ast-pia_nq.htm

Item 1. Schedules of Investments.

PIA BBB BOND FUND
Schedule of Investments - August 31, 2012 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS	82.1%
		Agricultural Chemicals	1.1%
		Mosaic Co.
$	3,160,000	3.75%, due 11/15/21		$	3,391,893
		Agriculture	0.8%
		Bunge Limited Finance Corp.
1,925,000		8.50%, due 6/15/19			2,433,545
		Airlines	0.5%
		Continental Airlines, Inc.
629,281		5.983%, due 10/19/23			689,063
		Delta Air Lines, Inc.
821,289		7.75%, due 12/17/19			938,323
					1,627,386
		Auto Parts	1.3%
		Advance Auto Parts, Inc.
1,600,000		5.75%, due 5/1/20			1,829,735
		Johnson Controls, Inc.
2,180,000		4.25%, due 3/1/21			2,398,770
					4,228,505
		Autos	2.0%
		Ford Motor Co.
700,000		7.45%, due 7/16/31			868,000
		Ford Motor Credit Co. LLC
3,300,000		7.00%, due 4/15/15			3,681,744
1,500,000		5.875%, due 8/2/21			1,659,516
					6,209,260
		Banks	4.3%
		Capital One Financial Corp.
2,915,000		6.15%, due 9/1/16			3,280,768
		Citigroup, Inc.
1,350,000		5.50%, due 2/15/17			1,453,757
1,600,000		6.125%, due 8/25/36			1,705,214
		Discover Bank
450,000		8.70%, due 11/18/19			570,261
		Fifth Third Bancorp
1,630,000		4.50%, due 6/1/18			1,770,343
425,000		8.25%, due 3/1/38			595,230
		Huntington Bancshares
1,440,000		7.00%, due 12/15/20			1,720,711
		Key Bank NA
1,000,000		5.80%, due 7/1/14			1,072,131
		Suntrust Banks
1,200,000		6.00%, due 9/11/17			1,383,860
					13,552,275
		Biotech	2.1%
		Amgen, Inc.
3,450,000		3.875%, due 11/15/21			3,737,851
550,000		5.15%, due 11/15/41			602,796
		Biogen Idec, Inc.
2,010,000		6.875%, due 3/1/18			2,474,300
					6,814,947
		Broker	1.8%
		Jefferies Group, Inc.
760,000		6.25%, due 1/15/36			756,517
		Merrill Lynch & Co., Inc.
1,960,000		5.70%, due 5/2/17			2,101,780
1,800,000		6.11%, due 1/29/37			1,813,090
		Nomura Holdings, Inc.
850,000		6.70%, due 3/4/20			977,347
					5,648,734
		Cable/Satellite	1.2%
		Direct TV Holdings
2,460,000		5.00%, due 3/1/21			2,769,844
800,000		6.00%, due 8/15/40			907,621
					3,677,465
		Chemicals	1.6%
		Agrium, Inc.
1,700,000		6.125%, due 1/15/41			2,142,549
		Dow Chemical Co.
1,575,000		4.25%, due 11/15/20			1,739,629
940,000		7.375%, due 11/1/29			1,281,558
					5,163,736
		Communications	0.6%
		Telefonica Emisiones SAU
1,935,000		5.462%, due 2/16/21			1,785,038
		Construction	0.7%
		CRH America, Inc.
2,118,000		6.00%, due 9/30/16			2,351,702
		Consumer Products	0.1%
		Fortune Brands, Inc.
181,000		5.375%, due 1/15/16			206,325
		Diversified Manufacturing	0.2%
		Ingersoll-Rand Global Holding Company Ltd.
560,000		6.875%, due 8/15/18			690,621
		Electric Utilities	7.6%
		Ameren Corp.
700,000		8.875%, due 5/15/14			776,601
		Constellation Energy Group
360,000		7.60%, due 4/1/32			490,239
		Dominion Resources, Inc.
1,230,000		5.15%, due 7/15/15			1,369,114
570,000		4.90%, due 8/1/41			678,045
		DTE Energy Co.
1,360,000		6.375%, due 4/15/33			1,812,267
		Duke Energy Corp.
1,370,000		6.25%, due 6/15/18			1,693,516
		Entergy Texas, Inc.
2,304,000		7.125%, due 2/1/19			2,833,155
		Exelon Corp.
845,000		4.90%, due 6/15/15			925,980
1,315,000		5.625%, due 6/15/35			1,515,707
		FirstEnergy Corp.
965,000		7.375%, due 11/15/31			1,275,435
		Indiana Michigan Power
850,000		6.05%, due 3/15/37			1,069,247
		Jersey Central Power & Light
1,300,000		7.35%, due 2/1/19			1,667,580
		Nevada Power Co.
1,210,000		6.50%, due 8/1/18			1,518,533
		NiSource Finance Corp.
1,715,000		5.40%, due 7/15/14			1,844,220
		Oncor Electric Delivery
695,000		7.00%, due 5/1/32			853,472
		Southern Union Co.
2,500,000		7.60%, due 2/1/24			3,099,822
		Teco Finance, Inc.
550,000		5.15%, due 3/15/20			641,733
					24,064,666
		Electronics	0.8%
		Amphenol Corp.
2,300,000		4.00%, due 2/1/22			2,428,729
		Finance	0.9%
		SLM Corp.
1,000,000		5.375%, due 5/15/14			1,049,725
1,510,000		8.45%, due 6/15/18			1,751,600
					2,801,325
		Finance - Credit Cards	1.0%
		American Express Co.
2,955,000		6.80%, due 9/1/66 (a)			3,158,156
		Food	2.9%
		ConAgra Foods, Inc.
2,000,000		7.00%, due 10/1/28			2,543,048
		Kraft Foods, Inc.
955,000		4.125%, due 2/9/16			1,048,756
1,885,000		6.50%, due 8/11/17			2,320,100
1,650,000		6.875%, due 2/1/38			2,267,026
		Kroger Co.
780,000		6.15%, due 1/15/20			949,338
					9,128,268
		Gas Pipelines	0.2%
		Plains All American Pipeline, L.P.
500,000		6.50%, due 5/1/18			612,454
		Health Care	1.3%
		Cardinal Health, Inc.
1,500,000		5.80%, due 10/15/16			1,752,700
		Humana, Inc.
1,955,000		7.20%, due 6/15/18			2,365,253
					4,117,953
		Insurance	4.9%
		Allstate Corp.
350,000		6.125%, due 5/15/37 (a)			360,500
		American International Group, Inc.
1,475,000		5.05%, due 10/1/15			1,604,089
1,150,000		8.25%, due 8/15/18			1,454,399
1,330,000		8.175%, due 5/15/58 (a)			1,594,337
		CIGNA Corp.
165,000		6.15%, due 11/15/36			200,106
		CNA Financial Corp.
700,000		5.85%, due 12/15/14			749,860
		Genworth Financial, Inc.
700,000		5.75%, due 6/15/14			719,793
		Hartford Financial Services Group
500,000		5.375%, due 3/15/17			547,434
		Lincoln National Corp.
1,100,000		8.75%, due 7/1/19			1,425,310
		Marsh & McLennan Cos., Inc.
633,000		5.75%, due 9/15/15			704,942
		Metlife, Inc.
855,000		6.40%, due 12/15/66			913,480
		Protective Life Corp.
350,000		7.375%, due 10/15/19			417,969
		Prudential Financial, Inc.
2,275,000		5.10%, due 9/20/14			2,462,633
870,000		6.625%, due 12/1/37			1,076,853
		Willis North America, Inc.
365,000		6.20%, due 3/28/17			415,587
		XL Capital Ltd.
900,000		5.25%, due 9/15/14			956,965
					15,604,257
		Internet Based Services	0.2%
		Expedia, Inc.
600,000		5.95%, due 8/15/20			658,083
		Investment Management	0.3%
		Janus Capital Group, Inc.
750,000		6.70%, due 6/15/17			831,634
		Measurement Instruments	0.8%
		Agilent Technologies, Inc.
2,160,000		5.00%, due 7/15/20			2,470,597
		Media	7.3%
		CBS Corp.
2,420,000		5.75%, due 4/15/20			2,917,668
		Comcast Corp.
2,550,000		6.50%, due 1/15/17			3,090,593
2,435,000		7.05%, due 3/15/33			3,240,717
		Interpublic Group of Companies
1,030,000		6.25%, due 11/15/14			1,121,413
		News America, Inc.
750,000		5.30%, due 12/15/14			824,977
1,910,000		6.20%, due 12/15/34			2,308,208
		Time Warner, Inc.
3,040,000		7.625%, due 4/15/31			4,138,373
		Time Warner Cable, Inc.
2,850,000		7.50%, due 4/1/14			3,140,421
		Time Warner Entertainment Company, L.P.
1,260,000		8.375%, due 7/15/33			1,818,980
		Viacom, Inc.
360,000		6.875%, due 4/30/36			484,160
					23,085,510
		Metals	0.6%
		Alcoa, Inc.
810,000		5.55%, due 2/1/17			899,478
		Southern Copper Corp.
850,000		6.75%, due 4/16/40			996,728
					1,896,206
		Mining	3.3%
		Barrick Gold Corp.
1,470,000		6.95%, due 4/1/19			1,830,018
		Cliffs Natural Resources Inc.
1,270,000		4.875%, due 4/1/21			1,247,982
		Freeport-McMoRan Copper & Gold Inc.
2,700,000		3.55%, due 3/1/22			2,687,718
		Newmont Mining Corp.
2,510,000		5.125%, due 10/1/19			2,875,478
		Vale Overseas Limited
1,460,000		6.25%, due 1/23/17			1,680,936
					10,322,132
		Office Equipment	0.4%
		Xerox Corp.
1,000,000		6.40%, due 3/15/16			1,143,124
		Oil and Gas	11.2%
		Anadarko Petroleum Corp.
800,000		5.95%, due 9/15/16			925,949
1,100,000		6.45%, due 9/15/36			1,362,205
		Canadian Natural Resources
835,000		6.00%, due 8/15/16			984,922
725,000		6.50%, due 2/15/37			959,198
		Devon Energy Corp.
665,000		7.95%, due 4/15/32			993,332
		Enterprise Products
555,000		5.60%, due 10/15/14			608,210
1,100,000		5.95%, due 2/1/41			1,308,070
		Hess Corp.
575,000		8.125%, due 2/15/19			751,266
1,970,000		7.875%, due 10/1/29			2,641,938
		Kinder Morgan Energy Partners
1,160,000		5.125%, due 11/15/14			1,255,464
1,420,000		5.80%, due 3/15/35			1,590,640
		Marathon Oil Corp.
427,000		5.90%, due 3/15/18			510,953
690,000		6.60%, due 10/1/37			913,757
		Murphy Oil Corp.
2,200,000		7.05%, due 5/1/29			2,707,749
		Nexen, Inc.
450,000		6.40%, due 5/15/37			562,977
		Pemex Master Trust
2,040,000		5.75%, due 3/1/18			2,366,400
1,350,000		6.625%, due 6/15/35			1,684,125
		Petrobras International Finance Co.
2,485,000		5.875%, due 3/1/18			2,824,645
1,190,000		6.875%, due 1/20/40			1,495,766
		Suncor Energy, Inc.
500,000		6.10%, due 6/1/18			612,349
1,910,000		6.50%, due 6/15/38			2,534,566
		Talisman Energy
685,000		6.25%, due 2/1/38			811,574
		Transocean, Inc.
820,000		6.00%, due 3/15/18			950,673
		Valero Energy Corp.
2,355,000		6.625%, due 6/15/37			2,852,185
		Weatherford International Ltd.
850,000		9.625%, due 3/1/19			1,112,995
					35,321,908
		Pharmacy Services	1.0%
		Express Scripts, Inc.
2,805,000		6.25%, due 6/15/14			3,065,845
		Pipelines	2.2%
		El Paso Electric Co.
1,000,000		6.00%, due 5/15/35			1,201,873
		Enbridge Energy Partners, L.P.
590,000		5.20%, due 3/15/20			673,139
		EQT Corp.
1,980,000		8.125%, due 6/1/19			2,388,165
		Tennessee Gas Pipeline
1,225,000		7.50%, due 4/1/17			1,509,721
665,000		7.00%, due 10/15/28			883,077
		Transcanada Pipelines Limited
400,000		6.35%, due 5/15/67 (a)			425,718
					7,081,693
		Real Estate Investment Trusts	2.1%
		Duke Realty LP
1,350,000		8.25%, due 8/15/19			1,708,792
		ERP Operating LP
715,000		5.25%, due 9/15/14			772,714
		Health Care Property Investors, Inc.
850,000		6.00%, due 1/30/17			970,881
		Health Care REIT, Inc.
650,000		5.25%, due 1/15/22			728,669
		Healthcare Realty Trust
775,000		6.50%, due 1/17/17			871,265
		Hospitality Properties Trust
620,000		5.625%, due 3/15/17			665,003
		ProLogis
650,000		6.875%, due 3/15/20			782,241
					6,499,565
		Retail	1.1%
		Gap, Inc.
300,000		5.95%, due 4/12/21			324,549
		Macy's Retail Holdings, Inc.
2,225,000		6.375%, due 3/15/37			2,707,847
		Staples, Inc.
550,000		9.75%, due 1/15/14			614,489
					3,646,885
		Steel	0.9%
		Arcelormittal SA
1,870,000		9.25%, due 2/15/15			2,060,261
850,000		5.75%, due 3/1/21			807,763
					2,868,024
		Technology	0.9%
		CA, Inc.
2,500,000		5.375%, due 12/1/19			2,873,520
		Telecommunications	3.9%
		American Tower Corp.
2,550,000		5.05%, due 9/1/20			2,792,230
		British Telecommunications PLC
930,000		9.625%, due 12/15/30			1,496,616
		CenturyLink, Inc.
2,740,000		6.00%, due 4/1/17			3,007,334
		Deutsche Telekom International Finance
1,045,000		6.75%, due 8/20/18			1,295,132
1,145,000		8.75%, due 6/15/30			1,691,915
		Telecom Italia Capital
1,250,000		5.25%, due 11/15/13			1,282,812
710,000		7.721%, due 6/4/38			665,625
					12,231,664
		Tobacco	1.4%
		Altria Group, Inc.
659,000		9.70%, due 11/10/18			947,202
455,000		9.95%, due 11/10/38			779,545
		Reynolds American, Inc.
2,235,000		7.75%, due 6/1/18			2,815,874
					4,542,621
		Toys and Games	1.0%
		Mattel, Inc.
2,820,000		5.45%, due 11/1/41			3,213,074
		Transportation	3.5%
		Burlington Northern Santa Fe
1,425,000		4.70%, due 10/1/19			1,638,222
1,285,000		6.15%, due 5/1/37			1,669,279
		CSX Corp.
990,000		5.60%, due 5/1/17			1,156,631
1,640,000		6.22%, due 4/30/40			2,171,532
		Norfolk Southern Corp.
1,100,000		5.257%, due 9/17/14			1,198,012
794,000		2.903%, due 2/15/23 (b)			812,435
		Union Pacific Corp.
1,765,000		6.15%, due 5/1/37			2,312,381
					10,958,492
		Utilities - Gas	1.0%
		National Fuel Gas Co.
3,000,000		4.90%, due 12/1/21			3,261,807
		Waste Disposal	1.1%
		Republic Services, Inc.
2,250,000		5.00%, due 3/1/20			2,609,048
		Waste Management, Inc.
660,000		7.75%, due 5/15/32			959,002
					3,568,050
		Total Corporate Bonds (cost $231,569,614)			259,237,674

		SOVEREIGN BONDS	8.7%
		Federal Republic of Brazil
1,500,000		6.00%, due 1/17/17			1,790,250
1,600,000		4.875%, due 1/22/21			1,917,600
2,810,000		7.125%, due 1/20/37			4,285,250
		Republic of Colombia
1,000,000		7.375%, due 3/18/19			1,335,000
1,090,000		7.375%, due 9/18/37			1,681,325
		Republic of Italy
2,800,000		6.875%, due 9/27/23			2,974,272
		Republic of Peru
830,000		8.375%, due 5/3/16			1,033,765
1,200,000		6.55%, due 3/14/37			1,728,000
		Republic of South Africa
2,000,000		6.50%, due 6/2/14			2,190,000
		Republic of Uruguay
550,000		8.00%, due 11/18/22			796,125
		United Mexican States
3,134,000		3.625%, due 3/15/22			3,414,493
3,916,000		4.75%, due 3/8/44			4,395,710
					27,541,790
		Total Sovereign Bonds (cost $24,437,606)			27,541,790

		U.S. GOVERNMENT INSTRUMENTALITIES	2.8%
		U.S. Treasury Bonds	1.6%
		U.S. Treasury Bond
4,600,000		3.125%, due 2/15/42			5,037,000
		U.S. Treasury Notes	1.2%
		U.S. Treasury Note
3,700,000		1.75%, due 5/15/22			3,775,735
		Total U.S. Government Instrumentalities (cost $8,802,838)			8,812,735

Shares
		SHORT-TERM INVESTMENTS	4.3%
13,578,104		Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c)			13,578,104
		Total Short-Term Investments (cost $13,578,104)			13,578,104

		Total Investments (cost $278,388,162)	97.9%		309,170,303
		Other Assets less Liabilities	2.1%		6,598,421
		TOTAL NET ASSETS	100.0%	$	315,768,724

(a)	Variable rate security. Rate shown reflects the rate in effect at August 31, 2012.

(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2012, the value of these investments was $812,435 or 0.3% of total net assets.

(c)	Rate shown is the 7-day yield at August 31, 2012.

Country Allocation
Country	% of Net Assets
United States	79.7%
Brazil	4.4%
Mexico	3.8%
Canada	3.4%
Luxembourg	1.5%
Colombia	1.0%
Netherlands	0.9%
Italy	0.9%
Peru	0.9%
South Africa	0.7%
Switzerland	0.6%
Spain	0.6%
Ireland	0.5%
United Kingdom	0.5%
Japan	0.3%
Uruguay	0.3%
	100.0%

PIA HIGH YIELD FUND
Schedule of Investments - August 31, 2012 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS	96.9%
		Aerospace/Defense	0.6%
		Ducommun, Inc.
$	200,000	9.75%, due 7/15/18		$	210,250
		Automotive	4.7%
		Accuride Corp.
475,000		9.50%, due 8/1/18			483,312
		Affinia Group, Inc.
100,000		9.00%, due 11/30/14			101,750
36,000		10.75%, due 8/15/16 (b)			39,150
		Goodyear Tire & Rubber
400,000		7.00%, due 5/15/22			418,000
		Schaeffler Finance BV
300,000		8.50%, due 2/15/19 (b)			330,750
		Stoneridge, Inc.
125,000		9.50%, due 10/15/17 (b)			131,875
		UCI International, Inc.
130,000		8.625%, due 2/15/19			130,488
					1,635,325
		Building Materials	1.9%
		HD Supply, Inc.
475,000		8.125%, due 4/15/19 (b)			516,562
		Roofing Supply Group LLC
125,000		10.00%, due 6/1/20 (b)			134,375
					650,937
		Chemicals	14.2%
		Ferro Corp.
300,000		7.875%, due 8/15/18			282,000
		Hexion U.S. Finance Corp.
250,000		6.625%, due 4/15/20			253,750
		Huntsman International LLC
300,000		5.50%, due 6/30/16			301,125
		Ineos Finance PLC
350,000		8.375%, due 2/15/19 (b)			369,688
100,000		7.50%, due 5/1/20 (b)			102,500
		Kraton Polymers LLC
225,000		6.75%, due 3/1/19			231,750
		Macdermid, Inc.
438,000		9.50%, due 4/15/17 (b)			459,899
		Momentive Performance Materials, Inc.
102,000		12.50%, due 6/15/14			105,698
200,000		9.00%, due 1/15/21			147,000
		Nexeo Solutions LLC
550,000		8.375%, due 3/1/18			540,374
		Olin Corp.
500,000		8.875%, due 8/15/19			566,249
		Omnova Solutions, Inc.
265,000		7.875%, due 11/1/18			269,638
		Polymer Group LLC
200,000		7.75%, due 2/1/19			215,500
		Polypore International, Inc.
275,000		7.50%, due 11/15/17			297,000
		Texas Petrochemical Corp.
365,000		8.25%, due 10/1/17			402,413
		Tronox Finance LLC
350,000		6.375%, due 8/15/20 (b)			354,813
					4,899,397
		Construction Machinery	0.3%
		H & E Equipment Services, Inc.
100,000		7.00%, due 9/1/22 (b)			104,000
		Consumer Cyclical Services	3.4%
		GEO Group, Inc.
100,000		6.625%, due 2/15/21			106,625
		Live Nation Entertainment, Inc.
250,000		7.00%, due 9/1/20 (b)			256,563
		Reliance Intermediate Holdings
275,000		9.50%, due 12/15/19 (b)			306,625
		West Corp.
200,000		8.625%, due 10/1/18			204,000
300,000		7.875%, due 1/15/19			298,500
					1,172,313
		Consumer Products	1.0%
		Visant Corp.
350,000		10.00%, due 10/1/17			348,250
		Distributors	0.6%
		Amerigas Partners Financial Corp.
200,000		6.25%, due 8/20/19			209,000
		Diversified Manufacturing	4.3%
		Actuant Corp.
175,000		5.625%, due 6/15/22 (b)			180,688
		Constellation Enterprises LLC
375,000		10.625%, due 2/1/16 (b)			386,250
		Dynacast International LLC
315,000		9.25%, due 7/15/19			332,324
		Griffon Corp.
125,000		7.125%, due 4/1/18			131,719
		Mcron Finance Sub LLC
300,000		8.375%, due 5/15/19 (b)			309,750
		Thermon Industries, Inc.
127,000		9.50%, due 5/1/17			140,335
					1,481,066
		Environmental	2.4%
		Casella Waste Systems, Inc.
400,000		7.75%, due 2/15/19			398,000
		EnergySolutions, Inc.
150,000		10.75%, due 8/15/18			133,125
		Heckmann Corp.
300,000		9.875%, due 4/15/18			284,250
					815,375
		Finance	1.1%
		National Money Mart Co.
350,000		10.375%, due 12/15/16			392,438
		Food and Beverage	1.2%
		Bumble Bee Acquisition Corp.
400,000		9.00%, due 12/15/17 (b)			411,000
		Gaming	0.7%
		Scientific Games Corp.
135,000		8.125%, due 9/15/18			147,488
		Scientific Games International, Inc.
100,000		6.25%, due 9/1/20 (b)			99,875
					247,363
		Healthcare	4.5%
		Air Medical Group Holdings
45,000		9.25%, due 11/1/18 (b)			48,938
		Examworks Group, Inc.
575,000		9.00%, due 7/15/19			599,438
		Harmony Foods Corp.
290,000		10.00%, due 5/1/16 (b)			301,600
		Physio-Control International Corp.
350,000		9.875%, due 1/15/19 (b)			379,750
		STHI Holding Corp.
200,000		8.00%, due 3/15/18 (b)			214,000
					1,543,726
		Industrial - Other	10.3%
		American Tire Distributors, Inc.
400,000		9.75%, due 6/1/17			416,000
		Cleaver-Brooks, Inc.
100,000		12.25%, due 5/1/16 (b)			106,750
		Dycom Investments, Inc.
175,000		7.125%, due 1/15/21			191,625
		Great Lakes Dredge & Dock Corp.
125,000		7.375%, due 2/1/19			131,563
		Interline Brands, Inc.
655,000		7.00%, due 11/15/18			700,031
375,000		10.00%, due 11/15/18 (b)			397,031
		RSC Equipment Rental, Inc.
610,000		8.25%, due 2/1/21			671,000
		SPL Logistics Escrow LLC
200,000		8.875%, due 8/1/20 (b)			207,250
		Wesco Distribution, Inc.
700,000		7.50%, due 10/15/17			717,500
					3,538,750
		Media Non-Cable	2.6%
		National Cinemedia LLC
100,000		7.875%, due 7/15/21			108,750
		RR Donnelley & Sons Co.
50,000		8.25%, due 3/15/19			51,063
		SGS International, Inc.
391,000		12.00%, due 12/15/13			395,398
		Valassis Communications, Inc.
350,000		6.625%, due 2/1/21			351,750
					906,961
		Metals and Mining	5.6%
		American Gilsonite Co.
850,000		11.50%, due 9/1/17 (b)			873,374
		American Rock Salt Company LLC
300,000		8.25%, due 5/1/18 (b)			268,500
		Castle (AM) & Co.
250,000		12.75%, due 12/15/16			272,500
		Rain CII Carbon LLC
450,000		8.00%, due 12/1/18 (b)			464,625
		Suncoke Energy, Inc.
50,000		7.625%, due 8/1/19			50,750
					1,929,749
		Oil Field Services	3.8%
		Gulfmark Offshore, Inc.
500,000		6.375%, due 3/15/22 (b)			511,250
		Petroleum Geo-Services
200,000		7.375%, due 12/15/18 (b)			214,500
		Platinum Energy Solutions, Inc.
250,000		14.25%, due 3/1/15			191,250
		Welltec A/S
400,000		8.00%, due 2/1/19 (b)			409,000
					1,326,000
		Packaging	9.4%
		AEP Industries, Inc.
486,000		8.25%, due 4/15/19			520,019
		Ardagh Packaging Finance LLC
130,000		7.375%, due 10/15/17 (b)			139,913
		Bway Parent Company, Inc.
433,695		10.125%, due 11/1/15			442,369
		Cons Container Co.
470,000		10.125%, due 7/15/20 (b)			493,499
		Packaging Dynamics Corp.
275,000		8.75%, due 2/1/16 (b)			293,219
		Plastipak Holdings, Inc.
285,000		8.50%, due 12/15/15 (b)			294,975
		Pretium Packaging LLC
175,000		11.50%, due 4/1/16			177,625
		Sealed Air Corp.
400,000		7.875%, due 6/15/17			433,000
		Tekni-Plex, Inc.
400,000		9.75%, due 6/1/19 (b)			419,000
		Tenneco Packaging, Inc.
50,000		8.125%, due 6/15/17			47,625
					3,261,244
		Paper	7.1%
		Boise Paper Holding Company LLC
111,000		8.00%, due 4/1/20			123,210
		Cascades, Inc.
200,000		7.75%, due 12/15/17			208,500
205,000		7.875%, due 1/15/20			213,713
		Clearwater Paper Corp.
299,000		7.125%, due 11/1/18			328,153
		Longview Fibre Paper & Packaging
310,000		8.00%, due 6/1/16 (b)			322,400
		P.H. Glatfelter Co.
175,000		7.125%, due 5/1/16			179,813
		Sappi Papier Holding
130,000		7.75%, due 7/15/17 (b)			136,338
		Smurfit Kappa Funding
200,000		7.75%, due 4/1/15			203,500
		Verso Paper Holdings LLC
325,000		11.75%, due 1/15/19 (b)			336,375
		Xerium Technologies, Inc.
450,000		8.875%, due 6/15/18			392,624
					2,444,626
		Retailers	3.6%
		Party City Holdings, Inc.
550,000		8.875%, due 8/1/20 (b)			584,375
		Petco Animal Supplies, Inc.
250,000		9.25%, due 12/1/18 (b)			279,375
		Rent-A-Center, Inc.
350,000		6.625%, due 11/15/20			378,875
					1,242,625
		Technology	11.2%
		Audatex North America, Inc.
175,000		6.75%, due 6/15/18 (b)			188,563
		CDW LLC
250,000		8.00%, due 12/15/18			278,750
250,000		8.50%, due 4/1/19			275,000
		Commscope, Inc.
440,000		8.25%, due 1/15/19 (b)			473,550
		Evertec, Inc.
400,000		11.00%, due 10/1/18			431,999
		First Data Corp.
500,000		7.375%, due 6/15/19 (b)			518,750
		Iron Mountain, Inc.
300,000		7.75%, due 10/1/19			337,500
255,000		8.375%, due 8/15/21			283,050
		Kemet Corp.
210,000		10.50%, due 5/1/18			211,313
		Sophia L.P./Sophia Finance, Inc.
300,000		9.75%, due 1/15/19 (b)			324,000
		Transunion Holding Co.
500,000		9.625%, due 6/15/18 (b)			545,000
					3,867,475
		Textile	0.3%
		Levi Strauss & Co.
100,000		6.875%, due 5/1/22			104,250
		Transportation Services	0.5%
		Hertz Corp.
175,000		6.75%, due 4/15/19 (b)			184,625
		Wirelines	1.6%
		Frontier Communications Corp.
170,000		9.25%, due 7/1/21			194,650
355,000		7.125%, due 1/15/23			362,544
					557,194
		Total Corporate Bonds (cost $32,495,302)			33,483,939


		SHORT-TERM INVESTMENTS	1.6%
553,047		Invesco STIT - Prime Portfolio - Institutional Class, 0.08% (a)			553,047
		Total Short-Term Investments (cost $553,047)			553,047

		Total Investments (cost $33,048,349)	98.5%		34,036,986
		Other Assets less Liabilities	1.5%		517,624
		TOTAL NET ASSETS	100.0%	$	34,554,610

(a)	Rate shown is the 7-day yield at August 31, 2012.

(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." Pacific Income Advisers, Inc., the Fund's adviser, has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2012, the value of these investments was $14,424,888 or 41.7% of total net assets.

PIA MBS BOND FUND
Schedule of Investments - August 31, 2012 (Unaudited)

Principal
Amount				Value
		MORTGAGE-BACKED SECURITIES	90.8%
		U.S. Government Agencies	90.8%
		FHLMC Pool
$	90,895	4.50%, due 5/1/20, #G18052		$	98,162
78,854		4.50%, due 3/1/21, #G18119			85,060
71,592		5.00%, due 3/1/21, #G18105			77,717
222,585		4.50%, due 5/1/21, #J01723			242,048
71,319		6.00%, due 6/1/21, #G18124			78,606
223,030		4.50%, due 9/1/21, #G12378			240,860
68,595		5.00%, due 11/1/21, #G18160			74,463
61,778		5.00%, due 2/1/22, #G12522			67,063
122,609		5.00%, due 2/1/22, #J04411			132,811
229,081		5.50%, due 3/1/22, #G12577			250,329
115,386		5.00%, due 7/1/22, #J05243			124,987
1,439,607		4.00%, due 3/1/26, #J14785			1,536,473
15,478		5.50%, due 5/1/35, #B31639			17,010
532,852		5.00%, due 8/1/35, #A36351			580,358
339,801		4.50%, due 9/1/35, #A37616			366,430
565,057		4.50%, due 10/1/35, #A37869			609,338
396,595		4.50%, due 10/1/35, #A38023			427,674
186,944		4.50%, due 10/1/35, #G01890			201,594
332,848		5.00%, due 10/1/35, #G01940			362,522
510,873		6.00%, due 1/1/36, #A42208			563,819
39,886		7.00%, due 1/1/36, #G02048			46,341
523,809		5.50%, due 2/1/36, #G02031			575,641
199,600		7.00%, due 8/1/36, #G08148			230,687
721,072		6.50%, due 9/1/36, #A54908			822,039
264,058		6.50%, due 11/1/36, #A54094			301,033
238,771		5.50%, due 2/1/37, #A57840			261,577
504,901		5.00%, due 5/1/37, #A60268			547,706
438,851		5.00%, due 6/1/37, #G03094			476,056
1,408,882		5.50%, due 6/1/37, #A61982			1,540,809
940,219		6.00%, due 6/1/37, #A62176			1,033,548
1,308,581		6.00%, due 6/1/37, #A62444			1,443,792
216,548		5.00%, due 7/1/37, #A63187			234,907
696,628		5.50%, due 8/1/37, #G03156			761,859
179,836		6.50%, due 8/1/37, #A70413			205,150
15,488		7.00%, due 8/1/37, #A70079			17,901
63,063		7.00%, due 9/1/37, #A65171			72,937
35,087		7.00%, due 9/1/37, #A65335			40,580
20,271		7.00%, due 9/1/37, #A65670			23,445
92,283		7.00%, due 9/1/37, #A65780			106,731
15,410		7.00%, due 9/1/37, #A65941			17,823
5,707		7.00%, due 9/1/37, #A66041			6,510
183,628		7.00%, due 9/1/37, #G03207			212,228
152,005		6.50%, due 11/1/37, #A68726			173,401
651,644		5.00%, due 2/1/38, #A73370			706,889
23,329		5.00%, due 2/1/38, #G03836			25,307
69,328		5.00%, due 3/1/38, #A73704			75,205
786,932		5.00%, due 4/1/38, #A76335			853,646
262,947		5.50%, due 4/1/38, #G04121			287,569
40,311		5.00%, due 5/1/38, #A77463			43,729
101,615		5.50%, due 5/1/38, #A77265			111,034
275,987		5.50%, due 5/1/38, #G04215			301,571
167,582		5.00%, due 6/1/38, #A77986			181,790
56,904		5.00%, due 6/1/38, #G04522			61,728
68,701		5.00%, due 7/1/38, #A79197			74,526
328,265		4.50%, due 9/1/38, #G04773			353,477
87,877		5.00%, due 9/1/38, #G04690			95,327
1,512,272		5.00%, due 10/1/38, #G04832			1,640,480
19,542		5.00%, due 11/1/38, #A82849			21,198
86,461		5.00%, due 12/1/38, #G05683			93,791
804,040		5.00%, due 2/1/39, #G05507			872,205
112,641		4.50%, due 4/1/39, #A85612			121,292
340,408		5.00%, due 5/1/39, #G08345			369,267
272,390		4.50%, due 9/1/39, #A88357			293,311
141,658		5.00%, due 9/1/39, #G05904			153,667
472,976		4.50%, due 11/1/39, #G05748			509,302
416,788		4.50%, due 12/1/39, #A90175			448,799
122,954		4.50%, due 4/1/40, #C03464			132,742
310,559		4.50%, due 5/1/40, #A92269			335,285
1,912,564		4.50%, due 5/1/40, #G06047			2,059,455
1,059,216		4.50%, due 6/1/40, #A92533			1,143,546
243,019		4.50%, due 6/1/40, #A92594			262,367
74,265		4.50%, due 8/1/40, #A93437			82,336
1,759,489		4.50%, due 8/1/40, #A93505			1,899,572
423,277		4.50%, due 1/1/41, #A96176			456,977
103,811		4.50%, due 2/1/41, #A97013			112,433
105,837		4.50%, due 4/1/41, #Q00285			114,627
1,677,434		4.50%, due 9/1/41, #C03701			1,816,750
82,660		4.50%, due 11/1/41, #Q04699			89,525
		FHLMC GOLD TBA (a)
6,000,000		3.00%, due 9/15/27			6,306,563
3,000,000		3.00%, due 9/15/42			3,102,656
13,000,000		3.50%, due 9/15/42			13,757,658
3,000,000		3.50%, due 10/15/42			3,168,281
		FNMA Pool
42,277		4.50%, due 10/1/20, #842732			45,803
134,271		4.50%, due 12/1/20, #813954			145,469
63,771		4.50%, due 2/1/21, #845437			69,089
133,464		5.00%, due 2/1/21, #865191			145,426
50,360		5.00%, due 5/1/21, #879112			54,834
210,147		4.50%, due 7/1/21, #845515			227,672
128,689		5.50%, due 10/1/21, #905090			140,746
84,349		5.00%, due 2/1/22, #900946			91,843
184,080		6.00%, due 2/1/22, #912522			202,807
259,483		5.00%, due 6/1/22, #937709			281,971
121,625		5.00%, due 7/1/22, #938033			132,165
142,432		5.00%, due 7/1/22, #944887			157,268
547,793		5.50%, due 7/1/22, #905040			600,487
30,576		4.00%, due 7/1/25, #AE1318			32,748
30,517		4.00%, due 10/1/25, #AE1601			32,685
696,166		4.00%, due 12/1/25, #AH6058			756,021
656,842		4.00%, due 1/1/26, #AH3925			703,511
29,277		4.00%, due 1/1/26, #MA0624			31,357
69,445		4.00%, due 3/1/26, #AH8485			74,423
1,366,558		4.00%, due 5/1/26, #AH8174			1,464,507
371,093		4.50%, due 4/1/29, #MA0022			402,615
6,861		7.00%, due 8/1/32, #650101			8,066
126,688		4.50%, due 3/1/35, #814433			137,291
140,732		4.50%, due 4/1/35, #735396			152,510
73,355		4.50%, due 5/1/35, #822854			79,495
58,374		7.00%, due 6/1/35, #821610			67,374
118,486		4.50%, due 7/1/35, #826584			128,403
15,580		5.00%, due 7/1/35, #833958			17,076
45,329		7.00%, due 7/1/35, #826251			52,318
144,109		4.50%, due 8/1/35, #835751			156,171
67,347		7.00%, due 9/1/35, #842290			77,731
41,960		4.50%, due 11/1/35, #256032			45,472
94,457		5.00%, due 12/1/35, #852482			103,529
27,345		4.50%, due 1/1/36, #852510			29,633
24,508		7.00%, due 2/1/36, #865190			28,287
21,465		7.00%, due 4/1/36, #887709			24,794
919,234		5.00%, due 5/1/36, #745515			1,008,509
18,590		5.00%, due 7/1/36, #888789			20,433
49,213		6.50%, due 7/1/36, #897100			56,072
81,436		7.00%, due 7/1/36, #887793			94,066
151,803		6.00%, due 8/1/36, #892925			167,668
322,623		6.50%, due 8/1/36, #878187			367,587
183,130		5.00%, due 9/1/36, #893621			200,203
61,997		7.00%, due 9/1/36, #900964			71,612
305,745		5.50%, due 10/1/36, #831845			337,124
228,280		5.50%, due 10/1/36, #893087			250,775
189,841		6.00%, due 10/1/36, #897174			209,682
222,235		5.50%, due 12/1/36, #256513			244,134
1,746		6.50%, due 12/1/36, #920162			1,985
90,459		7.00%, due 1/1/37, #256567			104,488
438,087		5.50%, due 2/1/37, #256597			481,255
231,106		6.00%, due 2/1/37, #909357			255,260
8,781		7.00%, due 2/1/37, #915904			10,143
89,143		5.00%, due 3/1/37, #913007			97,370
278,403		5.50%, due 3/1/37, #256636			305,488
16,324		5.00%, due 4/1/37, #914599			17,830
248,392		6.50%, due 5/1/37, #917052			283,194
1,190,349		5.50%, due 6/1/37, #918554			1,306,156
251,658		5.50%, due 6/1/37, #918705			276,141
1,037,091		6.00%, due 6/1/37, #888413			1,145,482
702,599		6.00%, due 6/1/37, #917129			776,031
115,374		7.00%, due 6/1/37, #256774			133,361
82,345		7.00%, due 6/1/37, #940234			95,183
83,964		5.00%, due 7/1/37, #944534			91,748
355,219		5.50%, due 10/1/37, #954939			389,777
248,272		6.00%, due 12/1/37, #965488			274,220
867,960		5.50%, due 2/1/38, #961691			952,403
282,789		5.00%, due 1/1/39, #AA0835			308,887
57,289		5.00%, due 1/1/39, #AA0840			62,576
3,343		5.00%, due 1/1/39, #AA0862			3,651
133,925		4.00%, due 2/1/39, #930606			143,709
15,330		5.00%, due 3/1/39, #AA4461			16,744
351,868		5.00%, due 3/1/39, #930635			384,341
11,342		5.00%, due 3/1/39, #930760			12,389
51,464		5.00%, due 3/1/39, #995948			56,214
43,908		4.00%, due 4/1/39, #AA0777			47,130
679,430		4.00%, due 4/1/39, #AO3504			729,068
252,879		4.50%, due 4/1/39, #AA4590			273,728
436,279		5.00%, due 4/1/39, #930871			476,542
410,159		5.00%, due 4/1/39, #930992			448,012
307,626		5.00%, due 4/1/39, #995930			336,017
973,453		4.50%, due 6/1/39, #AA7681			1,053,709
411,295		5.00%, due 6/1/39, #995896			449,253
679,828		4.50%, due 7/1/39, #AE8152			735,876
240,871		5.00%, due 7/1/39, #995895			263,101
1,033,982		4.50%, due 8/1/39, #931837			1,119,228
981,331		5.00%, due 8/1/39, #AC3221			1,071,897
2,745,156		4.00%, due 12/1/39, #AE0215			2,945,025
288,721		4.50%, due 12/1/39, #932324			312,524
60,481		4.50%, due 2/1/40, #AC8494			65,468
148,380		4.50%, due 2/1/40, #AD1045			161,077
146,845		4.50%, due 2/1/40, #AD2832			158,952
97,296		5.00%, due 3/1/40, #AB1186			106,275
3,473,865		5.00%, due 5/1/40, #AD6374			3,828,300
44,672		5.00%, due 6/1/40, #AD8058			49,018
413,669		5.00%, due 7/1/40, #AD4634			453,914
540,498		5.00%, due 7/1/40, #AD4994			593,082
67,870		5.00%, due 7/1/40, #AD7565			74,473
1,794,518		4.50%, due 8/1/40, #AD8035			1,948,074
284,951		4.50%, due 8/1/40, #AD8397			309,334
419,846		4.50%, due 8/1/40, #890236			454,334
562,662		4.00%, due 9/1/40, #AE4311			604,121
58,345		4.00%, due 9/1/40, #AE4312			62,644
1,308,168		4.50%, due 9/1/40, #AE1500			1,420,107
153,230		4.00%, due 10/1/40, #AE4124			164,521
472,835		4.00%, due 10/1/40, #AE6057			507,676
39,414		4.00%, due 11/1/40, #AE5156			42,318
422,281		4.00%, due 11/1/40, #AE8650			453,397
880,688		4.00%, due 11/1/40, #MA0583			945,581
282,327		4.50%, due 11/1/40, #AE5162			306,485
250,650		4.00%, due 1/1/41, #AE4583			269,119
378,807		4.00%, due 2/1/41, #AH3200			406,719
599,414		4.50%, due 3/1/41, #AH7009			650,705
2,292,917		4.50%, due 4/1/41, #AH9054			2,493,420
58,390		4.50%, due 5/1/41, #AI1364			63,496
524,010		4.50%, due 5/1/41, #AI1888			569,832
3,056,645		4.50%, due 5/1/41, #AL0160			3,318,201
381,932		4.50%, due 6/1/41, #AI4815			415,330
153,280		4.00%, due 7/1/41, #AI0038			164,623
31,501		4.00%, due 8/1/41, #AI8218			33,832
42,402		4.50%, due 9/1/41, #AH3865			46,110
176,056		4.50%, due 9/1/41, #AI4050			191,121
27,353		4.50%, due 9/1/41, #AJ0729			29,745
393,715		4.00%, due 10/1/41, #AJ4052			422,848
1,188,066		4.00%, due 11/1/41, #AB3946			1,275,979
2,522,021		4.00%, due 11/1/41, #AJ4668			2,708,643
2,654,004		4.00%, due 11/1/41, #AJ5643			2,850,392
383,838		4.00%, due 12/1/41, #AJ3097			412,241
944,818		4.00%, due 2/1/42, #AJ9774			1,020,646
349,113		4.00%, due 3/1/42, #AK7153			376,474
481,902		4.00%, due 4/1/42, #MA1028			519,670
		FNMA TBA (a)
6,000,000		3.00%, due 9/15/26			6,330,939
5,000,000		3.50%, due 9/15/41			5,302,345
3,000,000		3.00%, due 9/15/42			3,112,969
		GNMA Pool
26,187		7.00%, due 9/15/35, #647831			30,242
183,170		5.00%, due 10/15/35, #642220			203,522
111,003		5.00%, due 11/15/35, #550718			123,336
109,824		5.50%, due 11/15/35, #650091			123,124
86,030		5.50%, due 12/15/35, #646307			96,449
116,090		5.50%, due 4/15/36, #652534			129,823
112,113		6.50%, due 6/15/36, #652593			132,200
73,425		5.50%, due 7/15/36, #608993			82,110
87,071		6.50%, due 10/15/36, #646564			103,661
112,344		6.00%, due 11/15/36, #617294			126,652
170,567		6.50%, due 12/15/36, #618753			203,065
248,351		5.50%, due 2/15/37, #658419			277,575
665,229		6.00%, due 4/15/37, #668411			749,868
597,449		5.00%, due 8/15/37, #671463			661,030
308,081		6.00%, due 10/15/37, #664379			347,279
102,151		5.50%, due 8/15/38, #677224			114,139
291,431		5.50%, due 8/15/38, #691314			325,633
14,587		5.50%, due 12/15/38, #705632			16,299
2,534,447		4.50%, due 5/15/39, #717066			2,793,551
27,286		5.50%, due 6/15/39, #714262			30,488
1,192,956		5.50%, due 6/15/39, #714720			1,332,960
1,408,732		4.50%, due 7/15/39, #720160			1,552,751
3,879,786		5.00%, due 9/15/39, #726311			4,307,229
20,721		5.50%, due 1/15/40, #723631			23,153
71,275		5.50%, due 2/15/40, #680537			79,640
		GNMA TBA (a)
7,000,000		3.50%, due 9/15/42			7,578,595
5,000,000		3.00%, due 10/15/42			5,237,501
					158,478,931
		Total Mortgage-Backed Securities (cost $151,811,089)			158,478,931

		U.S. GOVERNMENT INSTRUMENTALITIES	37.4%
		U.S. Treasury Notes	37.4%
		U.S. Treasury Note
15,000,000		1.375%, due 10/15/12			15,022,860
10,000,000		1.375%, due 11/15/12			10,026,170
10,000,000		1.125%, due 12/15/12			10,028,910
10,000,000		1.375%, due 1/15/13			10,046,100
10,000,000		1.375%, due 2/15/13			10,056,250
10,000,000		1.375%, due 3/15/13			10,065,630
					65,245,920
		Total U.S. Government Instrumentalities (cost $65,241,730)			65,245,920

		SHORT-TERM INVESTMENTS	1.9%
3,350,396		Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)			3,350,396
		Total Short-Term Investments (cost $3,350,396)			3,350,396

		Total Investments (cost $220,403,215)	130.1%		227,075,247
		Liabilities less Other Assets	(30.1)%		(52,568,929	)
		TOTAL NET ASSETS	100.0%	$	174,506,318

(a) Security purchased on a when-issued basis. As of August 31, 2012, the total cost of investments purchased on a when-issued basis was $53,547,852 or 30.7% of total net assets.

(b) Rate shown is the 7-day yield at August 31, 2012.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

TBA -To Be Announced

PIA MODERATE DURATION BOND FUND
Schedule of Investments - August 31, 2012 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS	29.4%
		Agriculture	1.8%
		Archer-Daniels-Midland Co.
$	275,000	5.375%, due 9/15/35		$	341,457
		Bunge Limited Finance Corp.
400,000		8.50%, due 6/15/19			505,672
					847,129
		Banks	3.7%
		Bank of America Corp.
325,000		5.125%, due 11/15/14			345,919
		CIT Group, Inc.
200,000		5.00%, due 8/15/22			201,907
		Citigroup, Inc.
400,000		4.50%, due 1/14/22			423,570
		JPMorgan Chase & Co.
370,000		4.50%, due 1/24/22			411,661
		Wells Fargo & Co.
400,000		4.375%, due 1/31/13			406,396
					1,789,453
		Beverages	1.2%
		Anheuser-Busch Inbev Worldwide
492,635		9.75%, due 11/17/15 (d)			554,214
		Brokers	1.2%
		Goldman Sachs Group, Inc.
400,000		5.25%, due 7/27/21			426,081
		Morgan Stanley
150,000		6.625%, due 4/1/18			165,846
					591,927
		Chemicals	3.7%
		Cabot Corp.
400,000		2.55%, due 1/15/18			407,420
		CF Industries Holdings, Inc.
400,000		6.875%, due 5/1/18			485,001
		Eastman Chemical Co.
400,000		3.60%, due 8/15/22			421,504
		RPM International, Inc.
400,000		6.125%, due 10/15/19			465,364
					1,779,289
		Construction Machinery	1.4%
		Caterpillar Financial Services Corp.
400,000		2.00%, due 4/5/13			404,054
		Terex Corp.
250,000		6.50%, due 4/1/20			262,500
					666,554
		Construction Materials	0.9%
		Vulcan Materials Co.
400,000		7.00%, due 6/15/18			438,000
		Diversified Financial Services	0.8%
		General Electric Capital Corp.
350,000		5.00%, due 1/8/16			390,822
		Electric Utilities	1.3%
		Duke Energy Carolinas
450,000		6.10%, due 6/1/37			599,065
		Energy	0.4%
		Calumet Specialty Products Partners
200,000		9.375%, due 5/1/19			211,000
		Equipment Rental and Leasing	0.7%
		H & E Equipment Services, Inc.
200,000		7.00%, due 9/1/22 (e)			208,000
		TRAC Intermodal LLC
100,000		11.00%, due 8/15/19 (e)			101,750
					309,750
		Financial Services	0.4%
		Apollo Investment Corp.
200,000		5.75%, due 1/15/16, convertible			203,750
		Food	0.8%
		Tyson Foods, Inc.
380,000		4.50%, due 6/15/22			385,700
		Healthcare	0.4%
		Davita, Inc.
200,000		5.75%, due 8/15/22			209,000
		Hotels	0.8%
		Starwood Hotels & Resorts Worldwide
350,000		7.875%, due 10/15/14			397,518
		Insurance	1.9%
		American International Group, Inc.
500,000		4.25%, due 5/15/13			511,010
		MetLife, Inc.
350,000		5.00%, due 6/15/15			389,052
					900,062
		Machinery	0.8%
		Manitowoc Co., Inc.
350,000		8.50%, due 11/1/20			389,375
		Medical/Drugs	2.5%
		Amgen, Inc.
300,000		6.40%, due 2/1/39			373,915
		GlaxoSmithKline
400,000		5.65%, due 5/15/18			491,920
		Wyeth
275,000		5.45%, due 4/1/17			328,695
					1,194,530
		Metals and Mining	0.5%
		FMG Resources
250,000		6.875%, due 4/1/22 (e)			230,938
		Mining	0.8%
		Rio Tinto Finance USA Ltd.
300,000		6.50%, due 7/15/18			371,866
		Paper	0.6%
		Cascades, Inc.
250,000		7.875%, due 1/15/20			260,625
		REITS	0.3%
		Boston Properties LP
50,000		3.75%, due 5/15/36, convertible			58,625
		National Retail Properties, Inc.
75,000		3.95%, due 9/15/26, convertible			97,781
					156,406
		Retail	0.6%
		Target Corp.
200,000		7.00%, due 1/15/38			298,752
		Telecommunications	0.9%
		Sprint Nextel Corp.
250,000		6.00%, due 12/1/16			256,250
		Verizon Communications, Inc.
100,000		7.75%, due 12/1/30			148,344
					404,594
		Tools	1.0%
		Stanley Black & Decker Inc.
400,000		5.20%, due 9/1/40			458,836
		Total Corporate Bonds (cost $12,887,247)			14,039,155

		SOVEREIGN BONDS	2.0%
		Federal Republic of Brazil
344,845		12.50%, due 1/5/16 (d)			425,883
		Republic of Chile
489,308		5.50%, due 8/5/20 (d)			526,006
					951,889
		Total Sovereign Bonds (cost $965,324)			951,889

		MORTGAGE-BACKED SECURITIES	37.7%
		U.S. Government Agencies	37.7%
		FHLMC Pool
40,820		4.50%, due 12/1/14, #B17362			41,799
20,737		4.50%, due 6/1/24, #G13584			22,310
472,427		4.50%, due 10/1/24, #J10934			507,906
30,019		4.50%, due 6/1/25, #G14013			32,297
499,816		5.50%, due 5/1/26, #D96978			548,727
105,240		5.00%, due 7/1/37, #A62994			114,162
802,379		5.00%, due 4/1/38, #A75230			870,404
185,892		5.50%, due 11/1/38, #G08300			203,125
501,412		5.50%, due 1/1/39, #G05072			547,893
102,987		5.00%, due 2/1/39, #G05518			111,719
184,355		4.50%, due 7/1/39, #A87307			198,514
111,369		4.00%, due 8/1/39, #A87714			119,203
32,775		4.50%, due 11/1/39, #A89870			35,293
787,095		5.00%, due 2/1/40, #A91627			853,823
69,226		4.50%, due 5/1/40, #G06047			74,543
89,734		5.50%, due 5/1/40, #G06091			98,136
723,929		4.50%, due 6/1/40, #A92533			781,565
24,367		4.50%, due 8/1/40, #G06024			26,733
300,294		4.50%, due 10/1/40, #G06062			324,203
		FHLMC GOLD TBA (g)
600,000		3.00%, due 9/15/42			620,531
1,900,000		3.50%, due 9/15/42			2,010,734
		FNMA Pool
357,944		5.50%, due 1/1/38, #952038			392,768
231,686		5.00%, due 4/1/38, #929301			253,068
716,034		5.50%, due 8/1/38, #889988			806,954
208,427		5.00%, due 3/1/39, #995906			227,662
1,938,735		4.00%, due 12/1/39, #AE0215			2,079,891
1,042,160		5.00%, due 5/1/40, #AD6374			1,148,490
117,307		4.00%, due 10/1/40, #AE6083			125,951
792,044		4.00%, due 11/1/41, #AB3946			850,653
		FNMA TBA (g)
600,000		3.50%, due 9/15/41			636,281
		GNMA Pool
18,764		5.00%, due 1/15/34, #626039			20,884
18,654		5.00%, due 6/15/37, #565183			20,639
123,416		4.50%, due 10/15/38, #782441			135,570
335,752		5.00%, due 1/15/39, #708121			372,743
669,355		5.00%, due 6/15/39, #713464			743,099
134,051		4.50%, due 9/15/40, #733483			148,258
318,499		5.00%, due 9/15/40, #731669			354,385
917,593		4.50%, due 6/15/41, #724138			1,011,401
491,296		4.50%, due 6/15/41, #749259			544,593
					18,016,910
		Total Mortgage-Backed Securities (cost $17,302,660)			18,016,910

		U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES	31.8%
		Federal Deposit Insurance Corporation Guaranteed Corporate Notes	0.9%
		General Electric Capital Corp.
450,000		2.00%, due 9/28/12			450,566
		U.S. Treasury Bonds	5.9%
		U.S. Treasury Bond
2,285,000		3.75%, due 8/15/41			2,807,694
		U.S. Treasury Notes	25.0%
		U.S. Treasury Note
610,000		1.375%, due 10/15/12			610,930
1,500,000		0.50%, due 11/30/12			1,501,524
6,250,000		0.75%, due 3/31/13			6,271,975
1,100,000		2.50%, due 6/30/17			1,200,289
400,000		1.875%, due 10/31/17			425,062
1,870,000		2.00%, due 2/15/22			1,956,196
					11,965,976
		Total U.S. Government Agencies and Instrumentalities (cost $15,029,036)			15,224,236

			4.2%
		OPEN-END FUNDS
195,126		PIA BBB Bond Fund (h)			2,003,941
		Total Open-End Funds (cost $1,946,825)			2,003,941

		RIGHTS	0.0%
1		Global Crossing North America, Inc.
		Liquidating Trust (a) (b) (cost $0)			-

Shares
		SHORT-TERM INVESTMENTS	0.8%
363,463		Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c)			363,463
6		Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c) (f)			6
		Total Short-Term Investments (cost $363,469)			363,469

		Total Investments (cost $48,494,561)	105.9%		50,599,600
		Liabilities less Other Assets	(5.9)%		(2,813,548	)
		TOTAL NET ASSETS	100.0%	$	47,786,052

(a)	Restricted security. The interest in the liquidating trust was acquired through a distribution on December 9, 2003. As of August 31, 2012, 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)	Rate shown is the 7-day yield at August 31, 2012.

(d)	Par and market value for foreign securities are shown in U.S. dollars.

(e)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securites Act of 1933, as amended, and may be sold only to dealers in the program or other "qualified institutional buyers." The Fund's adviser has determined that such security is liquid in accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust. As of August 31, 2012, the value of these investments was $540,688 or 1.1% of total net assets.

(f) A portion of the security is segregated in connection with credit default swap contracts.

(g) Security purchased on a when-issued basis. As of August 31, 2012, the total cost of investments purchased on a when-issued basis was $3,255,508 or 6.8% of total net assets.

(h) Investment in affiliated security. This Fund is advised by Pacific Income Advisers, Inc., which also serves as adviser to the Moderate Duration Bond Fund.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

TBA - To Be Announced

PIA SHORT-TERM SECURITIES FUND
Schedule of Investments - August 31, 2012 (Unaudited)

Principal
Amount				Value
		CORPORATE BONDS	14.2%
		Aerospace	0.3%
		Boeing Co.
$	550,000	1.875%, due 11/20/12		$	551,763
		Banks	2.8%
		JPMorgan Chase & Co.
1,500,000		1.875%, due 3/20/15			1,526,829
		State Street Corp.
1,550,000		4.30%, due 5/30/14			1,648,371
		Wells Fargo & Co.
1,500,000		3.75%, due 10/1/14			1,587,353
					4,762,553
		Brokers	0.4%
		Morgan Stanley
750,000		5.30%, due 3/1/13			765,134
		Capital Goods	1.5%
		Caterpillar Financial Services Corp.
1,300,000		2.00%, due 4/5/13			1,313,177
		John Deere Capital Corp.
1,234,000		5.10%, due 1/15/13			1,253,574
					2,566,751
		Computer Equipment	0.8%
		Cisco Systems, Inc.
1,300,000		1.625%, due 3/14/14			1,326,281
		Computers	0.1%
		Hewlett Packard Co.
150,000		4.50%, due 3/1/13			152,648
		Diversified Financial Services	1.0%
		General Electric Capital Corp.
1,550,000		3.75%, due 11/14/14			1,645,068
		Diversified Minerals	0.5%
		BHP Billiton Finance USA, Ltd.
800,000		1.00%, due 2/24/15			809,142
		Electric Utilities	0.2%
		Southern California Edison Co.
255,000		5.75%, due 3/15/14			275,504
		Financial Services	0.7%
		CME Group, Inc.
1,200,000		5.75%, due 2/15/14			1,286,534
		Insurance	0.5%
		Metlife, Inc.
850,000		2.375%, due 2/6/14			869,996
		Life Sciences Equipment	0.1%
		Thermo Fisher Scientific, Inc.
100,000		3.20%, due 5/1/15			105,615
		Medical/Drugs	1.1%
		Abbott Laboratories
500,000		5.15%, due 11/30/12			505,586
		Eli Lilly & Co.
500,000		4.20%, due 3/6/14			528,518
		Wyeth
800,000		5.50%, due 2/1/14			857,564
					1,891,668
		Retail	1.4%
		Target Corp.
1,300,000		1.125%, due 7/18/14			1,317,923
		Wal-Mart Stores, Inc.
1,000,000		1.625%, due 4/15/14			1,019,894
					2,337,817
		Semiconducors	0.8%
		Texas Instruments, Inc.
1,300,000		1.375%, due 5/15/14			1,321,944
		Software	0.4%
		Oracle Corp.
700,000		4.95%, due 4/15/13			720,147
		Telecommunications	1.6%
		AT&T, Inc.
1,500,000		0.875%, due 2/13/15			1,513,492
		Verizon Communications, Inc.
1,250,000		5.25%, due 4/15/13			1,286,879
					2,800,371
		Total Corporate Bonds (cost $23,990,473)			24,188,936

		MORTGAGE-BACKED SECURITIES	11.9%
		Commercial Mortgage-Backed Securities	1.7%
		Credit Suisse Mortgage Capital
1,500,000		5.591%, due 2/15/39, Series 2006-C1, Class A4			1,705,909
		LB-UBS Commercial Mortgage Trust
1,000,000		5.661%, due 3/15/39, Series 2006-C3, Class A4			1,140,618
					2,846,527
		U.S. Government Agencies	10.2%
		FHLMC ARM Pool (a)
13,034		2.174%, due 8/1/15, #755204			13,171
13,090		2.375%, due 2/1/22, #845113			14,055
36,047		2.59%, due 10/1/22, #635206			36,437
12,206		2.36%, due 6/1/23, #845755			12,481
8,852		2.33%, due 2/1/24, #609231			9,024
470,664		2.401%, due 1/1/25, #785726			499,058
11,358		2.533%, due 1/1/33, #1B0668			11,496
740,648		2.375%, due 10/1/34, #782784			776,613
333,835		2.552%, due 12/1/34, #1G0018			356,802
215,952		2.911%, due 4/1/36, #847671			232,101
		FHLMC Pool
756,136		5.00%, due 10/1/38, #G04832			820,240
		FNMA ARM Pool (a)
38,900		2.945%, due 7/1/25, #555206			39,417
233,394		2.008%, due 7/1/27, #424953			237,043
90,837		2.35%, due 3/1/28, #556438			97,263
131,205		2.257%, due 6/1/29, #508399			140,176
288,810		2.168%, due 4/1/30, #562912			305,887
94,620		2.334%, due 10/1/30, #670317			96,924
14,694		2.277%, due 7/1/31, #592745			14,852
47,194		2.74%, due 9/1/31, #597196			50,137
31,169		2.277%, due 11/1/31, #610547			31,495
4,005		2.25%, due 4/1/32, #629098			4,058
481,529		2.464%, due 10/1/33, #743454			513,507
1,373,688		2.625%, due 11/1/33, #755253			1,468,534
2,520,035		2.42%, due 5/1/34, #AC5719			2,688,104
609,755		2.632%, due 7/1/34, #779693			652,680
601,121		2.19%, due 10/1/34, #795136			632,473
413,827		2.502%, due 1/1/35, #805391			441,789
164,386		2.541%, due 10/1/35, #845041			175,444
328,369		2.232%, due 10/1/35, #846171			345,552
552,637		2.505%, due 1/1/36, #849264			592,791
189,258		2.776%, due 6/1/36, #872502			203,615
806,569		2.531%, due 1/1/37, #906389			865,850
1,269,960		2.984%, due 3/1/37, #907868			1,372,915
543,900		2.28%, due 8/1/37, #949772			556,117
91,276		2.375%, due 10/1/37, #955963			93,510
281,886		2.333%, due 11/1/37, #948183			297,129
294,922		2.89%, due 11/1/37, #953653			302,477
		FNMA Pool
1,107,232		5.00%, due 6/1/40, #AD5479			1,214,952
129,066		4.00%, due 11/1/41, #AJ3797			138,616
		GNMA II ARM Pool (a)
11,839		2.00%, due 11/20/21, #8871			12,342
75,284		1.625%, due 10/20/22, #8062			78,378
166,413		1.625%, due 11/20/26, #80011			173,250
41,517		2.00%, due 11/20/26, #80013			43,282
21,336		1.625%, due 12/20/26, #80021			22,212
10,168		1.625%, due 1/20/27, #80029			10,585
181,510		1.625%, due 7/20/27, #80094			188,106
259,130		1.625%, due 8/20/27, #80104			268,546
10,520		1.625%, due 10/20/27, #80122			10,952
91,706		1.625%, due 1/20/28, #80154			95,466
180,762		1.625%, due 10/20/29, #80331			188,189
35,944		1.625%, due 11/20/29, #80344			37,420
					17,483,513
		Total Mortgage-Backed Securities (cost $19,506,696)			20,330,040

		U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES	73.0%
		Federal Deposit Insurance Corporation Guaranteed Corporate Notes	4.1%
		CitiBank N.A.
5,000,000		1.75%, due 12/28/12			5,024,670
		General Electric Capital Corp.
2,000,000		2.00%, due 9/28/12			2,002,516
					7,027,186
		U.S. Government Agencies	37.4%
		FHLMC
1,500,000		1.375%, due 1/9/13			1,506,558
12,000,000		0.375%, due 11/27/13			12,025,176
7,000,000		0.50%, due 4/17/15			7,031,003
		FNMA
4,000,000		4.75%, due 11/19/12			4,038,604
8,000,000		1.75%, due 5/7/13			8,081,688
8,500,000		0.75%, due 12/18/13			8,562,475
5,300,000		1.25%, due 2/27/14			5,389,014
10,000,000		0.75%, due 12/19/14			10,101,090
7,000,000		0.50%, due 7/2/15			7,028,525
					63,764,133
		U.S. Treasury Notes	31.5%
		U.S. Treasury Note
15,100,000		1.375%, due 9/15/12			15,107,671
8,000,000		1.375%, due 10/15/12			8,012,192
5,000,000		1.375%, due 11/15/12			5,013,085
1,000,000		1.375%, due 1/15/13			1,004,610
8,000,000		1.375%, due 3/15/13			8,052,504
6,450,000		0.75%, due 9/15/13			6,487,797
7,000,000		0.75%, due 12/15/13			7,049,497
3,000,000		0.25%, due 12/15/14			3,000,939
					53,728,295
		Total U.S. Government Agencies and Instrumentalities (cost $124,327,608)			124,519,614

Shares
		SHORT-TERM INVESTMENTS	1.2%
2,069,141		Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)			2,069,141
		Total Short-Term Investments (cost $2,069,141)			2,069,141

		Total Investments (cost $169,893,918)	100.3%		171,107,731
		Liabilities less Other Assets	(0.3)%		(614,558	)
		TOTAL NET ASSETS	100.0%	$	170,493,173

(a)	Variable rate note. Rate shown reflects the rate in effect at August 31, 2012.

(b)	Rate shown is the 7-day yield at August 31, 2012.

ARM - Adjustable Rate Mortgage

FHLMC -	Federal Home Loan Mortgage Corporation

FNMA -	Federal National Mortgage Association

GNMA -	Government National Mortgage Association

PIA Funds

Notes to the Schedule of Investments

August 31, 2012 (Unaudited)

Note 1 – Securities Valuation

The PIA BBB Bond Fund, the PIA MBS Bond Fund, the PIA High Yield Fund, the PIA Moderate Duration Bond Fund and the PIA Short-Term Securities Fund’s (each a “Fund” and collectively, the “Funds”) investments in securities are carried at their fair value.

Fixed income securities are valued at market on the basis of valuations furnished by an independent pricing service which utilizes dealer-supplied valuations, reported trades and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most fixed income securities are categorized in level 2 of the fair value hierarchy.

Short-term securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value. Short-term securities which mature after 60 days are valued at market. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

Investments in open-end mutual funds are valued at their net asset value per share and are typically categorized in level 1 of the fair value hierarchy.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Credit default swaps are valued daily based upon quotations from market makers and are typically categorized in level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (“Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds’ administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation Committee are reviewed and ratified by the Board.

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types. These inputs are summarized in the three broad levels listed below:

·	Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

·	Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ securities as of August 31, 2012:

PIA BBB Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	259,237,674	$	-	$	259,237,674
Sovereign Bonds		-		27,541,790		-		27,541,790
U.S. Government Instrumentalities		-		8,812,735		-		8,812,735
Total Fixed Income		-		295,592,199		-		295,592,199
Short-Term Investments		13,578,104		-		-		13,578,104
Total Investments	$	13,578,104	$	295,592,199	$	-	$	309,170,303

PIA MBS Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Mortgage-Backed Securities – U.S. Government Agencies	$	-	$	158,478,931	$	-	$	158,478,931
U.S. Government Instrumentalities		-		65,245,920		-		65,245,920
Total Fixed Income		-		223,724,851		-		223,724,851
Short-Term Investments		3,350,396		-		-		3,350,396
Total Investments	$	3,350,396	$	223,724,851	$	-	$	227,075,247

PIA High Yield Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	33,483,939	$	-	$	33,483,939
Total Fixed Income		-		33,483,939		-		33,483,939
Short-Term Investments		553,047		-		-		553,047
Total Investments	$	553,047	$	33,483,939	$	-	$	34,036,986

PIA Moderate Duration Bond Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	14,039,155	$	-	$	14,039,155
Sovereign Bonds		-		951,889		-		951,889
Mortgage-Backed Securities		-		18,016,910		-		18,016,910
U.S. Government Agencies and Instrumentalities		-		15,224,236		-		15,224,236
Open–End Funds		2,003,941		-		-		2,003,941
Total Fixed Income		2,003,941		48,232,190		-		50,236,131
Short-Term Investments		363,469		-		-		363,469
Total Investments	$	2,367,410	$	48,232,190	$	-	$	50,599,600

PIA Short-Term Securities Fund

	Level 1		Level 2		Level 3		Total
Fixed Income
Corporate Bonds	$	-	$	24,188,936	$	-	$	24,188,936
Mortgage-Backed Securities		-		20,330,040		-		20,330,040
U.S. Government Agencies and Instrumentalities		-		124,519,614		-		124,519,614
Total Fixed Income		-		169,038,590		-		169,038,590
Short-Term Investments		2,069,141		-		-		2,069,141
Total Investments	$	2,069,141	$	169,038,590	$	-	$	171,107,731

Refer to the Funds’ Schedule of Investments for additional information. Transfers between levels are recognized at August 31, 2012, the end of the reporting period. The Funds recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Funds during the period ended August 31, 2012.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at August 31, 2012 was as follows*:

PIA BBB Bond Fund

Cost of investments	$	278,550,557

Gross unrealized appreciation	$	31,708,482
Gross unrealized depreciation		(1,088,736	)
Net unrealized appreciation	$	30,619,746

PIA MBS Bond Fund

Cost of investments	$	220,403,215

Gross unrealized appreciation	$	6,672,141
Gross unrealized depreciation		(109	)
Net unrealized appreciation	$	6,672,032

PIA High Yield Fund

Cost of investments	$	33,048,349

Gross unrealized appreciation	$	1,216,262
Gross unrealized depreciation		(227,625	)
Net unrealized appreciation	$	988,637

PIA Moderate Duration Bond Fund

Cost of investments	$	48,530,238

Gross unrealized appreciation	$	2,181,518
Gross unrealized depreciation		(112,156	)
Net unrealized appreciation	$	2,069,362

PIA Short-Term Securities Fund

Cost of investments	$	169,893,918

Gross unrealized appreciation	$	1,215,342
Gross unrealized depreciation		(1,529	)
Net unrealized appreciation	$	1,213,813

* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Funds’ 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 Funds’ most recent annual or semi-annual report.

Note 3 – Other Affiliates

The PIA Moderate Duration Fund’s activity for investments in open-end mutual funds of affiliates is as follows:

	PIA BBB Bond Fund
Beginning Shares		123,644
Beginning Cost	$	1,262,403
Purchase Cost		1,500,000
Sales Cost		(815,578	)
Ending Cost	$	1,946,825
Ending Shares		195,126
Dividend Income	$	152,301
Net Realized Gain/(Loss)	$	(19,178	)

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 has 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 10/5/12

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 10/5/12

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

Cheryl L. King, Treasurer

Date 10/5/12

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