N-Q 1 piaast_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 


 
Investment Company Act file number 811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 E. Michigan St.
Milwaukee, WI 53202 
(Address of principal executive offices) (Zip code)



Eric M. Banhazl
Advisors Series Trust
615 E. Michigan St.
Milwaukee, WI 53202 
(Name and address of agent for service)



(414) 765-6609
(Registrant's telephone number, including area code)



Date of fiscal year end: November 30, 2007



Date of reporting period: February 28, 2007 
 
Item 1. Schedules of Investments.
 
PIA BBB BOND FUND
Schedule of Investments - February 28, 2007 (Unaudited)
             
             
Principal
            
Amount
          
Value
 
            
   
CORPORATE BONDS & NOTES
  
81.9%
    
   
Aerospace/Defense
  
2.6%
    
   
Lockheed Martin Corp.
        
$   1,852,000
 
7.75%, due 5/1/26
    
 $
 2,319,776
   
Northrup Grumman Corp.
        
1,170,000
 
7.75%, due 2/15/31
      
1,482,081
   
Raytheon Co.
        
1,250,000
 
8.30%, due 3/1/10
      
1,362,296
550,000
 
7.20%, due 8/15/27
      
657,155
           
5,821,308
             
   
Auto Manufacturers
  
2.9%
    
   
DaimlerChrysler NA Holding Corp.
        
3,800,000
 
7.75%, due 1/18/11
      
4,110,099
870,000
 
7.30%, due 1/15/12
      
941,889
1,175,000
 
8.50%, due 1/18/31
      
1,472,143
           
6,524,131
             
   
Banks
  
1.0%
    
   
Zions Bancorp
        
2,150,000
 
5.50%, due 11/16/15
      
2,154,119
             
   
Building Materials
  
0.5%
    
   
Hanson PLC
        
900,000
 
6.125%, due 8/15/16
      
935,795
   
Masco Corp.
        
275,000
 
5.875%, due 7/15/12
      
279,611
 
          
1,215,406
 
 
          
   
Chemicals
  
0.2%
    
   
Lubrizol Corp.
        
375,000
 
5.50%, due 10/1/14
      
370,627
             
   
Construction
  
1.4%
    
   
Centex Corp.
        
925,000
 
5.25%, due 6/15/15
      
890,372
   
CRH America, Inc.
        
1,300,000
 
6.00%, due 9/30/16
      
1,341,444
   
Pulte Homes, Inc.
        
750,000
 
7.875%, due 8/1/11
      
822,467
           
3,054,283
             
   
Consumer Products
        
   
Fortune Brands, Inc.
  
0.4%
    
825,000
 
5.375%, due 1/15/16
      
803,970
             
   
Diversified Financial Services
  
1.0%
    
   
Capital One Financial Co.
        
2,100,000
 
5.70%, due 9/15/11
      
2,137,036
             
   
Diversified Manufacturing
  
0.4%
    
   
Tyco International Group SA
        
595,000
 
6.00%, due 11/15/13
      
633,893
200,000
 
6.875%, due 1/15/29
      
242,096
           
875,989
           
 
   
Electric Utilities
  
15.4%
    
   
AEP Texas Central Co.
        
700,000
 
6.65%, due 2/15/33
      
762,760
   
Arizona Pub Service Co.
      
 
2,055,000
 
5.80%, due 6/30/14
      
2,088,213
   
CenterPoint Energy
      
 
2,175,000
 
7.75%, due 2/15/11
      
2,361,617
   
Cincinnati Gas & Electric Co.
      
 
1,980,000
 
5.70%, due 9/15/12
      
2,027,094
   
Constellation Energy Group
        
1,800,000
 
7.60%, due 4/1/32
      
2,134,966
   
Consumers Energy
        
2,100,000
 
5.50%, due 8/15/16
      
2,104,983
   
Dominion Resources, Inc.
      
 
2,150,000
 
5.15%, due 7/15/15
      
2,125,871
   
DTE Energy Co.
      
 
2,350,000
 
7.05%, due 6/1/11
      
2,517,010
   
Exelon Corp.
      
 
1,025,000
 
6.75%, due 5/1/11
      
1,075,837
1,000,000
 
5.625%, due 6/15/35
      
961,495
   
FirstEnergy Corp.
      
 
1,825,000
 
7.375%, due 11/15/31
      
2,133,772
   
MidAmerican Energy Holdings Co.
      
 
850,000
 
6.125%, due 4/1/36
      
878,680
   
NiSource Finance Corp.
      
 
2,150,000
 
5.40%, due 7/15/14
      
2,128,489
   
Oncor Electric Delivery
      
 
250,000
 
7.00%, due 5/1/32
      
278,860
   
Pacific Gas & Electric
      
 
2,085,000
 
6.05%, due 3/1/34
      
2,162,616
   
PPL Energy Supply, LLC
      
 
500,000
 
6.40%, due 11/1/11
      
520,734
 
  
Progress Energy, Inc.
      
 
3,416,000
 
7.10%, due 3/1/11
      
3,656,080
 
  
PSEG Power, LLC
      
 
1,950,000
 
7.75%, due 4/15/11
      
2,128,084
   
Puget Sound Energy, Inc.
      
 
375,000
 
6.274%, due 3/15/37
      
388,360
   
Virginia Electric & Power Co.
      
 
1,200,000
 
6.00%, due 1/15/36
      
1,240,877
   
XCEL Energy, Inc.
      
 
900,000
 
7.00%, due 12/1/10
      
956,849
           
34,633,247
           
 
   
Finance - Mortgage Loans
  
1.2%
  
 
   
Residential Capital Corp.
        
2,500,000
 
6.875%, due 6/30/15
      
2,581,065
             
   
Food
  
4.4%
    
   
ConAgra Foods, Inc.
        
108,000
 
7.875%, due 9/15/10
      
117,396
525,000
 
7.00%, due 10/1/28
      
580,227
   
General Mills, Inc.
      
 
2,300,000
 
6.00%, due 2/15/12
      
2,383,794
   
H.J. Heinz Finance Co.
        
825,000
 
6.00%, due 3/15/12
      
850,014
   
Kellogg Co.
        
2,250,000
 
6.60%, due 4/1/11
      
2,373,853
   
Kroger Co.
        
1,725,000
 
6.20%, due 6/15/12
      
1,791,312
   
Safeway, Inc.
        
1,450,000
 
6.50%, due 3/1/11
      
1,511,547
   
Sara Lee Corp.
      
 
350,000
 
3.875%, due 6/15/13
      
319,496
           
9,927,639
           
 
   
Forest Products & Paper
  
1.2%
  
 
   
International Paper Co.
      
 
1,025,000
 
5.30%, due 4/1/15
      
998,395
   
Westvaco Corp.
      
 
475,000
 
8.20%, due 1/15/30
      
554,987
   
Weyerhaeuser Co.
      
 
700,000
 
5.95%, due 11/1/08
      
707,694
425,000
 
7.375%, due 3/15/32
      
465,559
           
2,726,635
           
 
   
Insurance
  
0.8%
  
 
   
Marsh & McLennan Cos., Inc.
      
 
1,100,000
 
5.75%, due 9/15/15
      
1,104,019
   
WellPoint, Inc.
      
 
600,000
 
6.80%, due 8/1/12
      
641,771
150,000
 
5.85%, due 1/15/36
      
151,348
           
1,897,138
           
 
   
Media
  
10.2%
  
 
   
CBS Corp.
      
 
1,175,000
 
7.70%, due 7/30/10
      
1,267,480
900,000
 
6.25%, due 4/30/16
      
920,861
925,000
 
7.875%, due 7/30/30
      
1,036,452
400,000
 
6.875%, due 4/30/36
      
412,211
   
Comcast Cable Communications, Inc.
      
 
2,332,000
 
6.20%, due 11/15/08
      
2,374,857
2,900,000
 
8.375%, due 3/15/13
      
3,353,812
   
Comcast Corp.
      
 
2,900,000
 
7.05%, due 3/15/33
      
3,254,566
   
Cox Communications, Inc.
      
 
2,125,000
 
7.125%, due 10/1/12
      
2,311,052
   
News America, Inc.
      
 
2,275,000
 
6.20%, due 12/15/34
      
2,293,719
 
  
Time Warner, Inc.
      
 
2,155,000
 
9.125%, due 1/15/13
      
2,547,910
2,650,000
 
7.70%, due 5/1/32
      
3,120,115
           
22,893,035
           
 
   
Medical Instruments
  
0.2%
  
 
   
Boston Scientific Corp.
      
 
425,000
 
6.00%, due 6/15/11
      
433,528
   
 
      
 
   
Mining
  
0.6%
  
 
   
Alcan, Inc.
      
 
1,350,000
 
4.875%, due 9/15/12
      
1,324,721
           
 
   
Office Equipment
  
1.0%
  
 
   
Xerox Corp.
      
 
2,200,000
 
6.40%, due 3/15/16
      
2,292,228
           
 
   
Oil & Gas
  
8.5%
  
 
   
Anadarko Petroleum Corp.
      
 
1,200,000
 
5.95%, due 9/15/16
      
1,218,713
1,050,000
 
6.45%, due 9/15/36
      
1,073,105
   
Atmos Energy Corp.
      
 
175,000
 
4.95%, due 10/15/14
      
167,215
   
Canadian Natural Resources
      
 
400,000
 
6.00%, due 8/15/16
      
410,800
850,000
 
6.50%, due 2/15/37
      
892,129
 
  
Devon Energy Corp.
      
 
625,000
 
7.95%, due 4/15/32
      
775,857
   
Devon Financing Corp., U.L.C.
      
 
1,499,000
 
6.875%, due 9/30/11
      
1,600,194
   
Encana Corp.
      
 
1,100,000
 
6.50%, due 8/15/34
      
1,175,685
   
Encana Holdings FinancialCorp.
      
 
1,050,000
 
5.80%, due 5/1/14
      
1,079,774
   
Enterprise Products
      
 
750,000
 
5.60%, due 10/15/14
      
754,042
400,000
 
6.65%, due 10/15/34
      
424,443
   
Hess Corp.
      
 
500,000
 
6.65%, due 8/15/11
      
528,320
450,000
 
7.875%, due 10/1/29
      
539,347
   
Kinder Morgan Energy Partners
      
 
850,000
 
5.125%, due 11/15/14
      
827,962
100,000
 
5.80%, due 3/15/35
      
95,157
   
Marathon Oil Corp.
      
 
875,000
 
6.125%, due 3/15/12
      
911,780
   
Pemex Master Trust
      
 
1,225,000
 
7.875%, due 2/1/09
      
1,278,900
1,600,000
 
7.375%, due 12/15/14
      
1,767,200
1,500,000
 
8.625%, due 2/1/22
      
1,875,750
   
Petro-Canada
      
 
600,000
 
5.95%, due 5/15/35
      
592,186
   
Valero Energy Corp.
      
 
500,000
 
7.50%, due 4/15/32
      
590,413
   
XTO Energy, Inc.
      
 
475,000
 
5.00%, due 1/31/15
      
460,088
           
19,039,060
           
 
   
Pharmaceuticals
  
0.2%
  
 
   
Teva Pharmaceutical Finance, LLC
      
 
550,000
 
6.15%, due 2/1/36
      
548,044
           
 
           
 
   
Pipelines
  
0.7%
  
 
   
Kinder Morgan, Inc.
      
 
625,000
 
6.50%, due 9/1/12
      
642,069
   
ONEOK, Inc.
      
 
700,000
 
5.20%, due 6/15/15
      
675,886
   
Texas Eastern Transmission Corp.
      
 
300,000
 
7.00%, due 7/15/32
      
343,318
           
1,661,273
           
 
 
 
Printing 
  
0.1%
  
 
   
R.R. Donnelley & Sons Co.
      
 
175,000
 
4.95%, due 4/1/14
      
165,338
           
 
   
Real Estate Investment Trusts
  
2.5%
  
 
   
Healthcare Realty Trust
        
723,000
 
8.125%, due 5/1/11
      
785,905
200,000
 
5.125%, due 4/1/14
 
    
193,238
 
  
Hospitality Properties
      
 
900,000
 
6.75%, due 2/15/13
      
951,002
 
  
iStar Financial, Inc.
      
 
1,400,000
 
5.875%, due 3/15/16
      
1,406,780
   
ProLogis
      
 
2,200,000
 
5.75%, due 4/1/16
      
2,256,221
           
5,593,146
           
 
   
Retail
  
3.0%
  
 
   
CVS Corp.
      
 
2,150,000
 
4.875%, due 9/15/14
      
2,084,713
   
Federated Department Stores, Inc.
      
 
1,045,000
 
6.90%, due 4/1/29
      
1,079,245
   
J.C. Penney Co., Inc.
      
 
1,625,000
 
8.00%, due 3/1/10
      
1,744,585
525,000
 
7.40%, due 4/1/37
      
595,041
   
Limited Brands, Inc.
      
 
425,000
 
5.25%, due 11/1/14
      
408,858
   
Newell Rubbermaid, Inc.
      
 
200,000
 
4.625%, due 12/15/09
      
197,598
   
YUM! Brands, Inc.
      
 
550,000
 
8.875%, due 4/15/11
      
619,895
           
6,729,935
           
 
 
 
Savings & Loans 
  
1.0%
  
 
   
Washington Mutual, Inc.
      
 
2,285,000
 
4.625%, due 4/1/14
      
2,164,464
           
 
   
Sovereign
  
4.5%
  
 
   
United Mexican States
      
 
2,580,000
 
10.375%, due 2/17/09
      
2,831,550
3,200,000
 
5.875%, due 1/15/14
      
3,283,200
3,733,000
 
6.75%, due 9/27/34
      
4,083,902
 
          
10,198,652
           
 
   
Telecommunications
  
9.2%
  
 
   
British Telecom PLC
      
 
450,000
 
8.375%, due 12/15/10
      
504,662
1,450,000
 
8.875%, due 12/15/30
      
2,044,422
   
CenturyTel, Inc.
      
 
180,000
 
8.375%, due 10/15/10
      
196,238
   
Embarq Corp.
      
 
950,000
 
7.082%, due 6/1/16
      
984,019
1,200,000
 
7.995%, due 6/1/36
      
1,277,824
   
Koninklijke KPN NV
      
 
1,745,000
 
8.00%, due 10/1/10
      
1,893,512
   
Nextel Communications
      
 
3,200,000
 
7.375%, due 8/1/15
      
3,314,518
   
Sprint Capital Corp.
      
 
1,275,000
 
6.125%, due 11/15/08
      
1,294,003
2,250,000
 
6.875%, due 11/15/28
      
2,300,632
 
  
Telecom Italia Capital
      
 
2,475,000
 
5.25%, due 11/15/13
      
2,412,576
1,125,000
 
6.375%, due 11/15/33
      
1,102,129
   
Telefonica Europe BV
      
 
1,550,000
 
7.75%, 9/15/10
      
1,675,920
1,350,000
 
8.25%, 9/15/30
      
1,679,246
           
20,679,701
           
 
   
Tobacco
  
0.5%
  
 
   
Altria Group, Inc.
        
1,000,000
 
7.00%, due 11/4/13
      
1,099,835
           
 
   
Transportation
  
4.6%
  
 
   
Burlington Northern Santa Fe
      
 
1,475,000
 
6.75%, due 7/15/11
      
1,565,128
575,000
 
6.20%, due 8/15/36
      
598,523
   
Canadian Pacific Railway Ltd.
      
 
950,000
 
7.125%, due 10/15/31
      
1,134,126
   
CSX Corp.
      
 
640,000
 
7.95%, due 5/1/27
      
794,725
   
FedEx Corp.
      
 
2,360,000
 
3.50%, due 4/1/09
      
2,284,334
   
Norfolk Southern Corp.
      
 
1,875,000
 
7.05%, due 5/1/37
      
2,199,006
   
Union Pacific Corp.
      
 
1,925,000
 
3.625%, due 6/1/10
      
1,835,769
           
10,411,611
           
 
   
Utilities - Natural Gas
  
0.9%
  
 
   
Sempra Energy
      
 
1,950,000
 
6.00%, due 2/1/13
      
2,025,633
           
 
   
Waste Disposal
  
0.8%
  
 
   
Republic Services, Inc.
      
 
850,000
 
6.75%, due 8/15/11
      
897,000
   
Waste Management, Inc.
      
 
739,000
 
7.75%, due 5/15/32
      
885,585
           
1,782,585
           
 
   
Total Corporate Bonds & Notes  (cost $182,376,921)
    
183,765,382
         
 
   
U.S. GOVERNMENT INSTRUMENTALITIES
 
12.8%
  
 
   
U.S. Treasury Bonds
  
3.0%
  
 
   
U.S. Treasury Bond
      
 
7,100,000
 
4.50%, due 2/15/36
      
6,888,115
           
 
   
U.S. Treasury Notes
  
9.8%
  
 
   
U.S. Treasury Note
      
 
10,450,000
 
4.75%, due 2/15/10
      
10,510,422
2,100,000
 
4.625%, due 11/15/16
      
2,109,927
9,300,000
 
4.625%, due 2/15/17
      
9,356,674
           
21,977,023
           
 
   
Total U.S. Government Instrumentalities  (cost $28,538,635)
    
28,865,138
   
 
      
 
   
 
      
 
Shares/
          
 
Principal Amount
          
 
           
 
 
  
SHORT-TERM INVESTMENTS
  
16.4%
  
 
299,433
 
AIM STIT - Treasury Mutual Fund
      
 299,433
   
FHLB Discount Note
      
 
$   36,425,000
 
Zero Coupon, due 3/1/07
      
36,425,000
             

   
Total Short-Term Investments (cost $36,724,433)
      
36,724,433
             
   
Total Investments (cost $247,639,989)
  
111.1%
  
249,354,953
   
Liabilities less Other Assets
  
(11.1)%
  
(24,966,280)
   
TOTAL NET ASSETS
  
100.0%
 $
224,388,673
             
FHLB - Federal Home Loan Bank
        
 

The cost basis of investments for federal income tax purposes at February 28, 2007 was as follows*:

Cost of investments
$
247,848,729
     
Gross unrealized appreciation
$
2,152,134
Gross unrealized depreciation
  
(645,910)
Net unrealized appreciation
$
1,506,224
     

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


PIA MBS BOND FUND
Schedule of Investments - February 28, 2007 (Unaudited)
               
               
Principal
              
Amount
            
Value
               
     MORTGAGE-BACKED SECURITIES  
 89.2%
    
     U.S. Government Agencies  
 89.2%
    
     FHLMC Pool        
$   377,420
   
4.50%, due 5/1/20, #G18052
    
 $
 365,742
98,572
   
4.50%, due 9/1/20, #J02502
      
95,522
411,829
   
4.50%, due 3/1/21, #G18119
      
399,056
432,697
   
5.00%, due 3/1/21, #G18105
      
426,957
191,657
   
4.50%, due 4/1/21, #G18125
      
185,727
287,325
   
5.50%, due 4/1/21, #J01570
      
287,985
477,518
   
4.50%, due 5/1/21, #J01723
      
462,706
284,272
   
5.00%, due 5/1/21, #G12210
      
280,588
478,473
   
6.00%, due 6/1/21, #G18124
      
486,085
704,009
   
5.00%, due 7/1/21, #J03048
      
694,669
154,271
   
6.00%, due 7/1/21, #J03089
      
156,725
1,067,396
   
4.50%, due 9/1/21, #G12378
      
1,034,368
472,904
   
5.50%, due 9/1/21, #J03360
      
473,992
679,507
   
5.00%, due 11/1/21, #G18160
      
670,493
729,000
   
5.00%, due 1/1/22, #J04202
      
719,339
500,001
   
5.50%, due 1/1/22, #G18163
      
501,151
385,906
   
5.00%, due 2/1/22, #G12522
      
380,786
614,094
   
5.00%, due 2/1/22, #J04411
      
605,956
270,901
   
5.00%, due 2/1/22, #J04425
      
267,311
50,150
   
6.50%, due 5/1/32, #C01351
      
51,492
125,652
   
5.50%, due 6/1/33, #G01563
      
125,019
47,834
   
5.50%, due 4/1/35, #A32022
      
47,526
43,703
   
5.50%, due 5/1/35, #B31639
      
43,421
1,452,751
   
5.00%, due 8/1/35, #A36351
      
1,411,608
392,500
   
5.00%, due 8/1/35, #A36842
      
381,384
684,577
   
5.50%, due 8/1/35, #A36561
      
680,162
197,051
   
5.00%, due 10/1/35, #A47296
      
191,470
1,175,420
   
5.00%, due 10/1/35, #G01940
      
1,142,132
478,248
   
5.00%, due 11/1/35, #A39665
      
464,704
55,432
   
5.00%, due 12/1/35, #A40268
      
53,862
191,270
   
5.00%, due 12/1/35, #A40879
      
185,853
54,680
   
6.50%, due 12/1/35, #A40791
      
55,764
391,953
   
5.00%, due 1/1/36, #A41712
      
380,853
284,742
   
5.00%, due 1/1/36, #G08104
      
276,678
1,500,001
   
6.00%, due 1/1/36, #A42208
      
1,515,409
154,820
 
  
7.00%, due 1/1/36, #G02048
      
159,854
107,038
   
5.00%, due 2/1/36, #A42902
      
104,007
1,949,820
   
5.50%, due 2/1/36, #G02031
      
1,937,246
169,527
   
6.00%, due 2/1/36, #A42669
      
171,161
24,407
   
5.00%, due 3/1/36, #A43419
      
23,694
822,083
   
5.00%, due 3/1/36, #A43658
      
798,075
256,129
   
5.00%, due 3/1/36, #A43750
      
249,139
231,065
   
5.00%, due 3/1/36, #A44035
      
224,317
227,869
   
5.50%, due 3/1/36, #A43698
      
226,197
652,525
   
5.50%, due 3/1/36, #A43942
      
647,736
217,834
   
5.50%, due 3/1/36, #G08116
      
216,235
43,792
   
5.00%, due 4/1/36, #A44893
      
42,513
94,984
   
5.50%, due 4/1/36, #G08122
      
94,287
39,523
   
6.00%, due 4/1/36, #A44949
      
39,929
314,692
   
6.50%, due 4/1/36, #G08124
      
320,831
692,032
   
5.50%, due 5/1/36, #G08128
      
686,953
134,403
   
6.00%, due 5/1/36, #A49171
      
135,699
95,925
   
5.00%, due 6/1/36, #G02243
      
93,209
758,073
   
5.50%, due 6/1/36, #A54791
      
752,510
288,592
   
6.00%, due 6/1/36, #A49880
      
291,374
346,957
   
5.00%, due 7/1/36, #A50310
      
336,824
495,334
   
5.50%, due 7/1/36, #A50785
      
491,699
151,152
   
6.00%, due 7/1/36, #A50416
      
152,610
588,419
   
6.50%, due 7/1/36, #A51400
      
599,898
392,367
   
5.00%, due 8/1/36, #A51601
      
381,255
695,744
   
5.00%, due 8/1/36, #G08159
      
675,425
992,660
   
5.50%, due 8/1/36, #A51093
      
985,375
146,041
   
5.50%, due 8/1/36, #G08145
      
144,969
387,620
   
6.00%, due 8/1/36, #A51786
      
391,358
506,983
   
6.00%, due 8/1/36, #A52006
      
511,871
275,650
   
6.50%, due 8/1/36, #A51337
      
281,027
944,186
   
6.50%, due 8/1/36, #A51729
      
962,606
298,250
   
5.50%, due 9/1/36, #A52142
      
296,061
231,910
   
5.50%, due 9/1/36, #A52669
      
230,208
392,627
   
6.00%, due 9/1/36, #A52645
      
396,413
295,989
   
6.50%, due 9/1/36, #A53507
      
301,763
466,028
   
6.50%, due 9/1/36, #G02375
      
475,119
153,967
   
5.50%, due 10/1/36, #A52878
      
152,837
689,450
   
5.50%, due 10/1/36, #A52931
      
684,390
901,121
   
5.50%, due 10/1/36, #A53127
      
894,507
344,097
   
5.50%, due 10/1/36, #A53146
      
341,572
497,802
   
5.50%, due 10/1/36, #A53882
      
495,293
383,518
   
6.00%, due 10/1/36, #G08156
      
387,216
840,810
   
5.00%, due 11/1/36, #A53678
      
816,255
498,341
   
5.00%, due 11/1/36, #A54276
      
483,787
1,485,101
   
5.50%, due 11/1/36, #G08160
      
1,474,202
1,707,247
   
6.00%, due 11/1/36, #A53729
      
1,723,708
972,183
   
6.00%, due 11/1/36, #A54192
      
981,557
197,497
   
6.00%, due 11/1/36, #A54224
      
199,401
1,283,382
   
6.00%, due 11/1/36, #A55103
      
1,295,757
1,459,067
   
6.50%, due 11/1/36, #A54343
      
1,487,530
3,500,000
   
5.50%, due 2/1/37, #A57840
      
3,474,313
55,814
   
6.50%, due 2/1/37, #A57780
      
56,903
 
  
FHLMC TBA (a)
      
 
3,000,000
 
  
5.50%, due 3/15/22
      
3,006,564
5,000,000
   
5.00%, due 3/15/37
      
4,853,125
11,000,000
   
5.50%, due 3/15/37
      
10,917,500
16,000,000
   
6.00%, due 3/15/37
      
16,150,000
8,000,000
   
6.50%, due 3/15/37
      
8,155,000
1,000,000
   
7.00%, due 3/15/37
      
1,027,500
   
FNMA Pool
      
 
282,896
   
5.00%, due 4/1/19, #770788
      
279,650
143,039
   
4.50%, due 8/1/20, #835221
      
138,700
385,330
   
4.50%, due 10/1/20, #842732
      
373,641
681,047
   
4.50%, due 12/1/20, #813954
      
660,388
254,180
   
4.50%, due 1/1/21, #845159
      
246,470
159,862
   
5.00%, due 1/1/21, #811537
      
157,848
183,561
   
5.50%, due 1/1/21, #849074
      
184,048
377,336
   
4.50%, due 2/1/21, #845437
      
365,889
568,444
   
5.00%, due 2/1/21, #865191
      
561,285
145,169
   
5.00%, due 4/1/21, #256199
      
143,286
271,468
   
5.50%, due 4/1/21, #869868
      
272,189
286,582
   
5.00%, due 5/1/21, #879112
      
282,863
189,949
   
5.00%, due 5/1/21, #884422
      
187,484
702,547
   
4.50%, due 7/1/21, #845515
      
681,149
140,134
   
6.00%, due 7/1/21, #896586
      
142,373
195,497
   
5.00%, due 9/1/21, #893534
      
192,960
500,001
   
5.50%, due 10/1/21, #870795
      
501,329
686,904
   
5.50%, due 10/1/21, #905090
      
688,728
296,846
   
6.00%, due 10/1/21, #902303
      
301,590
687,054
   
5.00%, due 11/1/21, #904659
      
678,139
46,344
   
5.50%, due 9/1/33, #729928
      
46,093
57,265
   
5.50%, due 9/1/33, #741862
      
56,955
46,350
   
6.00%, due 8/1/34, #790162
      
46,863
204,578
   
5.50%, due 5/1/35, #824531
      
203,196
64,569
   
6.00%, due 5/1/35, #735501
      
65,195
160,691
   
6.00%, due 6/1/35, #825644
      
162,249
159,606
   
7.00%, due 7/1/35, #826251
      
164,317
31,136
   
5.00%, due 9/1/35, #832483
      
30,264
345,068
   
7.00%, due 9/1/35, #842290
      
355,253
30,170
   
5.00%, due 10/1/35, #836361
      
29,325
97,915
   
4.50%, due 11/1/35, #256032
      
92,456
38,839
   
5.00%, due 11/1/35, #844809
      
37,751
408,489
   
6.50%, due 11/1/35, #844071
      
416,720
26,475
   
5.00%, due 12/1/35, #850739
      
25,734
285,159
   
5.00%, due 12/1/35, #852482
      
277,176
43,733
   
5.50%, due 12/1/35, #849500
      
43,438
299,055
   
6.00%, due 12/1/35, #848451
      
301,955
201,320
   
6.50%, due 12/1/35, #843585
      
205,376
527,959
   
5.00%, due 1/1/36, #850566
      
513,178
653,005
   
5.00%, due 1/1/36, #866592
      
634,723
237,437
   
5.50%, due 1/1/36, #851717
      
235,626
45,964
   
6.00%, due 1/1/36, #256060
      
46,410
382,292
   
5.50%, due 2/1/36, #831357
      
379,376
70,149
   
6.50%, due 2/1/36, #852958
      
71,540
1,500,000
   
6.50%, due 2/1/36, #865473
      
1,529,733
149,545
   
6.50%, due 2/1/36, #878673
      
152,509
104,857
   
7.00%, due 2/1/36, #865190
      
107,952
226,903
   
5.00%, due 3/1/36, #852270
      
220,343
217,536
   
5.50%, due 3/1/36, #863684
      
215,877
185,310
   
5.00%, due 4/1/36, #831421
      
179,953
191,496
   
5.00%, due 4/1/36, #852919
      
185,960
96,652
   
6.00%, due 4/1/36, #871954
      
97,589
3,205,140
   
5.00%, due 5/1/36, #745515
      
3,115,404
660,227
   
5.00%, due 5/1/36, #867439
      
641,140
396,759
   
5.00%, due 5/1/36, #872638
      
385,290
386,114
   
5.00%, due 5/1/36, #884217
      
374,952
303,642
   
5.00%, due 5/1/36, #895554
      
294,864
2,561,554
   
5.50%, due 5/1/36, #852527
      
2,542,016
524,440
   
6.00%, due 5/1/36, #871348
      
529,170
200,020
   
5.00%, due 6/1/36, #885398
      
194,238
575,487
   
5.50%, due 6/1/36, #256269
      
571,097
362,588
   
5.50%, due 6/1/36, #884803
      
360,138
964,649
   
6.00%, due 6/1/36, #831541
      
973,350
344,736
   
6.50%, due 6/1/36, #882082
      
351,569
286,938
   
5.00%, due 7/1/36, #886322
      
278,643
297,847
   
5.50%, due 7/1/36, #892443
      
295,575
198,696
   
6.00%, due 7/1/36, #885506
      
200,488
141,056
   
6.00%, due 7/1/36, #891794
      
142,329
361,931
   
6.50%, due 7/1/36, #883005
      
369,105
396,504
   
5.00%, due 8/1/36, #895093
      
385,402
486,258
   
5.50%, due 8/1/36, #256359
      
482,549
99,386
   
5.50%, due 8/1/36, #658743
      
98,628
993,523
   
5.50%, due 8/1/36, #817794
      
985,946
820,320
   
5.50%, due 8/1/36, #893295
      
814,063
298,333
   
6.00%, due 8/1/36, #895105
      
301,024
280,049
   
6.50%, due 8/1/36, #886451
      
285,600
215,915
   
6.50%, due 8/1/36, #887017
      
220,194
978,022
   
6.50%, due 8/1/36, #892924
      
997,408
435,626
   
6.50%, due 8/1/36, #897208
      
444,261
598,557
   
6.50%, due 8/1/36, #903188
      
610,422
393,254
   
5.00%, due 9/1/36, #886899
      
381,885
473,338
   
5.00%, due 9/1/36, #886921
      
459,655
498,938
   
5.00%, due 9/1/36, #893569
      
484,515
788,422
   
5.00%, due 9/1/36, #893621
      
765,629
873,488
   
5.50%, due 9/1/36, #256403
      
866,825
494,792
   
5.50%, due 9/1/36, #893570
      
491,018
790,003
   
5.50%, due 9/1/36, #896444
      
783,978
493,073
   
5.50%, due 9/1/36, #900348
      
489,312
668,857
   
6.00%, due 9/1/36, #893427
      
674,890
1,000,100
   
6.50%, due 9/1/36, #745824
      
1,019,924
88,547
   
6.50%, due 9/1/36, #887432
      
90,303
985,872
   
5.50%, due 10/1/36, #831845
      
978,353
987,374
   
5.50%, due 10/1/36, #893087
      
979,843
63,141
   
6.00%, due 10/1/36, #894203
      
63,710
498,303
   
6.00%, due 10/1/36, #894999
      
502,797
1,432,501
   
6.00%, due 10/1/36, #897174
      
1,445,421
192,910
   
6.00%, due 10/1/36, #903770
      
194,650
386,811
   
5.00%, due 11/1/36, #898813
      
375,628
996,253
   
5.00%, due 11/1/36, #902436
      
967,453
993,038
   
5.50%, due 11/1/36, #898814
      
985,464
982,939
   
5.50%, due 11/1/36, #904104
      
975,442
398,744
   
5.50%, due 11/1/36, #904906
      
395,703
490,172
   
6.00%, due 11/1/36, #898198
      
494,593
52,755
   
6.00%, due 11/1/36, #902663
      
53,231
1,642,412
   
6.00%, due 11/1/36, #903964
      
1,657,226
433,197
   
5.00%, due 12/1/36, #256537
      
420,674
1,479,017
   
5.50%, due 12/1/36, #256513
      
1,467,737
982,399
   
6.00%, due 12/1/36, #256514
      
991,260
779,030
   
6.00%, due 12/1/36, #902865
      
786,057
200,000
   
5.00%, due 1/1/37, #906238
      
194,218
998,963
   
5.50%, due 1/1/37, #920730
      
991,344
599,881
   
5.00%, due 2/1/37, #908612
      
582,531
1,200,000
   
5.50%, due 2/1/37, #256636
      
1,190,793
995,021
   
6.00%, due 2/1/37, #909357
      
1,004,007
 
  
FNMA TBA (a)
      
 
2,000,000
 
  
5.00%, due 3/15/22
      
1,973,750
2,000,000
   
6.00%, due 3/15/22
      
2,031,250
1,000,000
   
7.00%, due 3/1/33
      
1,027,812
5,000,000
   
5.00%, due 3/15/37
      
4,854,690
20,000,000
   
5.50%, due 3/15/37
      
19,843,760
16,000,000
   
6.00%, due 3/15/37
      
16,140,000
7,000,000
   
6.50%, due 3/15/37
      
7,137,816
 
  
GNMA Pool
      
 
116,183
 
  
7.00%, due 9/15/35, #647831
      
120,541
297,439
 
 
5.00%, due 10/15/35, #642220
      
291,046
289,478
   
5.00%, due 11/15/35, #550718
      
283,257
235,946
   
5.50%, due 11/15/35, #650091
      
235,830
187,823
   
5.50%, due 12/15/35, #646307
      
187,731
138,924
   
5.50%, due 2/15/36, #652942
      
138,783
376,144
   
6.00%, due 2/15/36, #649384
      
381,996
448,327
   
5.50%, due 3/15/36, #653730
      
447,872
195,420
   
5.50%, due 4/15/36, #648115
      
195,221
373,072
   
5.50%, due 4/15/36, #652534
      
372,693
484,376
   
6.00%, due 4/15/36, #652510
      
491,911
99,068
   
6.50%, due 4/15/36, #655329
      
101,680
188,844
   
5.00%, due 5/15/36, #651939
      
184,691
295,143
   
5.50%, due 5/15/36, #655520
      
294,843
146,614
   
5.50%, due 5/15/36, #655532
      
146,465
195,263
   
5.00%, due 6/15/36, #608952
      
190,969
618,668
   
6.50%, due 6/15/36, #652593
      
634,975
375,217
   
5.50%, due 7/15/36, #608993
      
374,836
198,683
   
6.00%, due 7/15/36, #654930
      
201,773
289,264
   
6.00%, due 7/15/36, #656064
      
293,764
298,708
   
5.50%, due 8/15/36, #654937
      
298,405
221,186
   
5.50%, due 8/15/36, #656475
      
220,961
198,949
   
5.50%, due 9/15/36, #651880
      
198,747
298,705
   
6.50%, due 9/15/36, #598830
      
306,579
598,049
   
6.00%, due 11/15/36, #608450
      
607,352
1,000,001
   
6.00%, due 11/15/36, #617294
      
1,015,557
498,378
   
6.00%, due 11/15/36, #657270
      
506,130
500,000
   
5.50%, due 2/15/37, #657368
      
499,488
 
  
GNMA TBA (a)
      
 
5,000,000
 
  
5.50%, due 3/15/37
      
4,993,750
             
212,239,811
           
   
Total Mortgage-Backed Securities (cost $210,783,676)
    
212,239,811
               
   
U.S. GOVERNMENT INSTRUMENTALITIES 
  
7.3%
    
    U.S. Treasury Bonds   
0.5%
    
   
U.S. Treasury Bond  
        
1,200,000
   
4.625%, due 12/31/11
      
1,205,579
               
    U.S. Treasury Notes   
6.8%
    
   
U.S. Treasury Note 
        
15,700,000
   
4.875%, due 8/15/16
      
16,069,201
               
   
Total U.S. Government Instrumentalities 
        
   
(cost $17,060,656)  
      
17,274,780
               
Shares/
              
Principal Amount
              
               
   
SHORT-TERM INVESTMENTS  
  
45.8%
    
576,631
 
AIM STIT - Treasury Mutual Fund 
      
576,631
   
FHLB Discount Note 
        
$  108,454,000
   
Zero Coupon, due 3/1/07
      
108,454,000
               
   
Total Short-Term Investments (cost $109,030,631) 
    
109,030,631
               
   
Total Investments (cost $336,874,963) 
  
142.3%
  
338,545,222
   
Liabilities less Other Assets 
  
(42.3)%
  
(100,646,992)
   
 
TOTAL NET ASSETS 
  
100.0%
 $
237,898,230
               
               
 
(a) Security purchased on a when-issued basis. On February 28, 2007, the total cost of investments purchased on a when-issued basis was $101,874,375 or 42.8% of total net assets.
 
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association
TBA - To Be Announced
  
The cost basis of investments for federal income tax purposes at February 28, 2007 was as follows*:

Cost of investments
$
336,874,963
     
Gross unrealized appreciation
$
1,672,905
Gross unrealized depreciation
  
(2,646)
Net unrealized appreciation
$
1,670,259
     

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal period end. For the previous fiscal period’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.



PIA SHORT-TERM GOVERNMENT SECURITIES FUND
Schedule of Investments - February 28, 2007 (Unaudited)
               
               
Principal
              
Amount
            
Value
               
     
MORTGAGE-BACKED SECURITIES
13.6%
 
  
     
Private
  
0.0%
 
  
     
Prudential Home Mortgage Securities
      
$      26,683
   
 7.50%, due 3/25/08
  
 $
 26,644
               
     
U.S. Government Agencies
  
13.6%
  
     
FHLMC ARM Pool (a)
        
52,888
   
 6.651%, due 8/1/15, #755204
   
53,065
47,073
   
 7.10%, due 2/1/22, #845113
   
47,737
80,665
   
 5.844%, due 10/1/22, #635206
   
81,567
30,959
   
 7.147%, due 6/1/23, #845755
   
31,494
30,130
   
 6.963%, due 2/1/24, #609231
   
30,670
1,084,730
   
 7.395%, due 1/1/25, #785726
   
1,099,840
617,964
   
 6.488%, due 2/1/32, #1C0009
   
623,324
184,391
   
 6.758%, due 1/1/33, #1B0668
   
186,003
 
    
FNMA ARM Pool (a)
        
49,840
 
  
 7.569%, due 7/1/25, #555206
   
50,569
559,230
   
 5.975%, due 7/1/27, #424953
   
563,512
380,503
   
 6.983%, due 3/1/28, #556438
   
388,376
254,148
   
 6.279%, due 6/1/29, #508399
   
256,073
479,776
   
 6.012%, due 4/1/30, #562912
   
483,995
212,511
   
 7.19%, due 8/1/30, #556824
   
214,515
239,749
   
 7.226%, due 10/1/30, #670317
 
243,272
50,362
   
 6.895%, due 7/1/31, #592745
   
51,163
124,344
   
 7.442%, due 9/1/31, #597196
   
126,017
109,769
   
 7.277%, due 11/1/31, #610547
   
111,173
129,118
   
 6.70%, due 4/1/32, #629098
   
131,779
110,764
   
 7.25%, due 2/1/33, #670257
   
112,450
 
    
FNMA Pool
     
 
35,617
 
  
 11.00%, due 1/1/13, #415842
    
38,190
     
GNMA II ARM Pool (a)
        
25,323
   
 6.125%, due 11/20/21, #8871
   
25,684
174,633
   
 6.125%, due 10/20/22, #8062
   
176,905
395,808
   
 6.125%, due 11/20/26, #80011
   
401,215
86,281
   
 6.125%, due 11/20/26, #80013
   
87,604
45,135
   
 6.125%, due 12/20/26, #80021
   
45,737
26,410
   
 5.375%, due 1/20/27, #80029
   
26,601
381,054
   
 5.75%, due 7/20/27, #80094
   
385,168
540,615
   
 5.75%, due 8/20/27, #80104
   
546,265
22,893
   
 6.125%, due 10/20/27, #80122
   
23,210
215,820
   
 5.375%, due 1/20/28, #80154
   
217,487
505,776
   
 6.125%, due 10/20/29, #80331
   
513,083
101,832
   
 6.125%, due 11/20/29, #80344
   
103,270
             
7,477,013
               
     
Total Mortgage-Backed Securities (cost $7,594,919)
   
7,503,657
               
     
U.S. GOVERNMENT AGENCIES AND
        
     
INSTRUMENTALITIES
  
86.0%
 
  
     
U.S. Government Agencies
  
51.8%
 
  
     
FHLB
        
1,700,000
   
 4.625%, due 5/18/07
    
1,697,630
2,700,000
   
 3.625%, due 1/15/08
    
2,667,279
 
    
FHLMC
      
 
3,250,000
 
  
 5.75%, due 4/15/08
    
3,277,437
3,250,000
   
 3.875%, due 6/15/08
    
3,209,047
 
    
FNMA
      
 
1,900,000
   
 4.75%, due 8/3/07
    
1,896,139
2,500,000
   
 5.00%, due 9/14/07
    
2,496,360
4,900,000
   
 6.625%, due 10/15/07
    
4,941,410
2,500,000
   
 3.25%, due 11/15/07
    
2,467,068
2,500,000
   
 5.25%, due 12/3/07
    
2,501,810
3,500,000
   
 3.25%, due 1/15/08
    
3,446,086
             
28,600,266
               
     
U.S. Treasury Notes
  
34.2%
 
  
     
U.S. Treasury Note
        
700,000
   
 3.125%, due 5/15/07
    
697,293
2,500,000
   
 3.25%, due 8/15/07
    
2,480,568
1,500,000
   
 4.00%, due 8/31/07
    
1,492,911
2,000,000
   
 4.00%, due 9/30/07
    
1,988,672
3,000,000
   
 3.00%, due 11/15/07
    
2,959,221
1,500,000
   
 4.375%, due 1/31/08
    
1,493,028
2,500,000
   
 5.625%, due 5/15/08
    
2,524,512
1,700,000
   
 4.875%, due 8/31/08
    
1,703,454
3,500,000
   
 4.875%, due 10/31/08
    
3,509,296
     
 
      
18,848,955
               
     
Total U.S. Government Agencies and
       
     
Instrumentalities (cost $47,422,364)
     
47,449,221
               
Shares/
              
Principal Amount
              
               
     
SHORT-TERM INVESTMENTS
 
5.5%
 
  
111,407
   
AIM STIT - Treasury Mutual Fund
      
111,407
     
FHLB Discount Note
        
$    2,918,000
   
Zero Coupon, due 3/1/07
    
2,918,000
               
     
Total Short-Term Investments (cost $3,029,407)
    
3,029,407
     
 
        
     
Total Investments (cost $58,046,690)
  
105.1%
 
57,982,285
     
Liabilities less Other Assets
  
(5.1)%
 
(2,837,651)
     
TOTAL NET ASSETS
  
100.0%
$
 55,144,634
               
               
 
(a) Variable rate note. Rate shown reflects the rate in effect at February 28, 2007.
 
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association
 
The cost basis of investments for federal income tax purposes at February 28, 2007 was as follows*:

Cost of investments
$
58,046,690
     
Gross unrealized appreciation
$
33,489
Gross unrealized depreciation
  
(97,894)
Net unrealized depreciation
$
(64,405)
     

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


PIA TOTAL RETURN BOND FUND
Schedule of Investments - February 28, 2007 (Unaudited)
             
             
Principal
            
Amount
          
Value
 
            
     
CORPORATE BONDS & NOTES
19.8%
    
     
Aerospace / Defense
1.0%
    
     
United Technologies Corp.
      
$    100,000
   
  4.375%, due 5/1/10
  
 $
 98,255
             
     
Auto Manufacturers
1.0%
    
     
DaimlerChrysler NA Holding Corp.
      
100,000
   
  5.875%, due 3/15/11
    
101,860
             
     
Banks
3.0%
    
     
Bank of America Corp.
      
100,000
   
 5.375%, due 8/15/11
    
101,815
     
Wachovia Corp.
      
100,000
   
  4.375%, due 6/1/10
    
98,147
     
Wells Fargo & Co.
      
100,000
   
  4.625%, due 8/9/10
    
98,834
           
298,796
           
 
     
Consumer Products
1.0%
    
     
Clorox Co.
      
100,000
   
 5.00%, due 1/15/15
    
98,187
             
     
Diversified Financial Services
2.9%
    
     
Countrywide Home Loan
      
100,000
   
  4.125%, due 9/15/09
    
97,590
     
HSBC Finance Corp.
      
100,000
   
  4.125%, due 11/16/09
    
97,981
     
SLM Corp.
      
100,000
   
 5.00%, due 10/1/13
    
98,861
           
294,432
             
     
Electric Utilities
2.0%
    
     
Dominion Resources, Inc.
      
100,000
   
 5.15%, due 7/15/15
    
98,878
     
Duke Energy Corp.
      
100,000
   
 6.25%, due 1/15/12
    
104,981
           
203,859
           
 
     
Food
0.5%
    
     
ConAgra Foods, Inc.
      
50,000
   
 6.75%, due 9/15/11
    
53,059
             
     
Insurance
1.0%
    
     
MetLife, Inc.
      
100,000
   
 5.00%, due 6/15/15
    
98,457
             
     
Machinery
1.0%
    
     
John Deere Capital Corp.
      
100,000
   
 5.10%, due 1/15/13
    
99,754
             
     
Media
1.0%
    
     
Time Warner, Inc.
      
100,000
   
 6.75%, due 4/15/11
    
105,592
             
     
Oil & Gas
1.1%
    
     
Occidental Petroleum Corp.
      
100,000
   
 6.75%, due 1/15/12
    
107,507
             
     
Retail
1.2%
    
     
Target Corp.
      
100,000
   
 7.00%, due 7/15/31
    
118,051
             
     
Savings & Loans
1.0%
    
     
Washington Mutual, Inc.
    
 
100,000
   
 5.125%, due 1/15/15
    
97,167
             
     
Telecommunications
2.1%
    
     
BellSouth Corp.
      
100,000
   
 6.00%, due 10/15/11
    
103,489
     
Sprint Capital Corp.
      
100,000
   
 6.875%, due 11/15/28
    
102,250
           
205,739
             
     
Total Corporate Bonds & Notes (cost $1,989,086)
    
1,980,715
             
     
MORTGAGE-BACKED SECURITIES
34.7%
    
     
Collateralized Mortgage Obligations
0.0%
    
     
FHLMC Series 1387 S
      
2,578
   
 5.223%, due 10/15/07 (a)(d)(e)
    
12
             
     
U.S. Government Agencies
34.7%
    
     
FHLMC Pool
     
263,024
   
 4.50%, due 1/1/19, #B11934
    
255,496
4,610
   
 5.00%, due 4/1/20, #J02011
    
4,556
2,399
   
 5.00%, due 12/1/20, #J00565
    
2,368
435,207
   
 5.00%, due 8/1/34, #G08004
   
423,331
278,887
   
 5.00%, due 10/1/34, #A27698
    
271,276
490,459
   
 5.00%, due 8/1/36, #A51601
    
476,568
 
    
FNMA Pool
   
 
249,442
 
  
 6.00%, due 3/1/33, #555285
    
252,746
672,677
 
 
 5.50%, due 10/1/33, #748710
    
669,027
479
   
 5.50%, due 10/1/35, #797703
    
476
5,066
   
 5.50%, due 2/1/36, #852944
    
5,027
 
    
GNMA Pool
   
 
326,873
   
 5.50%, due 3/15/34, #623405
    
326,828
287,957
   
 5.50%, due 8/15/36, #656221
    
287,665
487,736
   
 6.00%, due 8/15/36, #609011
    
495,323
           
3,470,687
             
     
Total Mortgage-Backed Securities (cost $3,491,251)
    
3,470,699
             
     
U.S. GOVERNMENT AGENCIES AND
     
     
INSTRUMENTALITIES
61.7%
    
     
U.S. Government Agencies
6.3%
    
     
FNMA
      
630,000
   
  4.625%, due 10/15/13
    
623,028
             
     
U.S. Treasury Bonds
16.1%
    
     
U.S. Treasury Bond
      
350,000
   
 8.125%, due 8/15/21
    
472,473
325,000
   
 6.375%, due 8/15/27
    
392,590
685,000
   
 5.375%, due 2/15/31
    
747,079
     
 
    
1,612,142
             
     
U.S. Treasury Notes
39.3%
    
     
U.S. Treasury Note
      
1,300,000
   
  3.125%, due 9/15/08
    
1,269,785
800,000
   
  4.875%, due 5/15/09
    
804,594
525,000
   
  4.50%, due 11/15/10
    
524,918
1,300,000
   
  4.875%, due 8/15/16
    
1,330,571
           
3,929,868
             
     
Total U.S. Government Agencies and
      
     
Instrumentalities (cost $6,142,980)
    
6,165,038
             
     
RIGHTS
0.0%
    
1
   
Global Crossing North America, Inc.
      
     
 Liquidating Trust (b)(c) (cost $0)
    
—
             
Shares/
            
Principal Amount
            
             
     
SHORT-TERM INVESTMENTS
14.0%
    
249,547
   
AIM STIT - Treasury Mutual Fund
    
249,547
     
FHLB Discount Note
      
$    1,144,000
   
 Zero Coupon, due 3/1/07
    
1,144,000
             
     
Total Short-Term Investments (cost $1,393,547)
    
1,393,547
             
     
Total Investments (cost $13,016,864)
130.2%
  
13,009,999
     
Liabilities less Other Assets
(30.2)%
  
(3,015,542)
     
TOTAL NET ASSETS
100.0%
 $
9,994,457
             
             
 
 (a)
 Variable rate note. Rate shown reflects the rate in effect at February 28, 2007.
 (b)
 Restricted security. The interest in the liquidating trust was acquired through a distribution on
 
December 9, 2003. As of February 28, 2007, the security had a cost and value of $0 (0.0% of net assets).
 (c)
Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
 (d)
 Illiquid security. As of February 28, 2007, the security had a value of $12 (less than 0.1% of net assets).
 (e)
 Interest only security. Represents securities that entitle holders to receive only interest payments on the
 
underlying mortgages. The yield to maturity of an interest only security is extremely sensitive to the rate of
 
principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an
 
adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying
 
mortgages. The interest rate disclosed represents the coupon rate in effect as of February 28, 2007.
   
 FHLB - Federal Home Loan Bank
 FHLMC - Federal Home Loan Mortgage Corporation
 FNMA - Federal National Mortgage Association
 GNMA - Government National Mortgage Association
 
The cost basis of investments for federal income tax purposes at February 28, 2007 was as follows*:

Cost of investments
$
13,036,311
     
Gross unrealized appreciation
$
83,998
Gross unrealized depreciation
  
(110,310)
Net unrealized depreciation
$
(26,312)
     

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)      Advisors Series Trust                                         

By (Signature and Title)*      /s/ Eric M. Banhazl                   
Eric M. Banhazl, President

Date   4/16/2007                                                                           
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*     /s/ Eric M. Banhazl                    
                                                       Eric M. Banhazl, President

Date   4/16/2007                                                                           

By (Signature and Title)* _/s/ Douglas G. Hess________  
  Douglas G. Hess, Treasurer

Date   4/23/2007                                                                           

* Print the name and title of each signing officer under his or her signature.