N-Q 1 pia_83109nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pia_83109nq.htm
As filed with the Securities and Exchange Commission on October 30, 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:  August 31, 2009
 
Item 1. Schedules of Investments.
 
Schedule of Investments - August 31, 2009 (Unaudited)
  
   
                 
Principal
                
Amount
            
Value
  
 
                
   
CORPORATE BONDS
     96.0 %      
   
Aerospace/Defense
     0.6 %      
   
Northrup Grumman Corp.
              
$ 1,314,000  
7.75%, due 2/15/31
           $ 1,706,426  
                       
     
Agricultural Chemicals
     0.4 %        
     
Potash Corporation of Saskatchewan
                
  1,295,000  
5.875%, due 12/1/36
             1,299,422  
                       
     
Airlines
     0.4 %        
     
Continental Airlines, Inc.
                
  690,000  
5.983%, due 4/19/22
             596,850  
     
Delta Airlines
                
  490,000  
7.111%, due 3/18/13
             472,850  
                    1,069,700  
                       
     
Appliances
     0.3 %        
     
Whirlpool Corp.
                
  940,000  
5.50%, due 3/1/13
             932,223  
                       
     
Automobile Manufacturers
     1.1 %        
     
DaimlerChrysler NA
                
  2,500,000  
6.50%, due 11/15/13
             2,665,080  
  500,000  
8.50%, due 1/18/31
             594,682  
                    3,259,762  
     
Banks
     2.5 %        
     
Capital One Financial Corp.
                
  3,005,000  
6.15%, due 9/1/16
             2,766,406  
     
Fifth Third Bancorp
                
  2,000,000  
4.50%, due 6/1/18
             1,480,106  
  375,000  
8.25%, due 3/1/38
             333,975  
     
Marshall & Ilsley Bank
                
  500,000  
4.85%, 6/16/15
             396,901  
     
Regions Financial Corp.
                
  1,000,000  
6.375%, due 5/15/12
             927,083  
     
Suntrust Banks
                
  1,600,000  
6.00%, due 9/11/17
             1,546,114  
                    7,450,585  
                       
     
Beverages
     0.6 %        
     
Anheuser-Busch Companies, Inc.
                
  1,290,000  
5.50%, due 1/15/18
             1,313,708  
  590,000  
6.45%, due 9/1/37
             619,597  
                    1,933,305  
                       
     
Broker
     0.1 %        
     
Jefferies Group, Inc.
                
  250,000  
6.25%, due 1/15/36
             193,182  
                       
     
Capital Goods
     0.2 %        
     
Vulcan Materials Co.
                
  560,000  
5.60%, due 11/30/12
             583,235  
                       
     
Chemicals
     1.6 %        
     
Dow Chemical Co.
                
  2,450,000  
8.55%, due 5/15/19
             2,673,136  
  890,000  
7.375%, due 11/1/29
             889,870  
     
Rohm & Haas Co.
                
  1,325,000  
6.00%, due 9/15/17
             1,306,339  
                    4,869,345  
                       
     
Construction
     0.6 %        
     
CRH America, Inc.
                
  1,800,000  
6.00%, due 9/30/16
             1,769,378  
                       
     
Consumer Products
     0.8 %        
     
Clorox Co.
                
  2,280,000  
5.95%, due 10/15/17
             2,474,345  
                       
     
Diversified Financial Services
     0.4 %        
     
Block Financial LLC
                
  1,000,000  
7.875%, due 1/15/13
             1,078,024  
                       
     
Diversified Manufacturing
     0.7 %        
     
Ingersoll-Rand Global Holding Company Ltd.
                
  760,000  
6.875%, due 8/15/18
             806,853  
     
Tyco Electronics Group SA
                
  795,000  
6.00%, due 10/1/12
             823,086  
     
Tyco International Group SA
                
  300,000  
6.00%, due 11/15/13
             323,025  
                    1,952,964  
                       
     
Electric Utilities
     11.7 %        
     
Arizona Public Service Co.
                
  1,705,000  
5.80%, due 6/30/14
             1,776,412  
     
Constellation Energy Group
                
  920,000  
7.00%, due 4/1/12
             988,070  
     
Consumers Energy
                
  2,110,000  
5.50%, due 8/15/16
             2,237,779  
     
Dominion Resources, Inc.
                
  2,430,000  
5.15%, due 7/15/15
             2,559,789  
  620,000  
5.95%, due 6/15/35
             639,978  
     
DTE Energy Co.
                
  2,835,000  
7.05%, due 6/1/11
             3,013,339  
     
Duke Energy Corp.
                
  1,910,000  
6.25%, due 6/15/18
             2,095,514  
     
Exelon Corp.
                
  1,970,000  
6.75%, due 5/1/11
             2,106,813  
  805,000  
5.625%, due 6/15/35
             740,017  
     
FirstEnergy Corp.
                
  60,000  
6.45%, due 11/15/11
             64,233  
  715,000  
7.375%, due 11/15/31
             791,574  
     
Indiana Michigan Power
                
  900,000  
6.05%, due 3/15/37
             929,597  
     
MidAmerican Energy Holdings Co.
                
  1,730,000  
6.125%, due 4/1/36
             1,840,035  
     
Nevada Power Co.
                
  1,230,000  
6.50%, due 8/1/18
             1,345,014  
     
NiSource Finance Corp.
                
  1,595,000  
5.40%, due 7/15/14
             1,597,841  
     
Oncor Electric Delivery
                
  905,000  
7.00%, due 5/1/32
             1,071,783  
     
PPL Energy Supply, LLC
                
  1,420,000  
6.40%, due 11/1/11
             1,515,458  
     
Progress Energy, Inc.
                
  1,716,000  
7.10%, due 3/1/11
             1,825,731  
     
PSEG Power, LLC
                
  2,620,000  
7.75%, due 4/15/11
             2,825,424  
     
Puget Sound Energy, Inc.
                
  2,075,000  
6.274%, due 3/15/37
             2,134,337  
     
Reliant Energy
                
  1,075,000  
7.75%, due 2/15/11
             1,151,583  
     
Union Electric Co.
                
  1,275,000  
6.70%, due 2/1/19
             1,413,233  
                    34,663,554  
                       
     
Electronic Parts
     0.6 %        
     
Avnet, Inc.
                
  1,800,000  
5.875%, due 3/15/14
             1,847,374  
                       
     
Finance
     0.8 %        
     
SLM Corp.
                
  1,230,000  
5.375%, due 5/15/14
             871,060  
  2,000,000  
8.45%, due 6/15/18
             1,540,758  
                    2,411,818  
                       
     
Finance - Credit Cards
     0.1 %        
     
American Express Co.
                
  475,000  
6.80%, due 9/1/66 (a)
             377,625  
                       
     
Finance - Leasing
     1.0 %        
     
International Lease Finance Corp.
                
  3,300,000  
5.75%, due 6/15/11
             2,945,471  
                       
     
Food
     5.1 %        
     
ConAgra Foods, Inc.
                
  850,000  
6.75%, due 9/15/11
             924,681  
  450,000  
7.125%, due 10/1/26
             503,343  
     
General Mills, Inc.
                
  1,605,000  
6.00%, due 2/15/12
             1,743,754  
     
H.J. Heinz Finance Co.
                
  925,000  
6.625%, due 7/15/11
             1,000,371  
     
Kraft Foods, Inc.
                
  1,475,000  
6.25%, due 6/1/12
             1,623,000  
  1,515,000  
6.50%, due 8/11/17
             1,697,308  
  1,375,000  
6.875%, due 2/1/38
             1,582,720  
     
Kroger Co.
                
  1,150,000  
6.20%, due 6/15/12
             1,249,616  
  710,000  
6.15%, due 1/15/20
             781,114  
     
Safeway, Inc.
                
  1,210,000  
6.35%, due 8/15/17
             1,332,384  
     
Sara Lee Corp.
                
  1,285,000  
3.875%, due 6/15/13
             1,300,816  
     
Yum! Brands, Inc.
                
  1,325,000  
6.25%, due 3/15/18
             1,436,487  
                    15,175,594  
                       
     
Forest Products & Paper
     1.2 %        
     
International Paper Co.
                
  2,905,000  
7.95%, due 6/15/18
             3,088,221  
     
Weyerhaeuser Co.
                
  425,000  
7.375%, due 3/15/32
             358,428  
                    3,446,649  
                       
     
Health Care
     2.2 %        
     
Hospira, Inc.
                
  2,065,000  
5.55%, due 3/30/12
             2,191,710  
     
Humana Inc.
                
  2,475,000  
7.20%, due 6/15/18
             2,400,463  
     
McKesson Corp.
                
  1,800,000  
5.25%, due 3/1/13
             1,901,880  
                    6,494,053  
                       
     
Hotels
     0.6 %        
     
Marriott International, Inc.
                
  1,900,000  
5.625%, due 2/15/13
             1,901,885  
                       
     
Insurance
     3.3 %        
     
CIGNA Corp.
                
  900,000  
6.35%, due 3/15/18
             859,683  
  165,000  
6.15%, due 11/15/36
             133,690  
     
Genworth Financial, Inc.
                
  600,000  
5.75%, 6/15/14
             469,394  
     
Hartford Financial Services Group
                
  800,000  
5.25%, due 10/15/11
             798,434  
     
Lincoln National Corp.
                
  1,200,000  
8.75%, due 7/1/19
             1,344,167  
     
Marsh & McLennan Cos., Inc.
                
  1,280,000  
5.75%, due 9/15/15
             1,317,491  
     
MetLife, Inc.
                
  1,185,000  
6.40%, due 12/15/36
             945,038  
     
Prudential Financial, Inc.
                
  2,025,000  
5.10%, due 9/20/14
             2,016,353  
  500,000  
6.625%, due 12/1/37
             488,703  
     
Willis North America Inc.
                
  1,050,000  
6.20%, due 3/28/17
             992,820  
     
XL Capital Ltd.
                
  600,000  
5.25%, due 9/15/14
             545,019  
                    9,910,792  
                       
     
Media
     9.5 %        
     
Comcast Corp.
                
  2,885,000  
6.50%, due 1/15/17
             3,166,230  
  2,850,000  
7.05%, due 3/15/33
             3,209,391  
     
Cox Communications, Inc.
                
  2,140,000  
7.125%, due 10/1/12
             2,374,133  
     
News America, Inc.
                
  3,705,000  
6.20%, due 12/15/34
             3,606,847  
     
Time Warner, Inc.
                
  1,840,000  
9.125%, due 1/15/13
             2,144,540  
  3,440,000  
7.625%, due 4/15/31
             3,788,118  
     
Time Warner Cable, Inc.
                
  4,000,000  
5.40%, due 7/2/12
             4,269,592  
     
Time Warner Entertainment Company, L.P.
                
  1,555,000  
8.375%, due 7/15/33
             1,877,992  
     
Viacom, Inc.
                
  1,365,000  
6.25%, due 4/30/16
             1,466,426  
  1,405,000  
7.875%, due 7/30/30
             1,272,274  
  850,000  
6.875%, due 4/30/36
             900,205  
                    28,075,748  
                       
     
Medical
     0.3 %        
     
Cardinal Health, Inc.
                
  900,000  
6.75%, due 2/15/11
             965,606  
                       
     
Metals
     0.9 %        
     
Alcoa Inc.
                
  1,820,000  
5.55%, due 2/1/17
             1,726,021  
  1,280,000  
5.95%, due 2/1/37
             1,004,666  
                    2,730,687  
                       
     
Mining
     3.4 %        
     
Freeport-McMoran C&G
                
  2,815,000  
8.375%, due 4/1/17
             2,938,742  
     
Rio Tinto Finance USA, Ltd.
                
  3,125,000  
6.50%, due 7/15/18
             3,369,903  
  755,000  
7.125%, due 7/15/28
             800,786  
     
Vale Overseas Limited
                
  1,345,000  
6.25%, due 1/23/17
             1,432,203  
  1,415,000  
6.875%, due 11/21/36
             1,423,780  
                    9,965,414  
                       
     
Office Equipment
     0.9 %        
     
Xerox Corp.
                
  2,700,000  
6.40%, due 3/15/16
             2,761,028  
                       
     
Oil & Gas
     13.7 %        
     
Anadarko Petroleum Corp.
                
  1,770,000  
5.95%, due 9/15/16
             1,843,315  
  1,200,000  
6.45%, due 9/15/36
             1,191,613  
     
Canadian Natural Resources
                
  985,000  
6.00%, due 8/15/16
             1,048,977  
  1,355,000  
6.50%, due 2/15/37
             1,470,853  
     
Devon Energy Corp.
                
  785,000  
7.95%, due 4/15/32
             978,152  
     
Devon Financing Corp., U.L.C.
                
  295,000  
6.875%, due 9/30/11
             322,068  
     
Encana Corp.
                
  1,070,000  
6.50%, due 8/15/34
             1,157,827  
     
Encana Holdings Financial Corp.
                
  825,000  
5.80%, due 5/1/14
             897,952  
     
Energy Transfer Partners LP
                
  1,285,000  
5.95%, due 2/1/15
             1,358,404  
  620,000  
7.50%, due 7/1/38
             722,421  
     
Enterprise Products
                
  1,770,000  
5.60%, due 10/15/14
             1,874,235  
  472,000  
6.65%, due 10/15/34
             517,702  
     
Hess Corp.
                
  635,000  
6.65%, due 8/15/11
             682,269  
  610,000  
7.875%, due 10/1/29
             725,990  
     
Kinder Morgan Energy Partners
                
  1,410,000  
5.125%, due 11/15/14
             1,467,505  
  1,560,000  
5.80%, due 3/15/35
             1,470,025  
     
Marathon Oil Corp.
                
  1,100,000  
5.90%, due 3/15/18
             1,143,085  
  660,000  
6.60%, due 10/1/37
             686,322  
     
Nexen, Inc.
                
  840,000  
6.40%, due 5/15/37
             779,655  
     
Noble Energy, Inc.
                
  2,500,000  
8.25%, due 3/1/19
             2,987,855  
     
Pemex Master Trust
                
  1,865,000  
6.625%, due 6/15/35
             1,707,933  
     
Petro-Canada
                
  1,501,000  
5.95%, due 5/15/35
             1,423,610  
     
Petrobras International Finance Co.
                
  2,615,000  
5.875%, due 3/1/18
             2,691,944  
     
Smith International, Inc.
                
  1,300,000  
9.75%, due 3/15/19
             1,578,567  
     
Suncor Energy, Inc.
                
  1,130,000  
6.50%, due 6/15/38
             1,147,776  
     
Talisman Energy
                
  755,000  
6.25%, due 2/1/38
             744,191  
     
Transocean Inc.
                
  2,095,000  
6.00%, due 3/15/18
             2,235,143  
  615,000  
6.80%, due 3/15/38
             694,743  
     
Valero Energy Corp.
                
  610,000  
6.875%, due 4/15/12
             657,909  
  835,000  
6.625%, due 6/15/37
             727,895  
     
Weatherford International Ltd.
                
  1,020,000  
6.50%, due 8/1/36
             1,000,245  
     
XTO Energy, Inc.
                
  1,300,000  
5.00%, due 1/31/15
             1,360,117  
  1,215,000  
6.375%, due 6/15/38
             1,276,087  
                    40,572,385  
                       
     
Pharmacueticals
     0.1 %        
     
Schering-Plough Corp.
                
  380,000  
6.55%, due 9/15/37
             452,770  
                       
     
Pipelines
     2.9 %        
     
ONEOK, Inc.
                
  2,200,000  
5.20%, due 6/15/15
             2,287,151  
     
ONEOK Partners, LP
                
  350,000  
5.90%, due 4/1/12
             369,187  
     
Tennessee Gas Pipeline
                
  1,125,000  
7.50%, due 4/1/17
             1,261,008  
  665,000  
7.00%, due 10/15/28
             701,810  
     
Texas Eastern Transmission Corp.
                
  950,000  
7.00%, due 7/15/32
             1,060,268  
     
Williams Companies, Inc.
                
  500,000  
7.125%, due 9/1/11
             528,142  
  2,040,000  
8.75%, due 3/15/32
             2,300,928  
                    8,508,494  
                       
     
Real Estate Investment Trusts
     1.9 %        
     
Boston Properties, LP
                
  455,000  
6.25%, due 1/15/13
             468,195  
     
Camden Property Trust
                
  550,000  
5.70%, due 5/15/17
             508,168  
     
ERP Operating LP
                
  1,245,000  
5.25%, due 9/15/14
             1,241,803  
     
Health Care Property Investors, Inc.
                
  1,200,000  
6.00%, due 1/30/17
             1,095,972  
     
Healthcare Realty Trust
                
  775,000  
5.125%, due 4/1/14
             719,439  
     
Hospitality Properties Trust
                
  430,000  
5.625%, due 3/15/17
             365,298  
     
ProLogis
                
  1,290,000  
5.75%, due 4/1/16
             1,148,460  
                    5,547,335  
                       
     
Retail
     2.4 %        
     
CVS/Caremark Corp.
                
  2,825,000  
5.75%, due 6/1/17
             3,046,305  
     
Home Depot, Inc.
                
  2,425,000  
5.25%, due 12/16/13
             2,576,039  
  995,000  
5.875%, due 12/16/36
             960,832  
     
Staples, Inc.
                
  550,000  
9.75%, due 1/15/14
             646,224  
                    7,229,400  
                       
     
Sovereign
     8.3 %        
     
Federal Republic of Brazil
                
  2,650,000  
11.00%, due 1/11/12
             3,173,375  
  3,255,000  
6.00%, due 1/17/17
             3,417,750  
  5,500,000  
7.125%, due 1/20/37
             6,105,000  
     
Republic of Peru
                
  1,060,000  
8.375%, due 5/3/16
             1,245,500  
  1,560,000  
6.55%, due 3/14/37
             1,560,000  
     
United Mexican States
                
  2,120,000  
5.875%, due 1/15/14
             2,247,200  
  3,290,000  
5.625%, due 1/15/17
             3,347,575  
  3,258,000  
6.75%, due 9/27/34
             3,396,465  
                    24,492,865  
                       
     
Technology
     0.4 %        
     
Motorola, Inc.
                
  610,000  
8.00%, due 11/1/11
             639,529  
  650,000  
6.625%, due 11/15/37
             491,741  
                    1,131,270  
                       
     
Telecommunications
     7.6 %        
     
AT&T Broadband Corp.
                
  950,000  
8.375%, due 3/15/13
             1,098,716  
     
British Telecom PLC
                
  1,255,000  
9.125%, due 12/15/10
             1,352,539  
  1,500,000  
9.625%, due 12/15/30
             1,891,040  
     
CenturyTel, Inc.
                
  1,700,000  
6.00%, due 4/1/17
             1,668,506  
     
Deutsche Telekom International Finance
                
  1,500,000  
5.75%, due 3/23/16
             1,598,723  
  2,070,000  
6.75%, due 8/20/18
             2,340,909  
  1,125,000  
8.75%, due 6/15/30
             1,501,169  
     
Embarq Corp.
                
  1,515,000  
7.082%, due 6/1/16
             1,619,691  
  730,000  
7.995%, due 6/1/36
             753,363  
     
Qwest Corp.
                
  1,860,000  
8.875%, due 3/15/12
             1,925,100  
  715,000  
6.875%, due 9/15/33
             561,275  
     
Rogers Wireless, Inc.
                
  1,910,000  
6.375%, due 3/1/14
             2,108,543  
     
Telecom Italia Capital
                
  2,750,000  
5.25%, due 11/15/13
             2,879,896  
  1,325,000  
6.375%, due 11/15/33
             1,319,338  
                    22,618,808  
                       
     
Tobacco
     2.6 %        
     
Altria Group, Inc.
                
  2,570,000  
9.70%, due 11/10/18
             3,148,761  
  1,475,000  
9.95%, due 11/10/38
             1,949,668  
     
Reynolds American, Inc.
                
  2,525,000  
6.75%, due 6/15/17
             2,576,694  
                    7,675,123  
                       
     
Transportation
     2.6 %        
     
Burlington Northern Santa Fe
                
  770,000  
6.75%, due 7/15/11
             832,574  
  895,000  
6.15%, due 5/1/37
             990,066  
     
CSX Corp.
                
  1,340,000  
5.60%, due 5/1/17
             1,384,398  
  845,000  
7.95%, due 5/1/27
             1,007,866  
     
Norfolk Southern Corp.
                
  1,355,000  
7.05%, due 5/1/37
             1,678,841  
     
Union Pacific Corp.
                
  1,575,000  
6.15%, due 5/1/37
             1,706,495  
                    7,600,240  
                       
     
Utilities - Natural Gas
     0.6 %        
     
Sempra Energy
                
  1,800,000  
6.00%, due 2/1/13
             1,906,882  
                       
     
Waste Disposal
     1.0 %        
     
Allied Waste North America, Inc.
                
  1,995,000  
6.875%, due 6/1/17
             2,082,904  
     
Waste Management, Inc.
                
  680,000  
7.75%, due 5/15/32
             788,562  
                    2,871,466  
                       
     
Total Corporate Bonds (cost $266,769,704)
             284,852,232  
                       
     
MUNICIPAL BONDS
     0.6 %        
     
California State Various Purpose
                
  1,700,000  
7.55%, due 4/1/39
             1,824,916  
                       
     
Total Municipal Bonds (cost $1,737,026)
             1,824,916  
                       
Shares
                    
                       
                       
     
SHORT-TERM INVESTMENTS
     1.1 %        
  3,062,216  
AIM STIT - Treasury Portfolio - Institutional Class, 0.10% (b)
             3,062,216  
                       
     
Total Short-Term Investments (cost $3,062,216)
             3,062,216  
                       
     
Total Investments (cost $271,568,946)
     97.7 %     289,739,364  
     
Other Assets less Liabilities
     2.3 %     6,972,572  
     
TOTAL NET ASSETS
     100.0 %   $ 296,711,936  
                       
     
(a) Variable rate security.  Rate shown reflects the rate in effect at August 31, 2009.
                
     
(b) Rate shown is the 7-day yield at August 31, 2009.
                
 
The cost basis of investments for federal income tax purposes at August 31, 2009 was as follows*:

Cost of investments
   $ 271,719,710  
         
Gross unrealized appreciation
   $ 20,422,237  
Gross unrealized depreciation
     (2,402,583 )
Net unrealized appreciation
   $ 18,019,654  
         

*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 or semi-annual report.
 
FAS 157 – Summary of Fair Value Exposure at August 31, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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, 2009:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ —     $ 284,852,232     $ —     $ 284,852,232  
  Municipal Bonds
     —       1,824,916       —       1,824,916  
Total Fixed Income
     —       286,677,148       —       286,677,148  
Short-Term Investments
     3,062,216       —       —       3,062,216  
Total Investments in Securities
   $ 3,062,216     $ 286,677,148     $ —     $ 289,739,364  
 
 
 
 
Schedule of Investments - August 31, 2009 (Unaudited)
  
                 
                 
Principal
                
Amount
            
Value
  
                 
   
MORTGAGE-BACKED SECURITIES
     91.2 %      
   
U.S. Government Agencies
     91.2 %      
   
FHLMC Pool
              
$ 243,775  
4.50%, due 5/1/20, #G18052
           $ 253,577  
  243,108  
4.50%, due 3/1/21, #G18119
             250,755  
  229,326  
5.00%, due 3/1/21, #G18105
             239,975  
  344,986  
4.50%, due 5/1/21, #J01723
             355,839  
  212,192  
6.00%, due 6/1/21, #G18124
             225,725  
  706,491  
4.50%, due 9/1/21, #G12378
             734,898  
  296,753  
5.00%, due 11/1/21, #G18160
             310,534  
  228,501  
5.00%, due 2/1/22, #G12522
             239,112  
  371,230  
5.00%, due 2/1/22, #J04411
             387,540  
  747,545  
5.50%, due 3/1/22, #G12577
             787,866  
  359,869  
5.00%, due 7/1/22, #J05243
             375,681  
  34,231  
5.50%, due 5/1/35, #B31639
             35,817  
  1,085,860  
5.00%, due 8/1/35, #A36351
             1,119,221  
  897,940  
5.00%, due 10/1/35, #G01940
             925,527  
  860,682  
6.00%, due 1/1/36, #A42208
             910,793  
  87,044  
7.00%, due 1/1/36, #G02048
             94,476  
  1,345,120  
5.50%, due 2/1/36, #G02031
             1,407,463  
  517,414  
7.00%, due 8/1/36, #G08148
             560,721  
  876,352  
6.50%, due 9/1/36, #A54908
             934,462  
  672,938  
6.50%, due 11/1/36, #A54094
             717,559  
  877,709  
5.50%, due 2/1/37, #A57840
             916,469  
  2,319,037  
5.00%, due 5/1/37, #A60268
             2,384,849  
  1,116,832  
5.00%, due 6/1/37, #G03094
             1,148,526  
  3,161,633  
5.50%, due 6/1/37, #A61982
             3,299,769  
  2,946,319  
6.00%, due 6/1/37, #A62176
             3,110,496  
  3,071,643  
6.00%, due 6/1/37, #A62444
             3,242,803  
  487,349  
5.00%, due 7/1/37, #A63187
             501,180  
  2,175,270  
5.50%, due 8/1/37, #G03156
             2,270,311  
  376,070  
6.50%, due 8/1/37, #A70413
             400,927  
  58,202  
7.00%, due 8/1/37, #A70079
             63,073  
  631,973  
7.00%, due 9/1/37, #A65171
             684,333  
  99,791  
7.00%, due 9/1/37, #A65335
             108,059  
  64,011  
7.00%, due 9/1/37, #A65670
             69,315  
  428,162  
7.00%, due 9/1/37, #A65780
             463,636  
  42,676  
7.00%, due 9/1/37, #A65941
             46,211  
  23,872  
7.00%, due 9/1/37, #A66041
             25,849  
  579,756  
7.00%, due 9/1/37, #G03207
             628,281  
  348,140  
6.50%, due 11/1/37, #A68726
             371,151  
  806,010  
5.50%, due 4/1/38, #G04121
             841,226  
  492,816  
5.50%, due 5/1/38, #A77265
             514,320  
  820,548  
5.50%, due 5/1/38, #G04215
             856,353  
  810,655  
5.00%, due 10/1/38, #G08306
             833,615  
     
FHLMC GOLD TBA (a)
                
  2,000,000  
5.00%, due 9/15/39
             2,053,438  
     
FNMA Pool
                
  212,472  
4.50%, due 10/1/20, #842732
             221,148  
  437,626  
4.50%, due 12/1/20, #813954
             455,496  
  231,280  
4.50%, due 2/1/21, #845437
             240,724  
  362,650  
5.00%, due 2/1/21, #865191
             381,304  
  170,168  
5.00%, due 5/1/21, #879112
             178,336  
  579,248  
4.50%, due 7/1/21, #845515
             597,832  
  302,180  
5.50%, due 10/1/21, #905090
             319,045  
  294,165  
5.00%, due 2/1/22, #900946
             308,285  
  540,257  
6.00%, due 2/1/22, #912522
             575,644  
  730,981  
5.00%, due 6/1/22, #937709
             763,555  
  348,660  
5.00%, due 7/1/22, #938033
             364,197  
  344,992  
5.00%, due 7/1/22, #944887
             360,366  
  796,851  
5.50%, due 7/1/22, #905040
             839,956  
  14,398  
7.00%, due 8/1/32, #650101
             15,803  
  270,772  
7.00%, due 6/1/35, #821610
             295,410  
  124,642  
7.00%, due 7/1/35, #826251
             135,983  
  176,774  
7.00%, due 9/1/35, #842290
             192,858  
  87,218  
4.50%, due 11/1/35, #256032
             88,058  
  230,005  
5.00%, due 12/1/35, #852482
             236,999  
  60,566  
7.00%, due 2/1/36, #865190
             66,077  
  127,047  
7.00%, due 4/1/36, #887709
             138,380  
  2,361,109  
5.00%, due 5/1/36, #745515
             2,432,910  
  195,425  
6.50%, due 7/1/36, #897100
             209,482  
  274,573  
7.00%, due 7/1/36, #887793
             299,064  
  574,084  
6.00%, due 8/1/36, #892925
             606,253  
  1,087,729  
6.50%, due 8/1/36, #878187
             1,165,974  
  623,360  
5.00%, due 9/1/36, #893621
             641,537  
  525,781  
7.00%, due 9/1/36, #900964
             572,679  
  717,157  
5.50%, due 10/1/36, #831845
             748,827  
  639,494  
5.50%, due 10/1/36, #893087
             667,734  
  835,443  
6.00%, due 10/1/36, #897174
             882,257  
  738,269  
5.50%, due 12/1/36, #256513
             770,871  
  9,401  
6.50%, due 12/1/36, #920162
             10,077  
  293,616  
7.00%, due 1/1/37, #256567
             319,806  
  462,964  
5.00%, due 2/1/37, #908612
             476,030  
  1,345,821  
5.50%, due 2/1/37, #256597
             1,405,253  
  727,394  
6.00%, due 2/1/37, #909357
             767,244  
  31,521  
7.00%, due 2/1/37, #915904
             34,333  
  834,002  
5.50%, due 3/1/37, #256636
             869,919  
  931,781  
6.50%, due 5/1/37, #917052
             998,370  
  3,711,324  
5.50%, due 6/1/37, #918554
             3,871,157  
  723,712  
5.50%, due 6/1/37, #918705
             754,880  
  3,481,957  
6.00%, due 6/1/37, #888413
             3,672,717  
  2,433,493  
6.00%, due 6/1/37, #917129
             2,566,813  
  543,314  
7.00%, due 6/1/37, #256774
             591,026  
  224,942  
7.00%, due 6/1/37, #940234
             244,696  
  861,867  
5.00%, due 7/1/37, #939544
             886,191  
  2,192,776  
5.00%, due 7/1/37, #944534
             2,256,041  
  790,361  
5.50%, due 10/1/37, #954939
             824,399  
  1,138,295  
6.00%, due 12/1/37, #965488
             1,200,657  
  2,628,992  
5.50%, due 2/1/38, #961691
             2,741,244  
  972,982  
6.00%, due 6/1/38, #984764
             1,025,473  
     
FNMA TBA (a)
                
  2,000,000  
5.00%, due 10/1/34
             2,045,312  
  1,000,000  
5.50%, due 9/11/38
             1,041,094  
  1,000,000  
5.50%, due 9/15/39
             1,041,094  
  1,000,000  
6.50%, due 9/15/39
             1,069,532  
     
GNMA Pool
                
  48,038  
7.00%, due 9/15/35, #647831
             52,216  
  253,100  
5.00%, due 10/15/35, #642220
             261,751  
  191,748  
5.00%, due 11/15/35, #550718
             198,302  
  197,181  
5.50%, due 11/15/35, #650091
             207,063  
  139,956  
5.50%, due 12/15/35, #646307
             146,971  
  249,370  
5.50%, due 4/15/36, #652534
             261,478  
  336,061  
6.50%, due 6/15/36, #652593
             358,193  
  258,179  
5.50%, due 7/15/36, #608993
             270,714  
  698,633  
6.50%, due 10/15/36, #646564
             744,644  
  614,921  
6.00%, due 11/15/36, #617294
             650,099  
  575,162  
6.50%, due 12/15/36, #618753
             613,042  
  880,787  
5.50%, due 2/15/37, #658419
             922,590  
  1,463,868  
6.00%, due 4/15/37, #668411
             1,546,468  
  1,553,000  
5.00%, due 8/15/37, #671463
             1,602,441  
  966,706  
6.00%, due 10/15/37, #664379
             1,021,253  
  645,382  
5.50%, due 8/15/38, #677224
             675,710  
  714,558  
5.50%, due 8/15/38, #691314
             748,137  
                    92,469,205  
                       
     
Total Mortgage-Backed Securities (cost $87,296,487)
             92,469,205  
                       
     
U.S. GOVERNMENT INSTRUMENTALITIES
                
     
U.S. Treasury Notes
     7.0 %        
     
U.S. Treasury Note
                
  4,000,000  
2.625%, due 5/31/10
             4,068,908  
  2,800,000  
4.25%, due 11/15/17
             2,995,782  
                       
     
Total U.S. Government Instrumentalities (cost $7,003,978)
             7,064,690  
                       
Shares
                    
                       
     
SHORT-TERM INVESTMENTS
     8.5 %        
  3,563,127  
AIM STIT - Treasury Portfolio - Institutional Class, 0.10% (b)
             3,563,127  
  5,000,572  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.19% (b)
             5,000,572  
     
Total Short-Term Investments (cost $8,563,699)
             8,563,699  
                       
     
Total Investments (cost $102,864,164)
     106.7 %     108,097,594  
     
Liabilities less Other Assets
     (6.7 )%     (6,747,666 )
     
TOTAL NET ASSETS
     100.0 %   $ 101,349,928  
                       
(a) Security purchased on a when-issued basis. As of August 31, 2009, the total cost of
                
investments purchased on a when-issued basis was $7,184,610 or 7.1% of total net assets.
                
(b) Rate shown is the 7-day yield at August 31, 2009.
                
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, 2009 was as follows*:

Cost of investments
   $ 102,864,164  
         
Gross unrealized appreciation
   $ 5,233,430  
Gross unrealized depreciation
     —  
Net unrealized appreciation
   $ 5,233,430  
         

*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 or semi-annual report.
 
FAS 157 – Summary of Fair Value Exposure at August 31, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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, 2009:

 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
 U.S. Government Agencies – Mortgage Backed Securities
   $ —     $ 92,469,205     $ —     $ 92,469,205  
  U.S. Government Securities
     —       7,064,690       —       7,064,690  
Total Fixed Income
     —       99,533,895       —       99,533,895  
Short-Term Investments
     8,563,699       —       —       8,563,699  
Total Investments in Securities
   $ 8,563,699     $ 99,533,895     $ —     $ 108,097,594  

 
 
PIA MODERATE DURATION BOND FUND
  
Schedule of Investments - August 31, 2009 (Unaudited)
  
                 
                 
Principal
                
Amount
            
Value
  
 
                
   
CORPORATE BONDS
     20.0 %      
   
Agriculture
     1.2 %      
   
Archer-Daniels-Midland Co.
              
$ 150,000  
5.375%, due 9/15/35
           $ 147,316  
     
Bunge Limited Finance Co.
                
  250,000  
8.50%, due 6/15/19
             282,469  
                    429,785  
                       
     
Banks
     1.9 %        
     
Bank of America Corp.
                
  225,000  
5.125%, due 11/15/14
             226,010  
     
Citigroup, Inc.
                
  300,000  
6.125%, due 11/21/17
             283,452  
     
Wells Fargo & Co.
                
  200,000  
4.375%, due 1/31/13
             207,250  
                    716,712  
                       
     
Beverages
     0.6 %        
     
Coca-Cola Enterprises, Inc.
                
  200,000  
4.25%, due 3/1/15
             211,286  
                       
     
Brokers
     1.1 %        
     
Goldman Sachs Group Inc.
                
  200,000  
6.15%, due 4/1/18
             211,469  
     
Morgan Stanley
                
  200,000  
6.625%, due 4/1/18
             214,059  
                    425,528  
                       
     
Chemicals
     0.4 %        
     
E.I. Du Pont De Nemours & Co.
                
  150,000  
5.75%, due 3/15/19
             164,097  
                       
     
Consumer Products
     0.3 %        
     
Clorox Co.
                
  100,000  
5.00%, due 1/15/15
             102,524  
                       
     
Diversified Financial Services
     0.5 %        
     
General Electric Capital Corp.
                
  200,000  
5.00%, due 1/8/16
             199,959  
                       
     
Electric Utilities
     0.7 %        
     
Dominion Resources, Inc.
                
  100,000  
5.15%, due 7/15/15
             105,341  
     
Duke Energy Carolinas
                
  150,000  
6.10%, due 6/1/37
             165,944  
                    271,285  
                       
     
Food
     1.6 %        
     
ConAgra Foods, Inc.
                
  175,000  
5.875%, due 4/15/14
             192,060  
     
Kraft Foods, Inc.
                
  200,000  
6.875%, due 2/1/38
             230,214  
     
Kroger Co.
                
  150,000  
6.90%, due 4/15/38
             175,125  
                    597,399  
                       
     
Forest Products
     0.6 %        
     
International Paper Co.
                
  200,000  
9.375%, due 5/15/19
             225,108  
                       
     
Insurance
     0.4 %        
     
American International Group, Inc.
                
  75,000  
4.25%, due 5/15/13
             56,011  
     
MetLife, Inc.
                
  100,000  
5.00%, due 6/15/15
             103,960  
                    159,971  
                       
     
Media
     1.5 %        
     
News America, Inc.
                
  200,000  
5.30%, 12/15/14
             214,645  
     
Time Warner, Inc.
                
  150,000  
7.70%, due 5/1/32
             166,793  
     
Viacom, Inc.
                
  175,000  
6.25%, due 4/30/16
             188,003  
                    569,441  
                       
     
Medical/Drugs
     2.6 %        
  150,000  
Amgen, Inc.
                
     
6.40%, due 2/1/39
             171,122  
     
AstraZeneca PLC
                
  200,000  
5.40%, due 9/15/12
             219,723  
     
GlaxoSmithKline
                
  250,000  
5.65%, due 5/15/18
             273,219  
     
Wyeth
                
  275,000  
5.45%, due 4/1/17
             297,549  
                    961,613  
                       
     
Medical Instruments
     1.0 %        
     
Beckman Coulter, Inc.
                
  200,000  
6.00%, due 6/1/15
             213,404  
     
Boston Scientific Corp.
                
  175,000  
5.45%, due 6/15/14
             171,500  
                    384,904  
                       
     
Mining
     1.0 %        
     
Freeport-McMoran Copper & Gold
                
  150,000  
8.375%, due 4/1/17
             156,594  
     
Rio Tinto Finance USA Ltd.
                
  200,000  
6.50%, due 7/15/18
             215,674  
                    372,268  
                       
     
Oil & Gas
     1.3 %        
     
Devon Energy Corp.
                
  150,000  
6.30%, due 1/15/19
             165,910  
     
Occidental Petroleum Corp.
                
  100,000  
6.75%, due 1/15/12
             110,937  
     
Peabody Energy Corp.
                
  200,000  
6.875%, due 3/15/13
             201,000  
                    477,847  
                       
     
Retail
     1.2 %        
     
CVS Caremark, Corp.
                
  200,000  
5.75%, due 6/1/17
             215,668  
     
Target Corp.
                
  200,000  
7.00%, due 1/15/38
             231,483  
                    447,151  
                       
     
Telecommunications
     0.8 %        
     
Sprint Capital Corp.
                
  170,000  
8.375%, due 3/15/12
             171,062  
     
Verizon Communications, Inc.
                
  100,000  
7.75%, due 12/1/30
             120,722  
                    291,784  
                       
     
Transportation
     0.7 %        
     
Union Pacific Corp.
                
  250,000  
5.65%, due 5/1/17
             264,761  
                       
     
Waste Disposal
     0.6 %        
     
Allied Waste NA, Inc.
                
  200,000  
6.875%, due 6/1/17
             208,812  
                       
                       
                       
     
Total Corporate Bonds (cost $6,869,607)
             7,482,235  
                 
 
  
     
MORTGAGE-BACKED SECURITIES
     32.9 %        
     
U.S. Government Agencies
     32.9 %        
     
FHLMC Pool
                
  799,240  
5.50%, due 8/1/37, #G03231
             834,160  
  1,278,584  
5.00%, due 5/1/39, #A86396
             1,314,669  
     
FNMA Pool
                
  728,767  
5.50%, due 4/1/36, #745418
             762,088  
  668,516  
5.50%, due 1/1/38, #952038
             697,307  
  803,853  
5.50%, due 4/1/38, #257161
             838,176  
  1,410,537  
5.50%, due 8/1/38, #889988
             1,471,284  
  297,935  
6.50%, due 9/1/38, #990652
             319,210  
  32,878  
5.50%, due 10/1/38, #992155
             34,282  
     
FNMA TBA (c)
                
  1,800,000  
4.50%, due 9/15/35
             1,810,125  
  600,000  
5.50%, due 9/11/38
             624,656  
  1,500,000  
6.50%, due 9/11/38
             1,604,298  
     
GNMA Pool
                
  414,779  
5.00%, due 2/15/22, #618803
             437,665  
     
GNMA TBA (c)
                
  750,000  
5.50%, due 9/15/34
             783,398  
  750,000  
6.00%, due 9/15/39
             790,781  
                    12,322,099  
                       
     
Total Mortgage-Backed Securities (cost $12,202,537)
             12,322,099  
                       
     
U.S. GOVERNMENT AGENCIES AND
                
     
INSTRUMENTALITIES
     41.5 %        
     
U.S. Government Agencies
     2.2 %        
     
FHLB
                
  600,000  
5.50%, due 7/15/36
             640,478  
     
FHLMC
                
  150,000  
6.25%, due 7/15/32
             181,082  
                    821,560  
                       
     
U.S. Treasury Bonds
     4.6 %        
     
U.S. Treasury Bond
                
  1,700,000  
4.25%, due 5/15/39
             1,719,392  
                       
     
U.S. Treasury Notes
     34.7 %        
     
U.S. Treasury Note
                
  5,000,000  
4.25%, due 1/15/11
             5,248,635  
  5,100,000  
1.50%, due 7/15/12
             5,111,557  
  2,600,000  
2.625%, due 6/30/14
             2,634,736  
                    12,994,928  
                       
     
Total U.S. Government Agencies and
                
     
Instrumentalities (cost $15,412,858)
             15,535,880  
                       
     
RIGHTS
     0.0 %        
  1  
Global Crossing North America, Inc.
                
     
Liquidating Trust (a)(b) (cost $0)
             —  
                       
                       
Shares
                    
                       
     
SHORT-TERM INVESTMENTS
     18.9 %        
  3,479,933  
AIM STIT - Treasury Portfolio - Institutional Class, 0.10% (d)
             3,479,933  
  3,586,867  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.19% (d)
       3,586,867  
                       
     
Total Short-Term Investments (cost $7,066,800)
             7,066,800  
                       
     
Total Investments (cost $41,551,802)
     113.3 %     42,407,014  
     
Liabilities less Other Assets
     (13.3 )%     (4,972,101 )
     
TOTAL NET ASSETS
     100.0 %   $ 37,434,913  
                       
                       
(a) Restricted security. The interest in the liquidating trust was acquired through a distribution on
          
December 9, 2003. As of August 31, 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.
          
(c) Security purchased on a when-issued basis. As of August 31, 2009, the total cost of investments purchased on a
  
when-issued basis was $5,567,766 or 14.9% of total net assets.
                
(d) Rate shown is the 7-day yield at August 31, 2009.
                
FHLB - Federal Home Loan Bank
                
FHLMC - Federal Home Loan Mortgage Corporation
                
FNMA - Federal National Mortgage Association
                
GNMA - Government National Mortgage Association
                
 
Schedule of Open Futures Contracts
        
           
   
Number of
      
   
Contracts
Notional
  
Unrealized
   
Purchased
Contract
Settlement
Appreciation
Description
(Sold)
Value
Month
(Depreciation)
           
Euro-Bobl
  
14
 $         2,334,002
September 2009
 $           13,695
 
The cost basis of investments for federal income tax purposes at August 31, 2009 was as follows*:

Cost of investments
   $ 41,598,112  
         
Gross unrealized appreciation
   $ 876,101  
Gross unrealized depreciation
     (67,199 )
Net unrealized appreciation
   $ 808,902  
         

*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 or semi-annual report.

FAS 157 – Summary of Fair Value Exposure at August 31, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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, 2009:
 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ —     $ 7,482,235     $ —     $ 7,482,235  
  Mortgage-Backed Securities
     —       12,322,099       —       12,322,099  
  U.S. Government Agencies
     —       15,535,880       —       15,535,880  
Total Fixed Income
     —       35,340,214       —       35,340,214  
Short-Term Investments
     7,066,800       —       —       7,066,800  
Total Investments in Securities
   $ 7,066,800     $ 35,340,214     $ —     $ 42,407,014  
 
Other Financial Investments*
   $ 13,695     $ —     $ —     $ 13,695  


*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.

 
 
PIA SHORT-TERM SECURITIES FUND
  
Schedule of Investments - August 31, 2009 (Unaudited)
  
                 
                 
Principal
                
Amount
            
Value
  
                 
   
CORPORATE BONDS
     4.2 %      
   
Aerospace
     0.2 %      
   
Boeing Capital Corp.
              
$ 250,000  
7.375%, due 9/27/10
           $ 265,073  
                       
     
Banks
     0.2 %        
     
JP Morgan Chase & Co.
                
  250,000  
5.60%, due 6/1/11
             263,976  
                       
     
Beverages
     0.2 %        
     
Coca Cola Enterprises Inc.
                
  250,000  
4.25%, due 9/15/10
             256,893  
                       
     
Brokers
     0.3 %        
     
Goldman Sachs Group Inc.
                
  250,000  
6.875%, due 1/15/11
             266,841  
     
Morgan Stanley & Co., Inc.
                
  250,000  
4.25%, due 5/15/10
             254,386  
                    521,227  
                       
     
Capital Goods
     0.1 %        
     
Caterpillar Financial Services Corp.
                
  250,000  
4.30%, 6/1/10
             256,772  
                       
     
Computers
     0.2 %        
     
Hewlett Packard Co.
                
  250,000  
5.25%, due 3/1/12
             269,897  
                       
     
Diversified Financial Services
     0.2 %        
     
General Electric Capital Corp.
                
  250,000  
5.00%, due 11/15/11
             261,858  
                       
     
Diversified Manufacturing
     0.1 %        
     
Honeywell International Inc.
                
  250,000  
7.50%, due 3/1/10
             259,164  
                       
     
Electric Utilities
     0.2 %        
     
Duke Energy Carolinas
                
  250,000  
6.25%, due 1/15/12
             272,001  
                       
     
Medical-Drugs
     0.9 %        
     
Abbott Laboratories
                
  250,000  
5.60%, due 5/15/11
             268,306  
     
American Home Products Corp.
                
  250,000  
6.95%, due 3/15/11
             270,060  
     
Eli Lilly & Co.
                
  400,000  
3.55%, due 3/6/12
             418,884  
     
Merck & Co., Inc.
                
  250,000  
5.125%, 11/15/11
             270,474  
     
Pfizer Inc.
                
  250,000  
4.45%, 3/15/12
             264,971  
                    1,492,695  
                       
     
Networking Products
     0.2 %        
     
Cisco Systems, Inc.
                
  250,000  
5.25%, due 2/22/11
             264,610  
                       
     
Oil & Gas
     0.6 %        
     
Chevron Corp.
                
  250,000  
3.45%, due 3/3/12
             260,052  
     
Conoco Funding Co.
                
  350,000  
6.35%, due 10/15/11
             383,640  
     
Occidental Petroleum Corp.
                
  250,000  
6.75%, due 1/15/12
             277,342  
                    921,034  
                       
     
Software
     0.2 %        
     
Oracle Corp.
                
  250,000  
5.00%, due 1/15/11
             262,562  
                       
     
Retail
     0.3 %        
     
Target Corp.
                
  250,000  
7.50%, due 8/15/10
             265,419  
     
Wal-Mart Stores, Inc.
                
  250,000  
4.125%, due 2/15/11
             259,818  
                    525,237  
                       
     
Telecommunications
     0.3 %        
     
AT&T Wireless Services, Inc.
                
  250,000  
7.875%, due 3/1/11
             271,305  
     
Verizon Global Funding Corp.
                
  250,000  
7.25%, due 12/1/10
             266,346  
                    537,651  
                       
     
Total Corporate Bonds (cost $6,485,394)
             6,630,650  
                       
     
MORTGAGE-BACKED SECURITIES
     14.0 %        
     
U.S. Government Agencies
     14.0 %        
     
FHLMC ARM Pool (a)
                
  32,749  
3.042%, due 8/1/15, #755204
             33,371  
  26,917  
4.064%, due 2/1/22, #845113
             27,567  
  66,554  
5.476%, due 10/1/22, #635206
             68,002  
  18,154  
4.476%, due 6/1/23, #845755
             18,464  
  14,670  
3.592%, due 2/1/24, #609231
             14,849  
  589,801  
4.811%, due 1/1/25, #785726
             606,051  
  35,151  
5.517%, due 1/1/33, #1B0668
             36,114  
  1,351,450  
4.407%, due 10/1/34, #782784
             1,385,189  
  664,101  
4.333%, due 12/1/34, #1G0018
             682,075  
  402,930  
4.655%, due 4/1/36, #847671
             416,725  
     
FNMA ARM Pool (a)
                
  45,997  
4.878%, due 7/1/25, #555206
             47,545  
  332,042  
4.702%, due 7/1/27, #424953
             339,838  
  124,169  
3.651%, due 3/1/28, #556438
             126,820  
  156,055  
4.931%, due 6/1/29, #508399
             158,701  
  365,028  
4.876%, due 4/1/30, #562912
             366,958  
  115,580  
3.155%, due 8/1/30, #556824
             117,729  
  109,376  
4.089%, due 10/1/30, #670317
             110,394  
  16,307  
3.152%, due 7/1/31, #592745
             16,570  
  117,645  
3.317%, due 9/1/31, #597196
             119,776  
  34,521  
4.902%, due 11/1/31, #610547
             34,916  
  4,497  
3.125%, due 4/1/32, #629098
             4,598  
  956,888  
4.010%, due 10/1/33, #743454
             985,335  
  1,360,022  
3.492%, due 7/1/34, #779693
             1,391,805  
  1,395,524  
4.928%, due 10/1/34, #795136
             1,443,364  
  1,148,354  
4.501%, due 1/1/35, #805391
             1,178,907  
  453,950  
4.781%, due 10/1/35, #845041
             472,156  
  758,339  
5.074%, due 10/1/35, #846171
             780,265  
  1,550,501  
5.043%, due 1/1/36, #849264
             1,618,573  
  507,471  
5.920%, due 6/1/36, #872502
             535,044  
  2,007,303  
5.217%, due 3/1/37, #907868
             2,084,492  
  1,364,300  
5.558%, due 8/1/37,#949772
             1,412,824  
  1,001,114  
5.868%, due 10/1/37, #955963
             1,055,734  
  1,288,187  
5.791%, due 11/1/37, #953653
             1,359,071  
  1,336,952  
6.146%, due 11/1/37, #948183
             1,384,781  
     
FNMA Pool
                
  13,923  
11.00%, due 1/1/13, #415842
             14,656  
     
GNMA II ARM Pool (a)
                
  17,581  
4.125%, due 11/20/21, #8871
             17,919  
  111,061  
4.125%, due 10/20/22, #8062
             112,886  
  242,887  
4.125%, due 11/20/26, #80011
             246,839  
  54,336  
4.125%, due 11/20/26, #80013
             55,402  
  30,139  
4.125%, due 12/20/26, #80021
             30,617  
  14,702  
4.375%, due 1/20/27, #80029
             15,020  
  246,935  
4.625%, due 7/20/27, #80094
             254,371  
  352,143  
4.625%, due 8/20/27, #80104
             362,614  
  14,870  
4.125%, due 10/20/27, #80122
             15,111  
  128,342  
4.375%, due 1/20/28, #80154
             131,159  
  253,369  
4.125%, due 10/20/29, #80331
             257,567  
  53,695  
4.125%, due 11/20/29, #80344
             54,563  
                    22,003,327  
                       
     
Total Mortgage-Backed Securities (cost $21,491,767)
             22,003,327  
                       
     
U.S. GOVERNMENT AGENCIES AND
                
     
INSTRUMENTALITIES
     30.6 %        
     
U.S. Government Agencies
     9.5 %        
     
FHLB
                
  5,500,000  
3.875%, due 1/15/10
             5,573,183  
  3,000,000  
2.375%, due 4/30/10
             3,039,357  
  500,000  
2.75%, due 6/18/10
             509,197  
     
FNMA
                
  2,500,000  
3.875%, due 12/10/09
             2,525,135  
  3,300,000  
4.375%, due 9/13/10
             3,431,914  
                    15,078,786  
                       
     
U.S. Treasury Notes
     21.1 %        
     
U.S. Treasury Note
                
  2,100,000  
4.00%, due 9/30/09
             2,106,892  
  2,700,000  
3.125%, due 11/30/09
             2,720,145  
  10,000,000  
1.75%, due 3/31/10
             10,086,720  
  6,000,000  
1.50%, due 10/31/10
             6,071,724  
  3,000,000  
4.875%, due 7/31/11
             3,225,588  
  9,000,000  
1.50%, due 7/15/12
             9,020,394  
                    33,231,463  
                       
     
Total U.S. Government Agencies and
                
     
Instrumentalities (cost $48,081,059)
             48,310,249  
                       
Shares/
                    
Principal Amount
                    
                       
     
SHORT-TERM INVESTMENTS
     55.2 %        
  13,180,178  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.19% (b)
             13,180,178  
     
FHLB Discount Note (c)
                
$ 5,000,000  
0.13%, due 12/21/09
             4,998,075  
  3,000,000  
1.00%, due 2/19/10
             2,985,750  
     
FHLMC Discount Note (c)
                
  10,000,000  
0.19%, due 2/4/10
             9,991,980  
  7,500,000  
0.19%, due 2/22/10
             7,493,295  
  12,000,000  
0.39%, due 8/23/10
             11,954,316  
     
FNMA Discount Note (c)
                
  1,600,000  
0.12%, due 11/2/09
             1,599,683  
     
U.S. Treasury Bills (c)
                
  6,000,000  
0.13%, due 11/27/09
             5,998,158  
  7,000,000  
0.15%, due 12/24/09
             6,996,738  
  11,000,000  
0.19%, due 2/4/10
             10,990,848  
  11,000,000  
0.29%, due 6/3/10
             10,975,888  
     
Total Short-Term Investments (cost $87,106,667)
             87,164,909  
                       
     
Total Investments (cost $163,164,887)
     104.0 %     164,109,135  
     
Liabilities less Other Assets
     (4.0 )%     (6,288,150 )
     
TOTAL NET ASSETS
     100.0 %   $ 157,820,985  
                       
                       
(a) Variable rate note. Rate shown reflects the rate in effect at August 31, 2009.
                
(b) Rate shown is the 7-day yield at August 31, 2009.
                
(c) Rate shown is the discount rate at August 31, 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 August 31, 2009 was as follows*:

Cost of investments
   $ 163,164,887  
         
Gross unrealized appreciation
   $ 959,638  
Gross unrealized depreciation
     (15,390 )
Net unrealized appreciation
   $ 944,248  
         

*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 or semi-annual report.

FAS 157 – Summary of Fair Value Exposure at August 31, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ —     $ 6,630,650     $ —     $ 6,630,650  
  Mortgage-Backed Securities
     —       22,003,327       —       22,003,327  
  U.S. Government Agencies
     —       48,310,249       —       48,310,249  
Total Fixed Income
     —       76,944,226       —       76,944,226  
Short-Term Investments
     13,180,178       73,984,731       —       87,164,909  
Total Investments in Securities
   $ 13,180,178     $ 150,928,957     $ —     $ 164,109,135  

 
 
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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(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) (17 CFR 270.30a-3(d)) 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    10/28/09                                                                     



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    10/28/09                                                                     

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

Date    10/28/09                                                                     

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