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Share Name | Share Symbol | Market | Type |
---|---|---|---|
USCorp (CE) | USOTC:USCS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
PIA Short-Term Securities Fund
|
0.34%
|
PIA SHORT-TERM SECURITIES FUND
|
Comparison of the change in value of a $10,000 investment in the PIA Short-Term Securities Fund vs
|
the BofA Merrill Lynch 1-Year U.S. Treasury Note Index and
|
the Barclays Capital U.S. Government/Corporate 1-Year Duration Index
|
Average Annual Total Return*
|
1 Year
|
5 Years
|
10 Years
|
PIA Short-Term Securities Fund
|
0.34%
|
0.87%
|
2.17%
|
BofA Merrill Lynch 1-Year U.S. Treasury Note Index
|
0.28%
|
0.63%
|
2.10%
|
Barclays Capital U.S. Government/Corporate 1-Year Duration Index
|
0.40%
|
1.01%
|
2.28%
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 6/1/13
|
Value 11/30/13
|
Period 6/1/13 – 11/30/13*
|
|
PIA Short-Term Securities Fund
|
|||
Actual
|
$1,000.00
|
$1,003.00
|
$1.76
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,023.31
|
$1.78
|
*
|
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 Short-Term Securities Fund is 0.35%.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 45.7%
|
|||||||
Agricultural Equipment 0.7%
|
|||||||
John Deere Capital Corp.
|
|||||||
$ | 1,000,000 |
0.75%, due 1/22/16
|
$ | 999,144 | |||
Agriculture 0.8%
|
|||||||
Bunge Limited
|
|||||||
1,000,000 |
4.10%, due 3/15/16
|
1,054,658 | |||||
Autos 2.7%
|
|||||||
American Honda Financial Corp.
|
|||||||
1,000,000 |
1.125%, due 10/7/16
|
1,006,937 | |||||
Daimler Finance
|
|||||||
North America LLC (a)
|
|||||||
1,200,000 |
1.45%, due 8/1/16
|
1,211,057 | |||||
Ford Motor Credit Co. LLC
|
|||||||
1,000,000 |
1.70%, due 5/9/16
|
1,013,692 | |||||
Volkswagen International
|
|||||||
Finance N.V.
|
|||||||
500,000 |
1.125%, due 11/18/16 (a)
|
501,274 | |||||
3,732,960 | |||||||
Banks 9.1%
|
|||||||
Bank of America Corp.
|
|||||||
1,300,000 |
4.50%, due 4/1/15
|
1,363,549 | |||||
Bank of New York Mellon
|
|||||||
1,300,000 |
2.95%, due 6/18/15
|
1,350,122 | |||||
BB&T Corp.
|
|||||||
1,000,000 |
5.20%, due 12/23/15
|
1,084,621 | |||||
BMO Bank of Montreal
|
|||||||
1,000,000 |
1.30%, due 7/15/16
|
1,011,159 | |||||
Capital One Financial Corp.
|
|||||||
1,000,000 |
2.15%, due 3/23/15
|
1,017,935 | |||||
Citigroup, Inc.
|
|||||||
1,000,000 |
2.65%, due 3/2/15
|
1,021,934 | |||||
JPMorgan Chase & Co.
|
|||||||
1,500,000 |
1.875%, due 3/20/15
|
1,522,989 | |||||
State Street Corp.
|
|||||||
1,550,000 |
4.30%, due 5/30/14
|
1,580,701 | |||||
Suntrust Banks, Inc.
|
|||||||
650,000 |
3.60%, due 4/15/16
|
688,951 | |||||
Toronto Dominion Bank
|
|||||||
500,000 |
1.50%, due 9/9/16
|
509,724 | |||||
Wells Fargo & Co.
|
|||||||
1,500,000 |
3.75%, due 10/1/14
|
1,541,648 | |||||
12,693,333 | |||||||
Biotech 0.5%
|
|||||||
Amgen, Inc.
|
|||||||
700,000 |
2.30%, due 6/15/16
|
724,513 | |||||
Brokers 1.0%
|
|||||||
Goldman Sachs Group, Inc.
|
|||||||
1,300,000 |
3.30%, due 5/3/15
|
1,344,038 | |||||
Chemicals 2.6%
|
|||||||
Dow Chemical Co.
|
|||||||
1,200,000 |
2.50%, due 2/15/16
|
1,242,411 | |||||
Eastman Chemical Co.
|
|||||||
700,000 |
3.00%, due 12/15/15
|
728,309 | |||||
Ecolab, Inc.
|
|||||||
1,000,000 |
2.375%, due 12/8/14
|
1,018,954 | |||||
565,000 |
3.00%, due 12/8/16
|
593,663 | |||||
3,583,337 | |||||||
Computer Equipment 0.9%
|
|||||||
Cisco Systems, Inc.
|
|||||||
1,300,000 |
1.625%, due 3/14/14
|
1,305,164 | |||||
Computer Hardware 0.7%
|
|||||||
Apple, Inc.
|
|||||||
1,000,000 |
0.45%, due 5/3/16
|
997,672 | |||||
Consumer Finance 1.0%
|
|||||||
American Express Credit
|
|||||||
1,300,000 |
1.75%, due 6/12/15
|
1,323,347 | |||||
Diversified Financial Services 1.1%
|
|||||||
General Electric Capital Corp.
|
|||||||
1,550,000 |
3.75%, due 11/14/14
|
1,600,790 | |||||
Diversified Minerals 0.6%
|
|||||||
BHP Billiton Finance USA, Ltd.
|
|||||||
800,000 |
1.00%, due 2/24/15
|
807,151 |
Principal Amount
|
Value
|
||||||
Electric Utilities 0.5%
|
|||||||
Dominion Resources, Inc.
|
|||||||
$ | 700,000 |
1.95%, due 8/15/16
|
$ | 715,442 | |||
Electrical Equipment 0.7%
|
|||||||
Tyco International Group SA
|
|||||||
1,000,000 |
3.375%, due 10/15/15
|
1,040,651 | |||||
Finance 0.8%
|
|||||||
SLM Corp.
|
|||||||
1,000,000 |
6.25%, due 1/25/16
|
1,092,500 | |||||
Financial Services 0.9%
|
|||||||
CME Group, Inc.
|
|||||||
1,200,000 |
5.75%, due 2/15/14
|
1,212,529 | |||||
Food 1.5%
|
|||||||
Conagra Foods, Inc.
|
|||||||
930,000 |
1.30%, due 1/25/16
|
935,555 | |||||
Kraft Foods Group, Inc.
|
|||||||
1,200,000 |
1.625%, due 6/4/15
|
1,217,916 | |||||
2,153,471 | |||||||
Food and Beverage 2.0%
|
|||||||
Coca Cola Co.
|
|||||||
1,000,000 |
1.80%, due 9/1/16
|
1,030,444 | |||||
Pepsico, Inc.
|
|||||||
1,300,000 |
0.70%, due 8/13/15
|
1,303,860 | |||||
Wm. Wrigley Jr. Co.
|
|||||||
500,000 |
1.40%, due 10/21/16 (a)
|
503,428 | |||||
2,837,732 | |||||||
Health Care 0.7%
|
|||||||
McKesson Corp.
|
|||||||
1,000,000 |
0.95%, due 12/4/15
|
1,001,119 | |||||
Industrial 0.3%
|
|||||||
Caterpillar Financial
|
|||||||
Services Corp.
|
|||||||
420,000 |
1.35%, due 9/6/16
|
425,163 | |||||
Insurance 3.2%
|
|||||||
Aetna Inc.
|
|||||||
1,000,000 |
6.00%, due 6/15/16
|
1,125,508 | |||||
American International
|
|||||||
Group, Inc.
|
|||||||
700,000 |
3.00%, due 3/20/15
|
721,042 | |||||
CNA Financial Corp.
|
|||||||
88,000 |
5.85%, due 12/15/14
|
92,623 | |||||
Metlife, Inc.
|
|||||||
850,000 |
2.375%, due 2/6/14
|
853,004 | |||||
Prudential Financial Inc.
|
|||||||
950,000 |
4.75%, due 9/17/15
|
1,017,047 | |||||
Wellpoint, Inc.
|
|||||||
650,000 |
5.25%, due 1/15/16
|
708,103 | |||||
4,517,327 | |||||||
Life Sciences Equipment 0.6%
|
|||||||
Thermo Fisher Scientific, Inc.
|
|||||||
800,000 |
3.20%, due 5/1/15
|
824,394 | |||||
Manufacturing 0.4%
|
|||||||
ITT Corp.
|
|||||||
485,000 |
7.375%, due 11/15/15
|
540,634 | |||||
Media 1.5%
|
|||||||
Time Warner, Inc.
|
|||||||
985,000 |
3.15%, due 7/15/15
|
1,023,924 | |||||
Viacom Inc.
|
|||||||
1,000,000 |
1.25%, due 2/27/15
|
1,005,577 | |||||
2,029,501 | |||||||
Medical Equipment 0.7%
|
|||||||
Agilent Technologies, Inc.
|
|||||||
425,000 |
5.50%, due 9/14/15
|
460,631 | |||||
Baxter International, Inc.
|
|||||||
450,000 |
0.95%, due 6/1/16
|
452,582 | |||||
913,213 |
Principal Amount
|
Value
|
||||||
U.S. Government Agencies 9.9%
|
|||||||
FHLMC ARM Pool (b)
|
|||||||
$ | 6,024 |
2.179%, due 8/1/15, #755204
|
$ | 6,044 | |||
9,366 |
2.348%, due 2/1/22, #845113
|
10,020 | |||||
30,193 |
1.999%, due 10/1/22, #635206
|
30,788 | |||||
9,206 |
2.349%, due 6/1/23, #845755
|
9,471 | |||||
8,038 |
2.33%, due 2/1/24, #609231
|
8,113 | |||||
421,991 |
2.401%, due 1/1/25, #785726
|
443,058 | |||||
10,813 |
2.408%, due 1/1/33, #1B0668
|
10,878 | |||||
591,478 |
2.375%, due 10/1/34, #782784
|
630,415 | |||||
244,806 |
2.552%, due 12/1/34, #1G0018
|
259,162 | |||||
162,074 |
2.678%, due 4/1/36, #847671
|
172,622 | |||||
FHLMC Pool
|
|||||||
336,036 |
5.00%, due 10/1/38, #G04832
|
362,899 | |||||
FNMA ARM Pool (b)
|
|||||||
25,557 |
2.54%, due 7/1/25, #555206
|
25,804 | |||||
150,119 |
1.927%, due 7/1/27, #424953
|
153,000 | |||||
84,400 |
2.35%, due 3/1/28, #556438
|
85,663 | |||||
91,684 |
2.331%, due 6/1/29, #508399
|
97,932 | |||||
235,639 |
2.103%, due 4/1/30, #562912
|
248,867 | |||||
81,058 |
2.432%, due 10/1/30, #670317
|
82,868 | |||||
44,604 |
2.24%, due 9/1/31, #597196
|
47,108 | |||||
29,617 |
2.277%, due 11/1/31, #610547
|
29,775 | |||||
3,774 |
2.25%, due 4/1/32, #629098
|
3,798 | |||||
445,083 |
2.245%, due 10/1/33, #743454
|
469,688 | |||||
1,303,311 |
2.375%, due 11/1/33, #755253
|
1,371,056 | |||||
2,045,876 |
2.432%, due 5/1/34, #AC5719
|
2,173,368 | |||||
506,771 |
2.389%, due 7/1/34, #779693
|
536,531 | |||||
416,347 |
2.054%, due 10/1/34, #795136
|
438,358 | |||||
208,550 |
2.382%, due 1/1/35, #805391
|
222,706 | |||||
118,134 |
2.281%, due 10/1/35, #845041
|
124,912 | |||||
267,269 |
2.232%, due 10/1/35, #846171
|
281,009 | |||||
456,951 |
2.383%, due 1/1/36, #849264
|
489,238 | |||||
134,337 |
2.515%, due 6/1/36, #872502
|
142,955 | |||||
772,678 |
2.439%, due 1/1/37, #906389
|
820,984 | |||||
1,037,203 |
2.833%, due 3/1/37, #907868
|
1,113,162 | |||||
543,900 |
2.28%, due 8/1/37, #949772
|
557,880 | |||||
51,203 |
2.25%, due 10/1/37, #955963
|
52,185 | |||||
285,266 |
2.64%, due 11/1/37, #953653
|
285,394 | |||||
98,660 |
1.81%, due 11/1/37, #948183
|
103,003 | |||||
FNMA Pool
|
|||||||
746,811 |
5.00%, due 6/1/40, #AD5479
|
814,019 | |||||
78,240 |
4.00%, due 11/1/41, #AJ3797
|
81,788 | |||||
GNMA II ARM Pool (b)
|
|||||||
9,991 |
2.00%, due 11/20/21, #8871
|
10,378 | |||||
57,112 |
1.625%, due 10/20/22, #8062
|
59,347 | |||||
136,354 |
1.625%, due 11/20/26, #80011
|
141,709 | |||||
34,577 |
2.00%, due 11/20/26, #80013
|
35,920 | |||||
18,934 |
1.625%, due 12/20/26, #80021
|
19,677 | |||||
9,084 |
1.625%, due 1/20/27, #80029
|
9,436 | |||||
154,993 |
1.625%, due 7/20/27, #80094
|
161,885 | |||||
212,969 |
1.625%, due 8/20/27, #80104
|
222,438 | |||||
8,964 |
1.625%, due 10/20/27, #80122
|
9,316 | |||||
77,420 |
1.625%, due 1/20/28, #80154
|
80,422 | |||||
157,353 |
1.625%, due 10/20/29, #80331
|
163,539 | |||||
31,484 |
1.625%, due 11/20/29, #80344
|
32,721 | |||||
13,743,309 | |||||||
Total Mortgage-Backed Securities
|
|||||||
(cost $24,779,695)
|
25,268,248 |
Shares/
|
|||||||
Principal Amount
|
Value
|
||||||
U.S. GOVERNMENT AGENCIES AND
|
|||||||
INSTRUMENTALITIES 28.0%
|
|||||||
U.S. Government Agencies 18.7%
|
|||||||
FHLMC
|
|||||||
$ | 2,500,000 |
0.45%, due 1/9/14
|
$ | 2,500,938 | |||
4,200,000 |
0.75%, due 11/25/14
|
4,225,300 | |||||
FNMA
|
|||||||
8,500,000 |
0.75%, due 12/18/13
|
8,502,627 | |||||
5,783,000 |
1.25%, due 2/27/14
|
5,798,897 | |||||
2,000,000 |
0.875%, due 8/28/14
|
2,010,826 | |||||
3,000,000 |
0.50%, due 5/27/15
|
3,011,862 | |||||
26,050,450 | |||||||
U.S. Treasury Notes 9.3%
|
|||||||
U.S. Treasury Note
|
|||||||
11,000,000 |
0.75%, due 12/15/13
|
11,002,794 | |||||
1,000,000 |
1.00%, due 1/15/14
|
1,001,152 | |||||
1,000,000 |
0.75%, due 6/15/14
|
1,003,398 | |||||
13,007,344 | |||||||
Total U.S. Government Agencies
|
|||||||
and Instrumentalities
|
|||||||
(cost $39,043,893)
|
39,057,794 | ||||||
SHORT-TERM INVESTMENTS 9.1%
|
|||||||
3,724,499 |
Fidelity Institutional Money
|
||||||
Market Government Portfolio –
|
|||||||
Class I, 0.05% (c)
|
$ | 3,724,499 | |||||
U.S. Treasury Bill
|
|||||||
$ | 9,000,000 |
0.046%, due 12/19/13 (d)
|
8,999,795 |
Total Short-Term Investments
|
||||||
(cost $12,724,294)
|
12,724,294 | |||||
Total Investments
|
||||||
(cost $139,969,882)
|
101.0
|
% | 140,743,079 | |||
Liabilities less Other Assets
|
(1.0
|
)% | (1,396,565 | ) | ||
TOTAL NET ASSETS
|
100.0
|
% | $ | 139,346,514 |
(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 of November 30, 2013, the value of these investments was $3,718,843 or 2.7% of total net assets.
|
(b)
|
Variable rate security. Rate shown reflects the rate in effect as of November 30, 2013.
|
(c)
|
Rate shown is the 7-day annualized yield as of November 30, 2013.
|
(d)
|
Rate shown is the discount rate at November 30, 2013.
|
(e)
|
Security valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees of Advisors Series Trust.
|
Assets:
|
||||
Investments in securities, at value (cost $139,969,882)
|
$ | 140,743,079 | ||
Deposit at broker for futures contracts
|
1,000 | |||
Receivable for securities sold
|
25,286 | |||
Receivable for fund shares sold
|
251,917 | |||
Interest receivable
|
584,738 | |||
Prepaid expenses
|
27,467 | |||
Total assets
|
141,633,487 | |||
Liabilities:
|
||||
Payable for fund shares redeemed
|
203,984 | |||
Payable for securities purchased
|
2,000,000 | |||
Investment advisory fees
|
16,277 | |||
Administration fees
|
7,416 | |||
Custody fees
|
2,852 | |||
Transfer agent fees and expenses
|
19,289 | |||
Fund accounting fees
|
9,612 | |||
Audit fees
|
17,979 | |||
Chief Compliance Officer fee
|
994 | |||
Accrued expenses
|
8,570 | |||
Total liabilities
|
2,286,973 | |||
Net Assets
|
$ | 139,346,514 | ||
Net Assets Consist of:
|
||||
Paid-in capital
|
$ | 138,987,727 | ||
Undistributed net investment income
|
18,166 | |||
Accumulated net realized loss on investments
|
(432,576 | ) | ||
Net unrealized appreciation on investments
|
773,197 | |||
Net Assets
|
$ | 139,346,514 | ||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$ | 10.08 | ||
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)
|
13,821,604 |
Investment Income:
|
||||
Interest
|
$ | 1,184,556 | ||
Total investment income
|
1,184,556 | |||
Expenses:
|
||||
Investment advisory fees (Note 4)
|
283,265 | |||
Transfer agent fees and expenses (Note 4)
|
101,735 | |||
Fund accounting fees (Note 4)
|
61,742 | |||
Administration fees (Note 4)
|
47,820 | |||
Registration fees
|
29,071 | |||
Audit fees
|
17,999 | |||
Custody fees (Note 4)
|
17,035 | |||
Reports to shareholders
|
10,460 | |||
Trustees’ fees
|
9,103 | |||
Legal fees
|
7,262 | |||
Insurance
|
6,679 | |||
Chief Compliance Officer fee (Note 4)
|
6,578 | |||
Miscellaneous
|
9,564 | |||
Total expenses
|
608,313 | |||
Less: Fee waiver by adviser (Note 4)
|
(112,599 | ) | ||
Net expenses
|
495,714 | |||
Net investment income
|
688,842 | |||
Realized and Unrealized Gain/(Loss) on Investments:
|
||||
Net realized gain on investments
|
91,943 | |||
Net change in unrealized appreciation on investments
|
(328,359 | ) | ||
Net loss on investments
|
(236,416 | ) | ||
Net increase in net assets resulting from operations
|
$ | 452,426 |
Year
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
November 30,
|
November 30,
|
|||||||
2013
|
2012
|
|||||||
Increase/(Decrease) in Net Assets From
|
||||||||
Operations:
|
||||||||
Net investment income
|
$ | 688,842 | $ | 618,007 | ||||
Net realized gain on investments
|
91,943 | 32,755 | ||||||
Net change in unrealized appreciation/(depreciation) on investments
|
(328,359 | ) | 104,127 | |||||
Net increase in net assets resulting from operations
|
452,426 | 754,889 | ||||||
Distributions Paid to Shareholders:
|
||||||||
Distributions from net investment income
|
(739,924 | ) | (690,704 | ) | ||||
Distributions from net realized gains on investments
|
— | — | ||||||
Total distributions paid to shareholders
|
(739,924 | ) | (690,704 | ) | ||||
Capital Share Transactions:
|
||||||||
Proceeds from shares sold
|
78,049,656 | 79,965,510 | ||||||
Distributions reinvested
|
366,383 | 267,100 | ||||||
Payment for shares redeemed
|
(109,126,269 | ) | (81,460,970 | ) | ||||
Net decrease in net assets from capital share transactions
|
(30,710,230 | ) | (1,228,360 | ) | ||||
Total decrease in net assets
|
(30,997,728 | ) | (1,164,175 | ) | ||||
Net Assets, Beginning of Year
|
170,344,242 | 171,508,417 | ||||||
Net Assets, End of Year
|
$ | 139,346,514 | $ | 170,344,242 | ||||
Includes Undistributed Net Investment Income of
|
$ | 18,166 | $ | 9,352 | ||||
Transactions in Shares:
|
||||||||
Shares sold
|
7,742,475 | 7,912,068 | ||||||
Shares issued on reinvestment of distributions
|
36,351 | 26,437 | ||||||
Shares redeemed
|
(10,820,041 | ) | (8,060,377 | ) | ||||
Net decrease in shares outstanding
|
(3,041,215 | ) | (121,872 | ) |
Year Ended November 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.10 | $ | 10.10 | $ | 10.11 | $ | 10.12 | $ | 10.06 | ||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.05 | 0.04 | 0.05 | 0.07 | 0.18 | |||||||||||||||
Net realized and unrealized gain/(loss) on investments
|
(0.02 | ) | 0.00 | * | (0.00 | )* | 0.00 | * | 0.06 | |||||||||||
Total from investment operations
|
0.03 | 0.04 | 0.05 | 0.07 | 0.24 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.05 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.18 | ) | ||||||||||
Total distributions
|
(0.05 | ) | (0.04 | ) | (0.06 | ) | (0.08 | ) | (0.18 | ) | ||||||||||
Net asset value, end of year
|
$ | 10.08 | $ | 10.10 | $ | 10.10 | $ | 10.11 | $ | 10.12 | ||||||||||
Total Return
|
0.34 | % | 0.41 | % | 0.47 | % | 0.72 | % | 2.45 | % | ||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$ | 139,347 | $ | 170,344 | $ | 171,508 | $ | 154,948 | $ | 158,124 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of fee waivers and reimbursements
|
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Before fee waivers and reimbursements
|
0.43 | % | 0.38 | % | 0.39 | % | 0.40 | % | 0.39 | % | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of fee waivers and reimbursements
|
0.49 | % | 0.36 | % | 0.51 | % | 0.67 | % | 1.58 | % | ||||||||||
Before fee waivers and reimbursements
|
0.41 | % | 0.33 | % | 0.47 | % | 0.62 | % | 1.54 | % | ||||||||||
Portfolio turnover rate
|
56 | % | 53 | % | 11 | % | 59 | % | 52 | % |
Undistributed Net
|
Accumulated Net Realized
|
Paid-In
|
|
Investment Income
|
Loss on Investments
|
Capital
|
|
Short-Term Securities Fund
|
$59,896
|
$123,207
|
$(183,103)
|
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
|
$ | — | $ | 63,692,743 | $ | — | $ | 63,692,743 | |||||||||
Mortgage-Backed Securities
|
— | 23,258,248 | 2,010,000 | 25,268,248 | |||||||||||||
U.S. Government Agencies
|
|||||||||||||||||
and Instrumentalities
|
— | 39,057,794 | — | 39,057,794 | |||||||||||||
Total Fixed Income
|
— | 126,008,785 | 2,010,000 | 128,018,785 | |||||||||||||
Short-Term Investments
|
3,724,499 | 8,999,795 | — | 12,724,294 | |||||||||||||
Total Investments
|
$ | 3,724,499 | $ | 135,008,580 | $ | 2,010,000 | $ | 140,743,079 |
Investments in Securities, at Value
|
|||||
Mortgage-Backed Securities
|
|||||
Balance as of November 30, 2012
|
$ | — | |||
Accrued discounts/premiums
|
— | ||||
Realized gain/(loss)
|
— | ||||
Change in unrealized appreciation/(depreciation)
|
10,000 | ||||
Purchases
|
2,000,000 | ||||
Sales
|
— | ||||
Transfers in and/or out of Level 3
|
— | ||||
Balance as of November 30, 2013
|
$ | 2,010,000 |
Short-Term Fund
|
||||||
Year
|
Amount
|
|||||
2014
|
$ | 45,518 | ||||
2015
|
60,843 | |||||
2016
|
112,599 | |||||
$ | 218,960 |
Short-Term Fund
|
|||||
Administration
|
$ | 47,820 | |||
Fund Accounting
|
61,742 | ||||
Transfer Agency
|
|||||
(excludes out-of-pocket expenses and sub-ta fees)
|
80,465 | ||||
Custody
|
17,035 | ||||
Chief Compliance Officer
|
6,578 |
Short-Term Fund
|
|||||
Administration
|
$ | 7,416 | |||
Fund Accounting
|
9,612 | ||||
Transfer Agency
|
|||||
(excludes out-of-pocket expenses and sub-ta fees)
|
13,741 | ||||
Custody
|
2,852 | ||||
Chief Compliance Officer
|
994 |
Non-Government
|
Government
|
||||||||||||||||
Purchases
|
Sales
|
Purchases
|
Sales
|
||||||||||||||
Short-Term Fund
|
$ | 61,715,588 | $ | 74,391,482 | $ | — | $ | 33,056,463 |
Short-Term Fund
|
|||||||||
November 30, 2013
|
November 30, 2012
|
||||||||
Ordinary income
|
$ | 739,924 | $ | 690,704 |
Short-Term Fund
|
|||||
Cost of investments (a)
|
$ | 139,969,882 | |||
Gross unrealized appreciation
|
933,967 | ||||
Gross unrealized depreciation
|
(160,770 | ) | |||
Net unrealized appreciation
|
773,197 | ||||
Undistributed ordinary income
|
18,166 | ||||
Undistributed long-term capital gains
|
— | ||||
Total distributable earnings
|
18,166 | ||||
Other accumulated losses
|
(432,576 | ) | |||
Total accumulated earnings
|
$ | 358,787 |
(a)
|
The book-basis and tax-basis net unrealized appreciation in the Short-Term Fund are the same.
|
Short-Term
|
||||||||
2014
|
2015
|
2017
|
2018
|
2019
|
Indefinite
|
Total
|
||
Short-Term Fund
|
$218,276
|
$43,801
|
$45,313
|
$56,182
|
$63,174
|
$5,830
|
$432,576
|
TAIT, WELLER & BAKER LLP
|
Number of
|
|||||
Portfolios
|
|||||
Principal
|
in Fund
|
Other
|
|||
Term of Office
|
Occupation
|
Complex
|
Directorships
|
||
Name, Address
|
Position Held
|
and Length of
|
During Past
|
Overseen by
|
Held During
|
and Age
|
with the Trust
|
Time Served
|
Five Years
|
Trustee
(2)
|
Past Five Years
|
Independent Trustees
(1)
|
|||||
Donald E. O’Connor
|
Trustee
|
Indefinite term
|
Retired; former Financial
|
6
|
Trustee,
|
(age 77)
|
since
|
Consultant and former
|
Advisors Series
|
||
615 E. Michigan Street
|
February 1997.
|
Executive Vice President and
|
Trust (for series
|
||
Milwaukee, WI 53202
|
Chief Operating Officer of ICI
|
not affiliated
|
|||
Mutual Insurance Company
|
with the Funds);
|
||||
(until January 1997).
|
Trustee, The
|
||||
Forward Funds
|
|||||
(31 portfolios).
|
|||||
George J. Rebhan
|
Trustee
|
Indefinite term
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 79)
|
since
|
Hotchkis and Wiley Funds
|
Advisors Series
|
||
615 E. Michigan Street
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
|||||
George T. Wofford
|
Trustee
|
Indefinite term
|
Retired; formerly Senior Vice
|
6
|
Trustee,
|
(age 74)
|
since
|
President, Federal Home Loan
|
Advisors Series
|
||
615 E. Michigan Street
|
February 1997.
|
Bank of San Francisco.
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds).
|
|||||
Interested Trustee
|
|||||
Joe D. Redwine
(3)
|
Interested
|
Indefinite term
|
President, CEO, U.S. Bancorp
|
6
|
Trustee,
|
(age 66)
|
Trustee
|
since
|
Fund Services, LLC
|
Advisors Series
|
|
615 E. Michigan Street
|
September 2008.
|
(May 1991 to present).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds).
|
(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, 2013, the Trust is comprised of 40 active portfolios managed by unaffiliated investment advisors. 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-Term 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)
|
Mr. Redwine is an “interested person” of the Trust as defined by the 1940 Act. Mr. Redwine is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
Since Inception
|
||||
24 Months
|
(12/31/10)
|
|||
6 Months
|
12 Months
|
(Annualized)
|
(Annualized)
|
|
PIA High Yield Fund
|
2.60%
|
9.06%
|
11.71%
|
8.77%
|
Barclays Capital U.S. Corporate High-Yield Index
|
2.61%
|
8.55%
|
12.72%
|
9.40%
|
PIA HIGH YIELD FUND
|
Comparison of the change in value of a $10,000 investment in the
|
PIA High Yield Fund vs the Barclays Capital U.S. Corporate High-Yield Bond Index
|
Average Annual Total Return*
|
1 Year
|
Since Inception
|
PIA High Yield Fund
|
9.06%
|
8.77%
|
Barclays Capital U.S. Corporate High-Yield Bond Index
|
8.55%
|
9.40%
|
*
|
Average Annual Total Return represents the average change in account value over the periods indicated.
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 6/1/13
|
Value 11/30/13
|
Period 6/1/13 – 11/30/13*
|
|
PIA High Yield Fund
|
|||
Actual
|
$1,000.00
|
$1,026.00
|
$4.98
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.16
|
$4.96
|
*
|
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 0.98%.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 91.5%
|
|||||||
Aerospace/Defense 1.7%
|
|||||||
Ducommun, Inc.
|
|||||||
$ | 200,000 |
9.75%, due 7/15/18
|
$ | 224,000 | |||
Gencorp, Inc.
|
|||||||
750,000 |
7.125%, due 3/15/21
|
806,250 | |||||
1,030,250 | |||||||
Automotive 3.6%
|
|||||||
Accuride Corp.
|
|||||||
676,000 |
9.50%, due 8/1/18
|
674,309 | |||||
Affinia Group, Inc.
|
|||||||
500,000 |
7.75%, due 5/1/21 (b)
|
525,000 | |||||
Schaeffler Finance BV
|
|||||||
20,000 |
6.875%, due 8/15/18 (b)
|
21,400 | |||||
480,000 |
8.50%, due 2/15/19 (b)
|
543,600 | |||||
Stoneridge, Inc.
|
|||||||
125,000 |
9.50%, due 10/15/17 (b)
|
135,938 | |||||
UCI International, Inc.
|
|||||||
350,000 |
8.625%, due 2/15/19
|
355,250 | |||||
2,255,497 | |||||||
Building Materials 3.6%
|
|||||||
Associated Asphalt Partners LLC
|
|||||||
600,000 |
8.50%, due 2/15/18 (b)
|
619,500 | |||||
Building Materials Holding Corp.
|
|||||||
400,000 |
9.00%, due 9/15/18 (b)
|
423,000 | |||||
U.S. Concrete, Inc.
|
|||||||
625,000 |
8.50%, due 12/1/18 (b)
|
639,063 | |||||
USG Corp.
|
|||||||
500,000 |
5.875%, due 11/1/21 (b)
|
518,125 | |||||
2,199,688 | |||||||
Chemicals 10.3%
|
|||||||
Cornerstone Chemical Co.
|
|||||||
600,000 |
9.375%, due 3/15/18 (b)
|
635,999 | |||||
Ferro Corp.
|
|||||||
300,000 |
7.875%, due 8/15/18
|
319,500 | |||||
Hexion U.S. Finance Corp.
|
|||||||
650,000 |
6.625%, due 4/15/20
|
665,437 | |||||
Ineos Finance PLC
|
|||||||
50,000 |
7.50%, due 5/1/20 (b)
|
55,000 | |||||
Kraton Polymers LLC
|
|||||||
620,000 |
6.75%, due 3/1/19
|
654,100 | |||||
LSB Industries, Inc.
|
|||||||
200,000 |
7.75%, due 8/1/19 (b)
|
210,000 | |||||
Momentive Performance
|
|||||||
Materials, Inc.
|
|||||||
165,000 |
8.875%, due 10/15/20
|
174,488 | |||||
Nexeo Solutions LLC
|
|||||||
550,000 |
8.375%, due 3/1/18
|
552,750 | |||||
Nova Chemicals Corp.
|
|||||||
350,000 |
5.25%, due 8/1/23 (b)
|
361,593 | |||||
Olin Corp.
|
|||||||
500,000 |
8.875%, due 8/15/19
|
549,375 | |||||
Omnova Solutions, Inc.
|
|||||||
265,000 |
7.875%, due 11/1/18
|
286,200 | |||||
Perstorp Holding AB
|
|||||||
495,000 |
8.75%, due 5/15/17 (b)
|
532,125 | |||||
Rentech Nitrogen Partners L.P.
|
|||||||
500,000 |
6.50%, due 4/15/21 (b)
|
491,250 | |||||
TPC Group, Inc.
|
|||||||
225,000 |
8.75%, due 12/15/20 (b)
|
238,781 | |||||
Trinseo Materials
|
|||||||
Operating S.C.A.
|
|||||||
250,000 |
8.75%, due 2/1/19 (b)
|
256,250 | |||||
Tronox Finance LLC
|
|||||||
350,000 |
6.375%, due 8/15/20
|
352,188 | |||||
6,335,036 | |||||||
Construction Machinery 1.6%
|
|||||||
H & E Equipment Services, Inc.
|
|||||||
440,000 |
7.00%, due 9/1/22
|
482,900 | |||||
Manitowoc Company, Inc.
|
|||||||
500,000 |
5.875%, due 10/15/22
|
507,500 | |||||
990,400 |
Principal Amount
|
Value
|
||||||
Consumer Cyclical Services 3.3%
|
|||||||
APX Group, Inc.
|
|||||||
$ | 175,000 |
6.375%, due 12/1/19
|
$ | 177,625 | |||
310,000 |
8.75%, due 12/1/20
|
320,075 | |||||
Garda World Security Corp.
|
|||||||
140,000 |
7.25%, due 11/15/21 (b)
|
142,800 | |||||
GEO Group, Inc.
|
|||||||
250,000 |
5.875%, due 1/15/22 (b)
|
250,938 | |||||
Live Nation Entertainment, Inc.
|
|||||||
600,000 |
7.00%, due 9/1/20 (b)
|
651,000 | |||||
Reliance Intermediate Holdings
|
|||||||
475,000 |
9.50%, due 12/15/19 (b)
|
522,500 | |||||
2,064,938 | |||||||
Consumer Products 1.7%
|
|||||||
Acco Brands Corp.
|
|||||||
450,000 |
6.75%, due 4/30/20
|
450,563 | |||||
Serta Simmons Holdings LLC
|
|||||||
220,000 |
8.125%, due 10/1/20 (b)
|
239,250 | |||||
Visant Corp.
|
|||||||
350,000 |
10.00%, due 10/1/17
|
329,000 | |||||
1,018,813 | |||||||
Distributors 1.5%
|
|||||||
Amerigas Partners Financial Corp.
|
|||||||
200,000 |
6.25%, due 8/20/19
|
217,000 | |||||
Ferrellgas Partners LP
|
|||||||
200,000 |
8.625%, due 6/15/20
|
210,500 | |||||
500,000 |
6.75%, due 1/15/22
|
511,250 | |||||
938,750 | |||||||
Diversified Manufacturing 2.5%
|
|||||||
Constellation Enterprises LLC
|
|||||||
375,000 |
10.625%, due 2/1/16 (b)
|
331,875 | |||||
Dynacast International LLC
|
|||||||
500,000 |
9.25%, due 7/15/19
|
552,500 | |||||
Mcron Finance Sub LLC
|
|||||||
435,000 |
8.375%, due 5/15/19 (b)
|
485,025 | |||||
Wesco Distribution, Inc.
|
|||||||
200,000 |
5.375%, due 12/15/21 (b)
|
202,000 | |||||
1,571,400 | |||||||
Electric 1.1%
|
|||||||
NRG Energy, Inc.
|
|||||||
695,000 |
6.625%, due 3/15/23
|
715,850 | |||||
Environmental 2.1%
|
|||||||
Casella Waste Systems, Inc.
|
|||||||
800,000 |
7.75%, due 2/15/19
|
812,000 | |||||
EnergySolutions, Inc.
|
|||||||
150,000 |
10.75%, due 8/15/18
|
161,625 | |||||
Heckmann Corp.
|
|||||||
300,000 |
9.875%, due 4/15/18
|
300,750 | |||||
1,274,375 | |||||||
Finance 1.7%
|
|||||||
National Financial Partners Corp.
|
|||||||
360,000 |
9.00%, due 7/15/21 (b)
|
378,900 | |||||
National Money Mart Co.
|
|||||||
650,000 |
10.375%, due 12/15/16
|
676,000 | |||||
1,054,900 | |||||||
Food and Beverage 3.9%
|
|||||||
Aramark Corp.
|
|||||||
500,000 |
5.75%, due 3/15/20 (b)
|
523,750 | |||||
Bumble Bee Acquisition Corp.
|
|||||||
768,000 |
9.00%, due 12/15/17 (b)
|
842,880 | |||||
Carolina Beverage Group LLC
|
|||||||
370,000 |
10.625%, due 8/1/18 (b)
|
391,275 | |||||
Simmons Foods Inc.
|
|||||||
600,000 |
10.50%, due 11/1/17 (b)
|
633,000 | |||||
2,390,905 | |||||||
Gaming 1.7%
|
|||||||
MGM Resorts International
|
|||||||
500,000 |
6.625%, due 12/15/21
|
526,875 | |||||
Scientific Games Corp.
|
|||||||
135,000 |
8.125%, due 9/15/18
|
145,294 | |||||
Scientific Games
|
|||||||
International, Inc.
|
|||||||
370,000 |
6.25%, due 9/1/20
|
382,256 | |||||
1,054,425 |
Principal Amount
|
Value
|
||||||
Healthcare 1.6%
|
|||||||
Examworks Group, Inc.
|
|||||||
$ | 575,000 |
9.00%, due 7/15/19
|
$ | 629,625 | |||
Physio-Control
|
|||||||
International Corp.
|
|||||||
333,000 |
9.875%, due 1/15/19 (b)
|
374,625 | |||||
1,004,250 | |||||||
Industrial – Other 7.9%
|
|||||||
American Tire Distributors, Inc.
|
|||||||
400,000 |
9.75%, due 6/1/17
|
427,000 | |||||
Brand Energy &
|
|||||||
Infrastructure Services, Inc.
|
|||||||
500,000 |
8.50%, due 12/1/21 (b)
|
511,250 | |||||
Cleaver-Brooks, Inc.
|
|||||||
275,000 |
8.75%, due 12/15/19 (b)
|
301,813 | |||||
Dycom Investments, Inc.
|
|||||||
520,000 |
7.125%, due 1/15/21
|
555,100 | |||||
Interline Brands, Inc.
|
|||||||
375,000 |
10.00%, due 11/15/18
|
411,563 | |||||
RSC Equipment Rental, Inc.
|
|||||||
610,000 |
8.25%, due 2/1/21
|
696,925 | |||||
Safway Group Holding
|
|||||||
750,000 |
7.00%, due 5/15/18 (b)
|
789,375 | |||||
SPL Logistics Escrow LLC
|
|||||||
450,000 |
8.875%, due 8/1/20 (b)
|
480,375 | |||||
Stonemor Partners L.P.
|
|||||||
300,000 |
7.875%, due 6/1/21 (b)
|
313,500 | |||||
Zachry Holdings, Inc.
|
|||||||
375,000 |
7.50%, due 2/1/20 (b)
|
392,813 | |||||
4,879,714 | |||||||
Lodging 0.0%
|
|||||||
RHP Hotel Property
|
|||||||
10,000 |
5.00%, due 4/15/21
|
9,850 | |||||
Machinery 1.1%
|
|||||||
Liberty Tire Recycling
|
|||||||
Holdco, LLC
|
|||||||
700,000 |
11.00%, due 10/1/16 (b)
|
705,250 | |||||
Media Non-Cable 2.6%
|
|||||||
Outerwall, Inc.
|
|||||||
600,000 |
6.00%, due 3/15/19
|
601,500 | |||||
RR Donnelley & Sons Co.
|
|||||||
50,000 |
8.25%, due 3/15/19
|
57,625 | |||||
Southern Graphics, Inc.
|
|||||||
600,000 |
8.375%, due 10/15/20 (b)
|
621,000 | |||||
Valassis Communications, Inc.
|
|||||||
350,000 |
6.625%, due 2/1/21
|
350,875 | |||||
1,631,000 | |||||||
Metals and Mining 5.5%
|
|||||||
American Gilsonite Co.
|
|||||||
850,000 |
11.50%, due 9/1/17 (b)
|
847,875 | |||||
American Rock Salt
|
|||||||
Company LLC
|
|||||||
300,000 |
8.25%, due 5/1/18 (b)
|
295,125 | |||||
Castle (AM) & Co.
|
|||||||
250,000 |
12.75%, due 12/15/16
|
281,250 | |||||
Graftech International Ltd.
|
|||||||
640,000 |
6.375%, due 11/15/20
|
651,200 | |||||
Rain CII Carbon LLC
|
|||||||
450,000 |
8.00%, due 12/1/18 (b)
|
468,000 | |||||
Suncoke Energy, Inc.
|
|||||||
50,000 |
7.625%, due 8/1/19
|
54,125 | |||||
300,000 |
7.375%, due 2/1/20 (b)
|
315,000 | |||||
TMS International Corp.
|
|||||||
430,000 |
7.625%, due 10/15/21 (b)
|
456,875 | |||||
3,369,450 | |||||||
Oil Field Services 3.9%
|
|||||||
Calfrac Holdings LP
|
|||||||
300,000 |
7.50%, due 12/1/20 (b)
|
305,250 | |||||
CHC Helicopter SA
|
|||||||
500,000 |
9.25%, due 10/15/20
|
540,000 | |||||
Drill Rig Holdings, Inc.
|
|||||||
405,000 |
6.50%, due 10/1/17 (b)
|
440,438 | |||||
Petroleum Geo-Services
|
|||||||
200,000 |
7.375%, due 12/15/18 (b)
|
215,000 |
Principal Amount
|
Value
|
||||||
Oil Field Services 3.9% (continued)
|
|||||||
Platinum Energy Solutions, Inc.
|
|||||||
$ | 79,433 |
12.00%, due 10/1/20 (b)(c)(d)(e)
|
$ | 70,695 | |||
Welltec A/S
|
|||||||
750,000 |
8.00%, due 2/1/19 (b)
|
806,250 | |||||
2,377,633 | |||||||
Packaging 8.4%
|
|||||||
AEP Industries, Inc.
|
|||||||
606,000 |
8.25%, due 4/15/19
|
654,479 | |||||
Boe Intermediate Holding Corp.
|
|||||||
627,300 |
9.00%, due 11/1/17 (b)
|
649,255 | |||||
Boe Merger Corp.
|
|||||||
165,000 |
9.50%, due 11/1/17 (b)
|
175,725 | |||||
Cons Container Co.
|
|||||||
470,000 |
10.125%, due 7/15/20 (b)
|
506,425 | |||||
CROWN Americas LLC
|
|||||||
100,000 |
4.50%, due 1/15/23
|
93,250 | |||||
Dispensing Dynamics
|
|||||||
International, Inc.
|
|||||||
500,000 |
12.50%, due 1/1/18 (b)
|
530,000 | |||||
Exopack Holdings
|
|||||||
950,000 |
7.875%, due 11/1/19 (b)
|
959,499 | |||||
Mustang Merger Corp.
|
|||||||
410,000 |
8.50%, due 8/15/21 (b)
|
432,550 | |||||
Pactiv LLC
|
|||||||
50,000 |
8.125%, due 6/15/17
|
53,750 | |||||
Pretium Packaging LLC
|
|||||||
175,000 |
11.50%, due 4/1/16
|
187,688 | |||||
Reynolds Group Issuer LLC
|
|||||||
110,000 |
5.75%, due 10/15/20
|
113,300 | |||||
Sealed Air Corp.
|
|||||||
470,000 |
6.50%, due 12/1/20 (b)
|
512,300 | |||||
Tekni-Plex, Inc.
|
|||||||
289,000 |
9.75%, due 6/1/19 (b)
|
330,905 | |||||
5,199,126 | |||||||
Paper 5.4%
|
|||||||
Cascades, Inc.
|
|||||||
205,000 |
7.875%, due 1/15/20
|
220,888 | |||||
Clearwater Paper Corp.
|
|||||||
430,000 |
4.50%, due 2/1/23
|
390,225 | |||||
Mercer International, Inc.
|
|||||||
900,000 |
9.50%, due 12/1/17
|
990,000 | |||||
Neenah Paper, Inc.
|
|||||||
500,000 |
5.25%, due 5/15/21 (b)
|
488,750 | |||||
P.H. Glatfelter Co.
|
|||||||
400,000 |
5.375%, due 10/15/20
|
406,000 | |||||
Verso Paper Holdings LLC
|
|||||||
325,000 |
11.75%, due 1/15/19
|
340,438 | |||||
Xerium Technologies, Inc.
|
|||||||
450,000 |
8.875%, due 6/15/18
|
474,750 | |||||
3,311,051 | |||||||
Pharmaceuticals 1.3%
|
|||||||
Capsugel Holdings US, Inc.
|
|||||||
500,000 |
7.00%, due 5/15/19 (b)
|
509,688 | |||||
Par Pharmaceutical
|
|||||||
Companies Inc.
|
|||||||
300,000 |
7.375%, due 10/15/20
|
316,500 | |||||
826,188 | |||||||
Pipelines 0.7%
|
|||||||
Atlas Pipeline Partners LP
|
|||||||
420,000 |
5.875%, due 8/1/23 (b)
|
409,500 | |||||
Summit Midstream
|
|||||||
Holdings, LLC
|
|||||||
10,000 |
7.50%, due 7/1/21 (b)
|
10,500 | |||||
420,000 | |||||||
Retailers 2.5%
|
|||||||
Party City Holdings, Inc.
|
|||||||
550,000 |
8.875%, due 8/1/20
|
613,250 | |||||
Petco Animal Supplies, Inc.
|
|||||||
275,000 |
8.50%, due 10/15/17 (b)
|
281,190 | |||||
250,000 |
9.25%, due 12/1/18 (b)
|
269,375 | |||||
Rent-A-Center, Inc.
|
|||||||
350,000 |
6.625%, due 11/15/20
|
371,875 | |||||
1,535,690 |
Principal Amount/
|
|||||||
Shares
|
Value
|
||||||
Technology 6.2%
|
|||||||
ACI Worldwide, Inc.
|
|||||||
$ | 20,000 |
6.375%, due 8/15/20 (b)
|
$ | 20,825 | |||
Brightstar Corp.
|
|||||||
200,000 |
7.25%, due 8/1/18 (b)
|
218,750 | |||||
First Data Corp.
|
|||||||
500,000 |
7.375%, due 6/15/19 (b)
|
537,500 | |||||
500,000 |
8.25%, due 1/15/21 (b)
|
533,125 | |||||
Kemet Corp.
|
|||||||
370,000 |
10.50%, due 5/1/18
|
361,675 | |||||
Sophia L.P./Sophia Finance, Inc.
|
|||||||
550,000 |
9.75%, due 1/15/19 (b)
|
609,125 | |||||
Sungard Data Systems, Inc.
|
|||||||
675,000 |
6.625%, due 11/1/19
|
707,906 | |||||
Transunion Holding Co.
|
|||||||
750,000 |
9.625%, due 6/15/18
|
812,813 | |||||
3,801,719 | |||||||
Textile 0.9%
|
|||||||
Levi Strauss & Co.
|
|||||||
500,000 |
6.875%, due 5/1/22
|
548,750 | |||||
Transportation Services 1.3%
|
|||||||
LBC Tank Terminal Holding
|
|||||||
750,000 |
6.875%, due 5/15/23 (b)
|
789,375 | |||||
Wirelines 1.9%
|
|||||||
Frontier Communications Corp.
|
|||||||
270,000 |
9.25%, due 7/1/21
|
318,600 | |||||
355,000 |
7.125%, due 1/15/23
|
367,425 | |||||
Windstream Corp.
|
|||||||
490,000 |
6.375%, due 8/1/23
|
470,400 | |||||
1,156,425 | |||||||
Total Corporate Bonds
|
|||||||
(cost $54,857,026)
|
56,460,698 | ||||||
COMMON STOCKS 0.1%
|
|||||||
1,110 |
Platinum
|
||||||
Energy, Inc. (b)(c)(d)(e)
|
39,317 | ||||||
Total Common Stocks
|
|||||||
(cost $79,619)
|
39,317 | ||||||
SHORT-TERM INVESTMENTS 7.6%
|
|||||||
4,690,147 |
Invesco STIT – Prime Portfolio –
|
||||||
Institutional Class, 0.06% (a)
|
4,690,147 |
Total Short-Term Investments
|
||||||||
(cost $4,690,147)
|
4,690,147 | |||||||
Total Investments
|
||||||||
(cost $59,626,792)
|
99.2 | % | 61,190,162 | |||||
Other Assets less Liabilities
|
0.8 | % | 466,982 | |||||
TOTAL NET ASSETS
|
100.0 | % | $ | 61,657,144 |
(a)
|
Rate shown is the 7-day annualized yield as of November 30, 2013.
|
(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, 2013, the value of these investments was $29,326,005 or 47.6% of total net assets.
|
(c)
|
Non-income producing.
|
(d)
|
Security is considered illiquid. As of November 30, 2013, the value of these investments was $110,012 or 0.2% of total net assets.
|
(e)
|
Security valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees of Advisors Series Trust.
|
Assets:
|
||||
Investments in securities, at value (cost $59,626,792)
|
$ | 61,190,162 | ||
Receivable for fund shares sold
|
42,183 | |||
Interest receivable
|
1,145,861 | |||
Prepaid expenses
|
15,534 | |||
Total assets
|
62,393,740 | |||
Liabilities:
|
||||
Payable to investment adviser
|
28,349 | |||
Payable for fund shares redeemed
|
8,971 | |||
Due to custodian
|
203 | |||
Investments payable
|
657,483 | |||
Administration fees
|
6,291 | |||
Custody fees
|
818 | |||
Transfer agent fees and expenses
|
3,551 | |||
Fund accounting fees
|
7,137 | |||
Audit fees
|
17,979 | |||
Chief Compliance Officer fee
|
711 | |||
Shareholder reporting
|
3,169 | |||
Accrued expenses
|
1,934 | |||
Total liabilities
|
736,596 | |||
Net Assets
|
$ | 61,657,144 | ||
Net Assets Consist of:
|
||||
Paid-in capital
|
$ | 59,389,066 | ||
Undistributed net investment income
|
49,834 | |||
Accumulated net realized gain on investments
|
654,874 | |||
Net unrealized appreciation on investments
|
1,563,370 | |||
Net Assets
|
$ | 61,657,144 | ||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$ | 10.72 | ||
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01)
|
5,750,773 |
Investment Income:
|
||||
Interest
|
$ | 3,344,901 | ||
Total investment income
|
3,344,901 | |||
Expenses:
|
||||
Investment advisory fees (Note 4)
|
301,997 | |||
Fund accounting fees (Note 4)
|
47,944 | |||
Transfer agent fees and expenses (Note 4)
|
39,250 | |||
Administration fees (Note 4)
|
37,247 | |||
Registration fees
|
28,088 | |||
Audit fees
|
17,999 | |||
Legal fees
|
10,212 | |||
Reports to shareholders
|
7,686 | |||
Trustees’ fees
|
5,578 | |||
Custody fees (Note 4)
|
5,409 | |||
Chief Compliance Officer fee (Note 4)
|
4,878 | |||
Insurance
|
2,821 | |||
Miscellaneous
|
4,095 | |||
Total expenses
|
513,204 | |||
Less: Fee waiver by adviser (Note 4)
|
(57,885 | ) | ||
Net expenses
|
455,319 | |||
Net investment income
|
2,889,582 | |||
Realized and Unrealized Gain on Investments:
|
||||
Net realized gain on investments
|
654,906 | |||
Net change in unrealized appreciation on investments
|
441,034 | |||
Net gain on investments
|
1,095,940 | |||
Net increase in net assets resulting from operations
|
$ | 3,985,522 |
Year
|
Year
|
|||||||
Ended
|
Ended
|
|||||||
November 30,
|
November 30,
|
|||||||
2013
|
2012
|
|||||||
Increase/(Decrease) in Net Assets From
|
||||||||
Operations:
|
||||||||
Net investment income
|
$ | 2,889,582 | $ | 1,864,148 | ||||
Net realized gain on:
|
||||||||
Investments
|
654,906 | 347,326 | ||||||
Swap contracts
|
— | 22,229 | ||||||
Net change in unrealized appreciation/(depreciation) on investments:
|
||||||||
Investments
|
441,034 | 1,223,698 | ||||||
Swap contracts
|
— | (29,353 | ) | |||||
Net increase in net assets resulting from operations
|
3,985,522 | 3,428,048 | ||||||
Distributions Paid to Shareholders:
|
||||||||
Distributions from net investment income
|
(2,908,278 | ) | (1,881,117 | ) | ||||
Distributions from net realized gains
|
(194,856 | ) | — | |||||
Total distributions paid to shareholders
|
(3,103,134 | ) | (1,881,117 | ) | ||||
Capital Share Transactions:
|
||||||||
Proceeds from shares sold
|
32,813,029 | 26,715,767 | ||||||
Distributions reinvested
|
1,340,004 | 609,539 | ||||||
Payment for shares redeemed
|
(13,912,104 | ) | (3,131,734 | ) | ||||
Net increase in net assets from capital share transactions
|
20,240,929 | 24,193,572 | ||||||
Total increase in net assets
|
21,123,317 | 25,740,503 | ||||||
Net Assets, Beginning of Year
|
40,533,827 | 14,793,324 | ||||||
Net Assets, End of Year
|
$ | 61,657,144 | $ | 40,533,827 | ||||
Includes Undistributed Net Investment Income of
|
$ | 49,834 | $ | 68,530 | ||||
Transactions in Shares:
|
||||||||
Shares sold
|
3,075,500 | 2,586,944 | ||||||
Shares issued on reinvestment of distributions
|
126,072 | 58,910 | ||||||
Shares redeemed
|
(1,307,199 | ) | (299,137 | ) | ||||
Net increase in shares outstanding
|
1,894,373 | 2,346,717 |
December 31,
|
||||||||||||
Year
|
Year
|
2010* | ||||||||||
Ended
|
Ended
|
through
|
||||||||||
November 30,
|
November 30,
|
November 30,
|
||||||||||
2013
|
2012
|
2011 | ||||||||||
Per Share Operating Performance
|
||||||||||||
(For a fund share outstanding throughout each period)
|
||||||||||||
Net asset value, beginning of period
|
$ | 10.51 | $ | 9.80 | $ | 10.00 | ||||||
Income From Investment Operations:
|
||||||||||||
Net investment income
|
0.65 | 0.65 | 0.45 | |||||||||
Net realized and unrealized gain/(loss)
|
||||||||||||
on investments and swap contracts
|
0.27 | 0.73 | (0.21 | ) | ||||||||
Total from investment operations
|
0.92 | 1.38 | 0.24 | |||||||||
Less Distributions:
|
||||||||||||
Distributions from net investment income
|
(0.66 | ) | (0.67 | ) | (0.44 | ) | ||||||
Distributions from net realized gains
|
(0.05 | ) | — | — | ||||||||
Total distributions
|
(0.71 | ) | (0.67 | ) | (0.44 | ) | ||||||
Net asset value, end of period
|
$ | 10.72 | $ | 10.51 | $ | 9.80 | ||||||
Total Return
|
9.06 | % | 14.42 | % | 2.40 | %++ | ||||||
Ratios/Supplemental Data:
|
||||||||||||
Net assets, end of period (in 000’s)
|
$ | 61,657 | $ | 40,534 | $ | 14,793 | ||||||
Ratio of expenses to average net assets:
|
||||||||||||
Net of fee waivers and expense reimbursements
|
0.98 | % | 0.98 | % | 0.98 | %+ | ||||||
Before fee waivers and expense reimbursements
|
1.10 | % | 1.30 | % | 3.03 | %+ | ||||||
Ratio of net investment income to average net assets:
|
||||||||||||
Net of fee waivers and expense reimbursements
|
6.22 | % | 6.55 | % | 5.67 | %+ | ||||||
Before fee waivers and expense reimbursements
|
6.10 | % | 6.23 | % | 3.62 | %+ | ||||||
Portfolio turnover rate
|
33 | % | 36 | % | 33 | %++ |
*
|
Commencement of operations.
|
|
+
|
Annualized for periods less than one year.
|
|
++
|
Not annualized for periods less than one year.
|
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
|
$ | — | $ | 56,390,003 | $ | 70,695 | $ | 56,460,698 | |||||||||
Total Fixed Income
|
— | 56,390,003 | 70,695 | 56,460,698 | |||||||||||||
Common Stocks
|
— | — | 39,317 | 39,317 | |||||||||||||
Short-Term Investments
|
4,690,147 | — | — | 4,690,147 | |||||||||||||
Total Investments
|
$ | 4,690,147 | $ | 56,390,003 | $ | 110,012 | $ | 61,190,162 |
Investments in Securities, at value
|
|||||||||
Common Stocks
|
Corporate Bonds
|
||||||||
Balance as of November 30, 2012
|
$ | — | $ | — | |||||
Accrued discounts/premiums
|
— | — | |||||||
Realized gain/(loss)
|
— | — | |||||||
Change in unrealized appreciation/(depreciation)
|
— | — | |||||||
Purchases
|
— | — | |||||||
Sales
|
— | — | |||||||
Transfers in and/or out of Level 3
|
39,317 | 70,695 | |||||||
Balance as of November 30, 2013
|
$ | 39,317 | $ | 70,695 |
Year
|
Amount
|
|||||
2014
|
$ | 115,907 | ||||
2015
|
90,626 | |||||
2016
|
57,885 | |||||
$ | 264,418 |
Nov. 30, 2013
|
Nov. 30, 2012
|
||||||||
Ordinary income
|
$ | 3,054,085 | $ | 1,881,117 | |||||
Long-term capital gains
|
49,049 | — |
Cost of investments (a)
|
$ | 59,626,792 | |||
Gross unrealized appreciation
|
1,961,864 | ||||
Gross unrealized depreciation
|
(398,494 | ) | |||
Net unrealized appreciation (a)
|
1,563,370 | ||||
Undistributed ordinary income
|
212,489 | ||||
Undistributed long-term capital gain
|
492,219 | ||||
Total distributable earnings
|
704,708 | ||||
Other accumulated gains/(losses)
|
— | ||||
Total accumulated earnings/(losses)
|
$ | 2,268,078 |
(a)
|
The difference between book-basis and tax-basis cost and net unrealized appreciation are the same.
|
TAIT, WELLER & BAKER LLP
|
Number of
|
|||||
Principal
|
Portfolios in
|
Other
|
|||
Term of Office
|
Occupation
|
Fund Complex
|
Directorships
|
||
Name, Address
|
Position Held
|
and Length of
|
During Past
|
Overseen by
|
Held During
|
and Age
|
with the Trust
|
Time Served
|
Five Years
|
Trustee
(2)
|
Past Five Years
|
Independent Trustees
(1)
|
|||||
Donald E. O’Connor
|
Trustee
|
Indefinite term
|
Retired; former Financial
|
6
|
Trustee,
|
(age 77)
|
since
|
Consultant and former
|
Advisors Series
|
||
615 E. Michigan Street
|
February 1997.
|
Executive Vice President and
|
Trust (for series
|
||
Milwaukee, WI 53202
|
Chief Operating Officer of ICI
|
not affiliated
|
|||
Mutual Insurance Company
|
with the Funds);
|
||||
(until January 1997).
|
Trustee, The
|
||||
Forward Funds
|
|||||
(31 portfolios).
|
|||||
George J. Rebhan
|
Trustee
|
Indefinite term
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 79)
|
since
|
Hotchkis and Wiley Funds
|
Advisors Series
|
||
615 E. Michigan Street
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
|||||
George T. Wofford
|
Trustee
|
Indefinite term
|
Retired; formerly Senior Vice
|
6
|
Trustee,
|
(age 74)
|
since
|
President, Federal Home Loan
|
Advisors Series
|
||
615 E. Michigan Street
|
February 1997.
|
Bank of San Francisco.
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds).
|
|||||
Interested Trustee
|
|||||
Joe D. Redwine
(3)
|
Interested
|
Indefinite term
|
President, CEO, U.S. Bancorp
|
6
|
Trustee,
|
(age 66)
|
Trustee
|
since
|
Fund Services, LLC
|
Advisors Series
|
|
615 E. Michigan Street
|
September 2008.
|
(May 1991 to present).
|
Trust (for series
|
||
Milwaukee, WI 53202
|
not affiliated
|
||||
with the Funds).
|
(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, 2013, the Trust is comprised of 40 active portfolios managed by unaffiliated investment advisors. 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-Term 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)
|
Mr. Redwine is an “interested person” of the Trust as defined by the 1940 Act. Mr. Redwine is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
PIA BBB Bond Fund
|
-2.49%
|
PIA MBS Bond Fund
|
-0.74%
|
PIA BBB BOND FUND
|
Comparison of the change in value of a $10,000 investment in the
|
PIA BBB Bond Fund vs the Barclays Capital U.S. Credit Baa Bond Index
|
Average Annual Total Return*
|
1 Year
|
5 Year
|
10 Year
|
PIA BBB Bond Fund
|
-2.49%
|
11.38%
|
5.71%
|
Barclays Capital U.S. Credit Baa Bond Index
|
-1.86%
|
12.07%
|
6.19%
|
PIA MBS BOND FUND
|
Comparison of the change in value of a $10,000 investment in the
|
PIA MBS Bond Fund vs the Barclays Capital U.S. MBS Fixed Rate Index
|
Average Annual Total Return*
|
1 Year
|
5 Year
|
Since Inception
|
PIA MBS Bond Fund
|
-0.74%
|
4.03%
|
4.89%
|
Barclays Capital U.S. MBS Fixed Rate Index
|
-0.84%
|
4.16%
|
5.00%
|
Beginning Account
|
Ending Account
|
Expenses Paid During
|
|
Value 6/1/13
|
Value 11/30/13
|
Period 6/1/13 – 11/30/13*
|
|
PIA BBB Bond Fund
|
|||
Actual
|
$1,000.00
|
$ 983.80
|
$0.00
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,025.07
|
$0.00
|
PIA MBS Bond Fund
|
|||
Actual
|
$1,000.00
|
$1,003.30
|
$0.00
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,025.07
|
$0.00
|
*
|
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 and the PIA MBS Bond Fund is 0.00%.
|
Principal Amount
|
Value
|
||||||
CORPORATE BONDS 83.1%
|
|||||||
Agricultural Chemicals 0.3%
|
|||||||
Mosaic Co.
|
|||||||
$ | 785,000 |
3.75%, due 11/15/21
|
$ | 777,753 | |||
Agriculture 0.3%
|
|||||||
Bunge Limited Finance Corp.
|
|||||||
550,000 |
8.50%, due 6/15/19
|
686,166 | |||||
Airlines 1.0%
|
|||||||
Continental Airlines, Inc.
|
|||||||
593,376 |
5.983%, due 10/19/23
|
648,263 | |||||
Delta Air Lines, Inc.
|
|||||||
714,223 |
7.75%, due 6/17/21
|
821,356 | |||||
US Airways
|
|||||||
1,056,511 |
5.90%, due 4/1/26
|
1,138,391 | |||||
2,608,010 | |||||||
Auto Parts 1.4%
|
|||||||
Advance Auto Parts, Inc.
|
|||||||
1,600,000 |
5.75%, due 5/1/20
|
1,754,389 | |||||
Autozone, Inc.
|
|||||||
600,000 |
3.125%, due 7/15/23
|
555,411 | |||||
Johnson Controls, Inc.
|
|||||||
1,380,000 |
4.25%, due 3/1/21
|
1,431,685 | |||||
3,741,485 | |||||||
Autos 1.9%
|
|||||||
Ford Motor Co.
|
|||||||
1,375,000 |
7.45%, due 7/16/31
|
1,682,534 | |||||
Ford Motor Credit Co. LLC
|
|||||||
1,850,000 |
7.00%, due 4/15/15
|
2,004,268 | |||||
1,250,000 |
5.875%, due 8/2/21
|
1,421,300 | |||||
5,108,102 | |||||||
Banks 3.1%
|
|||||||
Barclays Bank PLC
|
|||||||
700,000 |
5.14%, due 10/14/20
|
744,157 | |||||
Capital One Financial Corp.
|
|||||||
1,815,000 |
6.15%, due 9/1/16
|
2,038,873 | |||||
Citigroup, Inc.
|
|||||||
1,250,000 |
5.50%, due 2/15/17
|
1,388,408 | |||||
1,000,000 |
6.125%, due 8/25/36
|
1,056,689 | |||||
Fifth Third Bancorp
|
|||||||
930,000 |
4.50%, due 6/1/18
|
1,010,113 | |||||
225,000 |
8.25%, due 3/1/38
|
304,943 | |||||
KeyCorp
|
|||||||
900,000 |
5.10%, due 3/24/21
|
995,381 | |||||
UBS AG
|
|||||||
750,000 |
5.875%, due 7/15/16
|
834,253 | |||||
8,372,817 | |||||||
Biotech 2.0%
|
|||||||
Amgen, Inc.
|
|||||||
2,220,000 |
3.875%, due 11/15/21
|
2,276,406 | |||||
1,000,000 |
5.15%, due 11/15/41
|
987,268 | |||||
Biogen Idec, Inc.
|
|||||||
1,110,000 |
6.875%, due 3/1/18
|
1,322,366 | |||||
Gilead Sciences, Inc.
|
|||||||
750,000 |
5.65%, due 12/1/41
|
836,036 | |||||
5,422,076 | |||||||
Broker 2.7%
|
|||||||
Goldman Sachs Group, Inc.
|
|||||||
1,300,000 |
5.625%, due 1/15/17
|
1,439,376 | |||||
950,000 |
6.75%, due 10/1/37
|
1,056,814 | |||||
Merrill Lynch & Co., Inc.
|
|||||||
1,510,000 |
5.70%, due 5/2/17
|
1,684,717 | |||||
1,150,000 |
6.11%, due 1/29/37
|
1,227,486 | |||||
Morgan Stanley
|
|||||||
900,000 |
4.875%, due 11/1/22
|
926,115 | |||||
Nomura Holdings, Inc.
|
|||||||
700,000 |
6.70%, due 3/4/20
|
804,973 | |||||
7,139,481 | |||||||
Building Materials 0.3%
|
|||||||
Owens Corning Inc.
|
|||||||
775,000 |
4.20%, due 12/15/22
|
752,520 |
Principal Amount
|
Value
|
||||||
Food 3.0% (continued)
|
|||||||
Kraft Foods, Inc.
|
|||||||
$ | 1,510,000 |
6.50%, due 8/11/17
|
$ | 1,783,757 | |||
500,000 |
6.875%, due 2/1/38
|
599,818 | |||||
Kraft Foods Group, Inc.
|
|||||||
1,890,000 |
2.25%, due 6/5/17
|
1,940,652 | |||||
Kellogg Co.
|
|||||||
1,200,000 |
3.25%, due 5/21/18
|
1,268,891 | |||||
Kroger Co.
|
|||||||
780,000 |
6.15%, due 1/15/20
|
903,732 | |||||
8,184,808 | |||||||
Gas Pipelines 0.5%
|
|||||||
Plains All American
|
|||||||
Pipeline, L.P.
|
|||||||
1,100,000 |
6.50%, due 5/1/18
|
1,299,064 | |||||
Health Care 1.5%
|
|||||||
Cardinal Health, Inc.
|
|||||||
1,400,000 |
5.80%, due 10/15/16
|
1,577,904 | |||||
Humana, Inc.
|
|||||||
1,255,000 |
7.20%, due 6/15/18
|
1,499,486 | |||||
Laboratory Corporation of
|
|||||||
America Holdings
|
|||||||
1,000,000 |
2.20%, due 8/23/17
|
1,008,113 | |||||
4,085,503 | |||||||
Information Technology 1.3%
|
|||||||
Hewlett Packard Co.
|
|||||||
1,750,000 |
2.60%, due 9/15/17
|
1,787,231 | |||||
800,000 |
4.65%, due 12/9/21
|
823,406 | |||||
Ingram Micro, Inc.
|
|||||||
775,000 |
5.00%, due 8/10/22
|
772,468 | |||||
3,383,105 | |||||||
Insurance 5.5%
|
|||||||
American International
|
|||||||
Group, Inc.
|
|||||||
1,775,000 |
5.05%, due 10/1/15
|
1,911,189 | |||||
1,400,000 |
4.875%, due 6/1/22
|
1,519,369 | |||||
700,000 |
6.25%, due 3/15/87 (a)
|
703,500 | |||||
Aon Corp.
|
|||||||
600,000 |
5.00%, due 9/30/20
|
663,144 | |||||
AXA SA
|
|||||||
500,000 |
8.60%, due 12/15/30
|
615,067 | |||||
CIGNA Corp.
|
|||||||
315,000 |
6.15%, due 11/15/36
|
362,364 | |||||
Cincinnati Financial Corp.
|
|||||||
1,200,000 |
6.92%, due 5/15/28
|
1,425,959 | |||||
CNA Financial Corp.
|
|||||||
700,000 |
5.85%, due 12/15/14
|
736,777 | |||||
Fidelity National Financial, Inc.
|
|||||||
1,475,000 |
5.50%, due 9/1/22
|
1,553,663 | |||||
105,000 |
3.50%, due 4/15/23
|
96,545 | |||||
Hartford Financial
|
|||||||
Services Group
|
|||||||
1,500,000 |
5.125%, due 4/15/22
|
1,658,640 | |||||
Markel Corp.
|
|||||||
20,000 |
4.90%, due 7/1/22
|
21,197 | |||||
Metlife, Inc.
|
|||||||
855,000 |
6.40%, due 12/15/66 (a)
|
880,650 | |||||
Protective Life Corp.
|
|||||||
350,000 |
7.375%, due 10/15/19
|
423,953 | |||||
Prudential Financial, Inc.
|
|||||||
1,200,000 |
6.625%, due 12/1/37
|
1,459,791 | |||||
Unum Group
|
|||||||
700,000 |
5.625%, due 9/15/20
|
780,767 | |||||
14,812,575 | |||||||
Lodging 0.2%
|
|||||||
Host Hotels & Resorts LP
|
|||||||
600,000 |
4.75%, due 3/1/23
|
610,274 | |||||
Machinery 0.5%
|
|||||||
Flowserve Corp.
|
|||||||
1,400,000 |
3.50%, due 9/15/22
|
1,310,354 | |||||
Media 5.0%
|
|||||||
CBS Corp.
|
|||||||
1,220,000 |
5.75%, due 4/15/20
|
1,381,584 |
Principal Amount
|
Value
|
||||||
Media 5.0% (continued)
|
|||||||
Discover Communications LLC
|
|||||||
$ | 500,000 |
3.30%, due 5/15/22
|
$ | 480,465 | |||
Expedia, Inc.
|
|||||||
800,000 |
5.95%, due 8/15/20
|
865,609 | |||||
Interpublic Group of Companies
|
|||||||
930,000 |
6.25%, due 11/15/14
|
974,175 | |||||
News America, Inc.
|
|||||||
750,000 |
5.30%, due 12/15/14
|
786,611 | |||||
1,610,000 |
6.20%, due 12/15/34
|
1,779,963 | |||||
Omnicom Group, Inc.
|
|||||||
400,000 |
3.625%, due 5/1/22
|
390,041 | |||||
Time Warner, Inc.
|
|||||||
2,565,000 |
7.625%, due 4/15/31
|
3,203,613 | |||||
Time Warner Cable, Inc.
|
|||||||
2,075,000 |
5.85%, due 5/1/17
|
2,289,096 | |||||
Time Warner Entertainment
|
|||||||
Company, L.P.
|
|||||||
810,000 |
8.375%, due 7/15/33
|
883,233 | |||||
Viacom Inc.
|
|||||||
610,000 |
4.375%, due 3/15/43
|
509,343 | |||||
13,543,733 | |||||||
Medical Equipment 0.4%
|
|||||||
Agilent Technologies, Inc.
|
|||||||
900,000 |
6.50%, due 11/1/17
|
1,048,105 | |||||
Metals 0.6%
|
|||||||
Alcoa, Inc.
|
|||||||
810,000 |
5.55%, due 2/1/17
|
877,812 | |||||
Southern Copper Corp.
|
|||||||
750,000 |
6.75%, due 4/16/40
|
721,013 | |||||
1,598,825 | |||||||
Metals and Mining 0.5%
|
|||||||
Teck Resources Ltd.
|
|||||||
700,000 |
4.75%, due 1/15/22
|
708,151 | |||||
800,000 |
5.40%, due 2/1/43
|
724,344 | |||||
1,432,495 | |||||||
Metalworking Machinery 0.5%
|
|||||||
Kennametal, Inc.
|
|||||||
1,300,000 |
2.65%, due 11/1/19
|
1,285,076 | |||||
Mining 2.8%
|
|||||||
Barrick Gold Corp.
|
|||||||
1,370,000 |
6.95%, due 4/1/19
|
1,609,917 | |||||
Freeport-McMoRan
|
|||||||
Copper & Gold Inc.
|
|||||||
2,550,000 |
3.55%, due 3/1/22
|
2,381,935 | |||||
Newmont Mining Corp.
|
|||||||
800,000 |
4.875%, due 3/15/42
|
596,683 | |||||
Vale Overseas Limited
|
|||||||
1,360,000 |
6.25%, due 1/23/17
|
1,532,025 | |||||
700,000 |
4.375%, due 1/11/22
|
679,549 | |||||
700,000 |
6.875%, due 11/21/36
|
720,050 | |||||
7,520,159 | |||||||
Office Equipment 0.4%
|
|||||||
Xerox Corp.
|
|||||||
900,000 |
6.75%, due 2/1/17
|
1,030,111 | |||||
Oil and Gas 12.8%
|
|||||||
Anadarko Petroleum Corp.
|
|||||||
800,000 |
5.95%, due 9/15/16
|
901,547 | |||||
1,000,000 |
6.45%, due 9/15/36
|
1,163,118 | |||||
Cameron International Corp.
|
|||||||
900,000 |
6.375%, due 7/15/18
|
1,054,812 | |||||
Canadian Natural Resources
|
|||||||
835,000 |
6.00%, due 8/15/16
|
941,824 | |||||
725,000 |
6.50%, due 2/15/37
|
836,350 | |||||
Devon Energy Corp.
|
|||||||
665,000 |
7.95%, due 4/15/32
|
868,608 | |||||
Encana Corp.
|
|||||||
450,000 |
3.90%, due 11/15/21
|
452,259 | |||||
750,000 |
6.50%, due 8/15/34
|
823,542 | |||||
Enterprise Products
|
|||||||
Operating LLC
|
|||||||
850,000 |
3.20%, due 2/1/16
|
892,302 | |||||
2,100,000 |
4.85%, due 8/15/42
|
1,968,019 |
Principal Amount
|
Value
|
||||||
Oil and Gas 12.8% (continued)
|
|||||||
Hess Corp.
|
|||||||
$ | 575,000 |
8.125%, due 2/15/19
|
$ | 723,298 | |||
800,000 |
5.60%, due 2/15/41
|
841,785 | |||||
Kinder Morgan Energy Partners
|
|||||||
750,000 |
3.95%, due 9/1/22
|
741,990 | |||||
1,420,000 |
5.80%, due 3/15/35
|
1,462,607 | |||||
Marathon Oil Corp.
|
|||||||
1,200,000 |
6.00%, due 10/1/17
|
1,375,279 | |||||
Marathon Petroleum Corp.
|
|||||||
1,206,000 |
3.50%, due 3/1/16
|
1,268,329 | |||||
Pemex Master Trust
|
|||||||
1,650,000 |
5.75%, due 3/1/18
|
1,835,625 | |||||
1,300,000 |
6.625%, due 6/15/35
|
1,339,000 | |||||
Petro-Canada
|
|||||||
900,000 |
6.80%, due 5/15/38
|
1,085,597 | |||||
Petrobras International
|
|||||||
Finance Co.
|
|||||||
2,085,000 |
5.875%, due 3/1/18
|
2,266,074 | |||||
2,050,000 |
5.375%, due 1/27/21
|
2,066,623 | |||||
390,000 |
6.875%, due 1/20/40
|
382,501 | |||||
Petroleos Mexicanos
|
|||||||
750,000 |
5.50%, due 1/21/21
|
810,000 | |||||
Pioneer Natural Resource Co.
|
|||||||
1,300,000 |
3.95%, due 7/15/22
|
1,317,038 | |||||
Southwestern Energy Co.
|
|||||||
1,500,000 |
4.10%, due 3/15/22
|
1,503,490 | |||||
Suncor Energy, Inc.
|
|||||||
500,000 |
6.10%, due 6/1/18
|
587,825 | |||||
Talisman Energy
|
|||||||
685,000 |
6.25%, due 2/1/38
|
684,332 | |||||
Transocean, Inc.
|
|||||||
820,000 |
6.00%, due 3/15/18
|
929,640 | |||||
700,000 |
6.375%, due 12/15/21
|
787,834 | |||||
450,000 |
6.80%, due 3/15/38
|
492,179 | |||||
Valero Energy Corp.
|
|||||||
255,000 |
6.625%, due 6/15/37
|
291,974 | |||||
Weatherford International Ltd.
|
|||||||
800,000 |
4.50%, due 4/15/22
|
809,989 | |||||
800,000 |
6.75%, due 9/15/40
|
858,454 | |||||
34,363,844 | |||||||
Paper 1.0%
|
|||||||
International Paper Co.
|
|||||||
900,000 |
4.75%, due 2/15/22
|
952,726 | |||||
700,000 |
6.00%, due 11/15/41
|
757,933 | |||||
Weyerhaeuser Co.
|
|||||||
800,000 |
7.375%, due 3/15/32
|
984,473 | |||||
2,695,132 | |||||||
Pharmaceuticals 1.6%
|
|||||||
Abbvie, Inc.
|
|||||||
1,650,000 |
1.75%, due 11/6/17
|
1,664,244 | |||||
200,000 |
4.40%, due 11/6/42
|
183,546 | |||||
Perrigo Co. Ltd.
|
|||||||
500,000 |
4.00%, due 11/15/23 (b)
|
496,099 | |||||
Watson Pharmaceuticals, Inc.
|
|||||||
1,875,000 |
1.875%, due 10/1/17
|
1,872,412 | |||||
4,216,301 | |||||||
Pipelines 2.6%
|
|||||||
El Paso Electric Co.
|
|||||||
850,000 |
6.00%, due 5/15/35
|
893,523 | |||||
Enbridge Energy Partners, L.P.
|
|||||||
590,000 |
5.20%, due 3/15/20
|
638,614 | |||||
Energen Corp.
|
|||||||
750,000 |
4.625%, due 9/1/21
|
747,976 | |||||
Energy Transfer Partners L.P.
|
|||||||
700,000 |
5.20%, due 2/1/22
|
745,914 | |||||
1,000,000 |
7.60%, due 2/1/24 (b)
|
1,211,150 | |||||
Oneok Partners LP
|
|||||||
1,500,000 |
3.375%, due 10/1/22
|
1,420,530 | |||||
Tennessee Gas Pipeline
|
|||||||
1,125,000 |
7.50%, due 4/1/17
|
1,327,181 | |||||
6,984,888 |
Principal Amount
|
Value
|
||||||
Real Estate Investment Trusts 3.4%
|
|||||||
Boston Properties LP
|
|||||||
$ | 1,400,000 |
4.125%, due 5/15/21
|
$ | 1,453,098 | |||
Duke Realty LP
|
|||||||
750,000 |
8.25%, due 8/15/19
|
938,566 | |||||
ERP Operating LP
|
|||||||
900,000 |
5.75%, due 6/15/17
|
1,017,370 | |||||
Health Care Property Investors, Inc.
|
|||||||
850,000 |
6.00%, due 1/30/17
|
959,507 | |||||
Health Care REIT, Inc.
|
|||||||
1,050,000 |
5.25%, due 1/15/22
|
1,132,893 | |||||
Healthcare Realty Trust
|
|||||||
675,000 |
6.50%, due 1/17/17
|
761,099 | |||||
Hospitality Properties Trust
|
|||||||
620,000 |
5.625%, due 3/15/17
|
679,356 | |||||
ProLogis
|
|||||||
559,000 |
6.875%, due 3/15/20
|
662,948 | |||||
Ventas Realty LP
|
|||||||
1,500,000 |
4.75%, due 6/1/21
|
1,592,862 | |||||
9,197,699 | |||||||
Restaurants 0.3%
|
|||||||
Yum! Brands, Inc.
|
|||||||
800,000 |
3.75%, due 11/1/21
|
802,339 | |||||
Retail 1.7%
|
|||||||
CVS Caremark Corp.
|
|||||||
2,050,000 |
5.75%, due 6/1/17
|
2,346,633 | |||||
Gap, Inc.
|
|||||||
1,000,000 |
5.95%, due 4/12/21
|
1,109,968 | |||||
Macy’s Retail Holdings, Inc.
|
|||||||
800,000 |
2.875%, due 2/15/23
|
726,898 | |||||
400,000 |
6.70%, due 7/15/34
|
448,788 | |||||
4,632,287 | |||||||
Scientific Instruments 0.3%
|
|||||||
Thermo Fisher Scientific, Inc.
|
|||||||
900,000 |
3.60%, due 8/15/21
|
897,214 | |||||
Software 1.0%
|
|||||||
Fiserv, Inc.
|
|||||||
700,000 |
3.50%, due 10/1/22
|
661,379 | |||||
Jabil Circuit, Inc.
|
|||||||
2,050,000 |
4.70%, due 9/15/22
|
1,993,625 | |||||
2,655,004 | |||||||
Technology 0.3%
|
|||||||
Tech Data Corp.
|
|||||||
700,000 |
3.75%, due 9/21/17
|
720,912 | |||||
Telecommunications 2.6%
|
|||||||
American Tower Corp.
|
|||||||
1,350,000 |
5.05%, due 9/1/20
|
1,431,656 | |||||
British Telecommunications PLC
|
|||||||
980,000 |
9.625%, due 12/15/30 (a)
|
1,459,190 | |||||
Deutsche Telekom
|
|||||||
International Finance
|
|||||||
445,000 |
8.75%, due 6/15/30 (a)
|
629,503 | |||||
Embarq Corp.
|
|||||||
600,000 |
7.082%, due 6/1/16
|
672,083 | |||||
France Telecom SA
|
|||||||
700,000 |
5.375%, due 1/13/42
|
703,804 | |||||
Grupo Televisa SAB
|
|||||||
400,000 |
6.625%, due 3/18/25
|
463,965 | |||||
Telecom Italia Capital
|
|||||||
800,000 |
5.25%, due 10/1/15
|
841,910 | |||||
710,000 |
7.721%, due 6/4/38
|
684,203 | |||||
6,886,314 | |||||||
Tobacco 1.1%
|
|||||||
Altria Group, Inc.
|
|||||||
987,000 |
9.70%, due 11/10/18
|
1,316,371 | |||||
147,000 |
9.95%, due 11/10/38
|
225,893 | |||||
Lorillard Tobacco Co.
|
|||||||
1,400,000 |
3.75%, due 5/20/23
|
1,292,675 | |||||
2,834,939 | |||||||
Toys and Games 0.3%
|
|||||||
Mattel, Inc.
|
|||||||
820,000 |
5.45%, due 11/1/41
|
827,307 |
Principal Amount
|
Value
|
||||||
Transportation 1.7%
|
|||||||
Burlington Northern Santa Fe
|
|||||||
$ | 1,075,000 |
4.70%, due 10/1/19
|
$ | 1,201,664 | |||
1,385,000 |
6.15%, due 5/1/37
|
1,574,716 | |||||
CSX Corp.
|
|||||||
1,540,000 |
6.22%, due 4/30/40
|
1,769,695 | |||||
4,546,075 | |||||||
Utilities – Gas 0.7%
|
|||||||
National Fuel Gas Co.
|
|||||||
1,680,000 |
4.90%, due 12/1/21
|
1,766,646 | |||||
Waste Disposal 0.9%
|
|||||||
Republic Services, Inc.
|
|||||||
1,450,000 |
5.00%, due 3/1/20
|
1,590,873 | |||||
Waste Management, Inc.
|
|||||||
660,000 |
7.75%, due 5/15/32
|
868,696 | |||||
2,459,569 | |||||||
Wireless Telecommunications
|
|||||||
Services 4.7%
|
|||||||
Verizon Communications, Inc.
|
|||||||
3,200,000 |
3.65%, due 9/14/18
|
3,405,933 | |||||
3,450,000 |
5.15%, due 9/15/23
|
3,688,778 | |||||
4,900,000 |
6.55%, due 9/15/43
|
5,596,050 | |||||
12,690,761 | |||||||
Total Corporate Bonds
|
|||||||
(cost $221,205,968)
|
223,536,137 | ||||||
SOVEREIGN BONDS 11.2%
|
|||||||
Federal Republic of Brazil
|
|||||||
1,000,000 |
6.00%, due 1/17/17
|
1,120,000 | |||||
1,150,000 |
4.875%, due 1/22/21
|
1,224,750 | |||||
2,690,000 |
7.125%, due 1/20/37
|
3,073,325 | |||||
Republic of Colombia
|
|||||||
1,150,000 |
7.375%, due 3/18/19
|
1,394,375 | |||||
890,000 |
7.375%, due 9/18/37
|
1,090,250 | |||||
Republic of Italy
|
|||||||
2,150,000 |
6.875%, due 9/27/23
|
2,599,780 | |||||
Republic of Panama
|
|||||||
800,000 |
5.20%, due 1/30/20
|
870,000 | |||||
500,000 |
6.70%, due 1/26/36
|
557,500 | |||||
Republic of Peru
|
|||||||
830,000 |
8.375%, due 5/3/16
|
964,875 | |||||
1,050,000 |
6.55%, due 3/14/37
|
1,191,750 | |||||
Republic of Philippines
|
|||||||
1,100,000 |
6.50%, due 1/20/20
|
1,306,250 | |||||
2,375,000 |
5.00%, due 1/13/37
|
2,496,719 | |||||
Republic Of Turkey
|
|||||||
1,400,000 |
7.50%, due 7/14/17
|
1,589,350 | |||||
2,300,000 |
5.125%, due 3/25/22
|
2,282,750 | |||||
2,200,000 |
6.00%, due 1/14/41
|
2,062,500 | |||||
Republic of Uruguay
|
|||||||
359,742 |
8.00%, due 11/18/22
|
444,281 | |||||
United Mexican States
|
|||||||
500,000 |
5.625%, due 1/15/17
|
560,000 | |||||
2,784,000 |
3.625%, due 3/15/22
|
2,765,904 | |||||
2,940,000 |
4.75%, due 3/8/44
|
2,596,020 | |||||
30,190,379 | |||||||
Total Sovereign Bonds
|
|||||||
(cost $33,323,349)
|
30,190,379 | ||||||
U.S. GOVERNMENT
|
|||||||
INSTRUMENTALITIES 1.6%
|
|||||||
U.S. Treasury Bonds
|
|||||||
5,210,000 |
2.875%, due 5/15/43
|
4,325,113 | |||||
Total U.S. Government Instrumentalities
|
|||||||
(cost $4,427,016)
|
4,325,113 |
Shares
|
Value
|
|||||||
SHORT-TERM INVESTMENTS 2.7%
|
||||||||
7,166,759 |
Invesco STIT – Treasury
|
|||||||
Portfolio – Institutional
|
||||||||
Class, 0.02% (c) | $ | 7,166,759 | ||||||
Total Short-Term Investments
|
||||||||
(cost $7,166,759)
|
7,166,759 | |||||||
Total Investments
|
||||||||
(cost $266,123,092)
|
98.6% | 265,218,388 | ||||||
Other Assets less Liabilities
|
1.4% | 3,859,178 | ||||||
TOTAL NET ASSETS
|
100.0% | $ | 269,077,566 |
(a)
|
Variable rate security. Rate shown reflects the rate in effect as of November 30, 2013.
|
(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, 2013, the value of these investments was $1,707,249 or 0.6% of total net assets.
|
(c)
|
Rate shown is the 7-day annualized yield as of November 30, 2013.
|
Principal Amount
|
Value
|
||||||
MORTGAGE-BACKED SECURITIES 107.5%
|
|||||||
Commercial Mortgage-Backed Securities 2.1%
|
|||||||
Banc of America
|
|||||||
$ | 773,729 |
5.716%, due 5/10/45, Series
|
|||||
2006-2, Class AAB (a)
|
$ | 797,465 | |||||
Hilton USA Trust
|
|||||||
1,300,000 |
2.662%, due 11/5/30, Series
|
||||||
2013-HLT, Class AFX (d)
|
1,301,430 | ||||||
2,098,895 | |||||||
Residential Mortgage-Backed Securities 3.1%
|
|||||||
Invitation Homes Trust
|
|||||||
3,000,000 |
1.314%, due 12/17/30, Series
|
||||||
2013-SFR1, Class A (a)
|
3,007,865 | ||||||
U.S. Government Agencies 102.3%
|
|||||||
FHLMC Pool
|
|||||||
52,432 |
4.50%, due 5/1/20, #G18052
|
55,789 | |||||
45,795 |
4.50%, due 3/1/21, #G18119
|
49,210 | |||||
46,732 |
5.00%, due 3/1/21, #G18105
|
50,740 | |||||
195,939 |
4.50%, due 5/1/21, #J01723
|
210,311 | |||||
42,153 |
6.00%, due 6/1/21, #G18124
|
46,178 | |||||
130,698 |
4.50%, due 9/1/21, #G12378
|
140,370 | |||||
41,815 |
5.00%, due 11/1/21, #G18160
|
45,399 | |||||
32,520 |
5.00%, due 2/1/22, #G12522
|
35,312 | |||||
45,248 |
5.00%, due 2/1/22, #J04411
|
49,126 | |||||
136,822 |
5.50%, due 3/1/22, #G12577
|
149,622 | |||||
37,556 |
5.00%, due 7/1/22, #J05243
|
39,993 | |||||
882,864 |
4.00%, due 3/1/26, #J14785
|
938,241 | |||||
2,050,391 |
3.00%, due 11/1/26, #G18409
|
2,114,352 | |||||
745,334 |
3.00%, due 6/1/27, #G14497
|
768,585 | |||||
15,054 |
5.50%, due 5/1/35, #B31639
|
16,477 | |||||
300,692 |
5.00%, due 8/1/35, #A36351
|
325,772 | |||||
152,791 |
4.50%, due 9/1/35, #A37616
|
162,925 | |||||
285,381 |
4.50%, due 10/1/35, #A37869
|
305,042 | |||||
178,351 |
4.50%, due 10/1/35, #A38023
|
190,096 | |||||
89,491 |
4.50%, due 10/1/35, #G01890
|
95,644 | |||||
165,096 |
5.00%, due 10/1/35, #G01940
|
179,047 | |||||
290,128 |
6.00%, due 1/1/36, #A42208
|
322,438 | |||||
26,539 |
7.00%, due 1/1/36, #G02048
|
30,632 | |||||
244,070 |
5.50%, due 2/1/36, #G02031
|
265,593 | |||||
142,281 |
7.00%, due 8/1/36, #G08148
|
163,153 | |||||
565,185 |
6.50%, due 9/1/36, #A54908
|
638,803 | |||||
179,622 |
6.50%, due 11/1/36, #A54094
|
203,401 | |||||
117,418 |
5.50%, due 2/1/37, #A57840
|
127,565 | |||||
271,178 |
5.00%, due 5/1/37, #A60268
|
292,854 | |||||
196,897 |
5.00%, due 6/1/37, #G03094
|
212,803 | |||||
599,434 |
5.50%, due 6/1/37, #A61982
|
650,693 | |||||
723,273 |
6.00%, due 6/1/37, #A62176
|
794,698 | |||||
954,887 |
6.00%, due 6/1/37, #A62444
|
1,050,225 | |||||
164,411 |
5.00%, due 7/1/37, #A63187
|
177,553 | |||||
293,418 |
5.50%, due 8/1/37, #G03156
|
318,509 | |||||
57,192 |
6.50%, due 8/1/37, #A70413
|
63,480 | |||||
15,154 |
7.00%, due 8/1/37, #A70079
|
17,431 | |||||
20,376 |
7.00%, due 9/1/37, #A65335
|
22,324 | |||||
19,903 |
7.00%, due 9/1/37, #A65670
|
21,830 | |||||
46,532 |
7.00%, due 9/1/37, #A65780
|
50,593 | |||||
15,098 |
7.00%, due 9/1/37, #A65941
|
16,549 | |||||
4,093 |
7.00%, due 9/1/37, #A66041
|
4,669 | |||||
106,030 |
7.00%, due 9/1/37, #G03207
|
121,418 | |||||
32,081 |
6.50%, due 11/1/37, #A68726
|
35,619 | |||||
246,497 |
5.00%, due 2/1/38, #A73370
|
266,200 | |||||
9,892 |
5.00%, due 2/1/38, #G03836
|
10,696 | |||||
27,633 |
5.00%, due 3/1/38, #A73704
|
29,842 | |||||
270,087 |
5.00%, due 4/1/38, #A76335
|
291,676 | |||||
117,119 |
5.50%, due 4/1/38, #G04121
|
127,134 | |||||
13,063 |
5.00%, due 5/1/38, #A77463
|
14,107 | |||||
51,447 |
5.50%, due 5/1/38, #A77265
|
55,846 | |||||
125,158 |
5.50%, due 5/1/38, #G04215
|
135,861 | |||||
62,003 |
5.00%, due 6/1/38, #A77986
|
67,057 | |||||
26,114 |
5.00%, due 6/1/38, #G04522
|
28,202 | |||||
29,277 |
5.00%, due 7/1/38, #A79197
|
31,617 | |||||
139,413 |
4.50%, due 9/1/38, #G04773
|
148,701 | |||||
37,807 |
5.00%, due 9/1/38, #G04690
|
40,844 | |||||
672,072 |
5.00%, due 10/1/38, #G04832
|
725,798 | |||||
7,442 |
5.00%, due 11/1/38, #A82849
|
8,036 | |||||
38,185 |
5.00%, due 12/1/38, #G05683
|
41,247 |
Principal Amount
|
Value
|
||||||
U.S. Government Agencies 102.3% (continued)
|
|||||||
FHLMC Pool (continued)
|
|||||||
$ | 379,476 |
5.00%, due 2/1/39, #G05507
|
$ | 410,149 | |||
59,000 |
4.50%, due 4/1/39, #A85612
|
62,984 | |||||
172,709 |
5.00%, due 5/1/39, #G08345
|
186,721 | |||||
152,563 |
4.50%, due 9/1/39, #A88357
|
163,005 | |||||
60,569 |
5.00%, due 9/1/39, #G05904
|
65,435 | |||||
261,231 |
4.50%, due 11/1/39, #G05748
|
279,153 | |||||
227,665 |
4.50%, due 12/1/39, #A90175
|
243,071 | |||||
69,666 |
4.50%, due 4/1/40, #C03464
|
74,423 | |||||
187,713 |
4.50%, due 5/1/40, #A92269
|
200,457 | |||||
1,017,377 |
4.50%, due 5/1/40, #G06047
|
1,086,330 | |||||
629,093 |
4.50%, due 6/1/40, #A92533
|
672,053 | |||||
111,920 |
4.50%, due 6/1/40, #A92594
|
119,543 | |||||
32,076 |
4.50%, due 8/1/40, #A93437
|
34,190 | |||||
991,064 |
4.50%, due 8/1/40, #A93505
|
1,058,570 | |||||
2,366,470 |
3.50%, due 1/1/41, #A96409
|
2,388,258 | |||||
310,910 |
4.50%, due 1/1/41, #A96176
|
332,001 | |||||
83,915 |
4.50%, due 2/1/41, #A97013
|
89,489 | |||||
65,629 |
4.50%, due 4/1/41, #Q00285
|
70,119 | |||||
1,003,322 |
4.50%, due 9/1/41, #C03701
|
1,071,398 | |||||
175,227 |
3.50%, due 10/1/41, #Q04087
|
176,840 | |||||
77,502 |
4.50%, due 11/1/41, #Q04699
|
82,743 | |||||
207,782 |
3.50%, due 1/1/42, #Q05410
|
209,695 | |||||
763,560 |
3.50%, due 2/1/42, #Q05996
|
770,590 | |||||
495,930 |
3.50%, due 3/1/42, #G08479
|
500,496 | |||||
3,050,472 |
3.50%, due 4/1/42, #Q07654
|
3,078,557 | |||||
1,378,155 |
3.50%, due 5/1/42, #G08491
|
1,390,843 | |||||
2,374,287 |
3.50%, due 6/1/42, #C09000
|
2,396,147 | |||||
2,110,281 |
3.50%, due 6/1/42, #Q08641
|
2,129,710 | |||||
737,706 |
3.50%, due 8/1/42, #Q10324
|
744,498 | |||||
66,381 |
3.00%, due 4/1/43, #V80025
|
63,981 | |||||
362,165 |
3.00%, due 5/1/43, #Q18436
|
348,503 | |||||
196,492 |
3.00%, due 6/1/43, #Q19697
|
189,387 | |||||
798,143 |
3.50%, due 6/1/43, #V80161
|
804,245 | |||||
26,819 |
3.50%, due 7/1/43, #Q19628
|
27,066 | |||||
938,405 |
3.50%, due 7/1/43, #Q19914
|
946,699 | |||||
727,209 |
3.00%, due 8/1/43, #G08540
|
700,912 | |||||
397,766 |
3.00%, due 8/1/43, #Q20559
|
383,382 | |||||
234,787 |
3.00%, due 8/1/43, #Q21026
|
225,930 | |||||
883,536 |
3.50%, due 8/1/43, #Q21351
|
891,671 | |||||
280,180 |
3.50%, due 8/1/43, #Q21435
|
282,759 | |||||
122,411 |
3.50%, due 9/1/43, #G08545
|
123,538 | |||||
FHLMC TBA (b)
|
|||||||
1,000,000 |
3.00%, due 12/15/27
|
1,028,516 | |||||
5,000,000 |
4.00%, due 12/15/40
|
5,198,242 | |||||
4,000,000 |
3.50%, due 12/15/41
|
4,025,781 | |||||
FNMA Pool
|
|||||||
23,916 |
4.50%, due 10/1/20, #842732
|
25,491 | |||||
137,373 |
3.00%, due 12/1/20, #MA0605
|
142,968 | |||||
61,600 |
4.50%, due 12/1/20, #813954
|
65,777 | |||||
35,142 |
4.50%, due 2/1/21, #845437
|
37,453 | |||||
71,872 |
5.00%, due 2/1/21, #865191
|
77,533 | |||||
24,946 |
5.00%, due 5/1/21, #879112
|
26,940 | |||||
108,560 |
4.50%, due 7/1/21, #845515
|
115,749 | |||||
2,249,949 |
3.00%, due 8/1/21, #AL0579
|
2,341,445 | |||||
83,440 |
5.50%, due 10/1/21, #905090
|
88,586 | |||||
224,122 |
3.00%, due 1/1/22, #MA0957
|
233,254 | |||||
41,964 |
5.00%, due 2/1/22, #900946
|
45,321 | |||||
127,006 |
6.00%, due 2/1/22, #912522
|
139,633 | |||||
147,869 |
5.00%, due 6/1/22, #937709
|
159,997 | |||||
75,507 |
5.00%, due 7/1/22, #938033
|
81,694 | |||||
98,756 |
5.00%, due 7/1/22, #944887
|
107,075 | |||||
359,372 |
5.50%, due 7/1/22, #905040
|
393,062 | |||||
16,660 |
4.00%, due 7/1/25, #AE1318
|
17,782 | |||||
17,614 |
4.00%, due 10/1/25, #AE1601
|
18,798 | |||||
612,623 |
4.00%, due 12/1/25, #AH6058
|
657,124 | |||||
458,693 |
4.00%, due 1/1/26, #AH3925
|
489,806 | |||||
20,029 |
4.00%, due 1/1/26, #MA0624
|
21,382 | |||||
57,726 |
4.00%, due 3/1/26, #AH8485
|
61,617 | |||||
801,639 |
4.00%, due 5/1/26, #AH8174
|
855,912 | |||||
86,032 |
3.00%, due 10/1/26, #AJ0049
|
88,897 | |||||
34,780 |
3.00%, due 10/1/26, #AJ5474
|
35,933 | |||||
114,484 |
3.00%, due 2/1/27, #AK4047
|
118,332 | |||||
257,979 |
3.00%, due 4/1/27, #AB4997
|
266,643 | |||||
855,076 |
3.00%, due 9/1/27, #AQ0333
|
883,891 |
Principal Amount
|
Value
|
||||||
U.S. Government Agencies 102.3% (continued)
|
|||||||
FNMA Pool (continued)
|
|||||||
$ | 159,324 |
4.50%, due 4/1/29, #MA0022
|
$ | 170,820 | |||
4,390 |
7.00%, due 8/1/32, #650101
|
5,153 | |||||
79,571 |
4.50%, due 3/1/35, #814433
|
85,204 | |||||
75,599 |
4.50%, due 4/1/35, #735396
|
80,965 | |||||
26,703 |
4.50%, due 5/1/35, #822854
|
28,526 | |||||
28,671 |
7.00%, due 6/1/35, #821610
|
32,598 | |||||
57,769 |
4.50%, due 7/1/35, #826584
|
61,767 | |||||
7,040 |
5.00%, due 7/1/35, #833958
|
7,659 | |||||
35,848 |
7.00%, due 7/1/35, #826251
|
41,074 | |||||
66,382 |
4.50%, due 8/1/35, #835751
|
71,030 | |||||
29,541 |
7.00%, due 9/1/35, #842290
|
34,050 | |||||
22,443 |
4.50%, due 11/1/35, #256032
|
23,984 | |||||
44,626 |
5.00%, due 12/1/35, #852482
|
48,564 | |||||
14,567 |
4.50%, due 1/1/36, #852510
|
15,564 | |||||
16,019 |
7.00%, due 2/1/36, #865190
|
18,745 | |||||
21,022 |
7.00%, due 4/1/36, #887709
|
23,046 | |||||
460,927 |
5.00%, due 5/1/36, #745515
|
501,601 | |||||
10,441 |
5.00%, due 7/1/36, #888789
|
11,359 | |||||
25,891 |
6.50%, due 7/1/36, #897100
|
28,757 | |||||
69,684 |
7.00%, due 7/1/36, #887793
|
79,906 | |||||
65,082 |
6.00%, due 8/1/36, #892925
|
72,656 | |||||
141,049 |
6.50%, due 8/1/36, #878187
|
157,175 | |||||
100,289 |
5.00%, due 9/1/36, #893621
|
109,055 | |||||
135,021 |
5.50%, due 10/1/36, #831845
|
148,176 | |||||
57,694 |
5.50%, due 10/1/36, #893087
|
63,135 | |||||
44,637 |
6.00%, due 10/1/36, #897174
|
49,176 | |||||
86,437 |
5.50%, due 12/1/36, #256513
|
94,650 | |||||
1,709 |
6.50%, due 12/1/36, #920162
|
1,901 | |||||
58,680 |
7.00%, due 1/1/37, #256567
|
65,638 | |||||
182,661 |
5.50%, due 2/1/37, #256597
|
199,939 | |||||
108,015 |
6.00%, due 2/1/37, #909357
|
119,106 | |||||
3,417 |
7.00%, due 2/1/37, #915904
|
3,734 | |||||
86,690 |
5.00%, due 3/1/37, #913007
|
94,267 | |||||
131,776 |
5.50%, due 3/1/37, #256636
|
144,203 | |||||
7,602 |
5.00%, due 4/1/37, #914599
|
8,266 | |||||
64,128 |
6.50%, due 5/1/37, #917052
|
71,227 | |||||
510,306 |
5.50%, due 6/1/37, #918554
|
559,084 | |||||
109,671 |
5.50%, due 6/1/37, #918705
|
120,024 | |||||
529,007 |
6.00%, due 6/1/37, #888413
|
583,364 | |||||
334,775 |
6.00%, due 6/1/37, #917129
|
369,590 | |||||
61,589 |
7.00%, due 6/1/37, #256774
|
69,617 | |||||
48,659 |
7.00%, due 6/1/37, #940234
|
56,032 | |||||
32,327 |
5.00%, due 7/1/37, #944534
|
35,152 | |||||
207,868 |
5.50%, due 10/1/37, #954939
|
227,552 | |||||
58,096 |
6.00%, due 12/1/37, #965488
|
64,034 | |||||
381,649 |
5.50%, due 2/1/38, #961691
|
417,481 | |||||
111,216 |
5.00%, due 1/1/39, #AA0835
|
120,952 | |||||
29,390 |
5.00%, due 1/1/39, #AA0840
|
31,963 | |||||
1,369 |
5.00%, due 1/1/39, #AA0862
|
1,489 | |||||
68,737 |
4.00%, due 2/1/39, #930606
|
71,848 | |||||
5,906 |
5.00%, due 3/1/39, #AA4461
|
6,422 | |||||
182,415 |
5.00%, due 3/1/39, #930635
|
198,537 | |||||
5,070 |
5.00%, due 3/1/39, #930760
|
5,513 | |||||
24,247 |
5.00%, due 3/1/39, #995948
|
26,387 | |||||
24,769 |
4.00%, due 4/1/39, #AA0777
|
25,894 | |||||
450,919 |
4.00%, due 4/1/39, #AO3504
|
470,939 | |||||
102,553 |
4.50%, due 4/1/39, #AA4590
|
109,658 | |||||
210,949 |
5.00%, due 4/1/39, #930871
|
229,387 | |||||
173,908 |
5.00%, due 4/1/39, #930992
|
189,152 | |||||
129,886 |
5.00%, due 4/1/39, #995930
|
141,253 | |||||
510,624 |
4.50%, due 6/1/39, #AA7681
|
545,863 | |||||
179,848 |
5.00%, due 6/1/39, #995896
|
195,697 | |||||
386,508 |
4.50%, due 7/1/39, #AE8152
|
412,745 | |||||
133,090 |
5.00%, due 7/1/39, #995895
|
144,723 | |||||
621,581 |
4.50%, due 8/1/39, #931837
|
664,347 | |||||
559,370 |
5.00%, due 8/1/39, #AC3221
|
609,279 | |||||
1,684,737 |
4.00%, due 12/1/39, #AE0215
|
1,762,601 | |||||
180,661 |
4.50%, due 12/1/39, #932324
|
193,105 | |||||
34,238 |
4.50%, due 2/1/40, #AC8494
|
36,614 | |||||
93,972 |
4.50%, due 2/1/40, #AD1045
|
100,440 | |||||
88,428 |
4.50%, due 2/1/40, #AD2832
|
94,546 | |||||
46,217 |
5.00%, due 3/1/40, #AB1186
|
50,341 | |||||
2,227,590 |
5.00%, due 5/1/40, #AD6374
|
2,431,712 | |||||
30,740 |
5.00%, due 6/1/40, #AD8058
|
33,547 |
Principal Amount
|
Value
|
||||||
U.S. Government Agencies 102.3% (continued)
|
|||||||
FNMA Pool (continued)
|
|||||||
$ | 264,240 |
5.00%, due 7/1/40, #AD4634
|
$ | 288,773 | |||
389,906 |
5.00%, due 7/1/40, #AD4994
|
424,903 | |||||
38,256 |
5.00%, due 7/1/40, #AD7565
|
41,742 | |||||
974,101 |
4.50%, due 8/1/40, #AD8035
|
1,041,466 | |||||
166,546 |
4.50%, due 8/1/40, #AD8397
|
178,179 | |||||
252,964 |
4.50%, due 8/1/40, #890236
|
270,541 | |||||
302,280 |
4.00%, due 9/1/40, #AE4311
|
315,952 | |||||
35,518 |
4.00%, due 9/1/40, #AE4312
|
37,141 | |||||
720,900 |
4.50%, due 9/1/40, #AE1500
|
770,776 | |||||
86,193 |
4.00%, due 10/1/40, #AE4124
|
90,097 | |||||
293,646 |
4.00%, due 10/1/40, #AE6057
|
307,030 | |||||
23,724 |
4.00%, due 11/1/40, #AE5156
|
24,801 | |||||
161,168 |
4.50%, due 11/1/40, #AE5162
|
172,459 | |||||
538,007 |
4.00%, due 12/1/40, #MA0583
|
562,437 | |||||
153,000 |
4.00%, due 1/1/41, #AE4583
|
159,950 | |||||
242,281 |
4.00%, due 2/1/41, #AH3200
|
253,281 | |||||
408,403 |
4.50%, due 3/1/41, #AH7009
|
437,096 | |||||
1,490,583 |
4.50%, due 4/1/41, #AH9054
|
1,595,619 | |||||
42,464 |
4.50%, due 5/1/41, #AI1364
|
45,459 | |||||
315,430 |
4.50%, due 5/1/41, #AI1888
|
337,669 | |||||
1,968,747 |
4.50%, due 5/1/41, #AL0160
|
2,112,279 | |||||
203,155 |
4.50%, due 6/1/41, #AI4815
|
217,456 | |||||
86,371 |
4.00%, due 7/1/41, #AI0038
|
90,314 | |||||
19,981 |
4.00%, due 8/1/41, #AI8218
|
20,890 | |||||
27,800 |
4.50%, due 9/1/41, #AH3865
|
29,762 | |||||
93,873 |
4.50%, due 9/1/41, #AI4050
|
100,471 | |||||
24,548 |
4.50%, due 9/1/41, #AJ0729
|
26,290 | |||||
244,296 |
4.00%, due 10/1/41, #AJ4052
|
255,413 | |||||
1,420,171 |
4.00%, due 11/1/41, #AJ4668
|
1,484,912 | |||||
642,933 |
4.00%, due 11/1/41, #AJ5643
|
672,242 | |||||
205,022 |
4.00%, due 12/1/41, #AJ3097
|
214,340 | |||||
454,110 |
4.00%, due 2/1/42, #AJ9774
|
478,188 | |||||
379,210 |
4.00%, due 4/1/42, #MA1028
|
396,485 | |||||
2,989,837 |
3.50%, due 7/1/43, #AB9774
|
3,022,334 | |||||
1,986,826 |
3.00%, due 8/1/43, #AU3363
|
1,922,720 | |||||
FNMA TBA (b)
|
|||||||
400,000 |
3.00%, due 12/15/25
|
412,313 | |||||
2,000,000 |
4.00%, due 12/15/41
|
2,086,875 | |||||
GNMA Pool
|
|||||||
25,601 |
7.00%, due 9/15/35, #647831
|
29,465 | |||||
75,179 |
5.00%, due 10/15/35, #642220
|
81,686 | |||||
76,420 |
5.00%, due 11/15/35, #550718
|
83,863 | |||||
83,220 |
5.50%, due 11/15/35, #650091
|
91,940 | |||||
49,104 |
5.50%, due 12/15/35, #646307
|
54,180 | |||||
72,444 |
5.50%, due 4/15/36, #652534
|
80,038 | |||||
56,932 |
6.50%, due 6/15/36, #652593
|
63,515 | |||||
35,365 |
5.50%, due 7/15/36, #608993
|
39,019 | |||||
69,276 |
6.50%, due 10/15/36, #646564
|
77,286 | |||||
42,369 |
6.00%, due 11/15/36, #617294
|
47,103 | |||||
139,537 |
6.50%, due 12/15/36, #618753
|
161,824 | |||||
106,100 |
5.50%, due 2/15/37, #658419
|
116,520 | |||||
346,009 |
6.00%, due 4/15/37, #668411
|
384,364 | |||||
334,422 |
5.00%, due 8/15/37, #671463
|
364,824 | |||||
154,103 |
6.00%, due 10/15/37, #664379
|
171,267 | |||||
29,593 |
5.50%, due 8/15/38, #677224
|
32,516 | |||||
205,257 |
5.50%, due 8/15/38, #691314
|
225,521 | |||||
8,040 |
5.50%, due 12/15/38, #705632
|
8,834 | |||||
1,005,496 |
4.50%, due 5/15/39, #717066
|
1,084,040 | |||||
23,898 |
5.50%, due 6/15/39, #714262
|
26,247 | |||||
942,824 |
5.50%, due 6/15/39, #714720
|
1,035,430 | |||||
894,310 |
4.50%, due 7/15/39, #720160
|
963,883 | |||||
2,539,302 |
5.00%, due 9/15/39, #726311
|
2,763,840 | |||||
14,968 |
5.50%, due 1/15/40, #723631
|
16,437 | |||||
54,651 |
5.50%, due 2/15/40, #680537
|
60,002 | |||||
99,661,962 | |||||||
Total Mortgage-Backed Securities
|
|||||||
(cost $102,104,628)
|
104,768,722 | ||||||
U.S. GOVERNMENT
|
|||||||
INSTRUMENTALITIES 6.7%
|
|||||||
U.S. Treasury Notes 6.7%
|
|||||||
U.S. Treasury Note
|
|||||||
6,500,000 |
0.75%, due 12/15/13
|
6,501,651 | |||||
Total U.S. Government Instrumentalities
|
|||||||
(cost $6,501,610)
|
6,501,651 |
Shares
|
Value
|
|||||||
SHORT-TERM INVESTMENTS 0.3%
|
||||||||
256,428 |
Fidelity Institutional Money
|
|||||||
Market Government
|
||||||||
Portfolio – Class I, 0.01% (c)
|
$ | 256,428 |
(a)
|
Variable rate security. Rate shown reflects the rate in effect as of November 30, 2013.
|
(b)
|
Security purchased on a when-issued basis. As of November 30, 2013, the total cost of investments purchased on a when-issued basis was $12,815,719 or 13.2% of total net assets.
|
(c)
|
Rate shown is the 7-day annualized yield as of November 30, 2013.
|
(d)
|
Security valued at fair value using methods determined in good faith by or at the direction of the Board of Trustees.
|
BBB
|
MBS
|
|||||||
Bond Fund
|
Bond Fund
|
|||||||
Assets:
|
||||||||
Investments in securities, at value (cost $266,123,092 and $108,862,666, respectively)
|
$ | 265,218,388 | $ | 111,526,801 | ||||
Deposit at broker for futures contracts
|
— | 1,000 | ||||||
Receivable for fund shares sold
|
104,917 | 64,905 | ||||||
Receivable for investments sold
|
604,008 | — | ||||||
Interest receivable
|
3,340,524 | 322,745 | ||||||
Due from investment adviser (Note 4)
|
37,454 | 22,188 | ||||||
Collateral receivable from broker
|
— | 299 | ||||||
Prepaid expenses
|
24,466 | 8,494 | ||||||
Total assets
|
269,329,757 | 111,946,432 | ||||||
Liabilities:
|
||||||||
Payable for securities purchased
|
— | 14,116,775 | ||||||
Payable for fund shares redeemed
|
171,343 | 334,086 | ||||||
Administration fees
|
10,467 | 6,822 | ||||||
Custody fees
|
5,122 | 4,770 | ||||||
Transfer agent fees and expenses
|
19,479 | 7,654 | ||||||
Fund accounting fees
|
16,892 | 12,517 | ||||||
Audit fees
|
17,979 | 17,980 | ||||||
Chief Compliance Officer fee
|
1,238 | 994 | ||||||
Accrued expenses
|
9,671 | 5,413 | ||||||
Total liabilities
|
252,191 | 14,507,011 | ||||||
Net Assets
|
$ | 269,077,566 | $ | 97,439,421 | ||||
Net Assets Consist of:
|
||||||||
Paid-in capital
|
$ | 260,445,339 | $ | 96,171,902 | ||||
Undistributed net investment income
|
150,448 | 179,488 | ||||||
Accumulated net realized gain/(loss) on investments
|
9,386,483 | (1,576,104 | ) | |||||
Net unrealized appreciation/(depreciation) on investments
|
(904,704 | ) | 2,664,135 | |||||
Net Assets
|
$ | 269,077,566 | $ | 97,439,421 | ||||
Net Asset Value, Offering Price and Redemption Price Per Share
|
$ | 9.48 | $ | 9.65 | ||||
Shares Issued and Outstanding
|
||||||||
(Unlimited number of shares authorized, par value $0.01)
|
28,384,594 | 10,098,920 |
BBB
|
MBS
|
|||||||
Bond Fund
|
Bond Fund
|
|||||||
Investment Income:
|
||||||||
Interest
|
$ | 13,287,093 | $ | 2,242,147 | ||||
Total investment income
|
13,287,093 | 2,242,147 | ||||||
Expenses:
|
||||||||
Transfer agent fees and expenses (Note 4)
|
122,286 | 51,755 | ||||||
Fund accounting fees (Note 4)
|
109,986 | 82,431 | ||||||
Administration fees (Note 4)
|
71,432 | 47,989 | ||||||
Registration fees
|
43,911 | 24,587 | ||||||
Custody fees (Note 4)
|
27,040 | 32,725 | ||||||
Audit fees
|
18,000 | 17,999 | ||||||
Trustees’ fees
|
15,955 | 9,446 | ||||||
Insurance
|
12,256 | 7,702 | ||||||
Reports to shareholders
|
10,419 | 4,748 | ||||||
Legal fees
|
9,455 | 7,706 | ||||||
Chief Compliance Officer fee (Note 4)
|
7,425 | 6,578 | ||||||
Miscellaneous
|
18,473 | 9,288 | ||||||
Total expenses
|
466,638 | 302,954 | ||||||
Less: Expense reimbursement from adviser (Note 4)
|
(466,638 | ) | (302,954 | ) | ||||
Net expenses
|
— | — | ||||||
Net investment income
|
13,287,093 | 2,242,147 | ||||||
Realized and Unrealized Gain/(Loss) on Investments
|
||||||||
Net realized gain/(loss) on investments
|
9,444,943 | (576,653 | ) | |||||
Net change in unrealized appreciation/(depreciation) on investments
|
(31,323,308 | ) | (2,840,853 | ) | ||||
Net loss on investments
|
(21,878,365 | ) | (3,417,506 | ) | ||||
Net decrease in net assets resulting from operations
|
$ | (8,591,272 | ) | $ | (1,175,359 | ) |
BBB
|
MBS
|
|||||||||||||||
Bond Fund
|
Bond Fund
|
|||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||
Nov. 30, 2013
|
Nov. 30, 2012
|
Nov. 30, 2013
|
Nov. 30, 2012
|
|||||||||||||
Increase/(Decrease) in Net Assets From
|
||||||||||||||||
Operations:
|
||||||||||||||||
Net investment income
|
$ | 13,287,093 | $ | 14,575,233 | $ | 2,242,147 | $ | 3,221,176 | ||||||||
Net realized gain/(loss) on investments
|
9,444,943 | 10,535,741 | (576,653 | ) | 2,435,684 | |||||||||||
Net change in unrealized appreciation/(depreciation)
|
||||||||||||||||
on investments
|
(31,323,308 | ) | 12,011,067 | (2,840,853 | ) | (93,216 | ) | |||||||||
Net increase/(decrease) in net assets
|
||||||||||||||||
resulting from operations
|
(8,591,272 | ) | 37,122,041 | (1,175,359 | ) | 5,563,644 | ||||||||||
Distributions Paid to Shareholders:
|
||||||||||||||||
Distributions from net investment income
|
(13,268,656 | ) | (14,556,232 | ) | (3,275,971 | ) | (4,395,560 | ) | ||||||||
Distributions from net realized gains on investments
|
(10,431,614 | ) | (14,474,369 | ) | (1,282,470 | ) | (315,468 | ) | ||||||||
Total distributions
|
(23,700,270 | ) | (29,030,601 | ) | (4,558,441 | ) | (4,711,028 | ) | ||||||||
Capital Share Transactions:
|
||||||||||||||||
Net proceeds from shares sold
|
57,925,359 | 176,489,927 | 20,897,098 | 54,451,855 | ||||||||||||
Distributions reinvested
|
6,041,576 | 9,280,246 | 1,949,234 | 2,131,121 | ||||||||||||
Payment for shares redeemed
|
(145,508,386 | ) | (84,888,859 | ) | (104,174,979 | ) | (21,303,919 | ) | ||||||||
Net increase/(decrease) in net assets
|
||||||||||||||||
from capital share transactions
|
(81,541,451 | ) | 100,881,314 | (81,328,647 | ) | 35,279,057 | ||||||||||
Total increase/(decrease) in net assets
|
(113,832,993 | ) | 108,972,754 | (87,062,447 | ) | 36,131,673 | ||||||||||
Net Assets, Beginning of Year
|
382,910,559 | 273,937,805 | 184,501,868 | 148,370,195 | ||||||||||||
Net Assets, End of Year
|
$ | 269,077,566 | $ | 382,910,559 | $ | 97,439,421 | $ | 184,501,868 | ||||||||
Includes Undistributed Net Investment Income of
|
$ | 150,448 | $ | 132,074 | $ | 179,488 | $ | 213,900 | ||||||||
Transactions in Shares:
|
||||||||||||||||
Shares sold
|
5,911,780 | 17,325,808 | 2,129,701 | 5,431,616 | ||||||||||||
Shares issued on reinvestment of distributions
|
609,868 | 936,282 | 198,459 | 212,752 | ||||||||||||
Shares redeemed
|
(14,922,891 | ) | (8,382,500 | ) | (10,604,288 | ) | (2,122,494 | ) | ||||||||
Net increase/(decrease) in shares outstanding
|
(8,401,243 | ) | 9,879,590 | (8,276,128 | ) | 3,521,874 |
Year Ended November 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.41 | $ | 10.18 | $ | 10.14 | $ | 9.70 | $ | 7.76 | ||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.39 | 0.46 | 0.53 | 0.54 | 0.56 | |||||||||||||||
Net realized and unrealized gain/(loss)
|
||||||||||||||||||||
on investments and swap contracts
|
(0.64 | ) | 0.77 | 0.05 | 0.44 | 1.95 | ||||||||||||||
Total from investment operations
|
(0.25 | ) | 1.23 | 0.58 | 0.98 | 2.51 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.39 | ) | (0.46 | ) | (0.54 | ) | (0.54 | ) | (0.57 | ) | ||||||||||
Distributions from net realized gains on investments
|
(0.29 | ) | (0.54 | ) | — | — | — | |||||||||||||
Total distributions
|
(0.68 | ) | (1.00 | ) | (0.54 | ) | (0.54 | ) | (0.57 | ) | ||||||||||
Net asset value, end of year
|
$ | 9.48 | $ | 10.41 | $ | 10.18 | $ | 10.14 | $ | 9.70 | ||||||||||
Total Return
|
-2.49 | % | 12.89 | % | 5.88 | % | 10.33 | % | 33.28 | % | ||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$ | 269,078 | $ | 382,911 | $ | 273,938 | $ | 337,421 | $ | 331,490 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
Before expense reimbursement
|
0.14 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.14 | % | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
3.99 | % | 4.61 | % | 5.13 | % | 5.41 | % | 6.35 | % | ||||||||||
Before expense reimbursement
|
3.85 | % | 4.48 | % | 5.00 | % | 5.29 | % | 6.21 | % | ||||||||||
Portfolio turnover rate
|
47 | % | 75 | % | 58 | % | 45 | % | 84 | % |
Year Ended November 30,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
Per Share Operating Performance
|
||||||||||||||||||||
(For a fund share outstanding throughout each year)
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.04 | $ | 9.99 | $ | 10.14 | $ | 10.14 | $ | 10.35 | ||||||||||
Income From Investment Operations:
|
||||||||||||||||||||
Net investment income
|
0.15 | 0.19 | 0.28 | 0.32 | 0.49 | |||||||||||||||
Net realized and unrealized gain on investments
|
(0.23 | ) | 0.14 | 0.13 | 0.11 | 0.38 | ||||||||||||||
Total from investment operations
|
(0.08 | ) | 0.33 | 0.41 | 0.43 | 0.87 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Distributions from net investment income
|
(0.24 | ) | (0.26 | ) | (0.35 | ) | (0.34 | ) | (0.51 | ) | ||||||||||
Distributions from net realized gains on investments
|
(0.07 | ) | (0.02 | ) | (0.21 | ) | (0.09 | ) | (0.57 | ) | ||||||||||
Total distributions
|
(0.31 | ) | (0.28 | ) | (0.56 | ) | (0.43 | ) | (1.08 | ) | ||||||||||
Net asset value, end of year
|
$ | 9.65 | $ | 10.04 | $ | 9.99 | $ | 10.14 | $ | 10.14 | ||||||||||
Total Return
|
-0.74 | % | 3.37 | % | 4.32 | % | 4.37 | % | 9.05 | % | ||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||
Net assets, end of year (in 000’s)
|
$ | 97,439 | $ | 184,502 | $ | 148,370 | $ | 122,332 | $ | 106,098 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
Before expense reimbursement
|
0.22 | % | 0.17 | % | 0.18 | % | 0.19 | % | 0.20 | % | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Net of expense reimbursement
|
1.65 | % | 1.90 | % | 2.83 | % | 3.22 | % | 4.93 | % | ||||||||||
Before expense reimbursement
|
1.43 | % | 1.73 | % | 2.65 | % | 3.03 | % | 4.73 | % | ||||||||||
Portfolio turnover rate
|
290 | % | 278 | % | 122 | % | 388 | % | 108 | % |
Accumulated Net
|
|||
Undistributed Net
|
Realized
|
||
Investment Income
|
Gain/(Loss)
|
Paid-in Capital
|
|
BBB Bond Fund
|
$ (63)
|
$ 63
|
$ —
|
MBS Bond Fund
|
999,412
|
(999,412)
|
—
|
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
|
$ | — | $ | 223,536,137 | $ | — | $ | 223,536,137 | |||||||||
Sovereign Bonds
|
— | 30,190,379 | — | 30,190,379 | |||||||||||||
U.S. Government
|
|||||||||||||||||
Instrumentalities
|
— | 4,325,113 | — | 4,325,113 | |||||||||||||
Total Fixed Income
|
— | 258,051,629 | — | 258,051,629 | |||||||||||||
Short-Term Investments
|
7,166,759 | — | — | 7,166,759 | |||||||||||||
Total Investments
|
$ | 7,166,759 | $ | 258,051,629 | $ | — | $ | 265,218,388 |
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Fixed Income
|
|||||||||||||||||
Commercial Mortgage-Backed Securities
|
$ | — | $ | 797,465 | $ | 1,301,430 | $ | 2,098,895 | |||||||||
Residential Mortgage-Backed Securities
|
— | 3,007,865 | — | 3,007,865 | |||||||||||||
Mortgage-Backed Securities –
|
|||||||||||||||||
U.S. Government Agencies
|
— | 99,661,962 | — | 99,661,962 | |||||||||||||
U.S. Government Instrumentalities
|
— | 6,501,651 | — | 6,501,651 | |||||||||||||
Total Fixed Income
|
— | 109,968,943 | 1,301,430 | 111,270,373 | |||||||||||||
Short-Term Investments
|
256,428 | — | — | 256,428 | |||||||||||||
Total Investments
|
$ | 256,428 | $ | 109,968,943 | $ | 1,301,430 | $ | 111,526,801 |
Investments in Securities, at Value
|
|||||
Mortgage-Backed Securities
|
|||||
Balance as of November 30, 2012
|
$ | — | |||
Accrued discounts/premiums
|
— | ||||
Realized gain/(loss)
|
— | ||||
Change in unrealized appreciation/(depreciation)
|
1,431 | ||||
Purchases
|
1,299,999 | ||||
Sales
|
— | ||||
Transfers in and/or out of Level 3
|
— | ||||
Balance as of November 30, 2013
|
$ | 1,301,430 |
BBB Bond Fund | MBS Bond Fund | ||||||||
Administration
|
$ 71,432 | $47,989 | |||||||
Fund Accounting
|
109,986 | 82,431 | |||||||
Transfer Agency
|
|||||||||
(excludes out-of-pocket expenses and sub-ta fees)
|
108,041 | 43,792 | |||||||
Custody
|
27,040 | 32,725 | |||||||
Chief Compliance Officer
|
7,425 | 6,578 |
Non-Government
|
Government
|
|||
Purchases
|
Sales
|
Purchases
|
Sales
|
|
BBB Bond Fund
|
$133,100,408
|
$230,874,553
|
$17,111,482
|
$14,453,325
|
MBS Bond Fund
|
381,482,780
|
437,726,202
|
—
|
—
|
BBB Bond Fund
|
MBS Bond Fund
|
||||||||||||||||
Nov. 30, 2013
|
Nov. 30, 2012
|
Nov. 30, 2013
|
Nov. 30, 2012
|
||||||||||||||
Ordinary income
|
$ | 13,671,544 | $ | 14,556,232 | $ | 4,558,441 | $ | 4,711,028 | |||||||||
Long-term capital gains
|
10,028,726 | 14,474,369 | — | — |
BBB Bond Fund
|
MBS Bond Fund
|
||||||||
Cost of investments (a)
|
$ | 266,215,863 | $ | 108,862,666 | |||||
Gross unrealized appreciation
|
8,231,648 | 3,450,735 | |||||||
Gross unrealized depreciation
|
(9,229,123 | ) | (786,600 | ) | |||||
Net unrealized appreciation/(depreciation)
|
(997,475 | ) | 2,664,135 | ||||||
Undistributed ordinary income
|
150,448 | 179,488 | |||||||
Undistributed long-term capital gain
|
9,479,254 | — | |||||||
Total distributable earnings
|
9,629,702 | 179,488 | |||||||
Other accumulated gains/(losses)
|
— | (1,576,104 | ) | ||||||
Total accumulated earnings/(losses)
|
$ | 8,632,227 | $ | 1,267,519 |
(a)
|
The difference between book-basis and tax-basis net unrealized depreciation in the BBB Bond Fund is attributable primarily to wash sales. The book-basis and tax-basis net unrealized appreciation is the same in the MBS Bond Fund.
|
TAIT, WELLER & BAKER LLP
|
Number of
|
|||||
Portfolios in
|
Other
|
||||
Term of Office
|
Fund Complex
|
Directorships
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Held During
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee
(2)
|
Past Five Years
|
Independent Trustees
(1)
|
|||||
Donald E. O’Connor
|
Trustee
|
Indefinite term
|
Retired; former Financial
|
6
|
Trustee,
|
(age 77)
|
since
|
Consultant and former Executive
|
Advisors
|
||
615 E. Michigan Street
|
February 1997.
|
Vice President and Chief
|
Series Trust
|
||
Milwaukee, WI 53202
|
Operating Officer of ICI Mutual
|
(for series not
|
|||
Insurance Company
|
affiliated with
|
||||
(until January 1997).
|
the Funds);
|
||||
Trustee, The
|
|||||
Forward Funds
|
|||||
(31 portfolios).
|
|||||
George J. Rebhan
|
Trustee
|
Indefinite term
|
Retired; formerly President,
|
6
|
Trustee,
|
(age 79)
|
since
|
Hotchkis and Wiley Funds
|
Advisors
|
||
615 E. Michigan Street
|
May 2002.
|
(mutual funds) (1985 to 1993).
|
Series Trust
|
||
Milwaukee, WI 53202
|
(for series not
|
||||
affiliated with
|
|||||
the Funds);
|
|||||
Independent
|
|||||
Trustee from
|
|||||
1999 to 2009,
|
|||||
E*TRADE
|
|||||
Funds.
|
|||||
George T. Wofford
|
Trustee
|
Indefinite term
|
Retired; formerly Senior Vice
|
6
|
Trustee,
|
(age 74)
|
since
|
President, Federal Home Loan
|
Advisors
|
||
615 E. Michigan Street
|
February 1997.
|
Bank of San Francisco.
|
Series Trust
|
||
Milwaukee, WI 53202
|
(for series not
|
||||
affiliated with
|
|||||
the Funds).
|
Number of
|
|||||
Portfolios in
|
Other
|
||||
Term of Office
|
Fund Complex
|
Directorships
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
Overseen by
|
Held During
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Trustee
(2)
|
Past Five Years
|
Interested Trustee
|
|||||
Joe D. Redwine
(3)
|
Interested
|
Indefinite term
|
President, CEO, U.S. Bancorp
|
6
|
Trustee,
|
(age 66)
|
Trustee
|
since
|
Fund Services, LLC
|
Advisors
|
|
615 E. Michigan Street
|
September 2008.
|
(May 1991 to present).
|
Series Trust
|
||
Milwaukee, WI 53202
|
(for series not
|
||||
affiliated with
|
|||||
the Funds).
|
Term of Office
|
|||
Name, Address
|
Position Held
|
and Length of
|
Principal Occupation
|
and Age
|
with the Trust
|
Time Served
|
During Past Five Years
|
Michael L. Ceccato
|
Vice President,
|
Indefinite term
|
Senior Vice President, U.S. Bancorp Fund Services, LLC
|
(age 56)
|
Chief
|
since
|
(February 2008 to present); General Counsel/Controller,
|
615 E. Michigan Street
|
Compliance
|
September 2009.
|
Steinhafels, Inc. (September 1995 to February 2008).
|
Milwaukee, WI 53202
|
Officer and
|
||
AML Officer
|
|||
Jeanine M. Bajczyk, Esq.
|
Secretary
|
Indefinite term
|
Senior Vice President and Counsel,
|
(age 48)
|
since
|
U.S. Bancorp Fund Services, LLC (May 2006 to present).
|
|
615 E. Michigan Street
|
June 2007.
|
||
Milwaukee, WI 53202
|
(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, 2013, the Trust is comprised of 40 active portfolios managed by unaffiliated investment advisors. The term “Fund Complex” applies only to the Funds and the PIA High Yield Fund, the PIA High Yield (MACS) Fund, the PIA Short-Term 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)
|
Mr. Redwine is an “interested person” of the Trust as defined by the 1940 Act. Mr. Redwine is an interested Trustee of the Trust by virtue of the fact that he is an interested person of Quasar Distributors, LLC who acts as principal underwriter to the series of the Trust.
|
FYE 11/30/2013
|
FYE 11/30/2012
|
|
Audit Fees
|
$59,600
|
$72,500
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$12,400
|
$15,000
|
All Other Fees
|
N/A
|
N/A
|
FYE 11/30/2013
|
FYE 11/30/2012
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 11/30/2013
|
FYE 11/30/2012
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
(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/Principal Executive Officer and 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 (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 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.
|
(b)
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
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