N-Q 1 pia_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pia_nq.htm
As filed with the Securities and Exchange Commission on October 30, 2007



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)



Jeanine M. Bajczyk
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: August 31, 2007
 
Item 1. Schedules of Investments.
PIA BBB BOND FUND
Schedule of Investments - August 31, 2007 (Unaudited)
             
             
Principal
            
Amount
          
 Value
             
   
CORPORATE BONDS & NOTES
88.3%
    
   
Aerospace/Defense
0.9%
    
   
Northrup Grumman Corp.
      
 $                870,000
    
7.75%, due 2/15/31
  
 $
              1,047,121
   
Raytheon Co.
      
                   550,000
    
7.20%, due 8/15/27
    
                   623,763
           
                1,670,884
             
   
Auto Manufacturers
2.4%
    
   
DaimlerChrysler NA Holding Corp.
      
                3,650,000
    
7.75%, due 1/18/11
    
                3,903,952
                   400,000
    
6.50%, due 11/15/13
    
                   413,892
                   225,000
    
8.50%, due 1/18/31
    
                   279,146
           
                4,596,990
             
   
Banks
1.6%
    
   
Sovereign Bank
      
                1,500,000
    
5.125%, due 3/15/13
    
                1,456,269
   
Zions Bancorp
      
                1,750,000
    
5.50%, due 11/16/15
    
                1,693,228
           
                3,149,497
             
   
Building Materials
1.2%
    
   
Hanson PLC
      
                   900,000
    
6.125%, due 8/15/16
    
                   931,693
   
Masco Corp.
      
                1,500,000
    
5.85%, due 3/15/17
    
                1,451,647
           
                2,383,340
             
   
Construction
1.5%
    
   
Centex Corp.
      
                   625,000
    
5.25%, due 6/15/15
    
                   532,610
   
CRH America, Inc.
      
                1,800,000
    
6.00%, due 9/30/16
    
                1,799,285
   
Pulte Homes, Inc.
      
                   500,000
    
7.875%, due 8/1/11
    
                   498,205
           
                2,830,100
             
   
Consumer Products
0.3%
    
   
Fortune Brands, Inc.
      
                   575,000
    
5.375%, due 1/15/16
    
                   549,601
             
             
   
Diversified Manufacturing
0.3%
    
   
Tyco International Group SA
      
                   600,000
    
6.875%, due 1/15/29
    
                   650,896
             
   
Electric Utilities
14.5%
    
   
Arizona Pub Service Co.
      
                1,705,000
    
5.80%, due 6/30/14
    
                1,698,397
   
CenterPoint Energy
      
                1,075,000
    
7.75%, due 2/15/11
    
                1,141,766
   
Constellation Energy Group
      
                1,200,000
    
7.60%, due 4/1/32
    
                1,334,788
   
Consumers Energy
      
                1,750,000
    
5.50%, due 8/15/16
    
                1,729,528
   
Dominion Resources, Inc.
      
                2,475,000
    
5.15%, due 7/15/15
    
                2,371,718
   
DTE Energy Co.
      
                1,850,000
    
7.05%, due 6/1/11
    
                1,956,048
   
Exelon Corp.
      
                1,200,000
    
6.75%, due 5/1/11
    
                1,245,544
                   650,000
    
5.625%, due 6/15/35
    
                   579,975
   
FirstEnergy Corp.
      
                1,075,000
    
6.45%, due 11/15/11
    
                1,111,280
                1,525,000
    
7.375%, due 11/15/31
    
                1,685,595
   
Indiana Michigan Power
      
                1,800,000
    
6.05%, due 3/15/37
    
                1,713,647
   
MidAmerican Energy Holdings Co.
      
                1,750,000
    
6.125%, due 4/1/36
    
                1,692,920
   
NiSource Finance Corp.
      
                   950,000
    
5.40%, due 7/15/14
    
                   915,600
   
Oncor Electric Delivery
      
                   250,000
    
7.00%, due 5/1/32
    
                   258,528
   
Pacific Gas & Electric
      
                1,585,000
    
6.05%, due 3/1/34
    
                1,557,480
   
PPL Energy Supply, LLC
      
                1,150,000
    
6.40%, due 11/1/11
    
                1,184,249
   
Progress Energy, Inc.
      
                1,916,000
    
7.10%, due 3/1/11
    
                2,025,446
   
PSEG Power, LLC
      
                1,600,000
    
7.75%, due 4/15/11
    
                1,717,104
   
Puget Sound Energy, Inc.
      
                1,375,000
    
6.274%, due 3/15/37
    
                1,367,646
   
Virginia Electric & Power Co.
      
                   550,000
    
6.00%, due 1/15/36
    
                   528,689
           
              27,815,948
   
Finance
      
   
SLM Corp.
0.7%
    
                1,400,000
    
4.50%, due 7/26/10
    
                1,296,596
             
   
Finance - Mortgage Loans
0.4%
    
   
Countrywide Home Loan
      
                   750,000
    
4.125%, due 9/15/09
    
                   704,907
             
   
Financial - Other
0.1%
    
   
Orix Corp.
      
                   300,000
    
5.48%, due 11/22/11
    
                   302,618
             
   
Food
4.3%
    
   
ConAgra Foods, Inc.
      
                   525,000
    
7.00%, due 10/1/28
    
                   548,376
   
General Mills, Inc.
      
                1,000,000
    
6.00%, due 2/15/12
    
                1,020,018
   
Kellogg Co.
      
                1,900,000
    
6.60%, due 4/1/11
    
                1,979,481
   
Kraft Foods, Inc.
      
                2,400,000
    
6.25%, due 6/1/12
    
                2,468,376
   
Kroger Co.
      
                1,150,000
    
6.20%, due 6/15/12
    
                1,188,887
   
Safeway, Inc.
      
                   950,000
    
6.50%, due 3/1/11
    
                   988,780
           
                8,193,918
             
   
Forest Products & Paper
0.8%
    
   
Weyerhaeuser Co.
      
                1,000,000
    
6.75%, due 3/15/12
    
                1,032,060
                   425,000
    
7.375%, due 3/15/32
    
                   426,648
           
                1,458,708
             
   
Health Care
1.8%
    
   
Hospira, Inc.
      
                1,675,000
    
5.55%, due 3/30/12
    
                1,671,918
   
McKesson Corp.
      
                   400,000
    
7.75%, due 2/1/12
    
                   432,227
                1,300,000
    
5.25%, due 3/1/13
    
                1,287,799
           
                3,391,944
             
   
Insurance
1.4%
    
   
Marsh & McLennan Cos., Inc.
      
                   800,000
    
5.75%, due 9/15/15
    
                   777,246
   
WellPoint, Inc.
      
                1,500,000
    
6.80%, due 8/1/12
    
                1,598,766
                   325,000
    
5.85%, due 1/15/36
    
                   296,402
           
                2,672,414
             
   
Media
11.1%
    
   
CBS Corp.
      
                1,175,000
    
7.70%, due 7/30/10
    
                1,248,353
                   625,000
    
7.875%, due 7/30/30
    
                   675,251
   
Comcast Cable Communications, Inc.
      
                1,482,000
    
6.20%, due 11/15/08
    
                1,494,581
                2,900,000
    
8.375%, due 3/15/13
    
                3,247,490
   
Comcast Corp.
      
                1,900,000
    
7.05%, due 3/15/33
    
                1,977,410
   
Cox Communications, Inc.
      
                1,625,000
    
7.125%, due 10/1/12
    
                1,725,797
   
News America, Inc.
      
                2,550,000
    
6.20%, due 12/15/34
    
                2,375,254
   
Time Warner Ent.
      
                   900,000
    
8.875%, due 10/1/12
    
                1,026,173
                   875,000
    
8.375%, due 7/15/33
    
                1,018,440
   
Time Warner, Inc.
      
                1,855,000
    
9.125%, due 1/15/13
    
                2,136,478
                2,375,000
    
7.70%, due 5/1/32
    
                2,606,128
   
Viacom, Inc.
      
                   900,000
    
6.25%, due 4/30/16
    
                   903,007
                   800,000
    
6.875%, due 4/30/36
    
                   781,424
           
              21,215,786
             
   
Mining
1.7%
    
   
Alcan, Inc.
      
                1,150,000
    
4.875%, due 9/15/12
    
                1,132,828
   
Vale Overseas Limited
      
                2,150,000
    
6.25%, due 1/23/17
    
                2,169,565
           
                3,302,393
             
   
Office Equipment
0.9%
    
   
Xerox Corp.
      
                1,750,000
    
6.40%, due 3/15/16
    
                1,771,943
             
   
Oil & Gas
9.1%
    
   
Anadarko Petroleum Corp.
      
                1,375,000
    
5.95%, due 9/15/16
    
                1,369,761
                1,050,000
    
6.45%, due 9/15/36
    
                1,023,781
   
Canadian Natural Resources
      
                   700,000
    
6.00%, due 8/15/16
    
                   704,875
                   850,000
    
6.50%, due 2/15/37
    
                   848,405
   
Devon Energy Corp.
      
                   625,000
    
7.95%, due 4/15/32
    
                   743,742
   
Devon Financing Corp., U.L.C.
      
                   599,000
    
6.875%, due 9/30/11
    
                   634,088
   
Encana Corp.
      
                   700,000
    
6.50%, due 8/15/34
    
                   700,493
   
Encana Holdings Financial Corp.
      
                   500,000
    
5.80%, due 5/1/14
    
                   501,377
   
Enterprise Products
      
                   550,000
    
5.60%, due 10/15/14
    
                   540,031
                   400,000
    
6.65%, due 10/15/34
    
                   392,336
   
Hess Corp.
      
                   500,000
    
6.65%, due 8/15/11
    
                   522,464
                   450,000
    
7.875%, due 10/1/29
    
                   514,723
   
Kinder Morgan Energy Partners
      
                   850,000
    
5.125%, due 11/15/14
    
                   804,220
                   100,000
    
5.80%, due 3/15/35
    
                     88,131
   
Pemex Master Trust
      
                   575,000
    
7.875%, due 2/1/09
    
                   594,529
                1,500,000
    
7.375%, due 12/15/14
    
                1,642,812
                1,500,000
    
8.625%, due 2/1/22
    
                1,856,112
   
Petro-Canada
      
                   600,000
    
5.95%, due 5/15/35
    
                   561,148
   
Talisman Energy
      
                   550,000
    
6.25%, due 2/1/38
    
                   518,404
   
Valero Energy Corp.
      
                   500,000
    
6.875%, due 4/15/12
    
                   528,237
   
Weatherford International, Inc. (a)
      
                1,700,000
    
5.95%, due 6/15/12
    
                1,730,518
   
XTO Energy, Inc.
      
                   600,000
    
5.00%, due 1/31/15
    
                   569,611
           
              17,389,798
             
   
Pipelines
2.3%
    
   
ONEOK, Inc.
      
                1,600,000
    
5.20%, due 6/15/15
    
                1,524,293
   
ONEOK Partners, LP
      
                   350,000
    
5.90%, due 4/1/12
    
                   356,505
   
Tennessee Gas Pipeline
      
                1,300,000
    
7.50%, due 4/1/17
    
                1,408,244
   
Texas Eastern Transmission Corp.
      
                   950,000
    
7.00%, due 7/15/32
    
                1,051,421
           
                4,340,463
             
   
Real Estate Investment Trusts
3.5%
    
   
Avalonbay Communities
      
                   350,000
    
5.50%, due 1/15/12
    
                   351,586
   
Boston Properties, LP
      
                   300,000
    
6.25%, due 1/15/13
    
                   310,082
   
Camden Property Trust
      
                1,550,000
    
5.70%, due 5/15/17
    
                1,489,074
   
Health Care Properties
      
                   500,000
    
6.00%, due 1/30/17
    
                   477,790
   
Healthcare Realty Trust
      
                   700,000
    
5.125%, due 4/1/14
    
                   672,946
   
iStar Financial, Inc.
      
                1,800,000
    
5.85%, due 3/15/17
    
                1,628,177
   
ProLogis
      
                1,800,000
    
5.75%, due 4/1/16
    
                1,754,213
           
                6,683,868
             
   
Retail
4.7%
    
   
CVS/Caremark Corp.
      
                1,600,000
    
5.75%, due 6/1/17
    
                1,566,602
   
Federated Department Stores, Inc.
      
                1,050,000
    
6.625%, due 4/1/11
    
                1,072,205
   
Home Depot, Inc.
      
                2,700,000
    
5.25%, due 12/16/13
    
                2,610,346
                   700,000
    
5.875%, due 12/16/36
    
                   605,125
   
J.C. Penney Co., Inc.
      
                1,025,000
    
8.00%, due 3/1/10
    
                1,089,031
                   525,000
    
6.375%, due 10/15/36
    
                   489,629
   
Macys Retail Holdings, Inc.
      
                1,000,000
    
6.375%, due 3/15/37
    
                   941,925
   
YUM! Brands, Inc.
      
                   550,000
    
8.875%, due 4/15/11
    
                   612,765
           
                8,987,628
             
   
Sovereign
4.4%
    
   
United Mexican States
      
                1,980,000
    
10.375%, due 2/17/09
    
                2,125,530
                3,100,000
    
5.875%, due 1/15/14
    
                3,162,000
                2,883,000
    
6.75%, due 9/27/34
    
                3,138,145
           
                8,425,675
             
   
Technology
0.3%
    
   
Motorola, Inc.
      
                   700,000
    
6.50%, due 11/15/28
    
                   676,210
             
   
Telecommunications
11.3%
    
   
British Telecom PLC
      
                   800,000
    
8.625%, due 12/15/10
    
                   878,076
                1,250,000
    
9.125%, due 12/15/30
    
                1,675,334
   
CenturyTel, Inc.
      
                1,700,000
    
6.00%, due 4/1/17
    
                1,679,495
   
Embarq Corp.
      
                   950,000
    
7.082%, due 6/1/16
    
                   981,300
                   600,000
    
7.995%, due 6/1/36
    
                   623,531
   
Koninklijke KPN NV
      
                   745,000
    
8.00%, due 10/1/10
    
                   798,355
   
Nextel Communications
      
                2,050,000
    
7.375%, due 8/1/15
    
                2,065,402
   
Qwest Corp.
      
                1,400,000
    
8.875%, due 3/15/12
    
                1,522,500
                   300,000
    
6.875%, due 9/15/33
    
                   276,000
   
Rogers Wireless, Inc.
      
                1,000,000
    
6.375%, due 3/1/14
    
                1,013,578
   
Sprint Capital Corp.
      
                2,425,000
    
6.125%, due 11/15/08
    
                2,437,962
                1,050,000
    
6.875%, due 11/15/28
    
                1,024,836
   
Telecom Italia Capital
      
                2,275,000
    
5.25%, due 11/15/13
    
                2,194,679
                1,325,000
    
6.375%, due 11/15/33
    
                1,268,228
   
Telefonica Europe BV
      
                1,550,000
    
7.75%, 9/15/10
    
                1,653,356
                1,350,000
    
8.25%, 9/15/30
    
                1,587,735
           
              21,680,367
             
   
Tobacco
1.5%
    
   
Altria Group, Inc.
      
                1,000,000
    
7.00%, due 11/4/13
    
                1,084,288
   
Reynolds American, Inc.
      
                1,800,000
    
6.75%, due 6/15/17
    
                1,835,356
           
                2,919,644
             
   
Transportation
4.1%
    
   
Burlington Northern Santa Fe
      
                   600,000
    
6.75%, due 7/15/11
    
                   633,864
                1,250,000
    
6.15%, due 5/1/37
    
                1,215,821
   
Canadian Pacific Railway Ltd.
      
                   950,000
    
7.125%, due 10/15/31
    
                1,013,988
   
CSX Corp.
      
                1,000,000
    
5.60%, due 5/1/17
    
                   984,919
                   640,000
    
7.95%, due 5/1/27
    
                   735,443
   
Norfolk Southern Corp.
      
                1,375,000
    
7.05%, due 5/1/37
    
                1,499,928
   
Union Pacific Corp.
      
                   875,000
    
3.625%, due 6/1/10
    
                   839,976
                1,000,000
    
6.15%, due 5/1/37
    
                   966,202
           
                7,890,141
             
   
Utilities - Natural Gas
1.0%
    
   
Sempra Energy
      
                1,800,000
    
6.00%, due 2/1/13
    
                1,852,123
             
   
Waste Disposal
0.2%
    
   
Waste Management, Inc.
      
                   400,000
    
7.75%, due 5/15/32
    
                   444,843
             
   
Total Corporate Bonds & Notes (cost $172,136,845)
    
         169,249,243
             
   
U.S. GOVERNMENT INSTRUMENTALITIES
4.6%
    
             
   
U.S. Treasury Notes
4.6%
    
   
U.S. Treasury Note
      
                6,000,000
    
4.625%, due 7/31/12
    
                6,097,974
                2,800,000
    
4.75%, due 2/15/37
    
                2,762,813
           
                8,860,787
             
   
Total U.S. Government Instrumentalities (cost $8,785,812)
    
              8,860,787
             
Shares/
            
Principal Amount
            
             
   
SHORT-TERM INVESTMENTS
5.2%
    
                     81,158
  
AIM STIT - Treasury Portfolio - Institutional Class
    
                     81,158
   
FHLB Discount Note
      
 $             9,781,000
    
Zero Coupon, due 9/4/07
    
                9,777,697
             
   
Total Short-Term Investments (cost $9,858,855)
    
              9,858,855
             
   
Total Investments (cost $190,781,512)
98.1%
  
         187,968,885
   
Other Assets less Liabilities
1.9%
  
              3,642,850
   
TOTAL NET ASSETS
100.0%
 $
       191,611,735
             

      
(a) Security purchased within the terms of a private placement memorandum, exempt from registration
      under Rule 144A of Securities Act of 1933, as amended, and may be sold only to dealers in that
      program or other "qualified institutional buyers." This security has been determined to be liquid
      under the guidelines established by the Fund's Board of Trustees. As of August 31, 2007, the value
      of this investment was $1,730,518 or 0.9% of total net assets.  
      
FHLB - Federal Home Loan Bank   

The cost basis of investments for federal income tax purposes at August 31, 2007 was as follows*:

Cost of investments
$
190,990,252
  
       
Gross unrealized appreciation
$
540,703
  
Gross unrealized depreciation
  
(3,562,070
 )
Net unrealized depreciation
$
(3,021,367
 )
       

*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 semi-annual or annual report.

 
PIA MBS BOND FUND
  
Schedule of Investments - August 31, 2007 (Unaudited)
  
                  
                  
Principal
                 
Amount
             
 Value
  
                  
   
MORTGAGE-BACKED SECURITIES
94.8
 %      
   
U.S. Government Agencies
94.8
 %      
   
FHLMC Pool 
          
 $                351,866
    
4.50%, due 5/1/20, #G18052
    
 $
                 337,900
  
                     95,569
    
4.50%, due 9/1/20, #J02502
      
                     91,776
  
                   379,060
    
4.50%, due 3/1/21, #G18119
      
                   363,588
  
                   402,653
    
5.00%, due 3/1/21, #G18105
      
                   393,338
  
                   182,923
    
4.50%, due 4/1/21, #G18125
      
                   175,663
  
                   268,119
    
5.50%, due 4/1/21, #J01570
      
                   266,603
  
                   424,135
    
4.50%, due 5/1/21, #J01723
      
                   406,823
  
                   262,871
    
5.00%, due 5/1/21, #G12210
      
                   256,819
  
                   438,098
    
6.00%, due 6/1/21, #G18124
      
                   442,698
  
                   663,385
    
5.00%, due 7/1/21, #J03048
      
                   648,037
  
                   125,374
    
6.00%, due 7/1/21, #J03089
      
                   126,690
  
                1,003,408
    
4.50%, due 9/1/21, #G12378
      
                   963,583
  
                   437,859
    
5.50%, due 9/1/21, #J03360
      
                   435,383
  
                   626,120
    
5.00%, due 11/1/21, #G18160
      
                   611,634
  
                   698,146
    
5.00%, due 1/1/22, #J04202
      
                   681,787
  
                   467,839
    
5.50%, due 1/1/22, #G18163
      
                   465,193
  
                   367,348
    
5.00%, due 2/1/22, #G12522
      
                   358,849
  
                   585,803
    
5.00%, due 2/1/22, #J04411
      
                   572,077
  
                   255,391
    
5.00%, due 2/1/22, #J04425
      
                   249,406
  
                2,824,300
    
5.50%, due 3/1/22, #G12577
      
                2,808,326
  
                1,906,544
    
5.00%, due 7/1/22, #J05243
      
                1,861,870
  
                   996,455
    
5.00%, due 7/1/22, #J05257
      
                   973,107
  
                     86,373
    
5.00%, due 7/1/22, #J05259
      
                     84,349
  
                     45,680
    
6.50%, due 5/1/32, #C01351
      
                     46,671
  
                   117,827
    
5.50%, due 6/1/33, #G01563
      
                   115,437
  
                     42,955
    
5.50%, due 4/1/35, #A32022
      
                     41,998
  
                     43,395
    
5.50%, due 5/1/35, #B31639
      
                     42,428
  
                1,352,275
    
5.00%, due 8/1/35, #A36351
      
                1,288,097
  
                   366,227
    
5.00%, due 8/1/35, #A36842
      
                   348,846
  
                   669,882
    
5.50%, due 8/1/35, #A36561
      
                   654,947
  
                   184,838
    
5.00%, due 10/1/35, #A47296
      
                   176,066
  
                1,124,913
    
5.00%, due 10/1/35, #G01940
      
                1,071,526
  
                   453,821
    
5.00%, due 11/1/35, #A39665
      
                   432,283
  
                     52,855
    
5.00%, due 12/1/35, #A40268
      
                     50,346
  
                   180,866
    
5.00%, due 12/1/35, #A40879
      
                   172,283
  
                     45,594
    
6.50%, due 12/1/35, #A40791
      
                     46,359
  
                   372,884
    
5.00%, due 1/1/36, #A41712
      
                   355,187
  
                   271,723
    
5.00%, due 1/1/36, #G08104
      
                   258,827
  
                1,489,253
    
6.00%, due 1/1/36, #A42208
      
                1,489,853
  
                   135,218
    
7.00%, due 1/1/36, #G02048
      
                   139,236
  
                   103,732
    
5.00%, due 2/1/36, #A42902
      
                     98,809
  
                1,839,044
    
5.50%, due 2/1/36, #G02031
      
                1,798,044
  
                   153,623
    
6.00%, due 2/1/36, #A42669
      
                   153,561
  
                     22,697
    
5.00%, due 3/1/36, #A43419
      
                     21,598
  
                     32,551
    
5.00%, due 3/1/36, #A43498
      
                     30,974
  
                   814,466
    
5.00%, due 3/1/36, #A43658
      
                   775,011
  
                   396,108
    
5.00%, due 3/1/36, #A43708
      
                   376,920
  
                   253,934
    
5.00%, due 3/1/36, #A43750
      
                   242,103
  
                   224,526
    
5.00%, due 3/1/36, #A44035
      
                   213,650
  
                1,571,528
    
5.00%, due 3/1/36, #A44186
      
                1,495,400
  
                1,948,600
    
5.00%, due 3/1/36, #G08115
      
                1,856,121
  
                   224,672
    
5.50%, due 3/1/36, #A43698
      
                   219,503
  
                   607,369
    
5.50%, due 3/1/36, #A43942
      
                   593,395
  
                   206,891
    
5.50%, due 3/1/36, #G08116
      
                   202,131
  
                     42,538
    
5.00%, due 4/1/36, #A44893
      
                     40,477
  
                     90,421
    
5.50%, due 4/1/36, #G08122
      
                     88,340
  
                     35,969
    
6.00%, due 4/1/36, #A44949
      
                     35,984
  
                   292,552
    
6.50%, due 4/1/36, #G08124
      
                   297,034
  
                   654,531
    
5.50%, due 5/1/36, #G08128
      
                   639,473
  
                   130,394
    
6.00%, due 5/1/36, #A49171
      
                   130,342
  
                     91,438
    
5.00%, due 6/1/36, #G02243
      
                     87,098
  
                   724,458
    
5.50%, due 6/1/36, #A54791
      
                   707,790
  
                   272,861
    
6.00%, due 6/1/36, #A49880
      
                   272,753
  
                   336,743
    
5.00%, due 7/1/36, #A50310
      
                   320,431
  
                   454,913
    
5.50%, due 7/1/36, #A50785
      
                   444,447
  
                   140,444
    
6.00%, due 7/1/36, #A50416
      
                   140,388
  
                   482,810
    
6.50%, due 7/1/36, #A51400
      
                   490,208
  
                   379,289
    
5.00%, due 8/1/36, #A51601
      
                   361,288
  
                   690,081
    
5.00%, due 8/1/36, #G08159
      
                   656,652
  
                   970,852
    
5.50%, due 8/1/36, #A51093
      
                   948,516
  
                   140,028
    
5.50%, due 8/1/36, #G08145
      
                   136,806
  
                   362,571
    
6.00%, due 8/1/36, #A51786
      
                   362,427
  
                   503,828
    
6.00%, due 8/1/36, #A52006
      
                   503,627
  
                   237,523
    
6.50%, due 8/1/36, #A51337
      
                   241,162
  
                   853,734
    
6.50%, due 8/1/36, #A51729
      
                   866,814
  
                   892,304
    
7.00%, due 8/1/36, #G08148
      
                   916,874
  
                   271,773
    
5.50%, due 9/1/36, #A52142
      
                   265,520
  
                   230,190
    
5.50%, due 9/1/36, #A52669
      
                   224,894
  
                   379,061
    
6.00%, due 9/1/36, #A52645
      
                   378,910
  
                   272,431
    
6.50%, due 9/1/36, #A53507
      
                   276,605
  
                   420,822
    
6.50%, due 9/1/36, #G02375
      
                   427,269
  
                   152,823
    
5.50%, due 10/1/36, #A52878
      
                   149,307
  
                   655,686
    
5.50%, due 10/1/36, #A52931
      
                   640,601
  
                   831,038
    
5.50%, due 10/1/36, #A53127
      
                   811,918
  
                   331,977
    
5.50%, due 10/1/36, #A53146
      
                   324,340
  
                   492,902
    
5.50%, due 10/1/36, #A53882
      
                   482,902
  
                   354,172
    
6.00%, due 10/1/36, #G08156
      
                   354,031
  
                   815,715
    
5.00%, due 11/1/36, #A53678
      
                   776,200
  
                   473,213
    
5.00%, due 11/1/36, #A54276
      
                   450,289
  
                1,408,821
    
5.50%, due 11/1/36, #G08160
      
                1,376,409
  
                1,610,974
    
6.00%, due 11/1/36, #A53729
      
                1,610,332
  
                   909,977
    
6.00%, due 11/1/36, #A54192
      
                   909,614
  
                   185,058
    
6.00%, due 11/1/36, #A54224
      
                   184,984
  
                1,187,886
    
6.00%, due 11/1/36, #A55103
      
                1,187,413
  
                3,580,088
    
6.50%, due 11/1/36, #G02457
      
                3,634,939
  
                3,402,584
    
5.50%, due 2/1/37, #A57840
      
                3,324,301
  
                     49,951
    
6.50%, due 2/1/37, #A57780
      
                     50,713
  
                   877,713
    
5.00%, due 3/1/37, #G08185
      
                   834,605
  
                4,975,359
    
5.00%, due 5/1/37, #A60268
      
                4,730,998
  
                3,000,000
    
5.00%, due 6/1/37, #G03094
      
                2,852,658
  
              10,976,379
    
5.50%, due 6/1/37, #A61982
      
              10,721,982
  
                7,961,844
    
6.00%, due 6/1/37, #A62176
      
                7,957,284
  
                2,697,812
    
5.00%, due 7/1/37, #A63187
      
                2,565,311
  
                   298,371
    
5.00%, due 7/1/37, #G08208
      
                   283,717
  
                7,873,127
    
6.00%, due 7/1/37, #A62685
      
                7,868,618
  
                8,978,916
    
5.50%, due 8/1/37, #A63598
      
                8,770,814
  
                4,000,000
    
6.50%, due 8/1/37, #A64849
      
                4,061,043
  
   
FHLMC TBA (a) 
          
                3,000,000
    
5.50%, due 9/15/37 
      
                2,930,157
  
                3,000,000
    
6.00%, due 9/15/37 
      
                2,997,657
  
                3,000,000
    
7.00%, due 9/15/37 
      
                3,081,564
  
   
FNMA Pool 
          
                   263,461
    
5.00%, due 4/1/19, #770788
      
                   257,741
  
                   131,966
    
4.50%, due 8/1/20, #835221
      
                   126,767
  
                   364,586
    
4.50%, due 10/1/20, #842732
      
                   350,222
  
                   636,800
    
4.50%, due 12/1/20, #813954
      
                   611,711
  
                   239,091
    
4.50%, due 1/1/21, #845159
      
                   229,672
  
                   147,392
    
5.00%, due 1/1/21, #811537
      
                   144,005
  
                   159,222
    
5.50%, due 1/1/21, #849074
      
                   158,324
  
                   337,955
    
4.50%, due 2/1/21, #845437
      
                   324,640
  
                   518,594
    
5.00%, due 2/1/21, #865191
      
                   506,678
  
                   139,178
    
5.00%, due 4/1/21, #256199
      
                   135,948
  
                     31,265
    
5.50%, due 4/1/21, #851170
      
                     31,089
  
                   251,125
    
5.50%, due 4/1/21, #889868
      
                   249,707
  
                   268,103
    
5.00%, due 5/1/21, #879112
      
                   261,881
  
                   172,087
    
5.00%, due 5/1/21, #884422
      
                   168,093
  
                   683,670
    
4.50%, due 7/1/21, #845515
      
                   655,976
  
                   127,973
    
6.00%, due 7/1/21, #896586
      
                   129,393
  
                   182,971
    
5.00%, due 9/1/21, #893534
      
                   178,725
  
                   463,506
    
5.50%, due 10/1/21, #870795
      
                   460,890
  
                   630,062
    
5.50%, due 10/1/21, #905090
      
                   626,506
  
                   290,381
    
6.00%, due 10/1/21, #902303
      
                   293,602
  
                   653,256
    
5.00%, due 11/1/21, #904659
      
                   638,095
  
                     32,347
    
5.50%, due 11/1/21, #902206
      
                     32,164
  
                     26,509
    
5.50%, due 12/1/21, #910007
      
                     26,359
  
                     29,823
    
5.50%, due 1/1/22, #256557
      
                     29,654
  
                   295,770
    
5.00%, due 2/1/22, #896845
      
                   288,840
  
                   506,109
    
5.00%, due 2/1/22, #900946
      
                   494,363
  
                   124,953
    
5.00%, due 2/1/22, #911540
      
                   122,025
  
                     30,691
    
5.50%, due 2/1/22, #912367
      
                     30,517
  
                1,888,183
    
6.00%, due 2/1/22, #912522
      
                1,909,128
  
                   973,272
    
5.00%, due 3/1/22, #912261
      
                   950,466
  
                   962,169
    
5.50%, due 3/1/22, #915939
      
                   956,762
  
                   505,986
    
5.00%, due 4/1/22, #911408
      
                   494,130
  
                   928,742
    
5.50%, due 4/1/22, #896870
      
                   923,523
  
                1,524,805
    
5.00%, due 6/1/22, #937709
      
                1,489,076
  
                   534,684
    
5.00%, due 7/1/22, #938033
      
                   522,155
  
                   413,757
    
5.00%, due 7/1/22, #944887
      
                   404,062
  
                   935,720
    
5.50%, due 7/1/22, #905040
      
                   930,462
  
                     17,435
    
7.00%, due 8/1/32, #650101
      
                     18,077
  
                          657
    
6.50%, due 6/1/26, #348556
      
                          673
  
                       2,164
    
6.50%, due 3/1/31, #573931
      
                       2,214
  
                     41,715
    
5.50%, due 9/1/33, #729928
      
                     40,866
  
                     53,502
    
5.50%, due 9/1/33, #741862
      
                     52,412
  
                       7,206
    
6.50%, due 6/1/34, #782590
      
                       7,341
  
                     44,454
    
6.00%, due 8/1/34, #790162
      
                     44,521
  
                     20,806
    
5.00%, due 11/1/34, #803017
      
                     19,831
  
                   200,861
    
5.50%, due 5/1/35, #824531
      
                   196,391
  
                     58,254
    
6.00%, due 5/1/35, #735501
      
                     58,261
  
                   134,330
    
6.00%, due 6/1/35, #825644
      
                   134,346
  
                     15,580
    
6.50%, due 6/1/35, #830693
      
                     15,842
  
                   312,747
    
7.00%, due 6/1/35, #821610
      
                   321,548
  
                   147,723
    
7.00%, due 7/1/35, #826251
      
                   151,880
  
                     29,428
    
5.00%, due 9/1/35, #832483
      
                     28,021
  
                   275,547
    
7.00%, due 9/1/35, #842290
      
                   283,302
  
                     28,964
    
5.00%, due 10/1/35, #836361
      
                     27,580
  
                     95,301
    
4.50%, due 11/1/35, #256032
      
                     88,207
  
                     37,054
    
5.00%, due 11/1/35, #844809
      
                     35,283
  
                   204,502
    
6.50%, due 11/1/35, #839118
      
                   207,942
  
                   299,436
    
6.50%, due 11/1/35, #844071
      
                   304,472
  
                     25,428
    
5.00%, due 12/1/35, #850739
      
                     24,213
  
                   276,502
    
5.00%, due 12/1/35, #852482
      
                   263,285
  
                     42,066
    
5.50%, due 12/1/35, #849500
      
                     41,130
  
                   269,426
    
6.00%, due 12/1/35, #848451
      
                   269,459
  
                   190,637
    
6.50%, due 12/1/35, #843585
      
                   193,843
  
                   501,595
    
5.00%, due 1/1/36, #850566
      
                   477,619
  
                   628,171
    
5.00%, due 1/1/36, #866592
      
                   598,144
  
                   235,969
    
5.50%, due 1/1/36, #851717
      
                   230,575
  
                     42,676
    
6.00%, due 1/1/36, #256060
      
                     42,681
  
                   363,806
    
5.50%, due 2/1/36, #831357
      
                   355,489
  
                1,287,183
    
6.50%, due 2/1/36, #865473
      
                1,306,923
  
                   128,827
    
6.50%, due 2/1/36, #878673
      
                   130,803
  
                     85,043
    
7.00%, due 2/1/36, #865190
      
                     87,437
  
                   225,084
    
5.00%, due 3/1/36, #852270
      
                   214,048
  
                   202,679
    
5.50%, due 3/1/36, #863684
      
                   198,045
  
                   181,023
    
5.00%, due 4/1/36, #831421
      
                   172,146
  
                   182,969
    
5.00%, due 4/1/36, #852919
      
                   173,998
  
                     28,286
    
5.00%, due 4/1/36, #872481
      
                     26,899
  
                     89,362
    
6.00%, due 4/1/36, #871954
      
                     89,373
  
                   169,437
    
7.00%, due 4/1/36, #887709
      
                   174,243
  
                3,056,039
    
5.00%, due 5/1/36, #745515
      
                2,909,957
  
                   636,040
    
5.00%, due 5/1/36, #867439
      
                   604,853
  
                   321,169
    
5.00%, due 5/1/36, #872638
      
                   305,421
  
                   370,669
    
5.00%, due 5/1/36, #884217
      
                   352,494
  
                   278,538
    
5.00%, due 5/1/36, #895554
      
                   264,880
  
                2,458,173
    
5.50%, due 5/1/36, #852527
      
                2,401,976
  
                   519,753
    
6.00%, due 5/1/36, #871348
      
                   519,393
  
                       5,186
    
6.50%, due 5/1/36, #896099
      
                       5,266
  
                   194,755
    
5.00%, due 6/1/36, #885398
      
                   185,206
  
                   544,967
    
5.50%, due 6/1/36, #256269
      
                   532,508
  
                   360,079
    
5.50%, due 6/1/36, #884803
      
                   352,066
  
                   922,231
    
6.00%, due 6/1/36, #831541
      
                   921,592
  
                   198,288
    
6.50%, due 6/1/36, #872959
      
                   201,328
  
                   325,888
    
6.50%, due 6/1/36, #882082
      
                   330,886
  
                   933,039
    
6.50%, due 6/1/36, #891913
      
                   947,348
  
                   283,255
    
5.00%, due 7/1/36, #886322
      
                   269,366
  
                   254,572
    
5.50%, due 7/1/36, #892443
      
                   248,752
  
                   187,603
    
6.00%, due 7/1/36, #885506
      
                   187,473
  
                   134,088
    
6.00%, due 7/1/36, #891794
      
                   133,995
  
                   311,680
    
6.50%, due 7/1/36, #883005
      
                   316,460
  
                     23,741
    
6.50%, due 7/1/36, #886298
      
                     24,105
  
                   355,759
    
7.00%, due 7/1/36, #887793
      
                   365,851
  
                   355,757
    
5.00%, due 8/1/36, #895093
      
                   338,751
  
                   460,939
    
5.50%, due 8/1/36, #256359
      
                   450,402
  
                     98,767
    
5.50%, due 8/1/36, #658743
      
                     96,510
  
                   984,023
    
5.50%, due 8/1/36, #817794
      
                   961,527
  
                   793,313
    
5.50%, due 8/1/36, #893295
      
                   775,177
  
                   285,999
    
6.00%, due 8/1/36, #895105 
      
                   285,801
  
                2,095,123
    
6.50%, due 8/1/36, #878187
      
                2,127,254
  
                   248,571
    
6.50%, due 8/1/36, #886451
      
                   252,383
  
                   191,106
    
6.50%, due 8/1/36, #887017
      
                   194,037
  
                   879,812
    
6.50%, due 8/1/36, #892924
      
                   893,305
  
                   393,454
    
6.50%, due 8/1/36, #897208
      
                   399,488
  
                   117,314
    
6.50%, due 8/1/36, #897737
      
                   119,113
  
                   551,065
    
6.50%, due 8/1/36, #903188
      
                   559,516
  
                   374,806
    
5.00%, due 9/1/36, #886899
      
                   356,428
  
                   467,805
    
5.00%, due 9/1/36, #886921
      
                   444,867
  
                   488,680
    
5.00%, due 9/1/36, #893569
      
                   464,718
  
                   775,727
    
5.00%, due 9/1/36, #893621
      
                   737,691
  
                   855,011
    
5.50%, due 9/1/36, #256403
      
                   835,464
  
                   479,517
    
5.50%, due 9/1/36, #893570
      
                   468,555
  
                   754,251
    
5.50%, due 9/1/36, #896444
      
                   737,008
  
                   476,292
    
5.50%, due 9/1/36, #900348
      
                   465,403
  
                   618,293
    
6.00%, due 9/1/36, #893427
      
                   617,865
  
                   842,080
    
6.50%, due 9/1/36, #745824
      
                   854,994
  
                     77,545
    
6.50%, due 9/1/36, #887432
      
                     78,734
  
                   246,738
    
6.50%, due 9/1/36, #893483
      
                   250,522
  
                   593,998
    
7.00%, due 9/1/36, #900964
      
                   610,848
  
                   931,902
    
5.50%, due 10/1/36, #831845
      
                   910,597
  
                   935,587
    
5.50%, due 10/1/36, #893087
      
                   914,198
  
                     57,532
    
6.00%, due 10/1/36, #894203
      
                     57,492
  
                   495,088
    
6.00%, due 10/1/36, #894999
      
                   494,745
  
                1,362,560
    
6.00%, due 10/1/36, #897174
      
                1,361,616
  
                   188,626
    
6.00%, due 10/1/36, #903770
      
                   188,495
  
                     58,650
    
6.50%, due 10/1/36, #901442
      
                     59,549
  
                     23,761
    
6.50%, due 10/1/36, #901704
      
                     24,126
  
                   374,269
    
5.00%, due 11/1/36, #898813
      
                   355,917
  
                   955,599
    
5.00%, due 11/1/36, #902436
      
                   908,743
  
                   971,410
    
5.50%, due 11/1/36, #898814
      
                   949,202
  
                   910,748
    
5.50%, due 11/1/36, #904104
      
                   889,927
  
                   394,403
    
5.50%, due 11/1/36, #904906
      
                   385,387
  
                   448,504
    
6.00%, due 11/1/36, #898198
      
                   448,194
  
                     52,083
    
6.00%, due 11/1/36, #902663
      
                     52,047
  
                1,439,650
    
6.00%, due 11/1/36, #903964
      
                1,438,653
  
                     54,617
    
6.50%, due 11/1/36, #902049
      
                     55,455
  
                   425,527
    
5.00%, due 12/1/36, #256537
      
                   404,662
  
                1,429,670
    
5.50%, due 12/1/36, #256513
      
                1,396,986
  
                   911,781
    
6.00%, due 12/1/36, #256514
      
                   911,150
  
                   706,686
    
6.00%, due 12/1/36, #902865
      
                   706,196
  
                   114,885
    
6.50%, due 12/1/36, #878338
      
                   116,646
  
                     23,805
    
6.50%, due 12/1/36, #920162
      
                     24,170
  
                     26,962
    
6.50%, due 12/1/36, #920253
      
                     27,375
  
                   195,920
    
5.00%, due 1/1/37, #906238
      
                   186,313
  
                   992,342
    
5.50%, due 1/1/37, #920730
      
                   969,656
  
                     21,214
    
6.50%, due 1/1/37, #908246
      
                     21,538
  
                   451,706
    
7.00%, due 1/1/37, #256567
      
                   464,519
  
                   590,346
    
5.00%, due 2/1/37, #908612
      
                   561,167
  
                1,167,903
    
5.50%, due 2/1/37, #256636
      
                1,140,834
  
                3,856,497
    
5.50%, due 2/1/37, #922064
      
                3,767,116
  
                   953,469
    
6.00%, due 2/1/37, #909357
      
                   952,625
  
                     49,832
    
7.00%, due 2/1/37, #915904
      
                     51,245
  
                   500,000
    
6.50%, due 4/1/37, #914764
      
                   507,631
  
                   167,751
    
5.50%, due 5/1/37, #919283
      
                   163,863
  
                   169,585
    
5.50%, due 5/1/37, #936605
      
                   165,708
  
                   952,497
    
6.50%, due 5/1/37, #917052
      
                   967,033
  
                   118,042
    
5.00%, due 6/1/37, #937755
      
                   112,208
  
                6,983,111
    
5.00%, due 6/1/37, #939485
      
                6,637,959
  
                   497,822
    
5.50%, due 6/1/37, #899503
      
                   486,284
  
                7,478,827
    
5.50%, due 6/1/37, #918554
      
                7,305,492
  
              13,201,420
    
5.50%, due 6/1/37, #918638
      
              12,895,454
  
                   994,231
    
5.50%, due 6/1/37, #918705
      
                   971,188
  
                4,440,763
    
5.50%, due 6/1/37, #919577
      
                4,337,840
  
              15,795,369
    
6.00%, due 6/1/37, #917129
      
              15,781,387
  
                   899,186
    
7.00%, due 6/1/37, #256774
      
                   924,663
  
                   401,144
    
7.00%, due 6/1/37, #940234
      
                   412,510
  
                   923,955
    
5.00%, due 7/1/37, #256877
      
                   878,287
  
                   998,672
    
5.00%, due 7/1/37, #939544
      
                   949,311
  
                7,467,010
    
5.00%, due 7/1/37, #944534
      
                7,097,940
  
                   521,801
    
5.50%, due 7/1/37, #256799
      
                   509,707
  
                   909,941
    
5.00%, due 8/1/37, #945873
      
                   864,966
  
                7,000,000
    
6.00%, due 8/1/37, #256883
      
                6,993,804
  
                     39,999
    
6.50%, due 8/1/37, #942435
      
                     40,610
  
   
FNMA TBA (a) 
          
                3,000,000
    
5.00%, due 9/15/37 
      
                2,851,407
  
                3,000,000
    
5.50%, due 9/15/37 
      
                2,930,157
  
   
GNMA Pool 
          
                       1,964
    
6.50%, due 6/15/23, #345335
      
                       2,009
  
                       2,076
    
6.50%, due 6/15/23, #350532
      
                       2,124
  
                       1,440
    
6.50%, due 9/15/23, #366323
      
                       1,474
  
                          697
    
6.50%, due 10/15/23, #351311
      
                          713
  
                       1,119
    
6.50%, due 11/15/23, #374827
      
                       1,145
  
                       1,874
    
6.50%, due 5/15/32, #551777
      
                       1,915
  
                     90,634
    
7.00%, due 9/15/35, #647831
      
                     93,758
  
                   285,736
    
5.00%, due 10/15/35, #642220
      
                   275,596
  
                   272,645
    
5.00%, due 11/15/35, #550718
      
                   262,970
  
                   213,024
    
5.50%, due 11/15/35, #650091
      
                   209,528
  
                   180,394
    
5.50%, due 12/15/35, #646307
      
                   177,433
  
                   130,154
    
5.50%, due 2/15/36, #652942
      
                   127,961
  
                   354,220
    
6.00%, due 2/15/36, #649384
      
                   356,039
  
                   435,689
    
5.50%, due 3/15/36, #653730
      
                   428,348
  
                   189,852
    
5.50%, due 4/15/36, #648115
      
                   186,654
  
                   340,187
    
5.50%, due 4/15/36, #652534
      
                   334,456
  
                   438,468
    
6.00%, due 4/15/36, #652510
      
                   440,721
  
                     86,178
    
6.50%, due 4/15/36, #655329
      
                     87,838
  
                   177,552
    
5.00%, due 5/15/36, #651939
      
                   171,092
  
                   288,839
    
5.50%, due 5/15/36, #655520
      
                   283,973
  
                   141,039
    
5.50%, due 5/15/36, #655532
      
                   138,663
  
                   177,839
    
5.00%, due 6/15/36, #608952
      
                   171,369
  
                   560,945
    
6.50%, due 6/15/36, #652593
      
                   571,755
  
                   996,686
    
6.50%, due 6/15/36, #655456
      
                1,015,893
  
                   361,453
    
5.50%, due 7/15/36, #608993
      
                   355,363
  
                   197,526
    
6.00%, due 7/15/36, #654930
      
                   198,540
  
                   276,805
    
6.00%, due 7/15/36, #656064
      
                   278,227
  
                   296,811
    
5.50%, due 8/15/36, #654937
      
                   291,811
  
                   219,370
    
5.50%, due 8/15/36, #656475
      
                   215,674
  
                   197,607
    
5.50%, due 9/15/36, #651880
      
                   194,277
  
                   260,225
    
6.50%, due 9/15/36, #598830
      
                   265,240
  
                   995,960
    
6.50%, due 10/15/36, #646564
      
                1,015,154
  
                   594,371
    
6.00%, due 11/15/36, #608450
      
                   597,424
  
                   993,190
    
6.00%, due 11/15/36, #617294
      
                   998,292
  
                   494,660
    
6.00%, due 11/15/36, #657270
      
                   497,201
  
                   998,184
    
6.50%, due 12/15/36, #618753
      
                1,017,421
  
                   486,779
    
5.50%, due 2/15/37, #657368
      
                   478,420
  
                2,491,780
    
5.50%, due 2/15/37, #658419
      
                2,448,993
  
                4,904,699
    
5.50%, due 3/15/37, #663880
      
                4,820,480
  
                5,000,001
    
6.00%, due 4/15/37, #668411
      
                5,025,083
  
                2,500,000
    
5.00%, due 8/15/37, #671463
      
                2,408,635
  
   
GNMA TBA (a) 
          
                3,000,000
    
6.00%, due 9/15/37 
      
                3,014,532
  
              
            290,026,334
  
                  
   
Total Mortgage-Backed Securities (cost $290,403,782)
    
         290,026,334
  
                  
   
U.S. GOVERNMENT INSTRUMENTALITIES
3.1
 %      
   
U.S. Treasury Bonds 
1.1
 %      
   
U.S. Treasury Bond 
          
                3,200,000
    
4.625%, due 12/31/11 
      
                3,247,002
  
                  
   
U.S. Treasury Notes 
2.0
 %      
   
U.S. Treasury Note 
          
                6,000,000
    
4.875%, due 8/15/16 
      
                6,151,410
  
                  
   
Total U.S. Government Instrumentalities
        
   
(cost $9,308,947) 
      
              9,398,412
  
                  
Shares/
                 
Principal Amount
    
 
          
                  
   
SHORT-TERM INVESTMENTS
7.7
 %      
                     62,987
  
AIM STIT - Treasury Portfolio - Institutional Class
      
                     62,987
  
   
FHLB Discount Note 
          
 $           23,425,000
    
Zero Coupon, due 9/4/07
      
              23,417,090
  
                  
   
Total Short-Term Investments (cost $23,480,077)
    
           23,480,077
  
                  
   
Total Investments (cost $323,192,806)
105.6
 %  
         322,904,823
  
   
Liabilities less Other Assets
(5.6
 )%  
          (17,058,385
 )
   
TOTAL NET ASSETS 
100.0
 %
 $
       305,846,438
  
                  

(a) Security purchased on a when-issued basis.  As of August 31, 2007, the total cost of
      investments purchased on a when-issued basis was $17,828,203 or 5.8% 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 August 31, 2007 was as follows*:

Cost of investments
$
323,192,806
  
       
Gross unrealized appreciation
$
1,302,771
  
Gross unrealized depreciation
  
(1,590,754
 )
Net unrealized depreciation
$
(287,983
 )
       

*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 semi-annual or annual report.
 
 
PIA MODERATE DURATION BOND FUND
Schedule of Investments - August 31, 2007 (Unaudited)
               
               
Principal
              
Amount
            
 Value
               
   
CORPORATE BONDS & NOTES
17.9
 %    
   
Aerospace/Defense
1.0
 %    
   
United Technologies Corp.
        
 $                100,000
    
4.375%, due 5/1/10
    
  $
                 98,756
               
   
Auto Manufacturers
1.0
 %    
   
DaimlerChrysler NA Holding Corp.
        
100,000
    
5.875%, due 3/15/11
      
                   101,025
               
   
Banks
2.9
 %    
   
Bank of America Corp.
        
100,000
    
5.375%, due 8/15/11
      
                   100,621
   
Wachovia Corp.
        
100,000
    
4.375%, due 6/1/10
      
                     98,263
   
Wells Fargo & Co.
        
100,000
    
4.625%, due 8/9/10
      
                     98,692
             
                   297,576
               
   
Consumer Products
0.9
 %    
   
Clorox Co.
        
100,000
    
5.00%, due 1/15/15
      
                     96,094
               
   
Diversified Financial Services
1.9
 %    
   
Countrywide Financial Corp.
        
100,000
    
5.80%, due 6/7/12
      
                     94,069
   
HSBC Finance Corp.
        
100,000
    
4.125%, due 11/16/09
      
                     97,587
             
                   191,656
               
   
Electric Utilities
1.9
 %    
   
Dominion Resources, Inc.
        
100,000
    
5.15%, due 7/15/15
      
                     95,827
   
Duke Energy Corp.
        
100,000
    
6.25%, due 1/15/12
      
                   103,512
             
                   199,339
               
   
Food
0.5
 %    
   
ConAgra Foods, Inc.
        
                     50,000
    
6.75%, due 9/15/11
      
                     52,256
               
   
Insurance
0.9
 %    
   
MetLife, Inc.
        
100,000
    
5.00%, due 6/15/15
      
                     96,105
               
   
Machinery
1.0
 %    
   
John Deere Capital Corp.
        
100,000
    
5.10%, due 1/15/13
      
                     98,967
               
   
Media
2.0
 %    
   
Time Warner, Inc.
        
100,000
    
6.75%, due 4/15/11
      
                   104,020
   
Viacom, Inc.
        
100,000
    
6.25%, due 4/30/16
      
                   100,334
             
                   204,354
               
   
Oil & Gas
1.0
 %    
   
Occidental Petroleum Corp.
        
100,000
    
6.75%, due 1/15/12
      
                   107,214
               
   
Retail
1.0
 %    
   
Target Corp.
        
100,000
    
7.00%, due 7/15/31
      
                   106,610
               
   
Savings & Loans
0.9
 %    
   
Washington Mutual, Inc.
        
100,000
    
5.125%, due 1/15/15
      
                     90,985
               
   
Telecommunications
1.0
 %    
   
BellSouth Corp.
        
100,000
    
6.00%, due 10/15/11
      
                   102,237
               
   
Total Corporate Bonds & Notes (cost $1,875,702)
      
              1,843,174
               
   
MORTGAGE-BACKED SECURITIES
28.6
 %    
   
Collateralized Mortgage Obligations
0.0
 %    
   
FHLMC Series 1387 S
        
312
    
5.223%, due 10/15/07 (a)(d)(e)
      
                             —
               
   
U.S. Government Agencies
28.6
 %    
   
FHLMC Pool
        
245,863
    
4.50%, due 1/1/19, #B11934
      
                   236,570
699,999
    
5.00%, due 3/1/22, #G18171
      
                   683,597
474,111
    
5.00%, due 8/1/36, #A51601
      
                   451,611
   
FNMA Pool
        
229,867
    
6.00%, due 3/1/33, #555285
      
                   230,810
635,341
    
5.50%, due 10/1/33, #748710
      
                   622,400
   
GNMA Pool
        
227,250
    
6.00%, due 8/15/36, #609011
      
228,418
   
GNMA TBA (f)
        
500,000
    
5.00%, due 2/15/22
      
490,390
             
                2,943,796
               
   
Total Mortgage-Backed Securities (cost $2,975,032)
      
              2,943,796
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
44.2
 %    
   
U.S. Government Agencies
4.9
 %    
   
FNMA
        
500,000
    
5.25%, due 9/15/16
      
                   506,566
               
   
U.S. Treasury Bonds
7.5
 %    
   
U.S. Treasury Bond
        
140,000
    
8.125%, due 8/15/21
      
                   186,463
100,000
    
7.125%, due 2/15/23
      
                   124,555
370,000
    
5.375%, due 2/15/31
      
                   396,681
75,000
    
4.50%, due 2/15/36
      
                     71,115
             
                   778,814
               
   
U.S. Treasury Notes
31.8
 %    
   
U.S. Treasury Note
        
900,000
    
4.75%, due 2/15/10
      
                   911,954
600,000
    
4.875%, due 5/31/11
      
                   613,922
1,000,000
    
4.625%, due 7/31/12
      
                1,016,329
500,000
    
4.625%, due 2/29/12
      
                   507,813
225,000
    
4.50%, due 11/15/15
      
                   225,299
             
                3,275,317
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $4,513,227)
      
              4,560,697
               
   
RIGHTS
0.0
 %    
1
  
Global Crossing North America, Inc.
        
     
Liquidating Trust (b)(c) (cost $0)
      
                            —
               
Shares/
              
Principal Amount
              
               
   
SHORT-TERM INVESTMENTS
7.3
 %    
                     41,427
  
AIM STIT - Treasury Portfolio - Institutional Class
      
                     41,427
   
FHLB Discount Note
        
 $                707,000
    
Zero Coupon, due 9/4/07
      
                   706,761
               
   
Total Short-Term Investments (cost $748,188)
      
                 748,188
               
   
Total Investments (cost $10,112,149)
98.0
 %  
           10,095,855
   
Other Assets less Liabilities
2.0
 %  
                 208,817
   
TOTAL NET ASSETS
100.0
 %
 $
         10,304,672
               

(a) Variable rate note.  Rate shown reflects the rate in effect at August 31, 2007.   
(b) Restricted security.  The interest in the liquidating trust was acquired through a distribution on
      December 9, 2003.  As of August 31, 2007, the security had a cost and value of $0 (0.0% of total 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 August 31, 2007, the security had a value of $0 (0.0% of total 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 August 31, 2007.
(f)  Security purchased on a when-issued basis. As of August 31, 2007 the total cost of investment purchased on a
      when-issued basis was $487,656 or 4.7% 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 August 31, 2007 was as follows*:

Cost of investments
$
10,112,149
  
       
Gross unrealized appreciation
$
69,267
  
Gross unrealized depreciation
  
(85,561
 )
Net unrealized depreciation
$
(16,294
 )
       

*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 semi-annual or annual report.
 
 
PIA SHORT-TERM SECURITIES FUND
Schedule of Investments - August 31, 2007 (Unaudited)
               
               
Principal
              
Amount
            
 Value
               
   
MORTGAGE-BACKED SECURITIES
11.1
 %    
   
Private
0.0
 %    
   
Prudential Home Mortgage Securities
        
 $                  10,270
    
7.50%, due 3/25/08
    
  $
                 10,225
               
   
U.S. Government Agencies
11.1
 %    
   
FHLMC ARM Pool (a)
        
                     50,333
    
7.006%, due 8/1/15, #755204
      
                     50,254
                     40,555
    
7.209%, due 2/1/22, #845113
      
                     41,081
                     74,685
    
5.837%, due 10/1/22, #635206
      
                     74,987
                     25,860
    
7.261%, due 6/1/23, #845755
      
                     25,858
                     16,446
    
7.205%, due 2/1/24, #609231
      
                     16,532
                   670,906
    
7.381%, due 1/1/25, #785726
      
                   676,909
                     97,813
    
6.515%, due 1/1/33, #1B0668
      
                     99,427
   
FNMA ARM Pool (a)
        
                     49,204
    
7.569%, due 7/1/25, #555206
      
                     49,519
                   473,472
    
6.658%, due 7/1/27, #424953
      
                   476,523
                   241,044
    
7.297%, due 3/1/28, #556438
      
                   241,488
                   205,481
    
6.446%, due 6/1/29, #508399
      
                   207,203
                   472,982
    
6.637%, due 4/1/30, #562912
      
                   473,948
                   210,868
    
7.262%, due 8/1/30, #556824
      
                   211,363
                   178,611
    
7.232%, due 10/1/30, #670317
      
                   180,082
                     49,921
    
7.103%, due 7/1/31, #592745
      
                     50,623
                   123,201
    
7.442%, due 9/1/31, #597196
      
                   124,694
                     35,806
    
7.277%, due 11/1/31, #610547
      
                     35,972
                     89,008
    
7.125%, due 4/1/32, #629098
      
                     89,577
                   110,078
    
7.25%, due 2/1/33, #670257
      
                   110,329
   
FNMA Pool
        
                     31,292
    
11.00%, due 1/1/13, #415842
      
                     33,835
   
GNMA II ARM Pool (a)
        
                     22,495
    
6.125%, due 11/20/21, #8871
      
                     22,695
                   154,543
    
6.125%, due 10/20/22, #8062
      
                   155,700
                   343,343
    
6.125%, due 11/20/26, #80011
      
                   346,029
                     73,781
    
6.125%, due 11/20/26, #80013
      
                     74,481
                     39,177
    
6.125%, due 12/20/26, #80021
      
                     39,471
                     21,283
    
6.375%, due 1/20/27, #80029
      
                     21,492
                   326,464
    
5.75%, due 7/20/27, #80094
      
                   328,981
                   480,107
    
5.75%, due 8/20/27, #80104
      
                   483,638
                     20,416
    
6.125%, due 10/20/27, #80122
      
                     20,577
                   184,193
    
6.375%, due 1/20/28, #80154
      
                   186,076
                   375,635
    
6.125%, due 10/20/29, #80331
      
                   378,783
                     80,131
    
6.125%, due 11/20/29, #80344
      
                     80,777
             
                5,408,904
               
   
Total Mortgage-Backed Securities (cost $5,512,812)
      
              5,419,129
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
86.3
 %    
   
U.S. Government Agencies
58.1
 %    
   
FHLB
        
                2,700,000
    
3.625%, due 1/15/08
      
                2,684,518
   
FHLMC
        
                3,250,000
    
5.75%, due 4/15/08
      
                3,260,540
                3,250,000
    
3.875%, due 6/15/08
      
                3,220,562
                3,000,000
    
4.625%, due 12/19/08
      
                2,990,529
                4,500,000
    
3.375%, due 4/15/09
      
                4,427,357
   
FNMA
        
                2,500,000
    
5.00%, due 9/14/07
      
                2,499,745
                   800,000
    
6.625%, due 10/15/07
      
                   801,147
                2,500,000
    
3.25%, due 11/15/07
      
                2,490,110
                2,500,000
    
5.25%, due 12/3/07
      
                2,499,730
                3,500,000
    
3.25%, due 1/15/08
      
                3,472,161
             
              28,346,399
               
   
U.S. Treasury Notes
28.2
 %    
   
U.S. Treasury Note
        
                   200,000
    
4.375%, due 1/31/08
      
                   200,172
                1,500,000
    
5.625%, due 5/15/08
      
                1,511,953
                2,400,000
    
4.875%, due 8/31/08
      
                2,413,126
                3,000,000
    
4.875%, due 10/31/08
      
                3,020,391
                4,500,000
    
4.50%, due 2/15/09
      
                4,518,985
                2,100,000
    
4.50%, due 3/31/09
      
                2,108,860
             
              13,773,487
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $42,016,053)
      
           42,119,886
               
Shares/
              
Principal Amount
              
               
   
SHORT-TERM INVESTMENTS
2.2
 %    
                     62,891
  
AIM STIT - Treasury Portfolio - Institutional Class
      
                     62,891
   
FHLB Discount Note
        
 $             1,012,000
    
Zero Coupon, due 9/4/07
      
                1,011,658
               
   
Total Short-Term Investments (cost $1,074,549)
      
              1,074,549
               
   
Total Investments (cost $48,603,414)
99.6
 %  
           48,613,564
   
Other Assets less Liabilities
0.4
 %  
                 197,347
   
TOTAL NET ASSETS
100.0
 %
 $
         48,810,911
               

(a) Variable rate note.  Rate shown reflects the rate in effect at August 31, 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 August 31, 2007 was as follows*:

Cost of investments
$
48,603,414
  
       
Gross unrealized appreciation
$
119,639
  
Gross unrealized depreciation
  
(109,489
 )
Net unrealized appreciation
$
10,150
  
       

*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 semi-annual or annual report.
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s Chairman/Chief Executive Officer and President 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/ Joe D. Redwine            
Joe D. Redwine, Chairman

Date  10/26/07                                                                    



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/ Joe D. Redwine            
Joe D. Redwine, Chairman

Date  10/26/07                                                                    

By (Signature and Title)*   /s/ Douglas G. Hess          
Douglas G. Hess, President & Treasurer

Date   10/24/07                                                                    

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