N-Q 1 pia_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pia_nq.htm
As filed with the Securities and Exchange Commission on October 29, 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:  August 31, 2008

Item 1. Schedules of Investments.
PIA BBB BOND FUND
Schedule of Investments - August 31, 2008 (Unaudited)
               
               
Principal
              
Amount
          
 Value
  
               
   
CORPORATE BONDS & NOTES
94.7%
      
   
Aerospace/Defense
0.5%
      
   
Northrup Grumman Corp.
        
 $         870,000
    
7.75%, due 2/15/31
  
  $
        1,013,893
  
               
   
Agricultural Chemicals
0.5%
      
   
Potash Corporation of Saskatchewan
        
         1,000,000
    
5.875%, due 12/1/36
    
            923,997
  
               
   
Appliances
1.0%
      
   
Whirlpool Corp.
        
         1,900,000
    
5.50%, due 3/1/13
    
         1,859,783
  
               
   
Banks
0.6%
      
   
Capital One Financial Corp.
        
            500,000
    
6.15%, due 9/1/16
    
            410,906
  
   
Sovereign Bank
        
         1,000,000
    
5.125%, due 3/15/13
    
            781,210
  
           
         1,192,116
  
               
   
Building Materials
1.1%
      
   
Hanson PLC
        
            900,000
    
6.125%, due 8/15/16
    
            840,677
  
   
Masco Corp.
        
         1,500,000
    
5.85%, due 3/15/17
    
         1,284,728
  
           
         2,125,405
  
               
   
Construction
0.8%
      
   
CRH America, Inc.
        
         1,800,000
    
6.00%, due 9/30/16
    
         1,609,952
  
               
   
Consumer Products
1.0%
      
   
Clorox Co.
        
1,900,000
    
5.95%, due 10/15/17
    
         1,901,839
  
               
   
Diversified Financial Services
0.5%
      
   
Block Financial LLC
        
1,000,000
    
7.875%, due 1/15/13
    
         1,046,693
  
               
   
Diversified Manufacturing
0.4%
      
   
Tyco Electronics Group SA
        
            500,000
    
6.00%, due 10/1/12
    
            496,648
  
   
Tyco International Group SA
        
            300,000
    
6.00%, due 11/15/13
    
            298,556
  
           
            795,204
  
               
   
Electric Utilities
11.5%
      
   
Arizona Public Service Co.
        
         1,705,000
    
5.80%, due 6/30/14
    
         1,640,629
  
   
CenterPoint Energy
        
         1,075,000
    
7.75%, due 2/15/11
    
         1,122,211
  
   
Consumers Energy
        
         1,750,000
    
5.50%, due 8/15/16
    
         1,729,024
  
   
Dominion Resources, Inc.
        
         2,100,000
    
5.15%, due 7/15/15
    
         2,024,721
  
   
DTE Energy Co.
        
         1,850,000
    
7.05%, due 6/1/11
    
         1,924,370
  
   
Exelon Corp.
        
         1,600,000
    
6.75%, due 5/1/11
    
         1,648,803
  
            650,000
    
5.625%, due 6/15/35
    
            560,401
  
   
FirstEnergy Corp.
        
         1,075,000
    
6.45%, due 11/15/11
    
         1,105,188
  
            525,000
    
7.375%, due 11/15/31
    
            564,856
  
   
Indiana Michigan Power
        
            900,000
    
6.05%, due 3/15/37
    
            790,691
  
   
MidAmerican Energy Holdings Co.
        
         1,950,000
    
6.125%, due 4/1/36
    
         1,858,334
  
   
NiSource Finance Corp.
        
            950,000
    
5.40%, due 7/15/14
    
            898,027
  
   
Oncor Electric Delivery
        
            250,000
    
7.00%, due 5/1/32
    
            243,137
  
   
PPL Energy Supply, LLC
        
         1,150,000
    
6.40%, due 11/1/11
    
         1,163,039
  
   
Progress Energy, Inc.
        
         1,716,000
    
7.10%, due 3/1/11
    
         1,797,512
  
   
PSEG Power, LLC
        
         1,600,000
    
7.75%, due 4/15/11
    
         1,690,502
  
   
Puget Sound Energy, Inc.
        
         1,375,000
    
6.274%, due 3/15/37
    
         1,266,143
  
           
        22,027,588
  
               
   
Electronic Parts
0.9%
      
   
Avnet, Inc.
        
         1,800,000
    
5.875%, due 3/15/14
    
         1,743,088
  
               
   
Finance
1.0%
      
   
SLM Corp.
        
         1,550,000
    
4.50%, due 7/26/10
    
         1,410,726
  
            700,000
    
5.375%, due 5/15/14
    
            580,504
  
           
         1,991,230
  
               
   
Food
4.5%
      
   
ConAgra Foods, Inc.
        
            500,000
    
7.875%, due 9/15/10
    
            530,098
  
   
General Mills, Inc.
        
         1,000,000
    
6.00%, due 2/15/12
    
         1,034,552
  
   
Kraft Foods, Inc.
        
         1,100,000
    
6.25%, due 6/1/12
    
         1,137,417
  
         1,575,000
    
6.50%, due 8/11/17
    
         1,595,651
  
         1,100,000
    
6.875%, due 2/1/38
    
         1,079,498
  
   
Kroger Co.
        
         1,150,000
    
6.20%, due 6/15/12
    
         1,190,516
  
            350,000
    
6.15%, due 1/15/20
    
            348,696
  
   
Safeway, Inc.
        
            950,000
    
6.50%, due 3/1/11
    
            983,108
  
            700,000
    
6.35%, due 8/15/17
    
            715,080
  
           
         8,614,616
  
               
   
Forest Products & Paper
1.3%
      
   
International Paper Co.
        
         1,800,000
    
7.95%, due 6/15/18
    
         1,831,959
  
   
Weyerhaeuser Co.
        
            250,000
    
6.75%, due 3/15/12
    
            257,129
  
            425,000
    
7.375%, due 3/15/32
    
            408,278
  
           
         2,497,366
  
               
   
Health Care
2.1%
      
   
Hospira, Inc.
        
         1,675,000
    
5.55%, due 3/30/12
    
         1,672,761
  
   
Humana Inc.
        
            600,000
    
7.20%, due 6/15/18
    
            590,201
  
   
McKesson Corp.
        
         1,800,000
    
5.25%, due 3/1/13
    
         1,786,169
  
           
         4,049,131
  
               
   
Hotels
0.9%
      
   
Marriott International, Inc.
        
         1,900,000
    
5.625%, due 2/15/13
    
         1,798,574
  
               
   
Insurance
1.4%
      
   
CIGNA Corp.
        
            900,000
    
6.35%, due 3/15/18
    
            901,698
  
   
Marsh & McLennan Cos., Inc.
        
            800,000
    
5.75%, due 9/15/15
    
            787,481
  
   
MetLife, Inc.
        
            625,000
    
6.40%, due 12/15/36
    
            499,394
  
   
Willis North America Inc.
        
            500,000
    
6.20%, due 3/28/17
    
            465,842
  
           
         2,654,415
  
               
   
Media
11.3%
      
   
CBS Corp.
        
         1,175,000
    
7.70%, due 7/30/10
    
         1,216,385
  
            300,000
    
7.875%, due 7/30/30
    
            273,881
  
   
Comcast Cable Communications, Inc.
        
         2,550,000
    
8.375%, due 3/15/13
    
         2,819,252
  
   
Comcast Corp.
        
         2,100,000
    
6.50%, due 1/15/17
    
         2,121,479
  
         2,300,000
    
7.05%, due 3/15/33
    
         2,331,441
  
   
Cox Communications, Inc.
        
         1,625,000
    
7.125%, due 10/1/12
    
         1,708,353
  
   
News America, Inc.
        
         2,400,000
    
6.20%, due 12/15/34
    
         2,187,722
  
   
Time Warner Ent.
        
         2,250,000
    
8.875%, due 10/1/12
    
         2,455,457
  
            875,000
    
8.375%, due 7/15/33
    
            940,561
  
   
Time Warner, Inc.
        
         1,480,000
    
9.125%, due 1/15/13
    
         1,616,752
  
         2,375,000
    
7.70%, due 5/1/32
    
         2,402,358
  
   
Viacom, Inc.
        
            900,000
    
6.25%, due 4/30/16
    
            858,417
  
            800,000
    
6.875%, due 4/30/36
    
            724,529
  
           
        21,656,587
  
               
   
Medical
0.4%
      
   
Cardinal Health, Inc.
        
            700,000
    
6.75%, due 2/15/11
    
            720,858
  
               
   
Metals
1.4%
      
   
Alcoa Inc.
        
         1,000,000
    
5.55%, due 2/1/17
    
            927,821
  
            950,000
    
5.95%, due 2/1/37
    
            807,608
  
   
United States Steel Corp
        
         1,000,000
    
7.00%, due 2/1/18
    
            980,740
  
           
         2,716,169
  
               
   
Mining
2.1%
      
   
Freeport-McMoran C&G
        
         1,900,000
    
8.375%, due 4/1/17
    
         2,017,095
  
   
Vale Overseas Limited
        
         1,100,000
    
6.25%, due 1/23/17
    
         1,103,083
  
            925,000
    
6.875%, due 11/21/36
    
            908,798
  
           
         4,028,976
  
               
   
Office Equipment
1.0%
      
   
Xerox Corp.
        
         1,850,000
    
6.40%, due 3/15/16
    
         1,829,447
  
               
   
Oil & Gas
11.4%
      
   
Anadarko Petroleum Corp.
        
         1,375,000
    
5.95%, due 9/15/16
    
         1,342,041
  
            850,000
    
6.45%, due 9/15/36
    
            783,646
  
   
Canadian Natural Resources
        
            700,000
    
6.00%, due 8/15/16
    
            692,195
  
            850,000
    
6.50%, due 2/15/37
    
            812,612
  
   
Devon Energy Corp.
        
            625,000
    
7.95%, due 4/15/32
    
            725,596
  
   
Devon Financing Corp., U.L.C.
        
            599,000
    
6.875%, due 9/30/11
    
            636,789
  
   
Encana Corp.
        
            700,000
    
6.50%, due 8/15/34
    
            670,183
  
   
Encana Holdings Financial Corp.
        
            500,000
    
5.80%, due 5/1/14
    
            498,551
  
   
Energy Transfer Partners
        
         1,000,000
    
5.95%, due 2/1/15
    
            985,084
  
   
Enterprise Products
        
            550,000
    
5.60%, due 10/15/14
    
            540,687
  
            400,000
    
6.65%, due 10/15/34
    
            374,444
  
   
Hess Corp.
        
            500,000
    
6.65%, due 8/15/11
    
            525,491
  
            450,000
    
7.875%, due 10/1/29
    
            506,725
  
   
Kinder Morgan Energy Partners
        
            850,000
    
5.125%, due 11/15/14
    
            815,942
  
         1,200,000
    
5.80%, due 3/15/35
    
         1,025,491
  
   
Marathon Oil Corp.
        
            500,000
    
5.90%, due 3/15/18
    
            482,872
  
            400,000
    
6.60%, due 10/1/37
    
            373,422
  
   
Nexen, Inc.
        
            500,000
    
6.40%, due 5/15/37
    
            449,844
  
   
Pemex Master Trust
        
            900,000
    
9.125%, due 10/13/10
    
            981,000
  
            900,000
    
6.625%, due 6/15/35
    
            892,942
  
   
Petro-Canada
        
            600,000
    
5.95%, due 5/15/35
    
            524,720
  
   
Petrobras International Finance Co.
        
         1,425,000
    
5.875%, due 3/1/18
    
         1,397,865
  
   
Talisman Energy
        
            550,000
    
6.25%, due 2/1/38
    
            475,559
  
   
Transocean Inc.
        
         1,300,000
    
6.00%, due 3/15/18
    
         1,299,128
  
            500,000
    
6.80%, due 3/15/38
    
            500,427
  
   
Valero Energy Corp.
        
            500,000
    
6.875%, due 4/15/12
    
            517,839
  
            500,000
    
6.625%, due 6/15/37
    
            442,486
  
   
Weatherford International Ltd.
        
            750,000
    
6.50%, due 8/1/36
    
            725,149
  
   
XTO Energy, Inc.
        
         1,300,000
    
5.00%, due 1/31/15
    
         1,230,025
  
            750,000
    
6.375%, due 6/15/38
    
            678,212
  
           
        21,906,967
  
               
   
Pharmacueticals
0.6%
      
   
Schering-Plough Corp.
        
         1,150,000
    
6.55%, due 9/15/37
    
         1,100,740
  
               
   
Pipelines
3.1%
      
   
ONEOK, Inc.
        
         1,600,000
    
5.20%, due 6/15/15
    
         1,511,597
  
   
ONEOK Partners, LP
        
            350,000
    
5.90%, due 4/1/12
    
            353,375
  
   
Tennessee Gas Pipeline
        
            800,000
    
7.50%, due 4/1/17
    
            839,136
  
            500,000
    
7.00%, due 10/15/28
    
            485,836
  
   
Texas Eastern Transmission Corp.
        
            950,000
    
7.00%, due 7/15/32
    
            913,239
  
   
Williams Companies, Inc.
        
            500,000
    
7.125%, due 9/1/11
    
            517,849
  
         1,100,000
    
8.75%, due 3/15/32
    
         1,240,791
  
           
         5,861,823
  
               
   
Real Estate Investment Trusts
3.6%
      
   
Avalonbay Communities
        
            350,000
    
5.50%, due 1/15/12
    
            343,153
  
   
Boston Properties, LP
        
            300,000
    
6.25%, due 1/15/13
    
            302,677
  
   
Camden Property Trust
        
         1,550,000
    
5.70%, due 5/15/17
    
         1,398,346
  
   
ERP Operating LP
        
         1,000,000
    
5.25%, due 9/15/14
    
            923,424
  
   
Health Care Properties
        
            500,000
    
6.00%, due 1/30/17
    
            422,958
  
   
Healthcare Realty Trust
        
            700,000
    
5.125%, due 4/1/14
    
            629,627
  
   
Hospitality Properties Trust
        
            250,000
    
5.625%, due 3/15/17
    
            194,124
  
   
iStar Financial, Inc.
        
         1,450,000
    
5.85%, due 3/15/17
    
         1,023,816
  
   
ProLogis
        
         1,800,000
    
5.75%, due 4/1/16
    
         1,613,182
  
           
         6,851,307
  
               
   
Retail
4.5%
      
   
CVS/Caremark Corp.
        
         1,800,000
    
5.75%, due 6/1/17
    
         1,765,354
  
   
Home Depot, Inc.
        
         2,400,000
    
5.25%, due 12/16/13
    
         2,279,342
  
            350,000
    
5.875%, due 12/16/36
    
            276,954
  
   
J.C. Penney Co., Inc.
        
         1,025,000
    
8.00%, due 3/1/10
    
         1,057,280
  
            525,000
    
6.375%, due 10/15/36
    
            427,827
  
   
Limited Brands, Inc.
        
         1,000,000
    
6.90%, due 7/15/17
    
            871,513
  
   
Macys Retail Holdings, Inc.
        
         1,500,000
    
5.35%, due 3/15/12
    
         1,405,347
  
            650,000
    
6.375%, due 3/15/37
    
            500,074
  
           
         8,583,691
  
               
   
Sovereign
9.6%
      
   
Federal Republic of Brazil
        
         2,850,000
    
11.00%, due 1/11/12
    
         3,427,125
  
         2,775,000
    
6.00%, due 1/17/17
    
         2,848,537
  
         3,500,000
    
7.125%, due 1/20/37
    
         3,906,000
  
   
Republic of Peru
        
            600,000
    
8.375%, due 5/3/16
    
            706,920
  
         1,000,000
    
6.55%, due 3/14/37
    
         1,027,500
  
   
United Mexican States
        
            800,000
    
8.375%, due 1/14/11
    
            874,000
  
         2,550,000
    
5.875%, due 1/15/14
    
         2,643,075
  
         2,708,000
    
6.75%, due 9/27/34
    
         2,917,870
  
           
        18,351,027
  
               
   
Technology
0.5%
      
   
Motorola, Inc.
        
            500,000
    
8.00%, due 11/1/11
    
            508,978
  
            500,000
    
6.625%, due 11/15/37
    
            380,390
  
           
            889,368
  
               
   
Telecommunications
9.9%
      
   
British Telecom PLC
        
         1,175,000
    
8.625%, due 12/15/10
    
         1,261,990
  
         1,250,000
    
9.125%, due 12/15/30
    
         1,476,780
  
   
CenturyTel, Inc.
        
         1,700,000
    
6.00%, due 4/1/17
    
         1,536,827
  
   
Deutsche Telekom International Finance
        
         1,200,000
    
8.50%, due 6/15/10
    
         1,270,548
  
         1,400,000
    
8.75%, due 6/15/30
    
         1,546,982
  
   
Embarq Corp.
        
            950,000
    
7.082%, due 6/1/16
    
            882,706
  
            600,000
    
7.995%, due 6/1/36
    
            530,838
  
   
Koninklijke KPN NV
        
            745,000
    
8.00%, due 10/1/10
    
            789,440
  
   
Qwest Corp.
        
         1,400,000
    
8.875%, due 3/15/12
    
         1,417,500
  
            600,000
    
6.875%, due 9/15/33
    
            447,000
  
   
Rogers Wireless, Inc.
        
         1,000,000
    
6.375%, due 3/1/14
    
         1,015,500
  
   
Telecom Italia Capital
        
         2,675,000
    
5.25%, due 11/15/13
    
         2,503,824
  
         1,325,000
    
6.375%, due 11/15/33
    
         1,125,232
  
   
Telefonica Europe BV
        
         1,550,000
    
7.75%, 9/15/10
    
         1,634,759
  
         1,350,000
    
8.25%, 9/15/30
    
         1,530,950
  
           
        18,970,876
  
               
   
Thrifts
0.5%
      
   
Washington Mutual, Inc.
        
         1,500,000
    
5.125%, due 1/15/15
    
            931,139
  
               
   
Tobacco
0.9%
      
   
Reynolds American, Inc.
        
         1,800,000
    
6.75%, due 6/15/17
    
         1,773,482
  
               
   
Transportation
2.7%
      
   
Burlington Northern Santa Fe
        
            600,000
    
6.75%, due 7/15/11
    
            633,214
  
         1,250,000
    
6.15%, due 5/1/37
    
         1,190,987
  
   
CSX Corp.
        
         1,000,000
    
5.60%, due 5/1/17
    
            908,013
  
            640,000
    
7.95%, due 5/1/27
    
            643,300
  
   
Norfolk Southern Corp.
        
            775,000
    
7.05%, due 5/1/37
    
            825,469
  
   
Union Pacific Corp.
        
         1,000,000
    
6.15%, due 5/1/37
    
            918,952
  
           
         5,119,935
  
               
   
Utilities - Natural Gas
1.0%
      
   
Sempra Energy
        
         1,800,000
    
6.00%, due 2/1/13
    
         1,857,623
  
               
   
Waste Disposal
0.2%
      
   
Waste Management, Inc.
        
            400,000
    
7.75%, due 5/15/32
    
            395,867
  
               
   
Total Corporate Bonds & Notes (cost $189,536,163)
    
      181,390,772
  
               
   
U.S. GOVERNMENT INSTRUMENTALITIES
0.3%
      
   
U.S. Treasury Notes
0.3%
      
   
U.S. Treasury Note
        
            500,000
    
4.625%, due 7/31/12
    
            532,696
  
               
   
Total U.S. Government Instrumentalities (cost $534,469)
    
            532,696
  
Shares/
              
Principal Amount
    
 
        
               
               
   
SHORT-TERM INVESTMENTS
3.0%
      
              73,076
  
AIM STIT - Treasury Portfolio
    
              73,076
  
 $       5,663,000
  
FHLB Discount Note
        
     
Zero Coupon, due 9/2/08
    
         5,662,717
  
               
   
Total Short-Term Investments (cost $5,735,793)
    
         5,735,793
  
               
   
Total Investments (cost $195,806,425)
98.0%
  
      187,659,261
  
   
Other Assets less Liabilities
2.0%
  
         3,773,017
  
   
TOTAL NET ASSETS
100.0%
  $
    191,432,278
  
               
FHLB - Federal Home Loan Bank
        
               

The cost basis of investments for federal income tax purposes at August 31, 2008 was as follows*:

Cost of investments
$
    196,049,267
  
       
Gross unrealized appreciation
$
          299,069
  
Gross unrealized depreciation
  
(8,689,075
) 
Net unrealized depreciation
$
(8,390,006
) 
       

*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.
 
FAS 157 – Summary of Fair Value Exposure at August 31, 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 August 31, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
Significant
  
   
Active markets for
Other Observable
Significant
   
Identical Assets
Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$187,659,261
$73,076
           $187,586,185
 $                     —
Total
$187,659,261
$73,076
           $187,586,185
 $                     —

 
 
PIA MBS BOND FUND
Schedule of Investments - August 31, 2008 (Unaudited)
               
               
Principal
              
Amount
          
 Value
  
               
   
MORTGAGE-BACKED SECURITIES
96.4%
      
   
U.S. Government Agencies
96.4%
      
   
FHLMC Pool
        
 $         302,941
    
4.50%, due 5/1/20, #G18052
  
  $
          296,657
  
            339,244
    
4.50%, due 3/1/21, #G18119
    
            328,921
  
            334,979
    
5.00%, due 3/1/21, #G18105
    
            332,479
  
            231,779
    
5.50%, due 4/1/21, #J01570
    
            233,998
  
            366,531
    
4.50%, due 5/1/21, #J01723
    
            355,377
  
            320,366
    
6.00%, due 6/1/21, #G18124
    
            328,187
  
            577,608
    
5.00%, due 7/1/21, #J03048
    
            573,298
  
            870,646
    
4.50%, due 9/1/21, #G12378
    
            852,585
  
            328,985
    
5.50%, due 9/1/21, #J03360
    
            332,135
  
            461,252
    
5.00%, due 11/1/21, #G18160
    
            457,810
  
            621,265
    
5.00%, due 1/1/22, #J04202
    
            615,915
  
            364,528
    
5.50%, due 1/1/22, #G18163
    
            368,018
  
            304,172
    
5.00%, due 2/1/22, #G12522
    
            301,902
  
            478,555
    
5.00%, due 2/1/22, #J04411
    
            474,434
  
         2,220,734
    
5.50%, due 3/1/22, #G12577
    
         2,241,996
  
         1,651,951
    
5.00%, due 7/1/22, #J05243
    
         1,637,724
  
            763,625
    
5.00%, due 7/1/22, #J05257
    
            757,049
  
            105,405
    
5.50%, due 6/1/33, #G01563
    
            104,536
  
              42,753
    
5.50%, due 5/1/35, #B31639
    
              42,300
  
         1,221,432
    
5.00%, due 8/1/35, #A36351
    
         1,177,636
  
            317,466
    
5.00%, due 8/1/35, #A36842
    
            306,083
  
            167,406
    
5.00%, due 10/1/35, #A47296
    
            161,404
  
         1,038,563
    
5.00%, due 10/1/35, #G01940
    
         1,001,323
  
            411,941
    
5.00%, due 11/1/35, #A39665
    
            397,170
  
            158,066
    
5.00%, due 12/1/35, #A40879
    
            152,399
  
         1,102,247
    
6.00%, due 1/1/36, #A42208
    
         1,114,166
  
            106,173
    
7.00%, due 1/1/36, #G02048
    
            111,350
  
         1,659,095
    
5.50%, due 2/1/36, #G02031
    
         1,641,520
  
            202,002
    
5.00%, due 3/1/36, #A44035
    
            194,570
  
         1,541,656
    
5.00%, due 3/1/36, #A44186
    
         1,484,932
  
         1,817,586
    
5.00%, due 3/1/36, #G08115
    
         1,752,414
  
            660,832
    
5.50%, due 6/1/36, #A54791
    
            652,696
  
            649,593
    
5.00%, due 8/1/36, #G08159
    
            625,692
  
            880,632
    
5.50%, due 8/1/36, #A51093
    
            869,790
  
            679,400
    
7.00%, due 8/1/36, #G08148
    
            710,859
  
            559,920
    
5.50%, due 10/1/36, #A52931
    
            553,026
  
         1,493,599
    
6.00%, due 11/1/36, #A53729
    
         1,508,350
  
            746,717
    
6.00%, due 11/1/36, #A54192
    
            754,091
  
            875,043
    
6.50%, due 11/1/36, #A54094
    
            900,187
  
         1,601,350
    
6.00%, due 12/1/36, #G02525
    
         1,617,165
  
         2,107,178
    
5.50%, due 2/1/37, #A57840
    
         2,081,236
  
            828,571
    
5.00%, due 3/1/37, #G08185
    
            796,790
  
         3,855,124
    
5.00%, due 5/1/37, #A60268
    
         3,707,254
  
              71,550
    
6.50%, due 5/1/37, #C02873
    
              73,583
  
         2,851,347
    
5.00%, due 6/1/37, #G03094
    
         2,741,979
  
         6,854,814
    
5.50%, due 6/1/37, #A61982
    
         6,766,138
  
         5,961,486
    
6.00%, due 6/1/37, #A62176
    
         6,016,636
  
            998,904
    
6.00%, due 6/1/37, #A62417
    
         1,008,145
  
         3,464,728
    
6.00%, due 6/1/37, #A62444
    
         3,496,780
  
            528,128
    
5.00%, due 7/1/37, #A63187
    
            507,871
  
         1,433,724
    
5.50%, due 8/1/37, #A63598
    
         1,415,177
  
         2,788,197
    
5.50%, due 8/1/37, #G03156
    
         2,752,128
  
            395,907
    
6.50%, due 8/1/37, #A70413
    
            407,159
  
              63,826
    
7.00%, due 8/1/37, #A70079
    
              66,781
  
            496,587
    
6.50%, due 9/1/37, #A66144
    
            510,701
  
            751,858
    
7.00%, due 9/1/37, #A65171
    
            786,355
  
            109,993
    
7.00%, due 9/1/37, #A65335
    
            115,040
  
              64,700
    
7.00%, due 9/1/37, #A65670
    
              67,668
  
            621,402
    
7.00%, due 9/1/37, #A65780
    
            649,913
  
              51,603
    
7.00%, due 9/1/37, #A65941
    
              53,971
  
              26,981
    
7.00%, due 9/1/37, #A66041
    
              28,219
  
            753,683
    
7.00%, due 9/1/37, #G03207
    
            788,581
  
            408,093
    
6.50%, due 11/1/37, #A68726
    
            419,691
  
            359,712
    
6.50%, due 11/1/37, #A68887
    
            369,935
  
            219,833
    
5.50%, due 5/1/38, #A76534
    
            216,989
  
            380,235
    
5.50%, due 5/1/38, #A77057
    
            375,316
  
            613,802
    
5.50%, due 5/1/38, #A77265
    
            605,861
  
         1,601,734
    
5.50%, due 5/1/38, #G04176
    
         1,581,014
  
         1,047,061
    
5.50%, due 5/1/38, #G04215
    
         1,033,515
  
            110,696
    
5.50%, due 6/1/38, #A77627
    
            109,264
  
            995,326
    
5.50%, due 6/1/38, #A78147
    
            982,450
  
            994,730
    
5.50%, due 6/1/38, #A78662
    
            981,861
  
   
FHLMC TBA (a)
        
         2,000,000
    
6.50%, due 9/15/38
    
         2,054,688
  
   
FNMA Pool
        
            325,499
    
4.50%, due 10/1/20, #842732
    
            318,999
  
            545,729
    
4.50%, due 12/1/20, #813954
    
            534,832
  
            288,747
    
4.50%, due 2/1/21, #845437
    
            282,982
  
            436,663
    
5.00%, due 2/1/21, #865191
    
            435,178
  
            224,800
    
5.00%, due 5/1/21, #879112
    
            223,263
  
            644,919
    
4.50%, due 7/1/21, #845515
    
            625,794
  
            361,613
    
5.50%, due 10/1/21, #870795
    
            365,301
  
            522,694
    
5.50%, due 10/1/21, #905090
    
            528,025
  
            526,259
    
5.00%, due 11/1/21, #904659
    
            522,661
  
            244,436
    
5.00%, due 2/1/22, #896845
    
            242,483
  
            425,694
    
5.00%, due 2/1/22, #900946
    
            422,784
  
         1,611,785
    
6.00%, due 2/1/22, #912522
    
         1,653,408
  
            907,606
    
5.00%, due 3/1/22, #912261
    
            900,357
  
            771,352
    
5.50%, due 3/1/22, #915939
    
            778,814
  
            480,067
    
5.00%, due 4/1/22, #911408
    
            476,233
  
            767,316
    
5.50%, due 4/1/22, #896870
    
            774,739
  
         1,343,623
    
5.00%, due 6/1/22, #937709
    
         1,332,891
  
            480,703
    
5.00%, due 7/1/22, #938033
    
            476,863
  
            390,311
    
5.00%, due 7/1/22, #944887
    
            387,193
  
            894,929
    
5.50%, due 7/1/22, #905040
    
            903,587
  
              15,186
    
7.00%, due 8/1/32, #650101
    
              16,008
  
            100,234
    
6.00%, due 6/1/35, #825644
    
            101,474
  
              15,167
    
6.50%, due 6/1/35, #830693
    
              15,636
  
            279,476
    
7.00%, due 6/1/35, #821610
    
            293,150
  
            136,425
    
7.00%, due 7/1/35, #826251
    
            143,100
  
              27,151
    
5.00%, due 9/1/35, #832483
    
              26,195
  
            204,549
    
7.00%, due 9/1/35, #842290
    
            214,557
  
              91,435
    
4.50%, due 11/1/35, #256032
    
              85,208
  
              34,005
    
5.00%, due 11/1/35, #844809
    
              32,807
  
            186,225
    
6.50%, due 11/1/35, #839118
    
            191,983
  
              23,365
    
5.00%, due 12/1/35, #850739
    
              22,542
  
            261,315
    
5.00%, due 12/1/35, #852482
    
            252,109
  
            248,194
    
6.00%, due 12/1/35, #848451
    
            251,266
  
            179,845
    
6.50%, due 12/1/35, #843585
    
            185,406
  
            564,907
    
5.00%, due 1/1/36, #866592
    
            545,004
  
              68,094
    
7.00%, due 2/1/36, #865190
    
              71,426
  
            171,485
    
5.00%, due 4/1/36, #831421
    
            165,282
  
            171,596
    
5.00%, due 4/1/36, #852919
    
            165,390
  
            140,027
    
7.00%, due 4/1/36, #887709
    
            146,734
  
         2,796,205
    
5.00%, due 5/1/36, #745515
    
         2,697,690
  
            590,792
    
5.00%, due 5/1/36, #867439
    
            569,423
  
            178,572
    
5.00%, due 6/1/36, #885398
    
            172,113
  
            481,943
    
5.50%, due 6/1/36, #256269
    
            476,914
  
            795,875
    
6.00%, due 6/1/36, #831541
    
            804,854
  
         2,645,404
    
6.50%, due 7/1/36, #897100
    
         2,724,724
  
            291,052
    
7.00%, due 7/1/36, #887793
    
            304,993
  
         1,684,883
    
6.50%, due 8/1/36, #878187
    
         1,735,402
  
            544,326
    
6.50%, due 8/1/36, #903188
    
            560,647
  
            727,045
    
5.00%, due 9/1/36, #893621
    
            700,748
  
            780,384
    
5.50%, due 9/1/36, #256403
    
            772,240
  
0
    
6.00%, due 9/1/36, #893427
    
                       -
  
            587,799
    
7.00%, due 9/1/36, #900964
    
            615,955
  
            853,944
    
5.50%, due 10/1/36, #831845
    
            845,032
  
            828,891
    
5.50%, due 10/1/36, #893087
    
            820,241
  
         1,133,738
    
6.00%, due 10/1/36, #897174
    
         1,146,530
  
            847,420
    
5.00%, due 11/1/36, #902436
    
            816,770
  
            903,862
    
5.50%, due 11/1/36, #898814
    
            894,429
  
            982,519
    
5.50%, due 12/1/36, #256513
    
            972,265
  
            459,940
    
6.00%, due 12/1/36, #256514
    
            465,129
  
            580,728
    
6.00%, due 12/1/36, #902865
    
            587,280
  
                9,529
    
6.50%, due 12/1/36, #920162
    
                9,815
  
            182,508
    
5.00%, due 1/1/37, #906238
    
            175,907
  
            341,629
    
7.00%, due 1/1/37, #256567
    
            357,994
  
            558,840
    
5.00%, due 2/1/37, #908612
    
            537,810
  
         1,718,389
    
5.50%, due 2/1/37, #256597
    
         1,700,455
  
         3,523,838
    
5.50%, due 2/1/37, #922064
    
         3,484,110
  
            814,646
    
6.00%, due 2/1/37, #909357
    
            823,536
  
              35,230
    
7.00%, due 2/1/37, #915904
    
              36,918
  
         1,055,336
    
5.50%, due 3/1/37, #256636
    
         1,043,438
  
            942,529
    
6.50%, due 5/1/37, #917052
    
            970,590
  
            114,193
    
5.00%, due 6/1/37, #937755
    
            109,896
  
         6,686,964
    
5.00%, due 6/1/37, #939485
    
         6,435,323
  
         6,732,285
    
5.50%, due 6/1/37, #918554
    
         6,656,386
  
         4,833,618
    
5.50%, due 6/1/37, #918638
    
         4,779,125
  
            893,886
    
5.50%, due 6/1/37, #918705
    
            883,809
  
         1,713,259
    
5.50%, due 6/1/37, #919577
    
         1,693,944
  
         3,983,034
    
6.00%, due 6/1/37, #888413
    
         4,026,503
  
         4,472,900
    
6.00%, due 6/1/37, #917129
    
         4,521,716
  
            641,580
    
7.00%, due 6/1/37, #256774
    
            672,001
  
            228,294
    
7.00%, due 6/1/37, #940234
    
            239,118
  
            887,050
    
5.00%, due 7/1/37, #919614
    
            853,669
  
            962,515
    
5.00%, due 7/1/37, #939544
    
            926,294
  
         2,567,898
    
5.00%, due 7/1/37, #944534
    
         2,473,274
  
            476,291
    
5.50%, due 7/1/37, #256799
    
            470,922
  
            863,471
    
6.50%, due 7/1/37, #942126
    
            889,177
  
            902,972
    
5.00%, due 8/1/37, #943602
    
            868,992
  
0
    
6.00%, due 8/1/37, #256883
    
                       -
  
         1,670,631
    
6.00%, due 8/1/37, #945936
    
         1,688,864
  
            822,225
    
6.50%, due 9/1/37, #946585
    
            846,703
  
            195,981
    
6.50%, due 9/1/37, #952689
    
            201,815
  
            958,608
    
5.50%, due 10/1/37, #952325
    
            947,801
  
            922,650
    
5.50%, due 10/1/37, #954939
    
            912,248
  
            215,772
    
6.50%, due 10/1/37, #947082
    
            222,196
  
         5,903,552
    
5.50%, due 2/1/38, #961691
    
         5,836,406
  
   
FNMA TBA (a)
        
         8,000,000
    
6.00%, due 9/15/36
    
         8,078,752
  
   
GNMA Pool
        
              78,323
    
7.00%, due 9/15/35, #647831
    
              82,580
  
            281,099
    
5.00%, due 10/15/35, #642220
    
            275,309
  
            241,534
    
5.00%, due 11/15/35, #550718
    
            236,559
  
            200,562
    
5.50%, due 11/15/35, #650091
    
            200,827
  
            158,517
    
5.50%, due 12/15/35, #646307
    
            158,726
  
            314,379
    
5.50%, due 4/15/36, #652534
    
            314,597
  
            451,693
    
6.50%, due 6/15/36, #652593
    
            466,348
  
            329,416
    
5.50%, due 7/15/36, #608993
    
            329,645
  
            906,100
    
6.50%, due 10/15/36, #646564
    
            935,498
  
            783,288
    
6.00%, due 11/15/36, #617294
    
            796,552
  
            696,737
    
6.50%, due 12/15/36, #618753
    
            719,342
  
            999,999
    
5.50%, due 2/15/37, #617404
    
         1,000,070
  
            433,656
    
5.50%, due 2/15/37, #657368
    
            433,687
  
         1,784,593
    
5.50%, due 2/15/37, #658419
    
         1,784,719
  
         2,463,754
    
6.00%, due 4/15/37, #668411
    
         2,504,735
  
         1,749,463
    
5.00%, due 8/15/37, #671463
    
         1,710,423
  
         3,368,949
    
6.00%, due 10/15/37, #664379
    
         3,424,986
  
         2,000,000
    
5.50%, due 8/15/38, #691645
    
         2,000,142
  
           
      187,436,128
  
               
   
Total Mortgage-Backed Securities (cost $185,607,754)
    
      187,436,128
  
               
   
U.S. GOVERNMENT INSTRUMENTALITIES
2.1%
      
   
U.S. Treasury Notes
2.1%
      
   
U.S. Treasury Note
        
         4,000,000
    
2.00%, due 2/28/10
    
         3,989,376
  
               
   
Total U.S. Government Instrumentalities (cost $3,974,377)
    
         3,989,376
  
               
Shares/
              
Principal Amount
    
 
        
               
   
SHORT-TERM INVESTMENTS
5.1%
      
              72,017
  
AIM STIT - Treasury Portfolio
    
              72,017
  
   
FHLB Discount Note
        
 $       9,872,000
    
Zero Coupon, due 9/2/08
    
         9,871,493
  
   
Total Short-Term Investments (cost $9,943,510)
    
         9,943,510
  
               
   
Total Investments (cost $199,525,641)
103.6%
  
      201,369,014
  
   
Liabilities less Other Assets
(3.6)%
  
        (7,013,355
 )
   
TOTAL NET ASSETS
100.0%
  $
    194,355,659
  
               
 
(a) Security purchased on a when-issued basis.  As of August 31, 2008, the total cost of
     investments purchased on a when-issued basis was $10,059,531 or 5.2% 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, 2008 was as follows*:

Cost of investments
$
    199,525,641
  
       
Gross unrealized appreciation
$
     1,936,4888
  
Gross unrealized depreciation
  
           (93,115
 )
Net unrealized appreciation
$
      1,843,373
  
       

*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.
 
FAS 157 – Summary of Fair Value Exposure at August 31, 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 August 31, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
Significant
  
   
Active markets for
Other Observable
Significant
   
Identical Assets
Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$201,369,014
$72,017
           $201,296,997
 $                     —
Total
$201,369,014
$72,017
           $201,296,997
 $                     —
 
 
 
PIA MODERATE DURATION BOND FUND
  
Schedule of Investments - August 31, 2008 (Unaudited)
  
               
               
Principal
              
Amount
          
 Value
  
               
   
CORPORATE BONDS & NOTES
21.2%
      
   
Aerospace/Defense
0.7%
      
   
United Technologies Corp.
        
 $                          100,000
    
4.375%, due 5/1/10
  
  $
                   102,310
  
               
   
Agriculture
0.9%
      
   
Archer-Daniels-Midland Co.
        
150,000
    
5.375%, due 9/15/35
    
                     125,898
  
               
   
Auto Manufacturers
0.7%
      
   
DaimlerChrysler NA Holding Corp.
        
100,000
    
5.875%, due 3/15/11
    
                     100,764
  
               
   
Banks
1.4%
      
   
Bank of America Corp.
        
100,000
    
5.125%, due 11/15/14
    
                      95,554
  
   
Wells Fargo & Co.
        
100,000
    
4.375%, due 1/31/13
    
                      95,880
  
           
                      191,434
  
               
   
Brokers
1.4%
      
   
Goldman Sachs Group Inc.
        
100,000
    
6.15%, due 4/1/18
    
                      95,826
  
   
Morgan Stanley
        
100,000
    
6.625%, due 4/1/18
    
                      93,072
  
           
                     188,898
  
               
   
Consumer Products
0.7%
      
   
Clorox Co.
        
100,000
    
5.00%, due 1/15/15
    
                       95,591
  
               
   
Diversified Financial Services
1.4%
      
   
General Electric Capital Corp.
        
100,000
    
5.00%, due 1/8/16
    
                      97,978
  
   
HSBC Finance Corp.
        
100,000
    
4.125%, due 11/16/09
    
                      99,737
  
           
                      197,715
  
               
   
Electric Utilities
1.4%
      
   
Dominion Resources, Inc.
        
100,000
    
5.15%, due 7/15/15
    
                       96,415
  
   
Duke Energy Carolinas
        
100,000
    
6.10%, due 6/1/37
    
                      95,525
  
           
                      191,940
  
               
   
Food
1.9%
      
   
ConAgra Foods, Inc.
        
                              125,000
    
6.75%, due 9/15/11
    
                     129,669
  
   
Kroger Co.
        
125,000
    
6.80%, due 4/1/11
    
                      130,614
  
           
                    260,283
  
               
   
Insurance
1.2%
      
   
American International Group, Inc.
        
75,000
    
4.25%, due 5/15/13
    
                      66,568
  
   
MetLife, Inc.
        
100,000
    
5.00%, due 6/15/15
    
                      94,873
  
           
                       161,441
  
               
   
Media
2.2%
      
   
News America, Inc.
        
100,000
    
5.30%, 12/15/14
    
                      98,942
  
   
Time Warner, Inc.
        
100,000
    
6.75%, due 4/15/11
    
                     102,394
  
   
Viacom, Inc.
        
100,000
    
6.25%, due 4/30/16
    
                      95,380
  
           
                     296,716
  
               
   
Medical/Drugs
2.4%
      
   
AstraZeneca PLC
        
100,000
    
5.40%, due 9/15/12
    
                     103,368
  
   
GlaxoSmithKline
        
100,000
    
5.65%, due 5/15/18
    
                     100,472
  
   
Wyeth
        
125,000
    
5.45%, due 4/1/17
    
                     125,546
  
           
                    329,386
  
               
   
Mining
0.7%
      
   
Rio Tinto Finance USA Ltd.
        
100,000
    
6.50%, due 7/15/18
    
                     100,793
  
               
   
Oil & Gas
0.8%
      
   
Occidental Petroleum Corp.
        
100,000
    
6.75%, due 1/15/12
    
                     107,366
  
               
   
Retail
0.8%
      
   
Target Corp.
        
100,000
    
7.00%, due 7/15/31
    
                     103,922
  
               
   
Savings & Loans
0.4%
      
   
Washington Mutual, Inc.
        
100,000
    
5.125%, due 1/15/15
    
                      62,076
  
               
   
Telecommunications
1.5%
      
   
BellSouth Corp.
        
100,000
    
6.00%, due 10/15/11
    
                      103,581
  
   
Verizon Communications, Inc.
        
100,000
    
7.75%, due 12/1/30
    
                     106,697
  
           
                     210,278
  
               
   
Transportation
0.7%
      
   
Union Pacific Corp.
        
100,000
    
5.65%, due 5/1/17
    
                       97,122
  
               
   
Total Corporate Bonds & Notes (cost $3,007,108)
    
       2,923,933
  
               
   
MORTGAGE-BACKED SECURITIES
50.6%
      
   
U.S. Government Agencies
50.6%
      
   
FHLMC Pool
        
553,833
    
5.00%, due 3/1/22, #G18171
    
                    549,064
  
370,812
    
5.00%, due 4/1/23, #J07767
    
                    367,582
  
588,236
    
5.00%, due 5/1/23, #J07841
    
                       583,111
  
1,900,000
    
5.00%, due 9/15/23, #010127
    
                  1,881,296
  
597,271
    
5.00%, due 12/1/37, #A73966
    
                    574,362
  
   
FHLMC TBA (d)
        
1,200,000
    
6.00%, due 9/15/38
    
                 1,209,937
  
   
FNMA TBA (d)
        
1,350,000
    
5.50%, due 9/15/38
    
                 1,333,336
  
   
GNMA Pool
        
477,933
    
5.00%, due 2/15/22, #618803
    
480,986
  
           
                6,979,674
  
               
   
Total Mortgage-Backed Securities (cost $6,959,661)
    
       6,979,674
  
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
20.4%
      
   
U.S. Government Agencies
6.9%
      
   
FHLB
        
700,000
    
3.625%, due 5/29/13
    
                     690,631
  
   
FHLMC
        
225,000
    
6.25%, due 7/15/32
    
                     261,672
  
           
                    952,303
  
               
   
U.S. Treasury Bond (STRIPS)
1.8%
      
   
U.S. Treasury Bond (STRIPS)
        
850,000
    
0.00%, due 2/15/36 (a)
    
                    250,695
  
               
   
U.S. Treasury Bonds
3.3%
      
   
U.S. Treasury Bond
        
300,000
    
3.875%, due 5/15/18
    
                     301,852
  
150,000
    
4.375%, due 2/15/38
    
                      148,981
  
           
                    450,833
  
               
   
U.S. Treasury Notes
8.4%
      
   
U.S. Treasury Note
        
200,000
    
4.00%, due 8/31/09
    
                    203,625
  
725,000
    
4.00%, due 4/15/10
    
                     745,731
  
200,000
    
3.50%, due 5/31/13
    
                     204,016
  
           
                  1,153,372
  
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $2,785,938)
    
       2,807,203
  
               
   
RIGHTS
0.0%
      
1
  
Global Crossing North America, Inc.
        
     
Liquidating Trust (b)(c) (cost $0)
    
                    —
  
               
Shares/
              
Principal Amount
              
               
   
SHORT-TERM INVESTMENTS
32.7%
      
                                 51,703
  
AIM STIT - Treasury Portfolio
    
                       51,703
  
   
FHLB Discount Note
        
 $                      4,460,000
    
Zero Coupon, due 9/2/08
    
                4,459,777
  
               
               
   
Total Short-Term Investments (cost $4,511,480)
    
        4,511,480
  
               
   
Total Investments (cost $17,264,187)
124.9%
  
      17,222,290
  
   
Liabilities less Other Assets
(24.9)%
  
     (3,435,542
 )
   
TOTAL NET ASSETS
100.0%
  $
   13,786,748
  
               
               
 
(a) Principal only.
(b) Restricted security.  The interest in the liquidating trust was acquired through a distribution on
     December 9, 2003.  As of August 31, 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.
(d) Security purchased on a when-issued basis.  As of August 31, 2008, the total cost of investments purchased on a
     when-issued basis was $2,521,945 or 18.3% 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
STRIPS - Separate Trading of Registered Interest and Principal Securities
TBA - To Be Announced
 
The cost basis of investments for federal income tax purposes at August 31, 2008 was as follows*:

Cost of investments
$
     17,283,633
  
       
Gross unrealized appreciation
$
            95,842
  
Gross unrealized depreciation
  
  (157,185
) 
Net unrealized depreciation
$
           (61,343)
  
       

*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.
 
FAS 157 – Summary of Fair Value Exposure at August 31, 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 August 31, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
Significant
  
   
Active markets for
Other Observable
Significant
   
Identical Assets
Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$17,222,290
$51,703
           $17,170,587
 $                          —
Total
$17,222,290
$51,703
           $17,170,587
 $                          —

 
 
PIA SHORT-TERM SECURITIES FUND
  
Schedule of Investments - August 31, 2008 (Unaudited)
  
               
               
Principal
              
Amount
          
 Value
  
               
   
MORTGAGE-BACKED SECURITIES
22.1%
      
   
U.S. Government Agencies
22.1%
      
   
FHLMC ARM Pool (a)
        
 $                 38,817
    
5.728%, due 8/1/15, #755204
  
  $
           39,044
  
                   32,612
    
6.42%, due 2/1/22, #845113
    
              33,056
  
                   70,752
    
6.747%, due 10/1/22, #635206
    
              71,966
  
                   21,085
    
6.572%, due 6/1/23, #845755
    
              21,447
  
                   15,650
    
5.601%, due 2/1/24, #609231
    
              15,883
  
                  632,384
    
6.803%, due 1/1/25, #785726
    
            642,638
  
                   61,727
    
6.767%, due 1/1/33, #1B0668
    
              62,154
  
   
FNMA ARM Pool (a)
        
                   47,784
    
6.249%, due 7/1/25, #555206
    
              48,336
  
                  413,349
    
5.812%, due 7/1/27, #424953
    
            418,378
  
                  149,413
    
5.64%, due 3/1/28, #556438
    
            150,911
  
                  198,608
    
5.877%, due 6/1/29, #508399
    
            201,321
  
                  411,171
    
5.896%, due 4/1/30, #562912
    
            419,662
  
                  118,596
    
5.155%, due 8/1/30, #556824
    
            120,226
  
                  168,504
    
6.367%, due 10/1/30, #670317
    
            171,295
  
                   16,689
    
5.152%, due 7/1/31, #592745
    
              16,984
  
                  120,889
    
7.067%, due 9/1/31, #597196
    
            121,425
  
                   35,265
    
6.902%, due 11/1/31, #610547
    
              35,652
  
                   26,611
    
5.225%, due 4/1/32, #629098
    
              27,089
  
                  884,078
    
5.089%, due 10/1/35, #846171
    
            898,409
  
               2,066,135
    
5.288%, due 1/1/36, #849264
    
         2,071,902
  
               1,535,850
    
5.542%, due 8/1/37,#949772
    
         1,615,968
  
               1,464,880
    
5.751%, due 10/1/37, #955963
    
         1,496,911
  
               1,310,657
    
5.788%, due 11/1/37, #953653
    
         1,333,955
  
               1,600,626
    
5.964%, due 11/1/37, #948183
    
         1,627,932
  
   
FNMA Pool
        
                   20,403
    
11.00%, due 1/1/13, #415842
    
              21,984
  
   
GNMA II ARM Pool (a)
        
                   19,717
    
5.125%, due 11/20/21, #8871
    
              19,924
  
                  126,939
    
5.125%, due 10/20/22, #8062
    
            128,062
  
                  279,241
    
5.125%, due 11/20/26, #80011
    
            281,716
  
                   60,213
    
5.125%, due 11/20/26, #80013
    
              60,858
  
                   31,726
    
5.125%, due 12/20/26, #80021
    
              31,995
  
                   17,093
    
5.375%, due 1/20/27, #80029
    
              17,188
  
                  272,038
    
5.625%, due 7/20/27, #80094
    
            273,689
  
                  393,401
    
5.625%, due 8/20/27, #80104
    
            395,641
  
                   16,456
    
5.125%, due 10/20/27, #80122
    
              16,602
  
                  143,355
    
5.375%, due 1/20/28, #80154
    
            144,184
  
                  292,005
    
5.125%, due 10/20/29, #80331
    
            294,704
  
                   63,637
    
5.125%, due 11/20/29, #80344
    
              64,201
  
           
        13,413,292
  
               
   
Total Mortgage-Backed Securities (cost $13,377,005)
  
        13,413,292
  
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
58.9%
      
   
U.S. Government Agencies
25.4%
      
   
FHLB
        
               4,500,000
    
3.875%, due 1/15/10
    
         4,550,809
  
   
FHLMC
        
               3,000,000
    
4.625%, due 12/19/08
    
         3,014,874
  
                  750,000
    
4.75%, due 3/5/09
    
            756,562
  
               4,500,000
    
3.375%, due 4/15/09
    
         4,508,784
  
   
FNMA
        
               2,500,000
    
3.875%, due 12/10/09
    
         2,528,560
  
           
        15,359,589
  
               
   
U.S. Treasury Notes
33.5%
      
   
U.S. Treasury Note
        
                  800,000
    
4.875%, due 10/31/08
    
            804,313
  
               3,000,000
    
4.50%, due 2/15/09
    
         3,034,923
  
               2,100,000
    
4.50%, due 3/31/09
    
         2,130,517
  
               2,000,000
    
4.50%, due 4/30/09
    
         2,032,188
  
               2,600,000
    
4.625%, due 7/31/09
    
         2,657,283
  
               4,600,000
    
4.875%, due 8/15/09
    
         4,716,799
  
               2,100,000
    
4.00%, due 9/30/09
    
         2,180,332
  
               2,700,000
    
3.125%, due 11/30/09
    
         2,731,852
  
           
        20,288,207
  
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $35,423,207)
    
        35,647,796
  
               
Shares/
              
Principal Amount
            
               
   
SHORT-TERM INVESTMENTS
35.1%
      
                   67,748
  
AIM STIT - Treasury Portfolio
    
              67,748
  
   
FHLB Discount Note
        
 $          13,052,000
    
Zero Coupon, due 9/2/08
    
        13,051,347
  
               8,200,000
    
Zero Coupon, due 11/14/08
    
         8,158,434
  
   
Total Short-Term Investments (cost $21,276,113)
    
        21,277,529
  
               
   
Total Investments (cost $70,076,325)
116.1%
  
        70,338,617
  
   
Liabilities less Other Assets
(16.1)%
  
        (9,752,325
 )
   
TOTAL NET ASSETS
100.0%
   $
     60,586,292
  
               
               
(a) Variable rate note.  Rate shown reflects the rate in effect at August 31, 2008.
      
               
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, 2008 was as follows*:

Cost of investments
$
70,076,325
  
       
Gross unrealized appreciation
$
          377,304
  
Gross unrealized depreciation
  
(115,012
) 
Net unrealized appreciation
$
           262,292
  
       

*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.

FAS 157 – Summary of Fair Value Exposure at August 31, 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 August 31, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in
Significant
  
   
Active markets for
Other Observable
Significant
   
Identical Assets
Inputs
Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Assets:
        
Securities
$70,338,617
$67,748
           $70,270,869
 $                          —
Total
$70,338,617
$67,748
           $70,270,869
 $                          —

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal 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   10/1/08                                                                      



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   10/1/08                                                                      

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

Date   10/1/08                                                                      

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