addition, the Trustees have designated a mandatory retirement age of 75, such that each Trustee first elected or appointed to the Board after December 1, 2015, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs.
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
As of November 30, 2018, the Trust was comprised of 41 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund and the PIA BBB Bond Fund, the PIA High Yield Fund, the PIA High Yield (MACS) Fund, the PIA MBS Bond Fund and the PIA Short Duration Bond Fund. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.
|
(4)
|
Mr. Redwine became an Independent Trustee on January 1, 2018.
|
Since Inception
|
|||
Average Annual Total Return*
|
1 Year
|
5 Year
|
(12/31/10)
|
PIA High Yield Fund
|
-0.63%
|
4.38%
|
5.98%
|
Bloomberg Barclays U.S. Corporate High-Yield Index
|
0.36%
|
4.39%
|
6.21%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 6/1/18
|
Value 11/30/18
|
Period 6/1/18 – 11/30/18*
|
|
Actual
|
$1,000.00
|
$ 989.50
|
$4.29
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.76
|
$4.36
|
*
|
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year) / 365 days to reflect the one-half year expense. The annualized expense ratio of the PIA High Yield Fund is 0.86%.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 96.4%
|
|||||||
Aerospace/Defense 1.1%
|
|||||||
Triumph Group, Inc.
|
|||||||
$
|
660,000
|
7.75%, due 8/15/25
|
$
|
608,850
|
|||
Biotechnology 1.4%
|
|||||||
Sotera Health Topco, Inc.
|
|||||||
840,000
|
8.125% Cash or 8.875% PIK,
|
||||||
due 11/1/21 (b) (e)
|
821,100
|
||||||
Building Materials 0.7%
|
|||||||
U.S. Concrete, Inc.
|
|||||||
400,000
|
6.375%, due 6/1/24
|
381,000
|
|||||
Casinos and Gaming 0.8%
|
|||||||
Scientific Games
|
|||||||
International, Inc.
|
|||||||
500,000
|
5.00%, due 10/15/25 (b)
|
469,325
|
|||||
Chemical and Allied Products
|
|||||||
Merchant Wholesalers 1.1%
|
|||||||
Univar USA, Inc.
|
|||||||
650,000
|
6.75%, due 7/15/23 (b)
|
650,000
|
|||||
Chemicals 8.6%
|
|||||||
Consolidated Energy Finance SA
|
|||||||
410,000
|
6.875%, due 6/15/25 (b)
|
407,335
|
|||||
200,000
|
6.50%, due 5/15/26 (b)
|
195,250
|
|||||
CSTN Merger Sub, Inc.
|
|||||||
730,000
|
6.75%, due 8/15/24 (b)
|
693,500
|
|||||
Kissner Milling Company Ltd.
|
|||||||
710,000
|
8.375%, due 12/1/22 (b)
|
715,325
|
|||||
Koppers, Inc.
|
|||||||
800,000
|
6.00%, due 2/15/25 (b)
|
719,999
|
|||||
LSB Industries, Inc.
|
|||||||
650,000
|
9.625%, due 5/1/23 (b)
|
667,875
|
|||||
OCI NV
|
|||||||
625,000
|
6.625%, due 4/15/23 (b)
|
636,719
|
|||||
Starfruit Finco BV /
|
|||||||
Starfruit US Holdco LLC
|
|||||||
225,000
|
8.00%, due 10/1/26 (b)
|
216,562
|
|||||
TPC Group, Inc.
|
|||||||
675,000
|
8.75%, due 12/15/20 (b)
|
654,750
|
|||||
4,907,315
|
|||||||
Communications Equipment 0.8%
|
|||||||
CommScope Technologies LLC
|
|||||||
500,000
|
6.00%, due 6/15/25 (b)
|
465,650
|
|||||
Construction Machinery 0.8%
|
|||||||
Jurassic Holdings III
|
|||||||
525,000
|
6.875%, due 2/15/21 (b)
|
488,250
|
|||||
Construction Materials Manufacturing 2.5%
|
|||||||
Boise Cascade Co.
|
|||||||
760,000
|
5.625%, due 9/1/24 (b)
|
733,400
|
|||||
Northwest Hardwoods, Inc.
|
|||||||
900,000
|
7.50%, due 8/1/21 (b)
|
697,500
|
|||||
1,430,900
|
|||||||
Consumer Cyclical Services 1.1%
|
|||||||
APX Group, Inc.
|
|||||||
660,000
|
8.75%, due 12/1/20
|
633,600
|
|||||
Consumer Products 0.9%
|
|||||||
Coty, Inc.
|
|||||||
600,000
|
6.50%, due 4/15/26 (b)
|
529,500
|
|||||
Consumer Services 2.4%
|
|||||||
AMN Healthcare, Inc.
|
|||||||
520,000
|
5.125%, due 10/1/24 (b)
|
499,850
|
|||||
Carriage Services, Inc.
|
|||||||
400,000
|
6.625%, due 6/1/26 (b)
|
397,500
|
|||||
Stonemor Partners LP
|
|||||||
500,000
|
7.875%, due 6/1/21
|
468,750
|
|||||
1,366,100
|
|||||||
Containers and Packaging 4.1%
|
|||||||
ARD Finance S.A.
|
|||||||
450,000
|
7.125% Cash or 7.875% PIK,
|
||||||
due 9/15/23 (e)
|
416,250
|
Principal Amount
|
Value
|
||||||
Containers and Packaging 4.1% (continued)
|
|||||||
BWAY Holding Co.
|
|||||||
$
|
620,000
|
5.50%, due 4/15/24 (b)
|
$
|
595,975
|
|||
Flex Acquisition Co., Inc.
|
|||||||
100,000
|
7.875%, due 7/15/26 (b)
|
94,250
|
|||||
Plastipak Holdings, Inc.
|
|||||||
680,000
|
6.25%, due 10/15/25 (b)
|
615,400
|
|||||
W/S Packaging Holdings, Inc.
|
|||||||
600,000
|
9.00%, due 4/15/23 (b)
|
610,500
|
|||||
2,332,375
|
|||||||
Distributors 1.4%
|
|||||||
Ferrellgas Partners LP
|
|||||||
200,000
|
8.625%, due 6/15/20
|
152,000
|
|||||
775,000
|
6.50%, due 5/1/21
|
664,563
|
|||||
816,563
|
|||||||
Diversified Manufacturing 0.9%
|
|||||||
Griffon Corp.
|
|||||||
550,000
|
5.25%, due 3/1/22
|
515,625
|
|||||
Electrical Equipment Manufacturing 0.9%
|
|||||||
Itron, Inc.
|
|||||||
560,000
|
5.00%, due 1/15/26 (b)
|
522,553
|
|||||
Financial Services 0.8%
|
|||||||
Trident Merger Sub, Inc.
|
|||||||
500,000
|
6.625%, due 11/1/25 (b)
|
450,000
|
|||||
Food and Beverage 6.0%
|
|||||||
Clearwater Seafoods, Inc.
|
|||||||
730,000
|
6.875%, due 5/1/25 (b)
|
700,800
|
|||||
Dean Foods Co.
|
|||||||
600,000
|
6.50%, due 3/15/23 (b)
|
528,000
|
|||||
Matterhorn Merger Sub LLC /
|
|||||||
Matterhorn Finance Sub, Inc.
|
|||||||
650,000
|
8.50%, due 6/1/26 (b)
|
570,375
|
|||||
Pilgrim’s Pride Corp.
|
|||||||
600,000
|
5.75%, due 3/15/25 (b)
|
586,500
|
|||||
Sigma Holdco BV
|
|||||||
600,000
|
7.875%, due 5/15/26 (b)
|
537,000
|
|||||
Simmons Foods, Inc.
|
|||||||
500,000
|
7.75%, due 1/15/24 (b)
|
512,500
|
|||||
3,435,175
|
|||||||
Forest and Paper
|
|||||||
Products Manufacturing 0.9%
|
|||||||
Schweitzer-Mauduit
|
|||||||
International, Inc.
|
|||||||
550,000
|
6.875%, due 10/1/26 (b)
|
541,750
|
|||||
Hardware 1.2%
|
|||||||
Everi Payments Inc.
|
|||||||
732,000
|
7.50%, due 12/15/25 (b)
|
715,530
|
|||||
Health Care Facilities and Services 0.8%
|
|||||||
Hadrian Merger Sub, Inc.
|
|||||||
500,000
|
8.50%, due 5/1/26 (b)
|
465,000
|
|||||
Home Improvement 1.7%
|
|||||||
Apex Tool Group LLC/BC
|
|||||||
Mountain Finance, Inc.
|
|||||||
600,000
|
9.00%, due 2/15/23 (b)
|
520,500
|
|||||
Jeld-Wen, Inc.
|
|||||||
500,000
|
4.875%, due 12/15/27 (b)
|
437,500
|
|||||
958,000
|
|||||||
Homebuilders 0.6%
|
|||||||
Williams Scotsman
|
|||||||
International, Inc.
|
|||||||
350,000
|
6.875%, due 8/15/23 (b)
|
344,750
|
|||||
Industrial – Other 3.5%
|
|||||||
Brand Energy &
|
|||||||
Infrastructure Services, Inc.
|
|||||||
750,000
|
8.50%, due 7/15/25 (b)
|
665,625
|
|||||
Cleaver-Brooks, Inc.
|
|||||||
675,000
|
7.875%, due 3/1/23 (b)
|
669,937
|
|||||
Frontdoor, Inc.
|
|||||||
100,000
|
6.75%, due 8/15/26 (b)
|
96,750
|
Principal Amount
|
Value
|
||||||
Industrial – Other 3.5% (continued)
|
|||||||
New Enterprise Stone
|
|||||||
& Lime Co., Inc.
|
|||||||
$
|
600,000
|
6.25%, due 3/15/26 (b)
|
$
|
555,000
|
|||
1,987,312
|
|||||||
Machinery Manufacturing 4.0%
|
|||||||
JPW Industries Holding Corp.
|
|||||||
590,000
|
9.00%, due 10/1/24 (b)
|
597,375
|
|||||
MAI Holdings, Inc.
|
|||||||
600,000
|
9.50%, due 6/1/23 (b)
|
579,000
|
|||||
RBS Global, Inc./ Rexnord LLC
|
|||||||
100,000
|
4.875%, due 12/15/25 (b)
|
95,375
|
|||||
Titan Acquisition Ltd. /
|
|||||||
Titan Co-Borrower LLC
|
|||||||
600,000
|
7.75%, due 4/15/26 (b)
|
493,500
|
|||||
Titan International, Inc.
|
|||||||
600,000
|
6.50%, due 11/30/23
|
556,500
|
|||||
2,321,750
|
|||||||
Manufactured Goods 3.7%
|
|||||||
FXI Holdings, Inc.
|
|||||||
645,000
|
7.875%, due 11/1/24 (b)
|
583,725
|
|||||
Grinding Media Inc./ MC
|
|||||||
Grinding Media Canada, Inc.
|
|||||||
700,000
|
7.375%, due 12/15/23 (b)
|
705,250
|
|||||
Optimas OE Solutions, Inc.
|
|||||||
217,000
|
8.625%, due 6/1/21 (b)
|
198,555
|
|||||
Park-Ohio Industries, Inc.
|
|||||||
660,000
|
6.625%, due 4/15/27
|
654,844
|
|||||
2,142,374
|
|||||||
Media Non-Cable 1.3%
|
|||||||
R.R. Donnelley & Sons Co.
|
|||||||
750,000
|
6.50%, due 11/15/23
|
735,150
|
|||||
Medical Equipment and
|
|||||||
Supplies Manufacturing 1.1%
|
|||||||
Vista Outdoor, Inc.
|
|||||||
650,000
|
5.875%, due 10/1/23
|
619,125
|
|||||
Metals and Mining 4.5%
|
|||||||
American Gilsonite Co.
|
|||||||
365,942
|
17.00% Cash or 17.000% PIK,
|
||||||
due 12/31/21 (b) (e)
|
404,366
|
||||||
Emeco Pty Ltd.
|
|||||||
560,006
|
9.25%, due 3/31/22
|
596,406
|
|||||
Rain CII Carbon LLC/
|
|||||||
CII Carbon Corp.
|
|||||||
650,000
|
7.25%, due 4/1/25 (b)
|
604,500
|
|||||
SunCoke Energy Partners LP/
|
|||||||
SunCoke Energy Partners
|
|||||||
Finance Corp.
|
|||||||
500,000
|
7.50%, due 6/15/25 (b)
|
492,500
|
|||||
TMS International Corp.
|
|||||||
480,000
|
7.25%, due 8/15/25 (b)
|
471,600
|
|||||
2,569,372
|
|||||||
Oil and Gas Extraction 0.8%
|
|||||||
Welltec A/S
|
|||||||
450,000
|
9.50%, due 12/1/22 (b)
|
452,250
|
|||||
Oil and Gas Services and Equipment 2.3%
|
|||||||
Archrock Partners LP
|
|||||||
800,000
|
6.00%, due 4/1/21
|
788,000
|
|||||
USA Compression
|
|||||||
Partners LP / USA
|
|||||||
Compression Finance Corp.
|
|||||||
515,000
|
6.875%, due 4/1/26 (b)
|
504,700
|
|||||
1,292,700
|
|||||||
Paper 3.7%
|
|||||||
Clearwater Paper Corp.
|
|||||||
520,000
|
4.50%, due 2/1/23
|
473,200
|
|||||
Mercer International, Inc.
|
|||||||
190,000
|
6.50%, due 2/1/24
|
190,000
|
|||||
560,000
|
5.50%, due 1/15/26
|
512,400
|
|||||
NWH Escrow Corp.
|
|||||||
400,000
|
7.50%, due 8/1/21 (b)
|
306,000
|
|||||
Rayonier A.M. Products, Inc.
|
|||||||
700,000
|
5.50%, due 6/1/24 (b)
|
644,000
|
|||||
2,125,600
|
Principal Amount
|
Value
|
||||||
Petroleum and Petroleum Products
|
|||||||
Merchant Wholesalers 1.0%
|
|||||||
Sunoco LP/Sunoco
|
|||||||
Finance Corp.
|
|||||||
$
|
600,000
|
5.50%, due 2/15/26 (b)
|
$
|
573,000
|
|||
Pipelines 3.1%
|
|||||||
Rose Rock Midstream, L.P.
|
|||||||
650,000
|
5.625%, due 7/15/22
|
624,000
|
|||||
Summit Midstream
|
|||||||
Holdings, LLC
|
|||||||
700,000
|
5.50%, due 8/15/22
|
682,500
|
|||||
TransMontaigne Partners LP/
|
|||||||
TLP Finance Corp.
|
|||||||
500,000
|
6.125%, due 2/15/26
|
457,500
|
|||||
1,764,000
|
|||||||
Publishing and Broadcasting 2.7%
|
|||||||
Salem Media Group, Inc.
|
|||||||
480,000
|
6.75%, due 6/1/24 (b)
|
433,200
|
|||||
Townsquare Media, Inc.
|
|||||||
600,000
|
6.50%, due 4/1/23 (b)
|
555,750
|
|||||
Urban One, Inc.
|
|||||||
600,000
|
9.25%, due 2/15/20 (b)
|
585,000
|
|||||
1,573,950
|
|||||||
Railroad 0.9%
|
|||||||
Watco Companies, Inc.
|
|||||||
500,000
|
6.375%, due 4/1/23 (b)
|
503,750
|
|||||
Real Estate 0.7%
|
|||||||
Iron Mountain, Inc.
|
|||||||
430,000
|
4.875%, due 9/15/27 (b)
|
382,163
|
|||||
Refining and Marketing 0.9%
|
|||||||
Calumet Specialty
|
|||||||
Products Partners LP /
|
|||||||
Calumet Finance Corp.
|
|||||||
600,000
|
7.75%, due 4/15/23
|
526,500
|
|||||
Retail – Consumer Discretionary 2.6%
|
|||||||
Beacon Roofing Supply, Inc.
|
|||||||
300,000
|
6.375%, due 10/1/23
|
300,000
|
|||||
Hertz Corp.
|
|||||||
600,000
|
5.875%, due 10/15/20
|
593,400
|
|||||
Hillman Company, Inc.
|
|||||||
600,000
|
6.375%, due 7/15/22 (b)
|
516,000
|
|||||
Party City Holdings, Inc.
|
|||||||
100,000
|
6.625%, due 8/1/26 (b)
|
96,770
|
|||||
1,506,170
|
|||||||
Software and Services 5.2%
|
|||||||
Ascend Learning LLC
|
|||||||
640,000
|
6.875%, due 8/1/25 (b)
|
624,000
|
|||||
Donnelley Financial
|
|||||||
Solutions, Inc.
|
|||||||
650,000
|
8.25%, due 10/15/24
|
657,313
|
|||||
Informatica LLC
|
|||||||
670,000
|
7.125%, due 7/15/23 (b)
|
675,025
|
|||||
RP Crown Parent, LLC
|
|||||||
535,000
|
7.375%, due 10/15/24 (b)
|
543,694
|
|||||
Sophia, L.P.
|
|||||||
450,000
|
9.00%, due 9/30/23 (b)
|
465,750
|
|||||
2,965,782
|
|||||||
Technology 1.2%
|
|||||||
Cardtronics, Inc.
|
|||||||
650,000
|
5.125%, due 8/1/22
|
666,932
|
|||||
Transportation and Logistics 3.3%
|
|||||||
J.B. Poindexter & Co., Inc.
|
|||||||
600,000
|
7.125%, due 4/15/26 (b)
|
574,500
|
|||||
Martin Midstream Partners L.P.
|
|||||||
650,000
|
7.25%, due 2/15/21
|
637,000
|
|||||
Mobile Mini, Inc.
|
|||||||
650,000
|
5.875%, due 7/1/24
|
654,869
|
|||||
1,866,369
|
|||||||
Transportation Services 2.5%
|
|||||||
LBC Tank Terminals Holding
|
|||||||
1,000,000
|
6.875%, due 5/15/23 (b)
|
930,000
|
|||||
OPE KAG Finance Sub, Inc.
|
|||||||
500,000
|
7.875%, due 7/31/23 (b)
|
487,500
|
|||||
1,417,500
|
Principal Amount/
|
|||||||
Shares
|
Value
|
||||||
Utilities 1.8%
|
|||||||
Rockpoint Gas Storage
|
|||||||
Canada Ltd.
|
|||||||
$
|
500,000
|
7.00%, due 3/31/23 (b)
|
$
|
487,500
|
|||
Superior Plus LP / Superior
|
|||||||
General Partner, Inc.
|
|||||||
550,000
|
7.00%, due 7/15/26 (b)
|
544,500
|
|||||
1,032,000
|
|||||||
Waste and Environment
|
|||||||
Services and Equipment 2.6%
|
|||||||
CD&R Waterworks
|
|||||||
Merger Sub LLC
|
|||||||
520,000
|
6.125%, due 8/15/25 (b)
|
477,100
|
|||||
GFL Environmental, Inc.
|
|||||||
600,000
|
5.375%, due 3/1/23 (b)
|
550,500
|
|||||
Waste Pro USA, Inc.
|
|||||||
480,000
|
5.50%, due 2/15/26 (b)
|
442,800
|
|||||
1,470,400
|
|||||||
Wireline Telecommunications Services 1.5%
|
|||||||
Consolidated
|
|||||||
Communications, Inc.
|
|||||||
500,000
|
6.50%, due 10/1/22
|
468,750
|
|||||
West Corp.
|
|||||||
500,000
|
8.50%, due 10/15/25 (b)
|
415,000
|
|||||
883,750
|
|||||||
Total Corporate Bonds
|
|||||||
(cost $58,012,178)
|
55,226,810
|
||||||
RIGHTS 0.0%
|
|||||||
Momentive Performance Escrow
|
|||||||
1
|
8.875%, due 10/15/20 (c) (d)
|
—
|
|||||
SHORT-TERM INVESTMENTS 2.0%
|
|||||||
1,149,590
|
Invesco STIT-Government &
|
||||||
Agency Portfolio, 2.11% (a)
|
1,149,590
|
||||||
Total Short-Term Investments
|
|||||||
(cost $1,149,590)
|
1,149,590
|
||||||
Total Investments
|
(cost $59,161,768)
|
98.4%
|
56,376,400
|
||||
Other Assets less Liabilities
|
1.6%
|
901,770
|
||||
TOTAL NET ASSETS
|
100.0%
|
$
|
57,278,170
|
(a)
|
Rate shown is the 7-day annualized yield as of November 30, 2018.
|
(b)
|
Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” Pacific Income Advisers, Inc., the Fund’s adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of November 30, 2018, the value of these investments was $39,991,783 or 69.82% of total net assets.
|
(c)
|
Restricted security. The escrow shares were received through a distribution on October 29, 2014 for the purpose of receiving future distributions from the plan of reorganization. As of November 30, 2018, the security had a cost and value of $0 (0.0% of total net assets).
|
(d)
|
Valued at a fair value in accordance with procedures established by the Fund’s Board of Trustees. Value determined using significant unobservable inputs.
|
(e)
|
Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
|
Assets:
|
||||
Investments in securities, at value (cost $59,161,768)
|
$
|
56,376,400
|
||
Receivable for fund shares sold
|
18,495
|
|||
Interest receivable
|
1,092,473
|
|||
Prepaid expenses
|
19,335
|
|||
Cash
|
8,125
|
|||
Total assets
|
57,514,828
|
|||
Liabilities:
|
||||
Payable to investment adviser
|
25,798
|
|||
Payable for fund shares redeemed
|
134,966
|
|||
Administration fees
|
10,416
|
|||
Transfer agent fees and expenses
|
16,622
|
|||
Fund accounting fees
|
14,684
|
|||
Audit fees
|
20,560
|
|||
Chief Compliance Officer fee
|
2,250
|
|||
Custody fees
|
1,438
|
|||
Shareholder reporting
|
6,220
|
|||
Trustees’ fees and expenses
|
1,347
|
|||
Accrued expenses
|
2,357
|
|||
Total liabilities
|
236,658
|
|||
Net Assets
|
$
|
57,278,170
|
||
Net Assets Consist of:
|
||||
Paid-in capital
|
$
|
60,135,621
|
||
Total distributable earnings
|
(2,857,451
|
)
|
||
Net Assets
|
$
|
57,278,170
|
||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$
|
9.67
|
||
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)
|
5,920,774
|
Investment Income:
|
||||
Interest
|
$
|
4,179,008
|
||
Total investment income
|
4,179,008
|
|||
Expenses:
|
||||
Investment advisory fees (Note 4)
|
339,337
|
|||
Transfer agent fees and expenses (Note 4)
|
73,449
|
|||
Fund accounting fees (Note 4)
|
55,004
|
|||
Administration fees (Note 4)
|
39,296
|
|||
Registration fees
|
27,592
|
|||
Audit fees
|
20,666
|
|||
Trustees’ fees and expenses
|
14,310
|
|||
Chief Compliance Officer fee (Note 4)
|
9,051
|
|||
Legal fees
|
8,330
|
|||
Custody fees (Note 4)
|
7,024
|
|||
Reports to shareholders
|
4,633
|
|||
Insurance
|
2,529
|
|||
Interest expense (Note 7)
|
2,244
|
|||
Miscellaneous
|
5,267
|
|||
Total expenses
|
608,732
|
|||
Less: Fee waiver by adviser (Note 4)
|
(103,412
|
)
|
||
Net expenses
|
505,320
|
|||
Net investment income
|
3,673,688
|
|||
Realized and Unrealized Gain/(Loss) on Investments:
|
||||
Net realized gain on investments
|
612,986
|
|||
Net change in unrealized appreciation on investments
|
(4,579,766
|
)
|
||
Net loss on investments
|
(3,966,780
|
)
|
||
Net decrease in net assets resulting from operations
|
$
|
(293,092
|
)
|
Year
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
November 30,
|
November 30,
|
|||||||
2018
|
2017
|
|||||||
Increase in Net Assets From
|
||||||||
Operations:
|
||||||||
Net investment income
|
$
|
3,673,688
|
$
|
5,918,965
|
||||
Net realized gain on investments
|
612,986
|
239,416
|
||||||
Net change in unrealized appreciation/(depreciation) on investments
|
(4,579,766
|
)
|
4,178,585
|
|||||
Net increase/(decrease) in net assets resulting from operations
|
(293,092
|
)
|
10,336,966
|
|||||
Dividends and Distributions Paid to Shareholders:
|
||||||||
Net dividends and distributions to shareholders
|
(3,671,702
|
)
|
(5,967,504
|
)*
|
||||
Total dividends and distributions
|
(3,671,702
|
)
|
(5,967,504
|
)
|
||||
Capital Share Transactions:
|
||||||||
Proceeds from shares sold
|
32,168,372
|
41,703,305
|
||||||
Distributions reinvested
|
2,383,365
|
4,624,497
|
||||||
Payment for shares redeemed
|
(34,139,513
|
)
|
(164,852,624
|
)
|
||||
Net increase/(decrease) in net assets from capital share transactions
|
412,224
|
(118,524,822
|
)
|
|||||
Total decrease in net assets
|
(3,552,570
|
)
|
(114,155,360
|
)
|
||||
Net Assets, Beginning of Year
|
60,830,740
|
174,986,100
|
||||||
Net Assets, End of Year
|
$
|
57,278,170
|
$
|
60,830,740
|
**
|
|||
Transactions in Shares:
|
||||||||
Shares sold
|
3,167,241
|
4,066,312
|
||||||
Shares issued on reinvestment of distributions
|
236,114
|
450,957
|
||||||
Shares redeemed
|
(3,370,622
|
)
|
(16,049,908
|
)
|
||||
Net increase/(decrease) in shares outstanding
|
32,733
|
(11,532,639
|
)
|
*
|
Includes net investment income distributions of $5,967,504.
|
|
**
|
Includes accumulated undistributed net investment income of $29,259.
|
Year Ended November 30,
|
||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$
|
10.33
|
$
|
10.04
|
$
|
9.67
|
$
|
10.47
|
$
|
10.72
|
||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.60
|
0.66
|
0.62
|
0.60
|
0.59
|
|||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.66
|
)
|
0.29
|
0.38
|
(0.75
|
)
|
(0.14
|
)
|
||||||||||||
Total from investment operations
|
(0.06
|
)
|
0.95
|
1.00
|
(0.15
|
)
|
0.45
|
|||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.60
|
)
|
(0.66
|
)
|
(0.63
|
)
|
(0.60
|
)
|
(0.59
|
)
|
||||||||||
Distributions from net realized gains
|
—
|
—
|
—
|
(0.05
|
)
|
(0.11
|
)
|
|||||||||||||
Total distributions
|
(0.60
|
)
|
(0.66
|
)
|
(0.63
|
)
|
(0.65
|
)
|
(0.70
|
)
|
||||||||||
Net asset value, end of year
|
$
|
9.67
|
$
|
10.33
|
$
|
10.04
|
$
|
9.67
|
$
|
10.47
|
||||||||||
Total Return
|
-0.63
|
%
|
9.68
|
%
|
10.70
|
%
|
-1.49
|
%
|
4.26
|
%
|
||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$
|
57,278
|
$
|
60,831
|
$
|
174,986
|
$
|
117,749
|
$
|
88,606
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of fee waivers and expense reimbursements
|
0.82
|
%*
|
0.73
|
%
|
0.73
|
%
|
0.75
|
%^ |
0.98
|
%
|
||||||||||
Before fee waivers and expense reimbursements
|
0.99
|
%
|
1.00
|
%
|
0.92
|
%
|
0.91
|
%
|
1.00
|
%
|
||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of fee waivers and expense reimbursements
|
5.95
|
%
|
5.80
|
%
|
6.40
|
%
|
5.99
|
%
|
5.62
|
%
|
||||||||||
Before fee waivers and expense reimbursements
|
5.78
|
%
|
5.53
|
%
|
6.21
|
%
|
5.83
|
%
|
5.60
|
%
|
||||||||||
Portfolio turnover rate
|
48
|
%
|
27
|
%
|
27
|
%
|
26
|
%
|
31
|
%
|
^
|
Effective January 1, 2015, the expense cap was voluntarily reduced from 0.98% to 0.73%.
|
*
|
Effective March 30, 2018, the expense cap increased from 0.73% to 0.86%.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
Level 2 –
|
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an
|
inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
||
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Corporate Bonds
|
$
|
—
|
$
|
55,226,810
|
$
|
—
|
$
|
55,226,810
|
|||||||||
Total Fixed Income
|
—
|
55,226,810
|
—
|
55,226,810
|
|||||||||||||
Short-Term Investments
|
1,149,590
|
—
|
—
|
1,149,590
|
|||||||||||||
Total Investments
|
$
|
1,149,590
|
$
|
55,226,810
|
$
|
—
|
$
|
56,376,400
|
Investments in Securities, at Value
|
|||||
Common Stocks
|
|||||
Balance as of November 30, 2017
|
$
|
2,109,177
|
|||
Accrued discounts/premiums
|
—
|
||||
Realized gain/(loss)
|
226,787
|
||||
Change in unrealized appreciation/(depreciation)
|
(71,214
|
)
|
|||
Purchases
|
—
|
||||
Sales
|
(2,264,750
|
)
|
|||
Transfers in and/or out of Level 3
|
—
|
||||
Balance as of November 30, 2018
|
$
|
—
|
Expiration
|
Amount
|
|||||
11/30/20
|
$
|
24,641
|
||||
Dec. 2020 – Nov. 2021
|
4,095
|
|||||
$
|
28,736
|
Administration
|
$39,296
|
||
Fund Accounting
|
55,004
|
||
Transfer Agency (excludes out-of-pocket expenses and sub-ta fees)
|
49,331
|
||
Custody
|
7,024
|
||
Chief Compliance Officer
|
9,051
|
Administration
|
$10,416
|
||
Fund Accounting
|
14,684
|
||
Transfer Agency (excludes out-of-pocket expenses and sub-ta fees)
|
9,256
|
||
Custody
|
1,438
|
||
Chief Compliance Officer
|
2,250
|
Year Ended
|
Year Ended
|
||
November 30, 2018
|
November 30, 2017
|
||
Ordinary income
|
$3,671,702
|
$5,967,504
|
Cost of investments (a)
|
$
|
59,161,768
|
||||
Gross unrealized appreciation
|
325,605
|
|||||
Gross unrealized depreciation
|
(3,110,973
|
)
|
||||
Net unrealized depreciation (a)
|
(2,785,368
|
)
|
||||
Undistributed ordinary income
|
31,245
|
|||||
Undistributed long-term capital gains
|
—
|
|||||
Total distributable earnings
|
31,245
|
|||||
Other accumulated gains/(losses)
|
(103,328
|
)
|
||||
Total accumulated earnings/(losses)
|
$
|
(2,857,451
|
)
|
(a)
|
The difference between book-basis and tax-basis net unrealized depreciation is attributable primarily to wash sales.
|
•
|
High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.
|
|
•
|
Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund.
|
|
•
|
Credit Risk. The issuers of the bonds and other instruments held by the Fund may not be able to make interest or principal payments.
|
•
|
Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments.
|
|
•
|
Interest Rate Risk. The value of the Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Given that the Federal Reserve has begun to raise interest rates, the Fund may face a heightened level of interest rate risk.
|
|
•
|
Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price.
|
|
•
|
Derivatives Risk. 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. 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.
|
|
•
|
ETF and Mutual Fund Risk. When the 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 that the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs.
|
|
•
|
Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities.
|
TAIT, WELLER & BAKER LLP
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Gail S. Duree
|
Trustee
|
Indefinite term;
|
Director, Alpha Gamma
|
6
|
Trustee,
|
(age 72)
|
since
|
Delta Housing Corporation
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2014.
|
(collegiate housing
|
Trust (for series
|
||
Milwaukee, WI 53202
|
management) (2012 to
|
not affiliated
|
|||
present); Trustee and Chair
|
with the Funds);
|
||||
(2000 to 2012), New Covenant
|
Independent
|
||||
Mutual Funds (1999 to 2012);
|
Trustee from
|
||||
Director and Board Member,
|
1999 to 2012,
|
||||
Alpha Gamma Delta
|
New Covenant
|
||||
Foundation (philanthropic
|
Mutual Funds
|
||||
organization) (2005 to 2011).
|
(an open-end
|
||||
investment
|
|||||
company with
|
|||||
4 portfolios).
|
|||||
David G. Mertens
|
Trustee
|
Indefinite term*;
|
Retired; formerly Managing
|
6
|
Trustee,
|
(age 58)
|
since
|
Director and Vice President,
|
Advisors Series
|
||
615 E. Michigan Street
|
March 2017.
|
Jensen Investment
|
Trust (for series
|
||
Milwaukee, WI 53202
|
Management, Inc. (a privately-
|
not affiliated
|
|||
held investment advisory firm)
|
with the Funds).
|
||||
(2002 to 2017).
|
|||||
George J. Rebhan
|
Chairman
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 84)
|
of the
|
since
|
Hotchkis and Wiley Funds
|
Advisors Series
|
|
615 E. Michigan Street
|
Board and
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Trust (for series
|
|
Milwaukee, WI 53202
|
Trustee
|
not affiliated
|
|||
with the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
Number of
|
Other
|
||||
Portfolios in
|
Directorships
|
||||
Term of Office
|
Fund Complex
|
Held During
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Past Five
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee(2)
|
Years(3)
|
Joe D. Redwine(4)
|
Trustee
|
Indefinite term;
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 71)
|
since
|
CEO, U.S. Bancorp Fund
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2018.
|
Services, LLC (May 1991 to
|
Trust (for series
|
||
Milwaukee, WI 53202
|
July 2017); formerly Manager,
|
not affiliated
|
|||
U.S. Bancorp Fund Services,
|
with the Funds).
|
||||
LLC (1998 to July 2017).
|
|||||
Raymond B. Woolson
|
Trustee
|
Indefinite term*;
|
President, Apogee Group, Inc.
|
6
|
Trustee,
|
(age 59)
|
since
|
(financial consulting firm)
|
Advisors Series
|
||
615 E. Michigan Street
|
January 2016.
|
(1998 to present).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds);
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Funds Trust
|
|||||
(an open-end
|
|||||
investment
|
|||||
company with
|
|||||
15 portfolios),
|
|||||
DoubleLine
|
|||||
Opportunistic
|
|||||
Credit Fund and
|
|||||
DoubleLine
|
|||||
Income Solutions
|
|||||
Fund, from
|
|||||
2010 to present;
|
|||||
Independent
|
|||||
Trustee,
|
|||||
DoubleLine
|
|||||
Equity Funds
|
|||||
from 2010
|
|||||
to 2016.
|
Term of Office
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Officers
|
|||
Cheryl L. King
|
Vice President,
|
Indefinite term;
|
Vice President, Compliance and Administration, U.S. Bancorp
|
(age 57)
|
Treasurer and
|
since
|
Fund Services, LLC (October 1998 to present).
|
615 E. Michigan Street
|
Principal
|
December 2007.
|
|
Milwaukee, WI 53202
|
Financial
|
||
Officer
|
|||
Kevin J. Hayden
|
Assistant
|
Indefinite term;
|
Assistant Vice President, Compliance and Administration,
|
(age 47)
|
Treasurer
|
since
|
U.S. Bancorp Fund Services, LLC (June 2005 to present).
|
615 E. Michigan Street
|
September 2013.
|
||
Milwaukee, WI 53202
|
|||
Michael L. Ceccato
|
Vice President,
|
Indefinite term;
|
Senior Vice President, U.S. Bancorp Fund Services, LLC and
|
(age 61)
|
Chief
|
since
|
Vice President, U.S. Bank N.A. (February 2008 to present).
|
615 E. Michigan Street
|
Compliance
|
September 2009.
|
|
Milwaukee, WI 53202
|
Officer and
|
||
AML Officer
|
|||
Emily R. Enslow, Esq.
|
Vice President,
|
Indefinite term;
|
Vice President, U.S. Bancorp Fund Services, LLC (July 2013 to
|
(age 32)
|
and Secretary
|
since
|
present); Proxy Voting Coordinator and Class Action
|
615 E. Michigan Street
|
December 2017.
|
Administrator, Artisan Partners Limited Partnership
|
|
Milwaukee, WI 53202
|
(September 2012 to July 2013).
|
*
|
Under the Trust’s Agreement and Declaration of Trust, a Trustee serves during the continued lifetime of the Trust until he/she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the election and qualification of his/her successor. In addition, the Trustees have designated a mandatory retirement age of 75, such that each Trustee first elected or appointed to the Board after December 1, 2015, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs.
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
As of November 30, 2018, the Trust was comprised of 41 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund and the PIA BBB Bond Fund, the PIA High Yield (MACS) Fund, the PIA MBS Bond Fund, the PIA Short Duration Bond Fund and the PIA Short-Term Securities Fund. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.
|
(4)
|
Mr. Redwine became an Independent Trustee on January 1, 2018.
|
FYE 11/30/2018
|
FYE 11/30/2017
|
|
Audit Fees
|
$80,600
|
$65,600
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$18,000
|
$14,000
|
All Other Fees
|
N/A
|
N/A
|
FYE 11/30/2018
|
FYE 11/30/2017
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 11/30/2018
|
FYE 11/30/2017
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
(a)
|
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
|
(b)
|
Not Applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(a)
|
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
|
(4)
|
Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
|
1.
|
HONEST AND ETHICAL CONDUCT
|
2.
|
FINANCIAL RECORDS AND REPORTING
|
3.
|
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
|
4.
|
COMPLIANCE WITH THIS CODE OF ETHICS
|
5.
|
AMENDMENT AND WAIVER
|
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 2/8/19
|
/s/ Jeffrey T. Rauman
Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer |
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 2/7/19
|
/s/ Cheryl L. King
Cheryl L. King Vice President/Treasurer/Principal Financial Officer
|
/s/ Jeffrey T. Rauman
Jeffrey T. Rauman
President/Chief Executive Officer/Principal Executive Officer
Advisors Series Trust
|
/s/ Cheryl L. King
Cheryl L. King
Vice President/Treasurer/Principal Financial Officer
Advisors Series Trust
|
Dated: 2/8/19
|
Dated: 2/7/19
|
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