N-Q 1 pia_nq22809.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pia_nq22809.htm
As filed with the Securities and Exchange Commission on April 29, 2009



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, 2009


Date of reporting period:  February 28, 2009
 
Item 1. Schedule of Investments.
PIA BBB BOND FUND
Schedule of Investments - February 28, 2009 (Unaudited)
               
               
Principal
              
Amount
          
 Value
  
               
   
CORPORATE BONDS & NOTES
95.4%
      
   
Aerospace/Defense
0.6%
      
   
Northrup Grumman Corp.
        
 $       1,125,000
    
7.75%, due 2/15/31
    
 $       1,316,752
  
               
   
Agricultural Chemicals
0.5%
      
   
Potash Corporation of Saskatchewan
        
         1,295,000
    
5.875%, due 12/1/36
    
         1,057,031
  
               
   
Appliances
0.3%
      
   
Whirlpool Corp.
        
            800,000
    
5.50%, due 3/1/13
    
            671,894
  
               
   
Banks
0.6%
      
   
Capital One Financial Corp.
        
            705,000
    
6.15%, due 9/1/16
    
            511,860
  
   
Sovereign Bank
        
            500,000
    
5.125%, due 3/15/13
    
            426,912
  
   
 Zions Bancorp
        
            500,000
    
5.50%, 11/16/15
    
            338,613
  
           
         1,277,385
  
               
   
Beverages
0.6%
      
   
Anheuser-Busch Companies, Inc.
        
         1,000,000
    
5.50%, due 1/15/18
    
            889,021
  
            465,000
    
6.45%, due 9/1/37
    
            398,042
  
           
         1,287,063
  
   
Building Materials
0.5%
      
   
Masco Corp.
        
         1,500,000
    
5.85%, due 3/15/17
    
         1,003,126
  
               
   
Chemicals
0.6%
      
   
Dow Chemical Co.
        
         1,100,000
    
7.375%, due 11/1/29
    
            707,837
  
   
Rohm & Haas Co.
        
            750,000
    
6.00%, due 9/15/17
    
            619,314
  
           
         1,327,151
  
               
   
Construction
0.6%
      
   
CRH America, Inc.
        
         1,800,000
    
6.00%, due 9/30/16
    
         1,286,780
  
               
   
Consumer Products
0.9%
      
   
Clorox Co.
        
1,900,000
    
5.95%, due 10/15/17
    
         1,872,862
  
               
   
Diversified Financial Services
0.4%
      
   
Block Financial LLC
        
1,000,000
    
7.875%, due 1/15/13
    
            969,906
  
               
   
Diversified Manufacturing
0.7%
      
   
Ingersoll-Rand Global Holding Company Ltd.
        
            760,000
    
6.875%, due 8/15/18
    
            703,305
  
   
Tyco Electronics Group SA
        
            615,000
    
6.00%, due 10/1/12
    
            542,479
  
   
Tyco International Group SA
        
            300,000
    
6.00%, due 11/15/13
    
            282,407
  
           
         1,528,191
  
               
   
Electric Utilities
12.5%
      
   
Arizona Public Service Co.
        
         1,705,000
    
5.80%, due 6/30/14
    
         1,547,429
  
   
CenterPoint Energy
        
         1,075,000
    
7.75%, due 2/15/11
    
         1,090,094
  
   
Constellation Energy Group
        
            700,000
    
7.00%, due 4/1/12
    
            681,905
  
   
Consumers Energy
        
         2,110,000
    
5.50%, due 8/15/16
    
         2,008,629
  
   
Dominion Resources, Inc.
        
         2,630,000
    
5.15%, due 7/15/15
    
         2,497,251
  
   
DTE Energy Co.
        
         2,360,000
    
7.05%, due 6/1/11
    
         2,383,265
  
   
Duke Energy Corp.
        
         1,100,000
    
6.30%, due 2/1/14
    
         1,143,994
  
   
Exelon Corp.
        
         1,600,000
    
6.75%, due 5/1/11
    
         1,600,978
  
            650,000
    
5.625%, due 6/15/35
    
            459,358
  
   
FirstEnergy Corp.
        
         1,075,000
    
6.45%, due 11/15/11
    
         1,074,527
  
            525,000
    
7.375%, due 11/15/31
    
            449,205
  
   
Indiana Michigan Power
        
            900,000
    
6.05%, due 3/15/37
    
            756,278
  
   
MidAmerican Energy Holdings Co.
        
         2,485,000
    
6.125%, due 4/1/36
    
         2,304,472
  
   
Nevada Power Co.
        
         1,005,000
    
6.50%, due 8/1/18
    
            953,102
  
   
NiSource Finance Corp.
        
         1,280,000
    
5.40%, due 7/15/14
    
         1,006,144
  
   
Oncor Electric Delivery
        
            725,000
    
7.00%, due 5/1/32
    
            669,711
  
   
PPL Energy Supply, LLC
        
         1,150,000
    
6.40%, due 11/1/11
    
         1,148,129
  
   
Progress Energy, Inc.
        
         1,716,000
    
7.10%, due 3/1/11
    
         1,763,444
  
   
PSEG Power, LLC
        
         2,100,000
    
7.75%, due 4/15/11
    
         2,183,853
  
   
Puget Sound Energy, Inc.
        
         2,075,000
    
6.274%, due 3/15/37
    
         1,655,765
  
           
        27,377,533
  
               
   
Electronic Parts
0.7%
      
   
Avnet, Inc.
        
         1,800,000
    
5.875%, due 3/15/14
    
         1,545,176
  
               
   
Finance
1.2%
      
   
American General Finance Corp.
        
         2,100,000
    
6.90%, due 12/15/17
    
            835,976
  
   
SLM Corp.
        
            965,000
    
5.375%, due 5/15/14
    
            562,677
  
         2,000,000
    
8.45%, due 6/15/18
    
         1,301,778
  
           
         2,700,431
  
               
   
Finance - Commercial
1.1%
      
   
CIT Group, Inc.
        
         3,200,000
    
7.625%, due 11/30/12
    
         2,509,056
  
               
   
Finance - Leasing
1.5%
      
   
International Lease Finance Corp.
        
         4,700,000
    
5.75%, due 6/15/11
    
         3,262,350
  
               
   
Food
5.9%
      
   
ConAgra Foods, Inc.
        
            500,000
    
7.875%, due 9/15/10
    
            528,777
  
   
General Mills, Inc.
        
         1,290,000
    
6.00%, due 2/15/12
    
         1,355,517
  
   
H.J. Heinz Finance Co.
        
            675,000
    
6.625%, due 7/15/11
    
            709,323
  
   
Kraft Foods, Inc.
        
         1,665,000
    
6.25%, due 6/1/12
    
         1,762,742
  
         2,015,000
    
6.50%, due 8/11/17
    
         2,054,800
  
         1,100,000
    
6.875%, due 2/1/38
    
         1,094,433
  
   
Kroger Co.
        
         1,150,000
    
6.20%, due 6/15/12
    
         1,199,168
  
            550,000
    
6.15%, due 1/15/20
    
            542,891
  
   
Safeway, Inc.
        
            950,000
    
6.50%, due 3/1/11
    
            994,708
  
            945,000
    
6.35%, due 8/15/17
    
            962,603
  
   
Sara Lee Corp.
        
         1,000,000
    
3.875%, due 6/15/13
    
            936,788
  
   
Yum! Brands, Inc.
        
            835,000
    
6.25%, due 3/15/18
    
            761,512
  
           
        12,903,262
  
               
   
Forest Products & Paper
1.0%
      
   
International Paper Co.
        
         2,405,000
    
7.95%, due 6/15/18
    
         1,900,111
  
   
Weyerhaeuser Co.
        
            425,000
    
7.375%, due 3/15/32
    
            282,788
  
           
         2,182,899
  
               
   
Health Care
1.9%
      
   
Hospira, Inc.
        
         1,675,000
    
5.55%, due 3/30/12
    
         1,607,494
  
   
Humana Inc.
        
            780,000
    
7.20%, due 6/15/18
    
            676,641
  
   
McKesson Corp.
        
         1,800,000
    
5.25%, due 3/1/13
    
         1,779,943
  
           
         4,064,078
  
               
   
Hotels
0.7%
      
   
Marriott International, Inc.
        
         1,900,000
    
5.625%, due 2/15/13
    
         1,626,261
  
               
   
Insurance
1.1%
      
   
CIGNA Corp.
        
            900,000
    
6.35%, due 3/15/18
    
            790,593
  
   
Marsh & McLennan Cos., Inc.
        
         1,030,000
    
5.75%, due 9/15/15
    
            879,360
  
   
MetLife, Inc.
        
            935,000
    
6.40%, due 12/15/36
    
            504,264
  
   
Willis North America Inc.
        
            500,000
    
6.20%, due 3/28/17
    
            342,999
  
           
         2,517,216
  
               
   
Media
9.2%
      
   
Comcast Corp.
        
         2,300,000
    
6.50%, due 1/15/17
    
         2,238,118
  
         2,300,000
    
7.05%, due 3/15/33
    
         2,139,718
  
   
Cox Communications, Inc.
        
         2,140,000
    
7.125%, due 10/1/12
    
         2,123,989
  
   
News America, Inc.
        
         3,070,000
    
6.20%, due 12/15/34
    
         2,339,285
  
   
Time Warner Entertainment Company, L.P.
        
         2,250,000
    
8.875%, due 10/1/12
    
         2,283,471
  
         1,160,000
    
8.375%, due 7/15/33
    
         1,112,881
  
   
Time Warner, Inc.
        
         1,480,000
    
9.125%, due 1/15/13
    
         1,548,543
  
         3,200,000
    
7.625%, due 4/15/31
    
         3,010,032
  
   
Viacom, Inc.
        
         1,480,000
    
7.70%, due 7/30/10
    
         1,469,195
  
         1,130,000
    
6.25%, due 4/30/16
    
            962,188
  
            405,000
    
7.875%, due 7/30/30
    
            262,600
  
         1,055,000
    
6.875%, due 4/30/36
    
            784,359
  
           
        20,274,379
  
               
   
Medical
0.4%
      
   
Cardinal Health, Inc.
        
            900,000
    
6.75%, due 2/15/11
    
            913,783
  
               
   
Metals
0.8%
      
   
Alcoa Inc.
        
         1,410,000
    
5.55%, due 2/1/17
    
            913,844
  
         1,280,000
    
5.95%, due 2/1/37
    
            747,980
  
           
         1,661,824
  
               
   
Mining
3.0%
      
   
Freeport-McMoran C&G
        
         2,555,000
    
8.375%, due 4/1/17
    
         2,206,746
  
   
Rio Tinto Finance USA, Ltd.
        
         1,700,000
    
6.50%, due 7/15/18
    
         1,504,473
  
            625,000
    
7.125%, due 7/15/28
    
            514,444
  
   
Vale Overseas Limited
        
         1,370,000
    
6.25%, due 1/23/17
    
         1,325,423
  
         1,150,000
    
6.875%, due 11/21/36
    
            996,590
  
           
         6,547,676
  
               
   
Office Equipment
0.7%
      
   
Xerox Corp.
        
         1,850,000
    
6.40%, due 3/15/16
    
         1,569,990
  
               
   
Oil & Gas
11.1%
      
   
Anadarko Petroleum Corp.
        
         1,770,000
    
5.95%, due 9/15/16
    
         1,577,847
  
         1,045,000
    
6.45%, due 9/15/36
    
            800,180
  
   
Canadian Natural Resources
        
            985,000
    
6.00%, due 8/15/16
    
            893,027
  
         1,105,000
    
6.50%, due 2/15/37
    
            858,862
  
   
Devon Energy Corp.
        
            625,000
    
7.95%, due 4/15/32
    
            658,775
  
   
Devon Financing Corp., U.L.C.
        
            739,000
    
6.875%, due 9/30/11
    
            778,183
  
   
Encana Corp.
        
            890,000
    
6.50%, due 8/15/34
    
            716,566
  
   
Encana Holdings Financial Corp.
        
            665,000
    
5.80%, due 5/1/14
    
            646,191
  
   
Energy Transfer Partners
        
         1,285,000
    
5.95%, due 2/1/15
    
         1,153,566
  
   
Enterprise Products
        
            770,000
    
5.60%, due 10/15/14
    
            715,830
  
            400,000
    
6.65%, due 10/15/34
    
            333,811
  
   
Hess Corp.
        
            635,000
    
6.65%, due 8/15/11
    
            646,217
  
            610,000
    
7.875%, due 10/1/29
    
            578,541
  
   
Kinder Morgan Energy Partners
        
         1,125,000
    
5.125%, due 11/15/14
    
         1,061,665
  
         1,200,000
    
5.80%, due 3/15/35
    
            960,510
  
   
Marathon Oil Corp.
        
            675,000
    
5.90%, due 3/15/18
    
            610,585
  
            530,000
    
6.60%, due 10/1/37
    
            424,583
  
   
Nexen, Inc.
        
            695,000
    
6.40%, due 5/15/37
    
            491,757
  
   
Pemex Master Trust
        
            900,000
    
9.125%, due 10/13/10
    
            951,750
  
         1,205,000
    
6.625%, due 6/15/35
    
            856,643
  
   
Petro-Canada
        
            751,000
    
5.95%, due 5/15/35
    
            507,493
  
   
Petrobras International Finance Co.
        
         1,990,000
    
5.875%, due 3/1/18
    
         1,756,452
  
   
Talisman Energy
        
            755,000
    
6.25%, due 2/1/38
    
            516,976
  
   
Transocean Inc.
        
         1,670,000
    
6.00%, due 3/15/18
    
         1,578,955
  
            500,000
    
6.80%, due 3/15/38
    
            458,271
  
   
Valero Energy Corp.
        
            500,000
    
6.875%, due 4/15/12
    
            505,860
  
            695,000
    
6.625%, due 6/15/37
    
            532,075
  
   
Weatherford International Ltd.
        
         1,020,000
    
6.50%, due 8/1/36
    
            705,973
  
   
XTO Energy, Inc.
        
         1,300,000
    
5.00%, due 1/31/15
    
         1,208,316
  
            975,000
    
6.375%, due 6/15/38
    
            826,923
  
           
        24,312,383
  
               
   
Pharmacueticals
0.5%
      
   
Schering-Plough Corp.
        
         1,150,000
    
6.55%, due 9/15/37
    
         1,141,159
  
               
   
Pipelines
2.9%
      
   
ONEOK, Inc.
        
         2,600,000
    
5.20%, due 6/15/15
    
         2,243,602
  
   
ONEOK Partners, LP
        
            350,000
    
5.90%, due 4/1/12
    
            341,265
  
   
Tennessee Gas Pipeline
        
            800,000
    
7.50%, due 4/1/17
    
            755,953
  
            665,000
    
7.00%, due 10/15/28
    
            550,151
  
   
Texas Eastern Transmission Corp.
        
            950,000
    
7.00%, due 7/15/32
    
            933,287
  
   
Williams Companies, Inc.
        
            500,000
    
7.125%, due 9/1/11
    
            487,772
  
         1,100,000
    
8.75%, due 3/15/32
    
         1,030,933
  
           
         6,342,963
  
               
   
Real Estate Investment Trusts
1.9%
      
   
Avalonbay Communities
        
            460,000
    
5.50%, due 1/15/12
    
            428,882
  
   
Boston Properties, LP
        
            455,000
    
6.25%, due 1/15/13
    
            394,891
  
   
Camden Property Trust
        
            550,000
    
5.70%, due 5/15/17
    
            410,272
  
   
ERP Operating LP
        
         1,000,000
    
5.25%, due 9/15/14
    
            843,472
  
   
Health Care Properties
        
         1,200,000
    
6.00%, due 1/30/17
    
            811,468
  
   
Healthcare Realty Trust
        
            700,000
    
5.125%, due 4/1/14
    
            546,913
  
   
Hospitality Properties Trust
        
            250,000
    
5.625%, due 3/15/17
    
            139,372
  
   
ProLogis
        
         1,065,000
    
5.75%, due 4/1/16
    
            603,081
  
           
         4,178,351
  
               
   
Retail
3.8%
      
   
CVS/Caremark Corp.
        
         2,325,000
    
5.75%, due 6/1/17
    
         2,271,913
  
   
Home Depot, Inc.
        
         1,950,000
    
5.25%, due 12/16/13
    
         1,892,530
  
            780,000
    
5.875%, due 12/16/36
    
            568,932
  
   
J.C. Penney Co., Inc.
        
         1,000,000
    
5.75%, due 2/15/18
    
            703,737
  
            760,000
    
6.375%, due 10/15/36
    
            468,855
  
   
Macy's Retail Holdings, Inc.
        
         1,970,000
    
5.35%, due 3/15/12
    
         1,486,724
  
            910,000
    
6.375%, due 3/15/37
    
            500,734
  
   
Staples, Inc.
        
            450,000
    
9.75%, due 1/15/14
    
            472,580
  
           
         8,366,005
  
               
   
Sovereign
11.0%
      
   
Federal Republic of Brazil
        
         2,200,000
    
11.00%, due 1/11/12
    
         2,585,000
  
         3,105,000
    
6.00%, due 1/17/17
    
         3,019,612
  
         5,580,000
    
7.125%, due 1/20/37
    
         5,510,250
  
   
Republic of Peru
        
            825,000
    
8.375%, due 5/3/16
    
            924,000
  
         1,285,000
    
6.55%, due 3/14/37
    
         1,178,987
  
   
United Mexican States
        
         5,900,000
    
5.875%, due 1/15/14
    
         6,018,000
  
         2,200,000
    
5.625%, due 1/15/17
    
         2,132,900
  
         3,058,000
    
6.75%, due 9/27/34
    
         2,853,114
  
           
        24,221,863
  
               
     
Steel Producers
0.5%
      
     
U.S. Steel Corp.
        
         1,340,000
    
7.00%, due 2/1/18
    
         1,005,758
  
               
   
Technology
0.3%
      
   
Motorola, Inc.
        
            500,000
    
8.00%, due 11/1/11
    
            450,138
  
            500,000
    
6.625%, due 11/15/37
    
            293,145
  
           
            743,283
  
               
   
Telecommunications
9.3%
      
   
AT&T Broadband Corp.
        
         3,260,000
    
8.375%, due 3/15/13
    
         3,480,591
  
   
British Telecom PLC
        
         1,465,000
    
8.125%, due 12/15/10
    
         1,527,224
  
         1,250,000
    
8.625%, due 12/15/30
    
         1,194,752
  
   
CenturyTel, Inc.
        
         1,700,000
    
6.00%, due 4/1/17
    
         1,447,217
  
   
Deutsche Telekom International Finance
        
         1,500,000
    
5.75%, due 3/23/16
    
         1,474,581
  
         1,810,000
    
8.25%, due 6/15/30
    
         2,063,125
  
   
Embarq Corp.
        
         1,230,000
    
7.082%, due 6/1/16
    
         1,108,514
  
            600,000
    
7.995%, due 6/1/36
    
            469,091
  
   
Koninklijke KPN NV
        
            940,000
    
8.00%, 10/1/10
    
            982,684
  
   
Qwest Corp.
        
         1,825,000
    
8.875%, due 3/15/12
    
         1,806,750
  
            600,000
    
6.875%, due 9/15/33
    
            405,000
  
   
Rogers Wireless, Inc.
        
         1,000,000
    
6.375%, due 3/1/14
    
         1,018,504
  
   
Telecom Italia Capital
        
         2,675,000
    
5.25%, due 11/15/13
    
         2,404,718
  
         1,325,000
    
6.375%, due 11/15/33
    
            991,586
  
           
        20,374,337
  
               
   
Textiles
0.1%
      
   
Mohawk Industries Inc.
        
            350,000
    
6.125%, due 1/15/16
    
            260,991
  
               
   
Tobacco
1.5%
      
   
Altria Group, Inc.
        
         1,420,000
    
9.70%, due 11/10/18
    
         1,489,079
  
            325,000
    
9.95%, due 11/10/38
    
            325,372
  
   
Reynolds American, Inc.
        
         1,800,000
    
6.75%, due 6/15/17
    
         1,522,492
  
           
         3,336,943
  
               
   
Transportation
2.8%
      
   
Burlington Northern Santa Fe
        
            770,000
    
6.75%, due 7/15/11
    
            814,666
  
         1,250,000
    
6.15%, due 5/1/37
    
         1,149,284
  
   
CSX Corp.
        
         1,340,000
    
5.60%, due 5/1/17
    
         1,127,393
  
            845,000
    
7.95%, due 5/1/27
    
            794,456
  
   
Norfolk Southern Corp.
        
         1,015,000
    
7.05%, due 5/1/37
    
         1,038,771
  
   
Union Pacific Corp.
        
         1,275,000
    
6.15%, due 5/1/37
    
         1,148,806
  
           
         6,073,376
  
               
   
Utilities - Natural Gas
0.8%
      
   
Sempra Energy
        
         1,800,000
    
6.00%, due 2/1/13
    
         1,811,628
  
               
   
Waste Disposal
0.9%
      
   
Allied Waste North America, Inc.
        
         1,600,000
    
6.875%, due 6/1/17
    
         1,522,339
  
   
Waste Management, Inc.
        
            565,000
    
7.75%, due 5/15/32
    
            508,916
  
           
         2,031,255
  
               
   
Total Corporate Bonds & Notes (cost $231,046,895)
    
      209,454,350
  
               
   
U.S. GOVERNMENT INSTRUMENTALITIES
1.6%
      
   
U.S. Treasury Notes
1.6%
      
   
U.S. Treasury Note
        
            500,000
    
4.625%, due 7/31/12
    
            551,016
  
         2,175,000
    
1.50%, due 12/31/13
    
         2,130,652
  
            850,000
    
3.75%, due 11/15/18
    
            900,934
  
           
         3,582,602
  
               
   
Total U.S. Government Instrumentalities (cost $3,629,916)
    
         3,582,602
  
Shares/
              
Principal
Amount
  
 
          
               
               
   
SHORT-TERM INVESTMENTS
0.3%
      
            616,130
  
AIM STIT - Treasury Portfolio
    
            616,130
  
               
   
Total Short-Term Investments (cost $616,130)
    
            616,130
  
               
   
Total Investments (cost $235,292,941)
97.3%
  
      213,653,082
  
   
Other Assets less Liabilities
2.7%
  
         6,010,924
  
   
TOTAL NET ASSETS
100.0%
  
 $   219,664,006
  
               
 
The cost basis of investments for federal income tax purposes at February 28, 2009 was as follows*:

Cost of investments
$
    235,443,705
  
       
Gross unrealized appreciation
$
        1,194,632
  
Gross unrealized depreciation
  
(22,985,255
) 
Net unrealized depreciation
$
(21,790,623
) 
       

*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 28, 2009

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 28, 2009:

   
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
$213,653,082
$616,130
           $213,036,952
 $                   —
Total
$213,653,082
$616,130
           $213,036,952
 $                   —

 

PIA MBS BOND FUND
Schedule of Investments - February 28, 2009 (Unaudited)
               
               
Principal
              
Amount
          
 Value
  
               
   
MORTGAGE-BACKED SECURITIES
97.6%
      
   
U.S. Government Agencies
97.6%
      
   
FHLMC Pool
        
 $         281,574
    
4.50%, due 5/1/20, #G18052
    
 $         287,235
  
            315,836
    
4.50%, due 3/1/21, #G18119
    
            321,823
  
            299,754
    
5.00%, due 3/1/21, #G18105
    
            308,965
  
            355,886
    
4.50%, due 5/1/21, #J01723
    
            362,632
  
            285,924
    
6.00%, due 6/1/21, #G18124
    
            299,392
  
            808,508
    
4.50%, due 9/1/21, #G12378
    
            824,762
  
            402,202
    
5.00%, due 11/1/21, #G18160
    
            414,561
  
            280,165
    
5.00%, due 2/1/22, #G12522
    
            288,774
  
            443,206
    
5.00%, due 2/1/22, #J04411
    
            456,662
  
            965,797
    
5.50%, due 3/1/22, #G12577
    
         1,004,228
  
            471,414
    
5.00%, due 7/1/22, #J05243
    
            485,727
  
              34,571
    
5.50%, due 5/1/35, #B31639
    
              35,485
  
         1,166,232
    
5.00%, due 8/1/35, #A36351
    
         1,187,019
  
            999,603
    
5.00%, due 10/1/35, #G01940
    
         1,017,420
  
            947,285
    
6.00%, due 1/1/36, #A42208
    
            982,639
  
              99,792
    
7.00%, due 1/1/36, #G02048
    
            105,827
  
         1,576,713
    
5.50%, due 2/1/36, #G02031
    
         1,618,418
  
            622,191
    
7.00%, due 8/1/36, #G08148
    
            659,797
  
            881,647
    
6.50%, due 9/1/36, #A54908
    
            923,446
  
            807,816
    
6.50%, due 11/1/36, #A54094
    
            846,115
  
            996,487
    
5.50%, due 2/1/37, #A57840
    
         1,021,755
  
         2,646,080
    
5.00%, due 5/1/37, #A60268
    
         2,690,200
  
         1,287,509
    
5.00%, due 6/1/37, #G03094
    
         1,308,977
  
         3,408,715
    
5.50%, due 6/1/37, #A61982
    
         3,494,959
  
         3,231,641
    
6.00%, due 6/1/37, #A62176
    
         3,349,726
  
         3,312,568
    
6.00%, due 6/1/37, #A62444
    
         3,433,609
  
            504,923
    
5.00%, due 7/1/37, #A63187
    
            513,342
  
         2,652,771
    
5.50%, due 8/1/37, #G03156
    
         2,719,888
  
            393,797
    
6.50%, due 8/1/37, #A70413
    
            412,446
  
              61,873
    
7.00%, due 8/1/37, #A70079
    
              65,612
  
            748,054
    
7.00%, due 9/1/37, #A65171
    
            788,023
  
            104,710
    
7.00%, due 9/1/37, #A65335
    
            110,305
  
              64,369
    
7.00%, due 9/1/37, #A65670
    
              67,808
  
            562,407
    
7.00%, due 9/1/37, #A65780
    
            592,458
  
              51,314
    
7.00%, due 9/1/37, #A65941
    
              54,055
  
              26,849
    
7.00%, due 9/1/37, #A66041
    
              28,284
  
            677,123
    
7.00%, due 9/1/37, #G03207
    
            718,049
  
            384,976
    
6.50%, due 11/1/37, #A68726
    
            403,206
  
            973,338
    
5.50%, due 4/1/38, #G04121
    
            997,964
  
            577,917
    
5.50%, due 5/1/38, #A77265
    
            592,538
  
            989,758
    
5.50%, due 5/1/38, #G04215
    
         1,014,800
  
            962,117
    
5.00%, due 10/1/38, #G08306
    
            978,159
  
   
FNMA Pool
        
            285,771
    
4.50%, due 10/1/20, #842732
    
            291,695
  
            500,257
    
4.50%, due 12/1/20, #813954
    
            510,627
  
            267,437
    
4.50%, due 2/1/21, #845437
    
            272,981
  
            397,683
    
5.00%, due 2/1/21, #865191
    
            410,090
  
            209,515
    
5.00%, due 5/1/21, #879112
    
            215,888
  
            598,559
    
4.50%, due 7/1/21, #845515
    
            610,278
  
            331,043
    
5.50%, due 10/1/21, #905090
    
            343,802
  
            390,222
    
5.00%, due 2/1/22, #900946
    
            402,091
  
            579,082
    
6.00%, due 2/1/22, #912522
    
            605,563
  
            853,096
    
5.00%, due 6/1/22, #937709
    
            878,730
  
            443,566
    
5.00%, due 7/1/22, #938033
    
            456,894
  
            376,931
    
5.00%, due 7/1/22, #944887
    
            388,257
  
            873,627
    
5.50%, due 7/1/22, #905040
    
            907,249
  
              14,650
    
7.00%, due 8/1/32, #650101
    
              15,662
  
            275,314
    
7.00%, due 6/1/35, #821610
    
            291,616
  
            135,443
    
7.00%, due 7/1/35, #826251
    
            143,463
  
            203,323
    
7.00%, due 9/1/35, #842290
    
            215,362
  
              90,460
    
4.50%, due 11/1/35, #256032
    
              90,798
  
            249,439
    
5.00%, due 12/1/35, #852482
    
            254,384
  
            543,953
    
5.00%, due 1/1/36, #866592
    
            554,735
  
              65,231
    
7.00%, due 2/1/36, #865190
    
              69,094
  
            139,242
    
7.00%, due 4/1/36, #887709
    
            147,380
  
         2,683,462
    
5.00%, due 5/1/36, #745515
    
         2,736,652
  
            559,275
    
5.00%, due 5/1/36, #867439
    
            569,837
  
            210,816
    
6.50%, due 7/1/36, #897100
    
            220,810
  
            289,085
    
7.00%, due 7/1/36, #887793
    
            305,981
  
            725,984
    
6.00%, due 8/1/36, #892925
    
            751,312
  
         1,621,479
    
6.50%, due 8/1/36, #878187
    
         1,698,355
  
            686,471
    
5.00%, due 9/1/36, #893621
    
            699,434
  
            584,594
    
7.00%, due 9/1/36, #900964
    
            618,759
  
            828,956
    
5.50%, due 10/1/36, #831845
    
            850,364
  
            762,564
    
5.50%, due 10/1/36, #893087
    
            782,258
  
         1,011,066
    
6.00%, due 10/1/36, #897174
    
         1,046,340
  
            912,009
    
5.50%, due 12/1/36, #256513
    
            935,563
  
                9,473
    
6.50%, due 12/1/36, #920162
    
                9,922
  
            320,753
    
7.00%, due 1/1/37, #256567
    
            339,499
  
            544,833
    
5.00%, due 2/1/37, #908612
    
            555,006
  
         1,612,287
    
5.50%, due 2/1/37, #256597
    
         1,653,926
  
            777,587
    
6.00%, due 2/1/37, #909357
    
            804,065
  
              35,018
    
7.00%, due 2/1/37, #915904
    
              37,064
  
            993,224
    
5.50%, due 3/1/37, #256636
    
         1,018,664
  
            937,327
    
6.50%, due 5/1/37, #917052
    
            981,713
  
         1,146,553
    
5.00%, due 6/1/37, #939485
    
         1,167,961
  
         4,416,806
    
5.50%, due 6/1/37, #918554
    
         4,529,936
  
            859,416
    
5.50%, due 6/1/37, #918705
    
            881,429
  
         3,823,547
    
6.00%, due 6/1/37, #888413
    
         3,953,742
  
         2,754,206
    
6.00%, due 6/1/37, #917129
    
         2,847,989
  
            591,287
    
7.00%, due 6/1/37, #256774
    
            625,091
  
            226,298
    
7.00%, due 6/1/37, #940234
    
            239,235
  
            927,472
    
5.00%, due 7/1/37, #939544
    
            944,789
  
         2,500,323
    
5.00%, due 7/1/37, #944534
    
         2,547,990
  
            812,860
    
6.50%, due 9/1/37, #946585
    
            851,352
  
            873,514
    
5.50%, due 10/1/37, #954939
    
            895,887
  
         1,213,560
    
6.00%, due 12/1/37, #965488
    
         1,254,882
  
         3,141,568
    
5.50%, due 2/1/38, #961691
    
         3,222,034
  
         1,198,960
    
6.00%, due 6/1/38, #984764
    
         1,239,786
  
     
FNMA TBA (a)
        
         1,000,000
    
5.00%, due 3/15/39
    
         1,017,344
  
   
GNMA Pool
        
              62,051
    
7.00%, due 9/15/35, #647831
    
              66,350
  
            278,497
    
5.00%, due 10/15/35, #642220
    
            285,077
  
            225,527
    
5.00%, due 11/15/35, #550718
    
            230,855
  
            198,906
    
5.50%, due 11/15/35, #650091
    
            204,836
  
            157,287
    
5.50%, due 12/15/35, #646307
    
            161,976
  
            295,581
    
5.50%, due 4/15/36, #652534
    
            304,346
  
            390,046
    
6.50%, due 6/15/36, #652593
    
            407,344
  
            310,654
    
5.50%, due 7/15/36, #608993
    
            319,866
  
            852,927
    
6.50%, due 10/15/36, #646564
    
            890,752
  
            777,070
    
6.00%, due 11/15/36, #617294
    
            805,033
  
            692,302
    
6.50%, due 12/15/36, #618753
    
            723,004
  
         1,135,992
    
5.50%, due 2/15/37, #658419
    
         1,169,500
  
         1,801,883
    
6.00%, due 4/15/37, #668411
    
         1,866,442
  
         1,712,000
    
5.00%, due 8/15/37, #671463
    
         1,751,381
  
         1,233,039
    
6.00%, due 10/15/37, #664379
    
         1,277,218
  
            923,265
    
5.50%, due 8/15/38, #677224
    
            950,355
  
            934,363
    
5.50%, due 8/15/38, #691314
    
            961,778
  
           
      101,074,813
  
               
   
Total Mortgage-Backed Securities (cost $96,707,490)
  
      101,074,813
  
               
Shares/
              
Principal
Amount
  
 
        
               
   
SHORT-TERM INVESTMENTS
3.0%
      
         3,101,854
  
Fidelity Institutional Money Market Government Portfolio - Class I
         3,101,854
  
               
   
Total Short-Term Investments (cost $3,101,854)
    
         3,101,854
  
               
   
Total Investments (cost $99,809,344)
100.6%
  
      104,176,667
  
   
Liabilities less Other Assets
(0.6)%
  
           (653,230
 )
   
TOTAL NET ASSETS
100.0%
  
 $   103,523,437
  
               
(a) Security purchased on a when-issued basis.  As of February 28, 2009, the total cost of
     investments purchased on a when-issued basis was $986,736 or 1.0% of total net assets.
FHLMC - Federal Home Loan Mortgage Corporation
        
FNMA - Federal National Mortgage Association
        
GNMA - Government National Mortgage Association
        
TBA - To Be Announced        
 
The cost basis of investments for federal income tax purposes at February 28, 2009 was as follows*:

Cost of investments
$
    99,809,344
  
   
 
 
Gross unrealized appreciation
$
     4,367,3233
  
Gross unrealized depreciation
  
           —
  
Net unrealized appreciation
$
      4,367,323
  
       

*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 28, 2009

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 28, 2009:

   
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
$104,176,667
$3,101,854
$101,074,813
$                   —
Total
$104,176,667
$3,101,854
$101,074,813
$                   —

 
 
PIA MODERATE DURATION BOND FUND
  
Schedule of Investments - February 28, 2009 (Unaudited)
  
               
               
Principal
              
Amount
          
 Value
  
               
   
CORPORATE BONDS & NOTES
36.0%
      
   
Aerospace/Defense
0.4%
      
   
United Technologies Corp.
        
 $         100,000
    
4.375%, due 5/1/10
    
 $         102,138
  
               
   
Agriculture
0.5%
      
   
Archer-Daniels-Midland Co.
        
            150,000
    
5.375%, due 9/15/35
    
            128,707
  
               
   
Auto Manufacturers
0.4%
      
   
DaimlerChrysler NA Holding Corp.
        
            100,000
    
5.875%, due 3/15/11
    
              95,232
  
               
   
Banks
15.7%
      
   
Bank of America Corp.
        
            125,000
    
5.125%, due 11/15/14
    
            105,671
  
   
Citigroup, Inc. FDIC TLGP
        
            600,000
    
2.875%, due 12/9/11
    
            613,061
  
   
JPMorgan Chase & Co. FDIC TLGP
        
600,000
    
3.125%, due 12/1/11
    
            617,769
  
   
PNC Funding Corp. FDIC TLGP
        
700,000
    
1.875%, due 6/22/11
    
            700,458
  
   
Regions Bank FDIC TLGP
        
600,000
    
2.75%, due 12/10/10
    
            612,375
  
   
Sovereign Bank FDIC TLGP
        
600,000
    
2.75%, due 1/17/12
    
            607,345
  
   
Suntrust Bank FDIC TLGP
        
600,000
    
3.00%, due 11/16/11
    
            613,505
  
   
Wells Fargo & Co.
        
100,000
    
4.375%, due 1/31/13
    
              94,715
  
           
         3,964,899
  
               
   
Beverages
2.0%
      
   
Anheuser-Busch Companies, Inc.
        
200,000
    
6.45%, due 9/1/37
    
            171,201
  
   
Coca-Cola Enterprises, Inc.
        
200,000
    
4.25%, due 3/1/15
    
            195,889
  
   
Constellation Brands, Inc.
        
125,000
    
8.375%, due 12/15/14
    
            126,562
  
           
            493,652
  
               
   
Brokers
0.7%
      
   
Goldman Sachs Group Inc.
        
100,000
    
6.15%, due 4/1/18
    
              91,018
  
   
Morgan Stanley
        
100,000
    
6.625%, due 4/1/18
    
              92,493
  
           
            183,511
  
               
   
Chemicals
0.6%
      
   
E.I. Du Pont De Nemours & Co.
        
150,000
    
5.75%, due 3/15/19
    
            142,689
  
               
   
Consumer Products
0.4%
      
   
Clorox Co.
        
100,000
    
5.00%, due 1/15/15
    
              97,459
  
               
   
Diversified Financial Services
0.4%
      
   
General Electric Capital Corp.
        
100,000
    
5.00%, due 1/8/16
    
              90,856
  
               
   
Electric Utilities
0.9%
      
   
Dominion Resources, Inc.
        
100,000
    
5.15%, due 7/15/15
    
              94,952
  
   
Duke Energy Carolinas
        
150,000
    
6.10%, due 6/1/37
    
            145,854
  
           
            240,806
  
               
   
Finance Companies
0.4%
      
   
HSBC Finance Corp.
        
            100,000
    
4.125%, due 11/16/09
    
              99,189
  
               
   
Finance Credit Cards
2.4%
      
   
American Express Bank FSB FDIC TLGP
        
            600,000
    
3.15%, due 12/9/11
    
            616,004
  
               
               
   
Food
1.9%
      
   
ConAgra Foods, Inc.
        
            125,000
    
6.75%, due 9/15/11
    
            131,640
  
   
Kraft Foods, Inc.
        
            200,000
    
6.875%, due 2/1/38
    
            198,988
  
   
Kroger Co.
        
150,000
    
6.90%, due 4/15/38
    
            152,547
  
           
            483,175
  
               
   
Insurance
0.5%
      
   
American International Group, Inc.
        
75,000
    
4.25%, due 5/15/13
    
              42,792
  
   
MetLife, Inc.
        
100,000
    
5.00%, due 6/15/15
    
              92,944
  
           
            135,736
  
               
   
Media
1.3%
      
   
News America, Inc.
        
100,000
    
5.30%, 12/15/14
    
              94,293
  
   
Time Warner, Inc.
        
150,000
    
7.70%, due 5/1/32
    
            142,103
  
   
Viacom, Inc.
        
100,000
    
6.25%, due 4/30/16
    
              85,149
  
           
            321,545
  
               
   
Medical/Drugs
1.9%
      
150,000
  
Amgen, Inc.
        
     
6.40%, due 2/1/39
    
            145,419
  
   
AstraZeneca PLC
        
100,000
    
5.40%, due 9/15/12
    
            106,631
  
   
GlaxoSmithKline
        
100,000
    
5.65%, due 5/15/18
    
            103,137
  
   
Wyeth
        
125,000
    
5.45%, due 4/1/17
    
            127,571
  
           
            482,758
  
               
   
Medical Instruments
0.5%
      
   
Boston Scientific Corp.
        
125,000
    
5.45%, due 6/15/14
    
            118,437
  
               
   
Mining
1.2%
      
   
Freeport-McMoran Copper & Gold
        
150,000
    
8.375%, due 4/1/17
    
            129,554
  
   
Rio Tinto Finance USA Ltd.
        
200,000
    
6.50%, due 7/15/18
    
            176,997
  
           
            306,551
  
               
   
Oil & Gas
1.5%
      
   
Chesapeake Energy Corp.
        
150,000
    
7.625%, due 7/15/13
    
            135,750
  
   
Devon Energy Corp.
        
150,000
    
6.30%, due 1/15/19
    
            147,128
  
   
Occidental Petroleum Corp.
        
100,000
    
6.75%, due 1/15/12
    
            106,989
  
           
            389,867
  
               
   
Retail
0.8%
      
   
CVS Caremark, Corp.
        
100,000
    
5.75%, due 6/1/17
    
              97,717
  
   
Target Corp.
        
100,000
    
7.00%, due 7/15/31
    
              93,556
  
           
            191,273
  
               
   
Telecommunications
1.2%
      
   
BellSouth Corp.
        
100,000
    
6.00%, due 10/15/11
    
            104,374
  
   
Sprint Capital Corp.
        
120,000
    
8.375%, due 3/15/12
    
              97,261
  
   
Verizon Communications, Inc.
        
100,000
    
7.75%, due 12/1/30
    
            103,079
  
           
            304,714
  
               
   
Transportation
0.4%
      
   
Union Pacific Corp.
        
100,000
    
5.65%, due 5/1/17
    
              94,729
  
               
   
Total Corporate Bonds & Notes (cost $9,154,231)
    
         9,083,927
  
               
   
MORTGAGE-BACKED SECURITIES
35.1%
      
   
U.S. Government Agencies
35.1%
      
   
FHLMC Pool
        
3,600,000
    
4.50%, due 2/1/24, #J09311
    
         3,667,875
  
1,175,361
    
4.00%, due 6/1/18, #E01401
    
         1,185,650
  
   
FNMA Pool
        
1,462,281
    
5.00%, due 9/1/23, #990959
    
         1,506,220
  
1,980,172
    
4.50%, due 12/1/23, #AA1042
    
         2,018,942
  
   
GNMA Pool
        
465,503
    
5.00%, due 2/15/22, #618803
    
485,746
  
           
         8,864,433
  
               
   
Total Mortgage-Backed Securities (cost $8,756,239)
    
         8,864,433
  
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
20.5%
      
   
U.S. Government Agencies
17.0%
      
   
FFCB
        
            500,000
    
4.875%, due 2/18/11
    
            531,184
  
   
FHLB
        
            700,000
    
3.625%, due 5/29/13
    
            730,579
  
   
FHLMC
        
         1,575,000
    
4.125%, due 9/27/13
    
         1,681,202
  
            150,000
    
6.25%, due 7/15/32
    
            190,025
  
   
FNMA
        
1,100,000
    
3.875%, due 7/12/13
    
         1,163,886
  
           
         4,296,876
  
               
   
U.S. Treasury Bond (TIPS)
3.5%
      
   
U.S. Treasury Bond (TIPS)
        
779,874
    
3.625%, due 4/15/28
    
            892,224
  
               
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $4,959,399)
    
         5,189,100
  
               
   
RIGHTS
0.0%
      
1
  
Global Crossing North America, Inc.
        
     
Liquidating Trust (a)(b) (cost $0)
    
                     —
  
               
Shares/
              
Principal
Amount
  
 
        
               
   
SHORT-TERM INVESTMENTS
21.0%
      
         2,388,596
  
AIM STIT - Treasury Portfolio
    
         2,388,596
  
         2,461,362
  
Fidelity Institutional Money Market Government Portfolio - Class I
  
         2,461,362
  
   
Rabobank USA Commercial Paper
        
 $         460,000
    
0.157%, due 3/2/09
    
            459,998
  
               
               
   
Total Short-Term Investments (cost $5,309,956)
    
         5,309,956
  
               
   
Total Investments (cost $28,179,825)
112.6%
  
        28,447,416
  
   
Liabilities less Other Assets
(12.6)%
  
        (3,188,495
 )
   
TOTAL NET ASSETS
100.0%
  
 $     25,258,921
  
               
 
(a) Restricted security.  The interest in the liquidating trust was acquired through a distribution on
     December 9, 2003.  As of February 28, 2009, the security had a cost and value of $0 (0.0% of total net assets).
(b) Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
               
FDIC - Federal Deposit Insurance Corporation Guaranteed
        
FFCB - Federal Farm Credit Bank
        
FHLB - Federal Home Loan Bank
        
FHLMC - Federal Home Loan Mortgage Corporation
        
FNMA - Federal National Mortgage Association
        
GNMA - Government National Mortgage Association
        
TIPS - Treasury Inflation Protected Securities
        
TLGP - Temporary Liquidity Guarantee Program
        
 
 
Schedule of Open Futures Contracts
        
     
Number of
      
     
Contracts
Notional
  
Unrealized
     
Purchased
Contract
Settlement
Appreciation
Description
(Sold)
Value
Month
(Depreciation)
             
U.S. Treasury 10 Year Note Futures
(13)
 $   (1,560,406)
June 2009
 $         2,382
             
 
The cost basis of investments for federal income tax purposes at February 28, 2009 was as follows*:

Cost of investments
$
     28,226,135
  
       
Gross unrealized appreciation
$
           481,894
  
Gross unrealized depreciation
  
  (260,613
 )
Net unrealized appreciation
$
           221,281
  
       

*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 28, 2009

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 28, 2009:

   
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
$28,447,416
$4,849,958
$23,597,458
$               —
Other Financial Instruments*
           2,382
         2,382
—
—

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, and include futures, which are valued at the unrealized appreciation/(depreciation) on the instrument.
 

FAS 161 - Fair Value of Derivative Instruments as of February 28, 2009

 
Asset Derivatives
  
Derivatives not accounted for as hedging
instruments under Statement 133
 
 
Balance Sheet Location
 
 
Fair Value
 
Interest rate contracts
 
Receivables, Net Assets – Unrealized Appreciation
 
$2,382*

*Includes appreciation of futures contracts as reported in the Schedule of Open Futures Contracts shown above.
 
 
 
PIA SHORT-TERM SECURITIES FUND
  
Schedule of Investments - February 28, 2009 (Unaudited)
  
               
               
Principal
              
Amount
          
 Value
  
               
   
CORPORATE BONDS & NOTES
4.1%
      
   
Banks
0.3%
      
   
JP Morgan Chase & Co.
        
 $           250,000
    
5.60%, due 6/1/11
    
 $         255,000
  
               
   
Beverages
0.3%
      
   
Coca Cola Enterprises Inc.
        
             250,000
    
4.25%, due 9/15/10
    
            253,249
  
               
   
Communications
0.7%
      
   
AT&T Wireless Services, Inc.
        
250,000
    
7.875%, due 3/1/11
    
            267,314
  
   
Verizon Global Funding Corp.
        
250,000
    
7.25%, due 12/1/10
    
            264,109
  
           
            531,423
  
               
   
Medical-Drugs
1.0%
      
   
Abbott Laboratories
        
250,000
    
5.60%, due 5/15/11
    
            267,058
  
   
American Home Products Corp.
        
250,000
    
6.95%, due 3/15/11
    
            266,160
  
   
Merck & Co., Inc.
        
250,000
    
5.125%, 11/15/11
    
            268,941
  
           
            802,159
  
               
   
Networking Products
0.4%
      
   
Cisco Systems, Inc.
        
             250,000
    
5.25%, due 2/22/11
    
            264,447
  
               
   
Oil & Gas
0.7%
      
   
Conoco Funding Co.
        
250,000
    
6.35%, due 10/15/11
    
            269,398
  
   
Occidental Petroleum Corp.
        
250,000
    
6.75%, due 1/15/12
    
            267,472
  
           
            536,870
  
               
   
Software
0.3%
      
   
Oracle Corp.
        
             250,000
    
5.00%, due 1/15/11
    
            261,984
  
               
   
Retail
0.4%
      
   
Target Corp.
        
             250,000
    
7.50%, due 8/15/10
    
            266,458
  
               
   
Total Corporate Bonds & Notes (cost $3,197,093)
    
         3,171,590
  
               
   
MORTGAGE-BACKED SECURITIES
24.8%
      
   
U.S. Government Agencies
24.8%
      
   
FHLMC ARM Pool (a)
        
               35,638
    
5.04%, due 8/1/15, #755204
    
              36,263
  
               29,536
    
4.868%, due 2/1/22, #845113
    
              29,929
  
               68,646
    
5.75%, due 10/1/22, #635206
    
              69,636
  
               19,204
    
5.073%, due 6/1/23, #845755
    
              19,390
  
               15,160
    
5.033%, due 2/1/24, #609231
    
              15,307
  
             611,249
    
4.808%, due 1/1/25, #785726
    
            617,766
  
               44,827
    
5.445%, due 1/1/33, #1B0668
    
              45,967
  
           1,707,901
    
4.392%, due 10/1/34, #782784
    
         1,710,375
  
   
FNMA ARM Pool (a)
        
               46,935
    
5.878%, due 7/1/25, #555206
    
              47,530
  
             405,020
    
5.462%, due 7/1/27, #424953
    
            407,838
  
             126,456
    
4.84%, due 3/1/28, #556438
    
            126,932
  
             194,747
    
5.079%, due 6/1/29, #508399
    
            197,042
  
             404,267
    
5.593%, due 4/1/30, #562912
    
            413,983
  
             117,207
    
5.155%, due 8/1/30, #556824
    
            118,981
  
             164,145
    
4.374%, due 10/1/30, #670317
    
            163,240
  
               16,510
    
5.152%, due 7/1/31, #592745
    
              16,830
  
             119,005
    
5.067%, due 9/1/31, #597196
    
            121,403
  
               34,914
    
4.902%, due 11/1/31, #610547
    
              35,185
  
                 6,805
    
5.125%, due 4/1/32, #629098
    
                6,951
  
           1,529,794
    
4.952%, due 10/1/34, #795136
    
         1,553,628
  
           1,349,998
    
4.447%, due 1/1/35, #805391
    
         1,361,231
  
             826,434
    
5.08%, due 10/1/35, #846171
    
            837,474
  
           1,874,453
    
4.957%, due 1/1/36, #849264
    
         1,907,638
  
           2,211,995
    
5.244%, due 3/1/37, #907868
    
         2,246,400
  
           1,364,300
    
5.558%, due 8/1/37,#949772
    
         1,389,549
  
           1,264,814
    
5.834%, due 10/1/37, #955963
    
         1,296,093
  
           1,299,890
    
5.79%, due 11/1/37, #953653
    
         1,334,780
  
           1,347,867
    
6.145%, due 11/1/37, #948183
    
         1,364,534
  
   
FNMA Pool
        
               17,404
    
11.00%, due 1/1/13, #415842
    
              18,696
  
   
GNMA II ARM Pool (a)
        
               18,995
    
4.125%, due 11/20/21, #8871
    
              19,151
  
             119,106
    
4.125%, due 10/20/22, #8062
    
            119,845
  
             259,213
    
4.125%, due 11/20/26, #80011
    
            260,442
  
               55,368
    
4.125%, due 11/20/26, #80013
    
              55,734
  
               30,740
    
4.125%, due 12/20/26, #80021
    
              30,875
  
               15,723
    
5.375%, due 1/20/27, #80029
    
              15,900
  
             256,339
    
4.625%, due 7/20/27, #80094
    
            256,660
  
             370,333
    
4.625%, due 8/20/27, #80104
    
            370,649
  
               16,023
    
4.125%, due 10/20/27, #80122
    
              16,095
  
             137,207
    
5.375%, due 1/20/28, #80154
    
            138,767
  
             269,285
    
4.125%, due 10/20/29, #80331
    
            270,507
  
               57,212
    
4.125%, due 11/20/29, #80344
    
              57,448
  
           
        19,122,644
  
               
   
Total Mortgage-Backed Securities (cost $19,034,564)
    
        19,122,644
  
               
   
U.S. GOVERNMENT AGENCIES AND
        
   
INSTRUMENTALITIES
43.2%
      
   
U.S. Government Agencies
22.0%
      
   
FHLB
        
           5,500,000
    
3.875%, due 1/15/10
    
         5,633,600
  
           3,000,000
    
2.375%, due 4/30/10
    
         3,037,248
  
             500,000
    
2.75%, due 6/18/10
    
            508,659
  
   
FHLMC
        
             750,000
    
4.75%, due 3/5/09
    
            750,248
  
           4,500,000
    
3.375%, due 4/15/09
    
         4,513,910
  
   
FNMA
        
           2,500,000
    
3.875%, due 12/10/09
    
         2,556,635
  
           
        17,000,300
  
               
   
U.S. Treasury Notes
21.2%
      
   
U.S. Treasury Note
        
           2,100,000
    
4.50%, due 3/31/09
    
         2,107,711
  
           2,000,000
    
4.50%, due 4/30/09
    
         2,014,298
  
           2,600,000
    
4.625%, due 7/31/09
    
         2,645,807
  
           4,600,000
    
4.875%, due 8/15/09
    
         4,692,722
  
           2,100,000
    
4.00%, due 9/30/09
    
         2,142,002
  
           2,700,000
    
3.125%, due 11/30/09
    
         2,749,256
  
           
        16,351,796
  
               
   
Total U.S. Government Agencies and
        
   
Instrumentalities (cost $33,014,011)
    
        33,352,096
  
               
Shares/
              
Principal Amount
 
            
               
   
SHORT-TERM INVESTMENTS
30.3%
      
           6,374,052
  
Fidelity Institutional Money Market Government Portfolio - Class I
  
         6,374,052
  
   
FHLB Discount Note
        
 $        2,500,000
    
0.191%, due 3/17/09
    
         2,499,788
  
           5,000,000
    
0.772%, due 12/21/09
    
         4,968,355
  
           3,000,000
    
0.989%, due 2/19/10
    
         2,970,750
  
   
FHLMC Discount Note
        
           5,000,000
    
0.362%, due 7/6/09
    
         4,993,615
  
   
FNMA Discount Note
        
           1,600,000
    
0.672%, due 11/2/09
    
         1,592,649
  
   
Total Short-Term Investments (cost $23,371,524)
    
        23,399,209
  
               
   
Total Investments (cost $78,617,192)
102.4%
  
        79,045,539
  
   
Liabilities less Other Assets
(2.4)%
  
        (1,870,710
 )
   
TOTAL NET ASSETS
100.0%
  
 $     77,174,829
  
               
               
(a) Variable rate note.  Rate shown reflects the rate in effect at February 28, 2009.
        
               
FHLB - Federal Home Loan Bank
        
FHLMC - Federal Home Loan Mortgage Corporation
        
FNMA - Federal National Mortgage Association
        
GNMA - Government National Mortgage Association
        
               

The cost basis of investments for federal income tax purposes at February 28, 2009 was as follows*:

Cost of investments
$
78,617,192
  
       
Gross unrealized appreciation
$
          538,322
  
Gross unrealized depreciation
  
(109,975
 )
Net unrealized appreciation
$
           428,347
  
       

*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 28, 2009

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 28, 2009:

   
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
$79,045,539
$6,374,052
$72,671,487
$                   —
Total
$79,045,539
$6,374,052
$72,671,487
$                   —

 
 
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 Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are 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 1940 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    4/20/09                                                                    



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    4/20/09                                                                    


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

Date    4/20/09