N-Q 1 pia_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pia_nq.htm
As filed with the Securities and Exchange Commission on April 28, 2008



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



Jeanine M. Bajczyk
Advisors Series Trust
615 East 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, 2008



Date of reporting period:  February 29, 2008
 
Item 1. Schedules of Investments.
PIA BBB BOND FUND
Schedule of Investments - February 29, 2008 (Unaudited)
           
           
Principal
          
Amount
        
 Value
           
   
CORPORATE BONDS & NOTES - 92.7%
    
   
Aerospace/Defense - 0.9%
    
   
Northrup Grumman Corp.
    
 $                870,000
    
7.75%, due 2/15/31
   $
             1,080,784
   
Raytheon Co.
    
                   550,000
    
7.20%, due 8/15/27
  
                   627,589
         
                1,708,373
           
   
Appliances - 1.0%
    
   
Whirlpool Corp.
    
                1,900,000
    
5.50%, due 3/1/13
  
                1,945,197
           
   
Banks - 2.1%
    
   
Capital One Financial Corp.
    
                   500,000
    
6.15%, due 9/1/16
  
                   453,897
   
Sovereign Bank
    
                2,000,000
    
5.125%, due 3/15/13
  
                1,888,756
   
Zions Bancorp
    
                1,750,000
    
5.50%, due 11/16/15
  
                1,640,991
         
                3,983,644
           
   
Building Materials - 1.2%
    
   
Hanson PLC
    
                   900,000
    
6.125%, due 8/15/16
  
                   901,133
   
Masco Corp.
    
                1,500,000
    
5.85%, due 3/15/17
  
                1,409,318
         
                2,310,451
           
   
Computer Services - 0.3%
    
   
Electronic Data Systems Corp.
    
                   500,000
    
6.50%, due 8/1/13
  
                   511,951
           
   
Construction - 0.9%
    
   
CRH America, Inc.
    
                1,800,000
    
6.00%, due 9/30/16
  
                1,737,464
           
   
Consumer Products - 1.3%
    
   
Clorox Co.
    
1,900,000
    
5.95%, due 10/15/17
  
                1,918,533
   
Fortune Brands, Inc.
    
                   575,000
    
5.375%, due 1/15/16
  
                   551,141
         
                2,469,674
           
   
Diversified Financial Services - 0.7%
    
   
Countrywide Financial Corp.
    
750,000
    
5.80%, due 6/7/12
  
                   674,724
   
Countrywide Home Loan
    
750,000
    
4.125%, due 9/15/09
  
                   675,370
         
                1,350,094
           
   
Diversified Manufacturing - 0.5%
    
   
Tyco International Group SA
    
                   300,000
    
6.00%, due 11/15/13
  
                   315,593
                   600,000
    
6.875%, due 1/15/29
  
                   577,474
         
                   893,067
           
   
Electric Utilities - 13.4%
    
   
Arizona Public Service Co.
    
                1,705,000
    
5.80%, due 6/30/14
  
                1,717,825
   
CenterPoint Energy
    
                1,075,000
    
7.75%, due 2/15/11
  
                1,180,656
   
Constellation Energy Group
    
                1,200,000
    
7.60%, due 4/1/32
  
                1,221,798
   
Consumers Energy
    
                1,750,000
    
5.50%, due 8/15/16
  
                1,778,877
   
Dominion Resources, Inc.
    
                2,475,000
    
5.15%, due 7/15/15
  
                2,474,087
   
DTE Energy Co.
    
                1,850,000
    
7.05%, due 6/1/11
  
                2,001,138
   
Exelon Corp.
    
                1,600,000
    
6.75%, due 5/1/11
  
                1,689,406
                   650,000
    
5.625%, due 6/15/35
  
                   582,573
   
FirstEnergy Corp.
    
                1,075,000
    
6.45%, due 11/15/11
  
                1,139,263
                   525,000
    
7.375%, due 11/15/31
  
                   574,274
   
Indiana Michigan Power
    
                1,800,000
    
6.05%, due 3/15/37
  
                1,697,926
   
MidAmerican Energy Holdings Co.
    
                1,750,000
    
6.125%, due 4/1/36
  
                1,742,694
   
NiSource Finance Corp.
    
                   950,000
    
5.40%, due 7/15/14
  
                   946,875
   
Oncor Electric Delivery
    
                   250,000
    
7.00%, due 5/1/32
  
                   244,672
   
PPL Energy Supply, LLC
    
                1,150,000
    
6.40%, due 11/1/11
  
                1,210,261
   
Progress Energy, Inc.
    
                1,916,000
    
7.10%, due 3/1/11
  
                2,079,115
   
PSEG Power, LLC
    
                1,600,000
    
7.75%, due 4/15/11
  
                1,746,034
   
Puget Sound Energy, Inc.
    
                1,375,000
    
6.274%, due 3/15/37
  
                1,328,367
   
Virginia Electric & Power Co.
    
                   550,000
    
6.00%, due 1/15/36
  
                   545,099
         
              25,900,940
           
   
Electronic Parts - 0.9%
    
   
Avnet, Inc.
    
                1,800,000
    
5.875%, due 3/15/14
  
                1,844,712
           
   
Finance - 1.1%
    
   
SLM Corp.
    
                1,750,000
    
4.50%, due 7/26/10
  
                1,621,188
                   700,000
    
5.375%, due 5/15/14
  
                   599,093
         
                2,220,281
           
   
Financial - Other - 0.2%
    
   
Orix Corp.
    
                   300,000
    
5.48%, due 11/22/11
  
                   299,903
           
   
Food - 6.1%
    
   
ConAgra Foods, Inc.
    
                   500,000
    
7.875%, due 9/15/10
  
                   547,979
                   525,000
    
7.00%, due 10/1/28
  
                   542,113
   
General Mills, Inc.
    
                1,000,000
    
6.00%, due 2/15/12
  
                1,059,996
   
H.J.Heinz Co.
    
                   750,000
    
6.00%, due 3/15/12
  
                   792,000
   
Kellogg Co.
    
                1,900,000
    
6.60%, due 4/1/11
  
                2,050,759
   
Kraft Foods, Inc.
    
                1,100,000
    
6.25%, due 6/1/12
  
                1,164,527
                1,200,000
    
6.50%, due 8/11/17
  
                1,252,780
                1,100,000
    
6.875%, due 2/1/38
  
                1,096,853
   
Kroger Co.
    
                1,150,000
    
6.20%, due 6/15/12
  
                1,224,520
                   350,000
    
6.15%, due 1/15/20
  
                   362,651
   
Safeway, Inc.
    
                   950,000
    
6.50%, due 3/1/11
  
                1,014,187
                   700,000
    
6.35%, due 8/15/17
  
                   743,082
         
              11,851,447
           
   
Forest Products & Paper - 0.7%
    
   
Weyerhaeuser Co.
    
                1,000,000
    
6.75%, due 3/15/12
  
                1,039,977
                   425,000
    
7.375%, due 3/15/32
  
                   402,200
         
                1,442,177
           
   
Health Care - 1.9%
    
   
Hospira, Inc.
    
                1,675,000
    
5.55%, due 3/30/12
  
                1,757,765
   
McKesson Corp.
    
                1,800,000
    
5.25%, due 3/1/13
  
                1,871,491
         
                3,629,256
           
   
Hotels - 1.0%
    
   
Marriott International, Inc.
    
                1,900,000
    
5.625%, due 2/15/13
  
                1,901,355
           
   
Insurance - 0.4%
    
   
Marsh & McLennan Cos., Inc.
    
                   800,000
    
5.75%, due 9/15/15
  
                   802,358
           
   
Media - 11.6%
    
   
CBS Corp.
    
                1,175,000
    
7.70%, due 7/30/10
  
                1,271,329
                   300,000
    
7.875%, due 7/30/30
  
                   302,806
   
Comcast Cable Communications, Inc.
    
                2,900,000
    
8.375%, due 3/15/13
  
                3,259,539
   
Comcast Corp.
    
                2,100,000
    
6.50%, due 1/15/17
  
                2,185,056
                2,300,000
    
7.05%, due 3/15/33
  
                2,355,752
   
Cox Communications, Inc.
    
                1,625,000
    
7.125%, due 10/1/12
  
                1,763,466
   
News America, Inc.
    
                2,400,000
    
6.20%, due 12/15/34
  
                2,301,586
   
Time Warner Ent.
    
                1,500,000
    
8.875%, due 10/1/12
  
                1,717,935
                   875,000
    
8.375%, due 7/15/33
  
                1,012,563
   
Time Warner, Inc.
    
                1,855,000
    
9.125%, due 1/15/13
  
                2,111,372
                2,375,000
    
7.70%, due 5/1/32
  
                2,559,521
   
Viacom, Inc.
    
                   900,000
    
6.25%, due 4/30/16
  
                   893,966
                   800,000
    
6.875%, due 4/30/36
  
                   767,230
         
              22,502,121
           
   
Medical - 0.4%
    
   
Cardinal Health, Inc.
    
                   700,000
    
6.75%, due 2/15/11
  
                   757,247
           
   
Metals - 0.9%
    
   
Alcoa Inc.
    
                1,000,000
    
5.55%, due 2/1/17
  
                   975,624
                   750,000
    
5.95%, due 2/1/37
  
                   679,807
         
                1,655,431
           
   
Mining - 0.9%
    
   
Vale Overseas Limited
    
                1,475,000
    
6.25%, due 1/23/17
  
                1,493,234
                   350,000
    
6.875%, due 11/21/36
  
                   339,987
         
                1,833,221
           
   
Office Equipment - 0.9%
    
   
Xerox Corp.
    
                1,750,000
    
6.40%, due 3/15/16
  
                1,812,620
           
   
Oil & Gas - 8.6%
    
   
Anadarko Petroleum Corp.
    
                1,375,000
    
5.95%, due 9/15/16
  
                1,427,539
                   850,000
    
6.45%, due 9/15/36
  
                   863,933
   
Canadian Natural Resources
    
                   700,000
    
6.00%, due 8/15/16
  
                   723,124
                   850,000
    
6.50%, due 2/15/37
  
                   838,396
   
Devon Energy Corp.
    
                   625,000
    
7.95%, due 4/15/32
  
                   771,347
   
Devon Financing Corp., U.L.C.
    
                   599,000
    
6.875%, due 9/30/11
  
                   659,595
   
Encana Corp.
    
                   700,000
    
6.50%, due 8/15/34
  
                   717,331
   
Encana Holdings Financial Corp.
    
                   500,000
    
5.80%, due 5/1/14
  
                   524,845
   
Enterprise Products
    
                   550,000
    
5.60%, due 10/15/14
  
                   560,404
                   400,000
    
6.65%, due 10/15/34
  
                   399,219
   
Hess Corp.
    
                   500,000
    
6.65%, due 8/15/11
  
                   545,675
                   450,000
    
7.875%, due 10/1/29
  
                   535,648
   
Kinder Morgan Energy Partners
    
                   850,000
    
5.125%, due 11/15/14
  
                   843,479
                   850,000
    
5.80%, due 3/15/35
  
                   749,760
   
Marathon Oil Corp.
    
                   400,000
    
6.60%, due 10/1/37
  
                   403,357
   
Nexen, Inc.
    
                   500,000
    
6.40%, due 5/15/37
  
                   485,425
   
Pemex Master Trust
    
                   466,000
    
7.875%, due 2/1/09
  
                   486,271
                   900,000
    
6.625%, due 6/15/35
  
                   945,764
   
Petro-Canada
    
                   600,000
    
5.95%, due 5/15/35
  
                   547,714
   
Talisman Energy
    
                   550,000
    
6.25%, due 2/1/38
  
                   515,746
   
Transocean Inc.
    
                   750,000
    
6.80%, due 3/15/38
  
                   786,065
   
Valero Energy Corp.
    
                   500,000
    
6.875%, due 4/15/12
  
                   539,419
                   500,000
    
6.625%, due 6/15/37
  
                   494,200
   
Weatherford International Ltd.
    
                   750,000
    
6.50%, due 8/1/36
  
                   743,699
   
XTO Energy, Inc.
    
                   600,000
    
5.00%, due 1/31/15
  
                   608,284
         
              16,716,239
           
   
Pharmacueticals - 0.9%
    
   
Rohm and Haas Co.
    
                   500,000
    
7.85%, due 7/15/29
  
                   551,715
   
Schering-Plough Corp.
    
                1,150,000
    
6.55%, due 9/15/37
  
                1,177,984
         
                1,729,699
           
   
Pipelines - 3.2%
    
   
ONEOK, Inc.
    
                1,600,000
    
5.20%, due 6/15/15
  
                1,575,622
   
ONEOK Partners, LP
    
                   350,000
    
5.90%, due 4/1/12
  
                   365,823
   
Tennessee Gas Pipeline
    
                   800,000
    
7.50%, due 4/1/17
  
                   891,101
                   500,000
    
7.00%, due 10/15/28
  
                   499,162
   
Texas Eastern Transmission Corp.
    
                   950,000
    
7.00%, due 7/15/32
  
                   999,791
   
Williams Companies, Inc.
    
                   500,000
    
7.125%, due 9/1/11
  
                   531,250
                1,100,000
    
8.75%, due 3/15/32
  
                1,300,750
         
                6,163,499
           
   
Printing - 0.4%
    
   
R. R. Donnelley & Sons Co.
    
                   750,000
    
6.125%, due 1/15/17
  
                   735,894
           
   
Real Estate Investment Trusts - 3.0%
    
   
Avalonbay Communities
    
                   350,000
    
5.50%, due 1/15/12
  
                   349,835
   
Boston Properties, LP
    
                   300,000
    
6.25%, due 1/15/13
  
                   310,533
   
Camden Property Trust
    
                1,550,000
    
5.70%, due 5/15/17
  
                1,357,944
   
Health Care Properties
    
                   500,000
    
6.00%, due 1/30/17
  
                   433,057
   
Healthcare Realty Trust
    
                   700,000
    
5.125%, due 4/1/14
  
                   642,932
   
iStar Financial, Inc.
    
                1,450,000
    
5.85%, due 3/15/17
  
                1,129,792
   
ProLogis
    
                1,800,000
    
5.75%, due 4/1/16
  
                1,672,814
         
                5,896,907
           
   
Retail- 4.8%
    
   
CVS/Caremark Corp.
    
                1,800,000
    
5.75%, due 6/1/17
  
                1,860,395
   
Home Depot, Inc.
    
                2,400,000
    
5.25%, due 12/16/13
  
                2,367,859
                   700,000
    
5.875%, due 12/16/36
  
                   578,101
   
J.C. Penney Co., Inc.
    
                1,025,000
    
8.00%, due 3/1/10
  
                1,084,412
                   525,000
    
6.375%, due 10/15/36
  
                   457,153
   
Macys Retail Holdings, Inc.
    
                1,500,000
    
5.35%, due 3/15/12
  
                1,456,947
                1,000,000
    
6.375%, due 3/15/37
  
                   800,376
   
YUM! Brands, Inc.
    
                   550,000
    
8.875%, due 4/15/11
  
                   619,012
         
                9,224,255
           
   
Sovereign - 4.3%
    
   
United Mexican States
    
                1,630,000
    
10.375%, due 2/17/09
  
                1,742,470
                3,100,000
    
5.875%, due 1/15/14
  
                3,323,200
                2,883,000
    
6.75%, due 9/27/34
  
                3,175,625
         
                8,241,295
           
   
Technology - 0.3%
    
   
Motorola, Inc.
    
                   700,000
    
6.50%, due 11/15/28
  
                   574,160
           
   
Telecommunications - 10.6%
    
   
British Telecom PLC
    
                   800,000
    
8.625%, due 12/15/10
  
                   900,411
                1,250,000
    
9.125%, due 12/15/30
  
                1,630,494
   
CenturyTel, Inc.
    
                1,700,000
    
6.00%, due 4/1/17
  
                1,676,001
   
Embarq Corp.
    
                   950,000
    
7.082%, due 6/1/16
  
                   947,340
                   600,000
    
7.995%, due 6/1/36
  
                   582,842
   
Koninklijke KPN NV
    
                   745,000
    
8.00%, due 10/1/10
  
                   812,055
   
Nextel Communications
    
                1,300,000
    
7.375%, due 8/1/15
  
                1,008,205
   
Qwest Corp.
    
                1,400,000
    
8.875%, due 3/15/12
  
                1,468,250
                   600,000
    
6.875%, due 9/15/33
  
                   529,500
   
Rogers Wireless, Inc.
    
                1,000,000
    
6.375%, due 3/1/14
  
                1,041,285
   
Sprint Capital Corp.
    
                2,400,000
    
8.375%, due 3/15/12
  
                2,113,723
                1,550,000
    
6.875%, due 11/15/28
  
                1,087,469
   
Telecom Italia Capital
    
                2,275,000
    
5.25%, due 11/15/13
  
                2,256,406
                1,325,000
    
6.375%, due 11/15/33
  
                1,274,576
   
Telefonica Europe BV
    
                1,550,000
    
7.75%, 9/15/10
  
                1,685,833
                1,350,000
    
8.25%, 9/15/30
  
                1,620,840
         
              20,635,230
           
   
Thrifts - 1.0%
    
   
Washington Mutual, Inc.
    
                2,400,000
    
4.625%, due 4/1/14
  
                1,984,730
           
   
Tobacco - 1.5%
    
   
Altria Group, Inc.
    
                1,000,000
    
7.00%, due 11/4/13
  
                1,162,683
   
Reynolds American, Inc.
    
                1,800,000
    
6.75%, due 6/15/17
  
                1,835,993
         
                2,998,676
           
   
Transportation - 3.6%
    
   
Burlington Northern Santa Fe
    
                   600,000
    
6.75%, due 7/15/11
  
                   652,277
                1,250,000
    
6.15%, due 5/1/37
  
                1,211,226
   
Canadian Pacific Railway Ltd.
    
                   950,000
    
7.125%, due 10/15/31
  
                   943,355
   
CSX Corp.
    
                1,000,000
    
5.60%, due 5/1/17
  
                   975,133
                   640,000
    
7.95%, due 5/1/27
  
                   713,297
   
Norfolk Southern Corp.
    
                1,375,000
    
7.05%, due 5/1/37
  
                1,504,646
   
Union Pacific Corp.
    
                1,000,000
    
6.15%, due 5/1/37
  
                   961,324
         
                6,961,258
           
   
Utilities - Natural Gas - 1.0%
    
   
Sempra Energy
    
                1,800,000
    
6.00%, due 2/1/13
  
                1,940,803
           
   
Waste Disposal - 0.2%
    
   
Waste Management, Inc.
    
                   400,000
    
7.75%, due 5/15/32
  
                   452,252
           
   
Total Corporate Bonds & Notes (cost $182,703,132)
  
         179,617,881
           
   
U.S. GOVERNMENT INSTRUMENTALITIES - 3.4%
    
           
   
U.S. Treasury Notes - 3.4%
    
   
U.S. Treasury Note
    
                4,500,000
    
4.625%, due 7/31/12
  
                4,921,524
                1,600,000
    
4.75%, due 2/15/37
  
                1,686,750
         
                6,608,274
           
   
Total U.S. Government Instrumentalities (cost $6,568,504)
  
              6,608,274
           
Shares/
        
Principal Amount
        
           
   
SHORT-TERM INVESTMENTS - 3.8%
    
                     70,491
  
AIM STIT - Treasury Portfolio
  
                     70,491
   
FHLB Discount Note
    
 $             7,303,000
    
Zero Coupon, due 3/3/08
  
                7,302,269
           
   
Total Short-Term Investments (cost $7,372,760)
  
              7,372,760
           
   
Total Investments (cost $196,644,396) - 99.9%
  
         193,598,915
   
Other Assets less Liabilities - 0.1%
  
                 158,890
   
TOTAL NET ASSETS - 100.0%
  $
       193,757,805
           
           
FHLB - Federal Home Loan Bank
    
           
 
The cost basis of investments for federal income tax purposes at February 29, 2008 was as follows*:
 
Cost of investments
$
196,887,238
  
       
Gross unrealized appreciation
$
       2,479,807
  
Gross unrealized depreciation
  
(5,768,130
) 
Net unrealized depreciation
$
(3,288,323
)
       
 
*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.
 
FAS 157 – Summary of Fair Value Exposure at February 29, 2008

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of February 29, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
    
   
Active markets for
Significant Other
Significant
   
Identical Assets
Observable Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$193,598,915
$70,491
           $193,528,424
 $—
Total
$193,598,915
$70,491
           $193,528,424
 $—

 
 
PIA MBS BOND FUND
Schedule of Investments - February 29, 2008 (Unaudtied)
           
           
Principal
          
Amount
        
 Value
           
   
MORTGAGE-BACKED SECURITIES - 94.9%
    
   
U.S. Government Agencies - 94.9%
    
   
FHLMC Pool
    
 $                329,039
    
4.50%, due 5/1/20, #G18052
  $
  328,927
                   357,300
    
4.50%, due 3/1/21, #G18119
  
                   357,098
                   371,908
    
5.00%, due 3/1/21, #G18105
  
                   376,630
                   253,372
    
5.50%, due 4/1/21, #J01570
  
                   258,990
                   413,014
    
4.50%, due 5/1/21, #J01723
  
                   412,780
                   390,949
    
6.00%, due 6/1/21, #G18124
  
                   403,889
                   595,090
    
5.00%, due 7/1/21, #J03048
  
                   602,644
                   944,415
    
4.50%, due 9/1/21, #G12378
  
                   944,092
                   407,740
    
5.50%, due 9/1/21, #J03360
  
                   416,782
                   548,334
    
5.00%, due 11/1/21, #G18160
  
                   555,295
                   663,088
    
5.00%, due 1/1/22, #J04202
  
                   671,457
                   426,786
    
5.50%, due 1/1/22, #G18163
  
                   436,250
                   342,029
    
5.00%, due 2/1/22, #G12522
  
                   346,371
                   552,328
    
5.00%, due 2/1/22, #J04411
  
                   559,298
                2,598,704
    
5.50%, due 3/1/22, #G12577
  
                2,656,329
                1,698,709
    
5.00%, due 7/1/22, #J05243
  
                1,720,147
                   902,289
    
5.00%, due 7/1/22, #J05257
  
                   913,677
                   112,302
    
5.50%, due 6/1/33, #G01563
  
                   113,420
                     40,709
    
5.50%, due 4/1/35, #A32022
  
                     40,992
                     43,079
    
5.50%, due 5/1/35, #B31639
  
                     43,378
                1,291,647
    
5.00%, due 8/1/35, #A36351
  
                1,274,747
                   350,087
    
5.00%, due 8/1/35, #A36842
  
                   345,507
                   618,912
    
5.50%, due 8/1/35, #A36561
  
                   623,218
                   176,779
    
5.00%, due 10/1/35, #A47296
  
                   174,467
                1,085,890
    
5.00%, due 10/1/35, #G01940
  
                1,071,683
                   428,553
    
5.00%, due 11/1/35, #A39665
  
                   422,946
                     51,527
    
5.00%, due 12/1/35, #A40268
  
                     50,853
                   171,267
    
5.00%, due 12/1/35, #A40879
  
                   169,026
                1,291,873
    
6.00%, due 1/1/36, #A42208
  
                1,321,493
                   121,831
    
7.00%, due 1/1/36, #G02048
  
                   128,950
                   100,018
    
5.00%, due 2/1/36, #A42902
  
                     98,709
                1,754,524
    
5.50%, due 2/1/36, #G02031
  
                1,766,730
                     21,372
    
5.00%, due 3/1/36, #A43419
  
                     21,058
                     31,153
    
5.00%, due 3/1/36, #A43498
  
                     30,696
                   768,292
    
5.00%, due 3/1/36, #A43658
  
                   757,022
                   216,873
    
5.00%, due 3/1/36, #A44035
  
                   213,691
                1,555,384
    
5.00%, due 3/1/36, #A44186
  
                1,532,569
                1,885,472
    
5.00%, due 3/1/36, #G08115
  
                1,860,803
                     41,168
    
5.00%, due 4/1/36, #A44893
  
                     40,565
                   626,796
    
5.50%, due 5/1/36, #G08128
  
                   630,950
                     88,089
    
5.00%, due 6/1/36, #G02243
  
                     86,936
                   698,218
    
5.50%, due 6/1/36, #A54791
  
                   702,846
                   679,248
    
5.00%, due 8/1/36, #G08159
  
                   669,284
                   963,108
    
5.50%, due 8/1/36, #A51093
  
                   969,491
                   782,253
    
7.00%, due 8/1/36, #G08148
  
                   822,867
                   625,135
    
5.50%, due 10/1/36, #A52931
  
                   629,278
                   824,966
    
5.50%, due 10/1/36, #A53127
  
                   830,433
                   809,354
    
5.00%, due 11/1/36, #A53678
  
                   797,482
                1,596,871
    
6.00%, due 11/1/36, #A53729
  
                1,632,414
                   854,670
    
6.00%, due 11/1/36, #A54192
  
                   873,693
                1,739,622
    
6.00%, due 12/1/36, #G02525
  
                1,778,343
                3,230,909
    
5.50%, due 2/1/37, #A57840
  
                3,252,321
                   852,043
    
5.00%, due 3/1/37, #G08185
  
                   839,390
                4,044,902
    
5.00%, due 5/1/37, #A60268
  
                3,984,839
                2,943,715
    
5.00%, due 6/1/37, #G03094
  
                2,900,003
                7,219,517
    
5.50%, due 6/1/37, #A61982
  
                7,265,726
                7,702,247
    
6.00%, due 6/1/37, #A62176
  
                7,872,012
                1,075,196
    
6.00%, due 6/1/37, #A62417
  
                1,098,894
                3,820,976
    
6.00%, due 6/1/37, #A62444
  
                3,905,194
                2,660,363
    
5.00%, due 7/1/37, #A63187
  
                2,620,859
                2,940,993
    
6.00%, due 7/1/37, #A62685
  
                3,005,815
                8,796,499
    
5.50%, due 8/1/37, #A63598
  
                8,852,801
                2,937,356
    
5.50%, due 8/1/37, #G03156
  
                2,956,156
                     64,210
    
7.00%, due 8/1/37, #A70079
  
                     67,543
                   755,656
    
7.00%, due 9/1/37, #A65171
  
                   794,861
                   118,090
    
7.00%, due 9/1/37, #A65335
  
                   124,217
                   104,487
    
7.00%, due 9/1/37, #A65670
  
                   109,908
                   777,554
    
7.00%, due 9/1/37, #A65780
  
                   817,896
                     51,826
    
7.00%, due 9/1/37, #A65941
  
                     54,515
                     29,176
    
7.00%, due 9/1/37, #A66041
  
                     30,690
                   865,554
    
7.00%, due 9/1/37, #G03207
  
                   910,494
                   460,985
    
6.50%, due 11/1/37, #A68726
  
                   479,068
                   520,916
    
6.50%, due 11/1/37, #A68887
  
                   541,350
   
FNMA Pool
    
                   339,638
    
4.50%, due 10/1/20, #842732
  
                   340,083
                   594,357
    
4.50%, due 12/1/20, #813954
  
                   595,135
                   309,304
    
4.50%, due 2/1/21, #845437
  
                   309,709
                   475,650
    
5.00%, due 2/1/21, #865191
  
                   481,973
                   249,312
    
5.00%, due 5/1/21, #879112
  
                   252,394
                   664,221
    
4.50%, due 7/1/21, #845515
  
                   665,100
                   438,598
    
5.50%, due 10/1/21, #870795
  
                   448,893
                   588,675
    
5.50%, due 10/1/21, #905090
  
                   602,493
                   582,129
    
5.00%, due 11/1/21, #904659
  
                   589,325
                   276,032
    
5.00%, due 2/1/22, #896845
  
                   279,280
                   476,803
    
5.00%, due 2/1/22, #900946
  
                   482,697
                1,770,315
    
6.00%, due 2/1/22, #912522
  
                1,832,412
                   945,714
    
5.00%, due 3/1/22, #912261
  
                   956,842
                   899,434
    
5.50%, due 3/1/22, #915939
  
                   919,970
                   492,566
    
5.00%, due 4/1/22, #911408
  
                   498,362
                   870,534
    
5.50%, due 4/1/22, #896870
  
                   890,410
                1,466,207
    
5.00%, due 6/1/22, #937709
  
                1,483,460
                   512,436
    
5.00%, due 7/1/22, #938033
  
                   518,466
                   400,977
    
5.00%, due 7/1/22, #944887
  
                   405,695
                   915,621
    
5.50%, due 7/1/22, #905040
  
                   936,526
                     15,973
    
7.00%, due 8/1/32, #650101
  
                     17,027
                     36,415
    
5.50%, due 9/1/33, #729928
  
                     36,776
                     50,577
    
5.50%, due 9/1/33, #741862
  
                     51,079
                     41,743
    
6.00%, due 8/1/34, #790162
  
                     42,790
                     20,049
    
5.00%, due 11/1/34, #803017
  
                     19,820
                   199,273
    
5.50%, due 5/1/35, #824531
  
                   200,703
                     54,147
    
6.00%, due 5/1/35, #735501
  
                     55,420
                   106,592
    
6.00%, due 6/1/35, #825644
  
                   109,099
                     15,388
    
6.50%, due 6/1/35, #830693
  
                     15,973
                   310,435
    
7.00%, due 6/1/35, #821610
  
                   328,220
                   137,379
    
7.00%, due 7/1/35, #826251
  
                   145,250
                     28,399
    
5.00%, due 9/1/35, #832483
  
                     28,041
                   238,984
    
7.00%, due 9/1/35, #842290
  
                   252,675
                     27,476
    
5.00%, due 10/1/35, #836361
  
                     27,129
                     93,227
    
4.50%, due 11/1/35, #256032
  
                     89,324
                     35,550
    
5.00%, due 11/1/35, #844809
  
                     35,102
                   195,989
    
6.50%, due 11/1/35, #839118
  
                   203,447
                     24,411
    
5.00%, due 12/1/35, #850739
  
                     24,104
                   271,038
    
5.00%, due 12/1/35, #852482
  
                   267,622
                     40,918
    
5.50%, due 12/1/35, #849500
  
                     41,212
                   258,574
    
6.00%, due 12/1/35, #848451
  
                   264,654
                   181,049
    
6.50%, due 12/1/35, #843585
  
                   187,939
                   607,236
    
5.00%, due 1/1/36, #866592
  
                   599,583
                     21,526
    
6.50%, due 2/1/36, #865473
  
                     22,325
                     74,366
    
7.00%, due 2/1/36, #865190
  
                     78,627
                   176,162
    
5.00%, due 4/1/36, #831421
  
                   173,650
                   175,554
    
5.00%, due 4/1/36, #852919
  
                   173,050
                     26,801
    
5.00%, due 4/1/36, #872481
  
                     26,418
                   168,558
    
7.00%, due 4/1/36, #887709
  
                   177,507
                2,938,709
    
5.00%, due 5/1/36, #745515
  
                2,901,672
                   620,177
    
5.00%, due 5/1/36, #867439
  
                   611,332
                2,357,180
    
5.50%, due 5/1/36, #852527
  
                2,372,791
                   500,591
    
6.00%, due 5/1/36, #871348
  
                   511,847
                   189,344
    
5.00%, due 6/1/36, #885398
  
                   186,644
                   519,774
    
5.50%, due 6/1/36, #256269
  
                   523,216
                   882,231
    
6.00%, due 6/1/36, #831541
  
                   902,067
                     21,948
    
6.50%, due 7/1/36, #886298
  
                     22,762
                2,867,887
    
6.50%, due 7/1/36, #897100
  
                2,974,288
                   329,512
    
7.00%, due 7/1/36, #887793
  
                   347,006
                   951,947
    
5.50%, due 8/1/36, #817794
  
                   958,251
                   751,814
    
5.50%, due 8/1/36, #893295
  
                   756,793
                1,912,978
    
6.50%, due 8/1/36, #878187
  
                1,983,951
                   547,973
    
6.50%, due 8/1/36, #903188
  
                   568,303
                   762,364
    
5.00%, due 9/1/36, #893621
  
                   751,491
                   822,242
    
5.50%, due 9/1/36, #256403
  
                   827,687
                   729,766
    
5.50%, due 9/1/36, #896444
  
                   734,599
                   580,726
    
6.00%, due 9/1/36, #893427
  
                   593,783
                   590,935
    
7.00%, due 9/1/36, #900964
  
                   622,309
                   881,154
    
5.50%, due 10/1/36, #831845
  
                   886,989
                   883,024
    
5.50%, due 10/1/36, #893087
  
                   888,872
                1,274,389
    
6.00%, due 10/1/36, #897174
  
                1,303,043
                   933,571
    
5.00%, due 11/1/36, #902436
  
                   920,256
                   941,908
    
5.50%, due 11/1/36, #898814
  
                   948,146
                1,429,589
    
6.00%, due 11/1/36, #903964
  
                1,461,732
                1,366,401
    
5.50%, due 12/1/36, #256513
  
                1,375,450
                   856,277
    
6.00%, due 12/1/36, #256514
  
                   875,530
                   634,283
    
6.00%, due 12/1/36, #902865
  
                   648,545
                     15,008
    
6.50%, due 12/1/36, #920162
  
                     15,565
                     26,805
    
6.50%, due 12/1/36, #920253
  
                     27,799
                   191,820
    
5.00%, due 1/1/37, #906238
  
                   189,084
                   947,559
    
5.50%, due 1/1/37, #920730
  
                   953,834
                   382,534
    
7.00%, due 1/1/37, #256567
  
                   402,843
                   577,708
    
5.00%, due 2/1/37, #908612
  
                   569,305
                2,899,309
    
5.50%, due 2/1/37, #256597
  
                2,918,510
                3,743,983
    
5.50%, due 2/1/37, #922064
  
                3,767,806
                   900,735
    
6.00%, due 2/1/37, #909357
  
                   920,870
                     40,337
    
7.00%, due 2/1/37, #915904
  
                     42,479
                1,129,451
    
5.50%, due 3/1/37, #256636
  
                1,136,638
                     29,397
    
5.00%, due 4/1/37, #914773
  
                     28,970
                     32,263
    
5.00%, due 4/1/37, #914990
  
                     31,794
                     33,732
    
5.00%, due 4/1/37, #916332
  
                     33,251
                   934,211
    
5.00%, due 5/1/37, #899527
  
                   920,623
                     29,281
    
5.00%, due 5/1/37, #916375
  
                     28,855
                     29,371
    
5.00%, due 5/1/37, #937088
  
                     28,944
                   947,590
    
6.50%, due 5/1/37, #917052
  
                   982,672
                   116,826
    
5.00%, due 6/1/37, #937755
  
                   115,127
                6,928,381
    
5.00%, due 6/1/37, #939485
  
                6,827,611
                7,231,798
    
5.50%, due 6/1/37, #918554
  
                7,277,814
                5,179,698
    
5.50%, due 6/1/37, #918638
  
                5,212,656
                   959,697
    
5.50%, due 6/1/37, #918705
  
                   965,803
                4,376,108
    
5.50%, due 6/1/37, #919577
  
                4,403,953
              15,169,215
    
6.00%, due 6/1/37, #917129
  
              15,508,302
                   739,381
    
7.00%, due 6/1/37, #256774
  
                   778,657
                   241,861
    
7.00%, due 6/1/37, #940234
  
                   254,708
                   915,602
    
5.00%, due 7/1/37, #256877
  
                   902,285
                   914,781
    
5.00%, due 7/1/37, #919614
  
                   901,476
                   979,956
    
5.00%, due 7/1/37, #939544
  
                   965,703
                5,679,102
    
5.00%, due 7/1/37, #944534
  
                5,596,773
                     33,873
    
5.00%, due 7/1/37, #944741
  
                     33,381
                   507,575
    
5.50%, due 7/1/37, #256799
  
                   510,805
                   952,392
    
6.50%, due 7/1/37, #942126
  
                   987,652
                   925,309
    
5.00%, due 8/1/37, #943602
  
                   911,851
                   900,952
    
5.00%, due 8/1/37, #945873
  
                   887,848
                3,508,319
    
6.00%, due 8/1/37, #256883
  
                3,586,742
                1,804,207
    
6.00%, due 8/1/37, #945936
  
                1,844,537
                2,234,584
    
6.00%, due 8/1/37, #948705
  
                2,284,535
                2,384,296
    
6.00%, due 9/1/37, #942004
  
                2,437,594
                   965,611
    
6.50%, due 9/1/37, #946585
  
                1,001,361
                1,342,577
    
6.50%, due 9/1/37, #952689
  
                1,392,283
                   721,888
    
5.50%, due 10/1/37, #940965
  
                   726,482
                   659,813
    
5.50%, due 10/1/37, #947993
  
                   664,011
                   986,791
    
5.50%, due 10/1/37, #952325
  
                   993,070
                   974,885
    
5.50%, due 10/1/37, #954939
  
                   981,088
                1,258,343
    
6.50%, due 10/1/37, #947082
  
                1,304,930
   
GNMA Pool
    
                     83,802
    
7.00%, due 9/15/35, #647831
  
                     89,157
                   283,423
    
5.00%, due 10/15/35, #642220
  
                   284,282
                   255,924
    
5.00%, due 11/15/35, #550718
  
                   256,699
                   211,364
    
5.50%, due 11/15/35, #650091
  
                   216,389
                   159,698
    
5.50%, due 12/15/35, #646307
  
                   163,495
                   329,881
    
5.50%, due 4/15/36, #652534
  
                   337,520
                   518,056
    
6.50%, due 6/15/36, #652593
  
                   541,563
                   877,990
    
6.50%, due 6/15/36, #655456
  
                   917,829
                   348,672
    
5.50%, due 7/15/36, #608993
  
                   356,747
                1,593,540
    
6.50%, due 10/15/36, #618681
  
                1,665,848
                   989,534
    
6.50%, due 10/15/36, #646564
  
                1,034,435
                   987,024
    
6.00%, due 11/15/36, #617294
  
                1,022,241
                   837,699
    
6.50%, due 12/15/36, #618753
  
                   875,710
                   460,211
    
5.50%, due 2/15/37, #657368
  
                   470,884
                2,436,689
    
5.50%, due 2/15/37, #658419
  
                2,493,199
                2,598,622
    
5.50%, due 3/15/37, #663880
  
                2,658,888
                3,777,916
    
6.00%, due 4/15/37, #668411
  
                3,912,713
                1,762,201
    
5.00%, due 8/15/37, #671463
  
                1,766,079
                   956,373
    
6.00%, due 9/15/37, #671062
  
                   990,496
                4,772,660
    
6.00%, due 10/15/37, #664379
  
                4,942,950
         
            240,870,898
           
   
Total Mortgage-Backed Securities (cost $234,197,547)
  
         240,870,898
           
   
U.S. GOVERNMENT INSTRUMENTALITIES - 1.7%
    
   
U.S. Treasury Notes - 1.7%
    
   
U.S. Treasury Note
    
                4,000,000
    
4.50%, due 5/15/17
  
                4,310,316
           
   
Total U.S. Government Instrumentalities
    
   
(cost $4,031,767)
  
              4,310,316
           
Shares/
           
      Principal Amount   
   
           
   
SHORT-TERM INVESTMENTS - 3.1%
    
                     62,623
  
AIM STIT - Treasury Portfolio
  
                     62,623
   
FHLB Discount Note
    
 $             7,839,000
    
Zero Coupon, due 3/3/08
  
                7,838,215
           
   
Total Short-Term Investments (cost $7,900,838)
  
              7,900,838
           
   
Total Investments (cost $246,130,152) - 99.7%
  
         253,082,052
   
Other Assets less Liabilities - 0.3%
  
                 860,544
   
TOTAL NET ASSETS - 100.0%
  $
      253,942,596
           
           
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 29, 2008 was as follows*:
 
Cost of investments
$
246,130,152
     
Gross unrealized appreciation
$
6,951,900
Gross unrealized depreciation
  
—
Net unrealized appreciation
$
6,951,900
     
 
*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.
 
FAS 157 – Summary of Fair Value Exposure at February 29, 2008

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of February 29, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
    
   
Active markets for
Significant Other
Significant
   
Identical Assets
Observable Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$253,082,052
$62,623
           $253,019,429
 $—
Total
$253,082,052
$62,623
           $253,019,429
 $—
 
 
 
PIA SHORT-TERM SECURITIES FUND
Schedule of Investments - February 29, 2008 (Unaudited)
           
           
Principal
          
Amount
        
 Value
           
   
MORTGAGE-BACKED SECURITIES - 22.2%
    
   
Private - 0.0%
    
   
Prudential Home Mortgage Securities
    
 $                       527
    
7.50%, due 3/25/08
  $
                        526
           
   
U.S. Government Agencies - 22.2%
    
   
FHLMC ARM Pool (a)
    
                     41,388
    
7.023%, due 8/1/15, #755204
  
                     41,710
                     36,822
    
7.017%, due 2/1/22, #845113
  
                     37,678
                     72,525
    
6.747%, due 10/1/22, #635206
  
                     74,336
                     23,725
    
7.092%, due 6/1/23, #845755
  
                     24,360
                     16,119
    
7.205%, due 2/1/24, #609231
  
                     16,418
                   652,365
    
6.847%, due 1/1/25, #785726
  
                   669,298
                     70,515
    
7.112%, due 1/1/33, #1B0668
  
                     71,030
   
FNMA ARM Pool (a)
    
                     48,533
    
7.249%, due 7/1/25, #555206
  
                     49,523
                   465,646
    
6.456%, due 7/1/27, #424953
  
                   478,655
                   211,541
    
7.065%, due 3/1/28, #556438
  
                   217,060
                   202,265
    
6.078%, due 6/1/29, #508399
  
                   206,879
                   417,359
    
6.592%, due 4/1/30, #562912
  
                   430,524
                   119,787
    
7.155%, due 8/1/30, #556824
  
                   121,898
                   173,377
    
6.757%, due 10/1/30, #670317
  
                   178,625
                     49,491
    
7.103%, due 7/1/31, #592745
  
                     51,037
                   122,118
    
7.067%, due 9/1/31, #597196
  
                   123,609
                     35,543
    
6.902%, due 11/1/31, #610547
  
                     36,872
                     61,331
    
7.125%, due 4/1/32, #629098
  
                     63,177
                2,439,497
    
5.269%, due 1/1/36, #849264
  
                2,448,645
                1,812,499
    
5.707%, due 10/1/37, #955963
  
                1,838,435
                1,319,205
    
5.788%, due 11/1/37, #953653
  
                1,338,176
                1,794,408
    
6.207%, due 11/1/37, #948183 (b)
  
                1,845,441
   
FNMA Pool
    
                     27,630
    
11.00%, due 1/1/13, #415842
  
                     30,415
   
GNMA II ARM Pool (a)
    
                     20,352
    
5.125%, due 11/20/21, #8871
  
                     20,450
                   135,517
    
5.125%, due 10/20/22, #8062
  
                   135,896
                   307,437
    
5.125%, due 11/20/26, #80011
  
                   307,854
                     67,146
    
5.125%, due 11/20/26, #80013
  
                     67,360
                     33,484
    
5.125%, due 12/20/26, #80021
  
                     33,517
                     19,044
    
6.375%, due 1/20/27, #80029
  
                     19,396
                   295,246
    
5.625%, due 7/20/27, #80094
  
                   297,678
                   422,030
    
5.625%, due 8/20/27, #80104
  
                   425,344
                     17,702
    
5.125%, due 10/20/27, #80122
  
                     17,722
                   161,646
    
6.375%, due 1/20/28, #80154
  
                   164,671
                   337,067
    
5.125%, due 10/20/29, #80331
  
                   337,463
                     68,855
    
5.125%, due 11/20/29, #80344
  
                     68,908
         
              12,290,060
           
   
Total Mortgage-Backed Securities (cost $12,289,795)
  
           12,290,586
           
   
U.S. GOVERNMENT AGENCIES AND
    
   
INSTRUMENTALITIES - 62.4%
    
   
U.S. Government Agencies - 26.9%
    
   
FHLMC
    
                3,250,000
    
5.75%, due 4/15/08
  
                3,261,827
                3,250,000
    
3.875%, due 6/15/08
  
                3,260,114
                3,000,000
    
4.625%, due 12/19/08
  
                3,052,149
                   750,000
    
4.75%, due 3/5/09
  
                   768,139
                4,500,000
    
3.375%, due 4/15/09
  
                4,553,703
         
              14,895,932
           
   
U.S. Treasury Notes - 35.5%
    
   
U.S. Treasury Note
    
                1,500,000
    
5.625%, due 5/15/08
  
                1,511,603
                2,400,000
    
4.875%, due 8/31/08
  
                2,436,190
                   800,000
    
4.875%, due 10/31/08
  
                   816,438
                3,000,000
    
4.50%, due 2/15/09
  
                3,079,689
                2,100,000
    
4.50%, due 3/31/09
  
                2,165,134
                2,000,000
    
4.50%, due 4/30/09
  
                2,067,814
                2,600,000
    
4.625%, due 7/31/09
  
                2,712,128
                4,600,000
    
4.875%, due 8/15/09
  
                4,819,940
         
              19,608,936
           
   
Total U.S. Government Agencies and
    
   
Instrumentalities (cost $33,829,975)
  
           34,504,868
           
Shares/
        
Principal Amount
        
           
   
SHORT-TERM INVESTMENTS - 14.8%
    
                     70,355
  
AIM STIT - Treasury Portfolio
  
                     70,355
   
FHLB Discount Note
    
 $             2,608,000
    
Zero Coupon, due 3/3/08
  
                2,607,739
                5,500,000
    
Zero Coupon, due 3/28/08
  
                5,488,780
           
   
Total Short-Term Investments (cost $8,166,874)
  
              8,166,874
           
   
Total Investments (cost $54,286,644) - 99.4%
  
           54,962,328
   
Other Assets less Liabilities - 0.6%
  
                 312,816
   
TOTAL NET ASSETS - 100.0%
  $
         55,275,144
           
           
(a) Variable rate note.  Rate shown reflects the rate in effect at February 29, 2008.
  
(b) Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
           
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 29, 2008 was as follows*:
 
Cost of investments
$
54,286,644
  
   
 
 
Gross unrealized appreciation
$
          716,580
  
Gross unrealized depreciation
  
(40,896
) 
Net unrealized appreciation
$
           675,684
  
       
 
*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.
 
FAS 157 – Summary of Fair Value Exposure at February 29, 2008

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of February 29, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
    
   
Active markets for
Significant Other
Significant
   
Identical Assets
Observable Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$54,962,328
$70,355
           $54,891,973
 $—
Total
$54,962,328
$70,355
           $54,891,973
 $—
 
 
 
PIA MODERATE DURATION BOND FUND
Schedule of Investments - February 29, 2008 (Unaudited)
           
           
Principal
          
Amount
        
 Value
           
   
CORPORATE BONDS & NOTES - 20.7%
    
   
Aerospace/Defense - 1.0%
    
   
United Technologies Corp.
    
 $                100,000
    
4.375%, due 5/1/10
  $
                 103,229
           
   
Auto Manufacturers - 1.0%
    
   
DaimlerChrysler NA Holding Corp.
    
100,000
    
5.875%, due 3/15/11
  
                   104,443
           
   
Banks - 2.9%
    
   
Bank of America Corp.
    
100,000
    
5.375%, due 8/15/11
  
                   105,165
   
Wachovia Corp.
    
100,000
    
4.375%, due 6/1/10
  
                   101,090
   
Wells Fargo & Co.
    
100,000
    
4.625%, due 8/9/10
  
                   102,756
         
                   309,011
           
   
Consumer Products - 0.9%
    
   
Clorox Co.
    
100,000
    
5.00%, due 1/15/15
  
                     98,121
           
   
Diversified Financial Services - 1.9%
    
   
General Electric Capital Corp.
    
100,000
    
5.00%, due 1/8/16
  
                   101,833
   
HSBC Finance Corp.
    
100,000
    
4.125%, due 11/16/09
  
                   100,559
         
                   202,392
           
   
Electric Utilities - 1.9%
    
   
Dominion Resources, Inc.
    
100,000
    
5.15%, due 7/15/15
  
                     99,963
   
Duke Energy Corp.
    
100,000
    
6.25%, due 1/15/12
  
                   107,907
         
                   207,870
           
   
Food - 0.5%
    
   
ConAgra Foods, Inc.
    
                     50,000
    
6.75%, due 9/15/11
  
                     54,010
           
   
Insurance - 0.9%
    
   
MetLife, Inc.
    
100,000
    
5.00%, due 6/15/15
  
                     96,735
           
           
   
Media - 2.9%
    
   
News America, Inc.
    
100,000
    
5.30%, 12/15/14
  
                   101,364
   
Time Warner, Inc.
    
100,000
    
6.75%, due 4/15/11
  
                   104,811
   
Viacom, Inc.
    
100,000
    
6.25%, due 4/30/16
  
                     99,330
         
                   305,505
           
   
Medical/Drugs - 1.0%
    
   
AstraZeneca PLC
    
100,000
    
5.40%, due 9/15/12
  
                   106,996
           
   
Oil & Gas - 1.0%
    
   
Occidental Petroleum Corp.
    
100,000
    
6.75%, due 1/15/12
  
                   111,966
           
   
Retail - 1.0%
    
   
Target Corp.
    
100,000
    
7.00%, due 7/15/31
  
                   103,838
           
   
Savings & Loans - 0.8%
    
   
Washington Mutual, Inc.
    
100,000
    
5.125%, due 1/15/15
  
                     87,288
           
   
Telecommunications - 2.1%
    
   
BellSouth Corp.
    
100,000
    
6.00%, due 10/15/11
  
                   106,772
   
Verizon Communications, Inc.
    
100,000
    
7.75%, due 12/1/30
  
                   114,256
         
                   221,028
           
   
Transportation - 0.9%
    
   
Union Pacific Corp.
    
100,000
    
5.65%, due 5/1/17
  
                   100,666
           
   
Total Corporate Bonds & Notes (cost $2,181,173)
  
              2,213,098
           
   
MORTGAGE-BACKED SECURITIES - 27.5%
    
   
U.S. Government Agencies - 27.5%
    
   
FHLMC Pool
    
233,326
    
4.50%, due 1/1/19, #B11934
  
                   234,516
637,544
    
5.00%, due 3/1/22, #G18171
  
                   645,589
672,724
    
4.50%, due 6/1/22, #G12706
  
                   672,343
461,145
    
5.00%, due 8/1/36, #A51601
  
                   455,112
   
FNMA Pool
    
215,073
    
6.00%, due 3/1/33, #555285
  
                   220,884
   
GNMA Pool
    
490,141
    
5.00%, due 2/15/22, #618803
  
497,946
212,262
    
6.00%, due 8/15/36, #609011
  
219,836
         
                2,946,226
           
   
Total Mortgage-Backed Securities (cost $2,856,702)
  
              2,946,226
           
   
U.S. GOVERNMENT AGENCIES AND
    
   
INSTRUMENTALITIES - 47.1%
    
   
U.S. Government Agencies - 14.7%
    
   
FNMA
    
300,000
    
4.75%, due 11/19/12
  
                   319,225
1,000,000
    
4.625%, due 5/1/13
  
                1,043,822
200,000
    
5.25%, due 9/15/16
  
                   215,814
         
                1,578,861
           
   
U.S. Treasury Bond (STRIPS) - 2.1%
    
   
U.S. Treasury Bond (STRIPS)
    
800,000
    
0.00%, due 2/15/36 (a)
  
                   225,024
           
   
U.S. Treasury Bonds - 2.8%
    
   
U.S. Treasury Bond
    
100,000
    
7.125%, due 2/15/23
  
                   132,406
150,000
    
5.00%, due 5/15/37
  
                   164,473
         
                   296,879
           
   
U.S. Treasury Notes - 27.5%
    
   
U.S. Treasury Note
    
675,000
    
4.75%, due 2/15/10
  
                   715,606
600,000
    
4.875%, due 5/31/11
  
                   654,703
225,000
    
4.625%, due 7/31/12
  
                   246,076
525,000
    
4.75%, due 5/15/14
  
                   582,545
700,000
    
4.25%, due 11/15/17
  
                   740,195
         
                2,939,125
           
   
Total U.S. Government Agencies and
    
   
Instrumentalities (cost $4,820,739)
  
              5,039,889
           
   
RIGHTS - 0.0%
    
1
  
Global Crossing North America, Inc.
    
     
Liquidating Trust (b)(c) (cost $0)
  
     —
           
Shares/
          
    Principal Amount     
     
           
   
SHORT-TERM INVESTMENTS - 3.9%
    
                     50,696
  
AIM STIT - Treasury Portfolio
  
                     50,696
   
FHLB Discount Note
    
 $                367,000
    
Zero Coupon, due 3/3/08
  
                   366,963
           
   
Total Short-Term Investments (cost $417,659)
  
                 417,659
           
   
Total Investments (cost $10,276,273) - 99.2%
  
           10,616,872
   
Other Assets less Liabilities - 0.8%
  
                   84,459
   
TOTAL NET ASSETS - 100.0%
  $
         10,701,331
           
           
(a)  Principal Only.
    
(b) Restricted security.  The interest in the liquidating trust was acquired through a distribution on
      December 9, 2003.  As of February 29, 2008, 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.
           
FHLB - Federal Home Loan Bank
    
FHLMC - Federal Home Loan Mortgage Corporation
    
FNMA - Federal National Mortgage Association
    
GNMA - Government National Mortgage Association
    
STRIPS - Separate Trading of Registered Interest and Principal Securities
    
           

The cost basis of investments for federal income tax purposes at February 29, 2008 was as follows*:
 
Cost of investments
$
10,295,719
  
       
Gross unrealized appreciation
$
374,383
  
Gross unrealized depreciation
  
(53,230
) 
Net unrealized appreciation
$
321,153
  
       
 
*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.
 
FAS 157 – Summary of Fair Value Exposure at February 29, 2008

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of February 29, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
    
   
Active markets for
Significant Other
Significant
   
Identical Assets
Observable Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$10,616,872
$50,696
           $10,566,176
 $—
Total
$10,616,872
$50,696
           $10,566,176
 $—

 

 
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 Rules 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/ Douglas G. Hess              
Douglas G. Hess, President

Date   4/11/08                                                                         



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/ Douglas G. Hess               
Douglas G. Hess, President

Date   4/11/08                                                                         

By (Signature and Title)*  /s/ Cheryl L. King                   
Cheryl L. King, Treasurer

Date   4/10/08                                                                         

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