N-Q 1 ast-piaf_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-piaf_nq.htm
 
As filed with the Securities and Exchange Commission on April 29, 2013
 
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 Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)


Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
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, 2013



Date of reporting period:  February 28, 2013

 
 
 
 
 
Item 1. Schedules of Investments.
 
PIA BBB BOND FUND
  
Schedule of Investments - February 28, 2013 (Unaudited)
  
               
Principal
              
Amount
          
Value
  
   
CORPORATE BONDS
     87.7%      
   
Agricultural Chemicals
     1.7%      
   
Mosaic Co.
            
$ 3,160,000  
3.75%, due 11/15/21
         $ 3,326,971  
     
Potash Corp-Saskatchewan, Inc.
              
  2,000,000  
3.25%, due 12/1/17
           2,169,336  
  490,000  
5.625%, due 12/1/40
           582,674  
                  6,078,981  
     
Agriculture
     0.7%        
     
Bunge Limited Finance Corp.
              
  1,925,000  
8.50%, due 6/15/19
           2,503,878  
     
Airlines
     0.8%        
     
Continental Airlines, Inc.
              
  617,268  
5.983%, due 10/19/23
           698,316  
     
Delta Air Lines, Inc.
              
  766,948  
7.75%, due 12/17/19
           885,825  
     
US Airways
              
  1,100,000  
5.90%, due 4/1/26
           1,226,500  
                  2,810,641  
     
Auto Parts
     1.1%        
     
Advance Auto Parts, Inc.
              
  1,600,000  
5.75%, due 5/1/20
           1,768,142  
     
Johnson Controls, Inc.
              
  2,180,000  
4.25%, due 3/1/21
           2,391,288  
                  4,159,430  
     
Autos
     1.8%        
     
Ford Motor Co.
              
  900,000  
7.45%, due 7/16/31
           1,157,427  
     
Ford Motor Credit Co. LLC
              
  3,500,000  
7.00%, due 4/15/15
           3,877,559  
  1,450,000  
5.875%, due 8/2/21
           1,656,579  
                  6,691,565  
     
Banks
     4.0%        
     
Barclays Bank PLC
              
  500,000  
5.14%, due 10/14/20
           531,220  
     
Capital One Financial Corp.
              
  2,915,000  
6.15%, due 9/1/16
           3,364,064  
     
Citigroup, Inc.
              
  1,350,000  
5.50%, due 2/15/17
           1,517,580  
  1,100,000  
6.125%, due 8/25/36
           1,249,499  
     
Discover Financial Services
              
  450,000  
3.85%, due 11/21/22 (b)
           461,249  
     
Fifth Third Bancorp
              
  1,630,000  
4.50%, due 6/1/18
           1,816,470  
  425,000  
8.25%, due 3/1/38
           595,060  
     
Huntington Bancshares
              
  1,440,000  
7.00%, due 12/15/20
           1,787,910  
     
Key Bank NA
              
  1,000,000  
5.80%, due 7/1/14
           1,067,366  
     
Suntrust Banks
              
  1,200,000  
6.00%, due 9/11/17
           1,424,742  
     
UBS AG
              
  750,000  
5.875%, due 7/15/16
           840,280  
                  14,655,440  
     
Biotech
     2.7%        
     
Amgen, Inc.
              
  2,950,000  
3.875%, due 11/15/21
           3,214,117  
  1,350,000  
5.15%, due 11/15/41
           1,484,021  
     
Biogen Idec, Inc.
              
  3,010,000  
6.875%, due 3/1/18
           3,692,662  
     
Gilead Sciences, Inc.
              
  600,000  
4.40%, due 12/1/21
           675,316  
  750,000  
5.65%, due 12/1/41
           924,083  
                  9,990,199  
     
Broker
     2.2%        
     
Goldman Sachs Group, Inc.
              
  1,700,000  
5.625%, due 1/15/17
           1,913,207  
  1,050,000  
6.75%, due 10/1/37
           1,194,294  
     
Merrill Lynch & Co., Inc.
              
  2,060,000  
5.70%, due 5/2/17
           2,325,954  
  1,250,000  
6.11%, due 1/29/37
           1,430,170  
     
Nomura Holdings, Inc.
              
  850,000  
6.70%, due 3/4/20
           1,009,721  
                  7,873,346  
     
Cable/Satellite
     0.9%        
     
Direct TV Holdings
              
  2,760,000  
5.00%, due 3/1/21
           3,019,575  
  300,000  
6.00%, due 8/15/40
           313,985  
                  3,333,560  
     
Chemicals
     1.5%        
     
Dow Chemical Co.
              
  2,025,000  
4.25%, due 11/15/20
           2,231,629  
  1,140,000  
7.375%, due 11/1/29
           1,519,863  
     
Eastman Chemical Co.
              
  1,000,000  
2.40%, due 6/1/17
           1,042,813  
     
RPM International, Inc.
              
  500,000  
6.125%, due 10/15/19
           588,883  
                  5,383,188  
     
Communications
     0.6%        
     
Telefonica Emisiones SAU
              
  1,935,000  
5.462%, due 2/16/21
           2,044,761  
     
Communications Equipment
     0.8%        
     
Harris Corp.
              
  2,500,000  
6.15%, due 12/15/40
           2,952,975  
     
Consumer Products
     0.1%        
     
Fortune Brands, Inc.
              
  181,000  
5.375%, due 1/15/16
           201,468  
     
Diversified Manufacturing
     0.2%        
     
Ingersoll-Rand Global Holding Company Ltd.
              
  560,000  
6.875%, due 8/15/18
           679,937  
     
Electric Utilities
     6.8%        
     
Ameren Corp.
              
  700,000  
8.875%, due 5/15/14
           759,518  
     
Constellation Energy Group
              
  666,000  
7.60%, due 4/1/32
           880,905  
     
Dominion Resources, Inc.
              
  1,230,000  
5.15%, due 7/15/15
           1,352,357  
  570,000  
4.90%, due 8/1/41
           635,501  
     
DTE Energy Co.
              
  1,360,000  
6.375%, due 4/15/33
           1,709,024  
     
Duke Energy Corp.
              
  1,370,000  
6.25%, due 6/15/18
           1,671,192  
     
Entergy Texas, Inc.
              
  2,304,000  
7.125%, due 2/1/19
           2,867,409  
     
Exelon Corp.
              
   845,000    4.90%, due 6/15/15            916,762  
  1,315,000  
5.625%, due 6/15/35
           1,456,015  
     
FirstEnergy Corp.
              
  1,165,000  
7.375%, due 11/15/31
           1,387,034  
     
Indiana Michigan Power
              
  850,000  
6.05%, due 3/15/37
           1,038,978  
     
Jersey Central Power & Light
              
  1,300,000  
7.35%, due 2/1/19
           1,666,592  
     
Nevada Power Co.
              
  1,210,000  
6.50%, due 8/1/18
           1,513,910  
     
NiSource Finance Corp.
              
  1,715,000  
5.40%, due 7/15/14
           1,819,318  
  400,000  
5.25%, due 2/15/43
           426,042  
     
Oncor Electric Delivery
              
  695,000  
7.00%, due 5/1/32
           912,905  
     
Southern Union Co.
              
  2,500,000  
7.60%, due 2/1/24
           3,196,192  
     
Teco Finance, Inc.
              
  550,000  
5.15%, due 3/15/20
           637,139  
                  24,846,793  
     
Finance
     0.6%        
     
SLM Corp.
              
  1,000,000  
5.375%, due 5/15/14
           1,047,549  
  900,000  
8.45%, due 6/15/18
           1,068,750  
                  2,116,299  
     
Finance - Credit Cards
     1.1%        
     
American Express Co.
              
  3,555,000  
6.80%, due 9/1/66 (a)
           3,826,069  
     
Food
     2.3%        
     
ConAgra Foods, Inc.
              
  3,000,000  
7.00%, due 10/1/28
           3,820,161  
     
Kraft Foods, Inc.
              
  1,785,000  
6.50%, due 8/11/17
           2,162,383  
  1,150,000  
6.875%, due 2/1/38
           1,553,756  
     
Kroger Co.
              
  780,000  
6.15%, due 1/15/20
           944,056  
                  8,480,356  
     
Gas Pipelines
     1.0%        
     
Plains All American Pipeline, L.P.
              
  3,000,000  
6.50%, due 5/1/18
           3,703,323  
     
Health Care
     2.0%        
     
Cardinal Health, Inc.
              
  1,500,000  
5.80%, due 10/15/16
           1,736,016  
     
Humana, Inc.
              
  2,855,000  
7.20%, due 6/15/18
           3,499,091  
     
Laboratory Corporation of America Holdings
              
  2,000,000  
2.20%, due 8/23/17
           2,031,852  
                  7,266,959  
     
Information Technology
     2.1%        
     
Hewlett Packard Co.
              
  2,300,000  
2.60%, due 9/15/17
           2,305,173  
  1,500,000  
4.65%, due 12/9/21
           1,541,980  
     
Ingram Micro, Inc.
              
  3,700,000  
5.00%, due 8/10/22
           3,817,390  
                  7,664,543  
     
Insurance
     6.5%        
     
Allstate Corp.
              
  350,000  
6.125%, due 5/15/67 (a)
           372,768  
     
American International Group, Inc.
              
  2,275,000  
5.05%, due 10/1/15
           2,502,229  
  1,450,000  
8.25%, due 8/15/18
           1,894,125  
  1,080,000  
8.175%, due 5/15/58 (a)
           1,432,350  
     
AXA SA
              
  500,000  
8.60%, due 12/15/30
           644,541  
     
CIGNA Corp.
              
  315,000  
6.15%, due 11/15/36
           383,272  
     
CNA Financial Corp.
              
  700,000  
5.85%, due 12/15/14
           756,255  
     
Fidelity National Financial, Inc.
              
  2,500,000  
5.50%, due 9/1/22
           2,833,150  
     
Hartford Financial Services Group
              
  500,000  
5.375%, due 3/15/17
           570,463  
     
Lincoln National Corp.
              
  1,100,000  
8.75%, due 7/1/19
           1,489,917  
     
Marsh & McLennan Cos., Inc.
              
  633,000  
5.75%, due 9/15/15
           706,633  
     
Metlife, Inc.
              
  855,000  
6.40%, due 12/15/66
           928,601  
     
Protective Life Corp.
              
  350,000  
7.375%, due 10/15/19
           433,443  
     
Prudential Financial, Inc.
              
  2,275,000  
5.10%, due 9/20/14
           2,424,472  
  870,000  
6.625%, due 12/1/37
           1,105,377  
     
Unum Group
              
  1,000,000  
5.625%, due 9/15/20
           1,158,686  
  1,000,000  
5.75%, due 8/15/42
           1,085,113  
     
Willis North America, Inc.
              
  1,865,000  
6.20%, due 3/28/17
           2,130,276  
     
XL Capital Ltd.
              
  900,000  
5.25%, due 9/15/14
           952,712  
                  23,804,383  
     
Machinery
     0.4%        
     
Flowserve Corp.
              
  1,500,000  
3.50%, due 9/15/22
           1,510,332  
     
Media
     8.3%        
     
CBS Corp.
              
  2,420,000  
5.75%, due 4/15/20
           2,849,514  
     
Comcast Corp.
              
  3,150,000  
6.50%, due 1/15/17
           3,783,692  
  2,896,000  
7.05%, due 3/15/33
           3,862,554  
     
Discover Communications
              
  500,000  
3.30%, due 5/15/22
           507,812  
     
Interpublic Group of Companies
              
  1,030,000  
6.25%, due 11/15/14
           1,113,687  
     
NBCUniversal Media LLC
              
  900,000  
4.375%, due 4/1/21
           1,015,421  
  400,000  
5.95%, due 4/1/41
           496,144  
     
News America, Inc.
              
  750,000  
5.30%, due 12/15/14
           810,937  
  2,210,000  
6.20%, due 12/15/34
           2,644,097  
     
Omnicom Group, Inc.
              
  400,000  
3.625%, due 5/1/22
           408,187  
     
Time Warner, Inc.
              
  3,590,000  
7.625%, due 4/15/31
           4,885,936  
     
Time Warner Cable, Inc.
              
  3,450,000  
5.85%, due 5/1/17
           4,016,424  
     
Time Warner Entertainment Company, L.P.
              
  1,560,000  
8.375%, due 7/15/33
           2,194,057  
     
Viacom, Inc.
              
  1,610,000  
4.375%, due 3/15/43 (b)
           1,505,878  
                  30,094,340  
     
Medical Equipment
     0.3%        
     
Agilent Technologies, Inc.
              
  1,000,000  
6.50%, due 11/1/17
           1,202,663  
     
Metals
     0.5%        
     
Alcoa, Inc.
              
  810,000  
5.55%, due 2/1/17
           892,569  
     
Southern Copper Corp.
              
  850,000  
6.75%, due 4/16/40
           992,885  
                  1,885,454  
     
Metals and Mining
     0.2%        
     
Teck Resources Ltd.
              
  900,000  
5.40%, due 2/1/43
           904,884  
     
Metalworking Machinery
     0.4%        
     
Kennametal, Inc.
              
  1,400,000  
2.65%, due 11/1/19
           1,410,359  
     
Mining
     2.7%        
     
Barrick Gold Corp.
              
  1,470,000  
6.95%, due 4/1/19
           1,825,422  
     
Freeport-McMoRan Copper & Gold Inc.
              
  3,700,000  
3.55%, due 3/1/22
           3,687,857  
     
Newmont Mining Corp.
              
  900,000  
4.875%, due 3/15/42
           891,976  
     
Vale Overseas Limited
              
  1,460,000  
6.25%, due 1/23/17
           1,677,286  
  1,600,000  
6.875%, due 11/21/36
           1,895,424  
                  9,977,965  
     
Office Equipment
     0.3%        
     
Xerox Corp.
              
  1,000,000  
6.75%, due 2/1/17
           1,156,085  
     
Oil and Gas
     12.3%        
     
Anadarko Petroleum Corp.
              
  800,000  
5.95%, due 9/15/16
           920,594  
  1,100,000  
6.45%, due 9/15/36
           1,353,697  
     
Canadian Natural Resources
              
  835,000  
6.00%, due 8/15/16
           969,437  
  725,000  
6.50%, due 2/15/37
           910,978  
     
Devon Energy Corp.
              
  665,000  
7.95%, due 4/15/32
           926,840  
     
Encana Corp.
              
  450,000  
3.90%, due 11/15/21
           475,724  
  750,000  
6.50%, due 8/15/34
           879,092  
     
Enterprise Products
              
  555,000  
5.60%, due 10/15/14
           597,247  
  2,250,000  
4.85%, due 8/15/42
           2,305,553  
     
Hess Corp.
              
  575,000  
8.125%, due 2/15/19
           741,330  
     
Kinder Morgan Energy Partners
              
  850,000  
3.95%, due 9/1/22
           903,253  
  2,120,000  
5.80%, due 3/15/35
           2,411,596  
     
Marathon Oil Corp.
              
  1,700,000  
6.00%, due 10/1/17
           2,037,057  
  427,000  
5.90%, due 3/15/18
           510,634  
  890,000  
6.60%, due 10/1/37
           1,111,722  
     
Nexen, Inc.
              
  850,000  
6.40%, due 5/15/37
           1,080,189  
     
Pemex Master Trust
              
  3,240,000  
5.75%, due 3/1/18
           3,750,300  
  950,000  
6.625%, due 6/15/35
           1,144,750  
     
Petrobras International Finance Co.
              
  1,300,000  
3.50%, due 2/6/17
           1,340,101  
  3,085,000  
5.875%, due 3/1/18
           3,470,298  
  690,000  
6.875%, due 1/20/40
           809,994  
     
Pioneer Natural Resource Co.
              
  3,100,000  
3.95%, due 7/15/22
           3,236,825  
     
Southwestern Energy Co.
              
  3,500,000  
4.10%, due 3/15/22
           3,704,974  
     
Suncor Energy, Inc.
              
  500,000  
6.10%, due 6/1/18
           606,818  
  2,310,000  
6.50%, due 6/15/38
           2,985,201  
     
Talisman Energy
              
  685,000  
6.25%, due 2/1/38
           768,945  
     
Transocean, Inc.
              
  820,000  
6.00%, due 3/15/18
           941,140  
  450,000  
6.80%, due 3/15/38
           516,680  
     
Valero Energy Corp.
              
  255,000  
6.625%, due 6/15/37
           313,980  
     
Williams Companies, Inc.
              
  1,900,000  
8.75%, due 3/15/32
           2,599,726  
     
Williams Partners LP
              
  500,000  
5.25%, due 3/15/20
           572,063  
                  44,896,738  
     
Paper
     0.3%        
     
International Paper Co.
              
  1,000,000  
4.75%, due 2/15/22
           1,123,873  
     
Pharmaceuticals
     0.7%        
     
Watson Pharmaceuticals, Inc.
              
  2,000,000  
1.875%, due 10/1/17
           2,019,112  
  450,000  
4.625%, due 10/1/42
           455,908  
                  2,475,020  
     
Pharmacy Services
     0.8%        
     
Express Scripts, Inc.
              
  2,805,000  
6.25%, due 6/15/14
           2,998,427  
     
Pipelines
     0.9%        
     
El Paso Electric Co.
              
  1,000,000  
6.00%, due 5/15/35
           1,177,412  
     
Enbridge Energy Partners, L.P.
              
  590,000  
5.20%, due 3/15/20
           665,197  
     
Tennessee Gas Pipeline
              
  1,225,000  
7.50%, due 4/1/17
           1,512,111  
                  3,354,720  
     
Real Estate Investment Trusts
     3.8%        
     
Boston Properties LP
              
  1,000,000  
4.125%, due 5/15/21
           1,088,133  
     
Duke Realty LP
              
  1,050,000  
8.25%, due 8/15/19
           1,368,875  
     
ERP Operating LP
              
  715,000  
5.25%, due 9/15/14
           764,543  
  2,500,000  
5.75%, due 6/15/17
           2,935,565  
     
Health Care Property Investors, Inc.
              
  850,000  
6.00%, due 1/30/17
           986,493  
     
Health Care REIT, Inc.
              
  650,000  
5.25%, due 1/15/22
           730,041  
     
Healthcare Realty Trust
              
  775,000  
6.50%, due 1/17/17
           886,181  
     
Hospitality Properties Trust
              
  620,000  
5.625%, due 3/15/17
           689,594  
     
ProLogis
              
  2,150,000  
6.875%, due 3/15/20
           2,633,716  
     
Ventas Realty LP
              
  1,700,000  
4.75%, due 6/1/21
           1,884,064  
                  13,967,205  
     
Restaurants
     0.2%        
     
Yum! Brands, Inc.
              
  800,000  
3.75%, due 11/1/21
           837,432  
     
Retail
     2.1%        
     
CVS Caremark Corp.
              
  2,200,000  
5.75%, due 6/1/17
           2,607,739  
     
Gap, Inc.
              
  2,300,000  
5.95%, due 4/12/21
           2,605,477  
     
Macy's Retail Holdings, Inc.
              
  2,225,000  
6.375%, due 3/15/37
           2,621,195  
                  7,834,411  
     
Scientific Instruments
     0.3%        
     
Thermo Fisher Scientific, Inc.
              
  900,000  
3.60%, due 8/15/21
           934,350  
     
Telecommunications
     4.0%        
     
American Tower Corp.
              
  2,550,000  
5.05%, due 9/1/20
           2,847,001  
     
British Telecommunications PLC
              
  1,130,000  
9.625%, due 12/15/30
           1,759,938  
     
CenturyLink, Inc.
              
  3,440,000  
6.00%, due 4/1/17
           3,732,789  
     
Deutsche Telekom International Finance
              
  1,045,000  
6.75%, due 8/20/18
           1,295,751  
  1,145,000  
8.75%, due 6/15/30
           1,659,329  
     
Grupo Televisa SAB
              
  400,000  
6.625%, due 3/18/25
           515,104  
     
Telecom Italia Capital
              
  710,000  
7.721%, due 6/4/38
           746,999  
     
US Cellular Corp.
              
  1,850,000  
6.70%, due 12/15/33
           1,976,577  
                  14,533,488  
     
Tobacco
     2.2%        
     
Altria Group, Inc.
              
  2,359,000  
9.70%, due 11/10/18
           3,296,169  
  455,000  
9.95%, due 11/10/38
           759,059  
     
Reynolds American, Inc.
              
  2,985,000  
7.75%, due 6/1/18
           3,795,804  
                  7,851,032  
     
Toys and Games
     1.0%        
     
Mattel, Inc.
              
  3,420,000  
5.45%, due 11/1/41
           3,753,768  
     
Transportation
     2.5%        
     
Burlington Northern Santa Fe
              
  1,425,000  
4.70%, due 10/1/19
           1,664,940  
  1,485,000  
6.15%, due 5/1/37
           1,881,296  
     
CSX Corp.
              
  990,000  
5.60%, due 5/1/17
           1,150,869  
  1,640,000  
6.22%, due 4/30/40
           2,057,495  
     
Union Pacific Corp.
              
  1,765,000  
6.15%, due 5/1/37
           2,251,572  
                  9,006,172  
     
Utilities - Gas
     1.0%        
     
National Fuel Gas Co.
              
  3,280,000  
4.90%, due 12/1/21
           3,657,262  
     
Waste Disposal
     1.0%        
     
Republic Services, Inc.
              
  2,250,000  
5.00%, due 3/1/20
           2,591,041  
     
Waste Management, Inc.
              
  660,000  
7.75%, due 5/15/32
           914,409  
                  3,505,450  
     
Total Corporate Bonds (cost $298,077,084)
           319,939,524  
                     
     
SOVEREIGN BONDS
     9.5%        
     
Federal Republic of Brazil
              
  1,600,000  
6.00%, due 1/17/17
           1,872,000  
  1,600,000  
4.875%, due 1/22/21
           1,876,000  
  4,160,000  
7.125%, due 1/20/37
           5,896,800  
     
Republic of Colombia
              
  1,700,000  
7.375%, due 3/18/19
           2,207,450  
  1,290,000  
7.375%, due 9/18/37
           1,876,950  
     
Republic of Italy
              
  3,350,000  
6.875%, due 9/27/23
           3,897,725  
     
Republic of Panama
              
  1,400,000  
5.20%, due 1/30/20
           1,648,500  
  500,000  
6.70%, due 1/26/36
           672,500  
     
Republic of Peru
              
  830,000  
8.375%, due 5/3/16
           1,013,430  
  1,950,000  
6.55%, due 3/14/37
           2,661,750  
     
Republic of South Africa
              
  2,000,000  
6.50%, due 6/2/14
           2,136,400  
     
Republic of Uruguay
              
  359,742  
8.00%, due 11/18/22
           502,739  
     
United Mexican States
              
  3,534,000  
3.625%, due 3/15/22
           3,776,079  
  4,516,000  
4.75%, due 3/8/44
           4,753,090  
                  34,791,413  
     
Total Sovereign Bonds (cost $33,606,329)
           34,791,413  
                     
     
SHORT-TERM INVESTMENTS
     1.6%        
  5,734,084  
Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c)
           5,734,084  
     
Total Short-Term Investments (cost $5,734,084)
           5,734,084  
                     
     
Total Investments (cost $337,417,497)
     98.8%     360,465,021  
     
Other Assets less Liabilities
     1.2%     4,438,690  
     
TOTAL NET ASSETS
     100.0%   $ 364,903,711  
 
(a)
  
Variable rate security.  Rate shown reflects the rate in effect as of February 28, 2013.
(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 February 28, 2013, the value of these investments was $1,967,127 or 0.5% of total net assets.
(c)
  
Rate shown is the 7-day annualized yield as of February 28, 2013.
 
 
Country Allocation
    
Country
% of Net Assets
  
United States
 78.8%  
Brazil
 5.2%  
Canada
 3.9%  
Mexico
 3.8%  
Colombia
 1.1%  
Italy
 1.1%  
Peru
 1.0%  
Netherlands
 0.8%  
Panama
 0.6%  
Switzerland
 0.6%  
United Kingdom
 0.6%  
South Africa
 0.6%  
Spain
 0.6%  
Ireland
 0.5%  
Japan
 0.3%  
Luxembourg
 0.2%  
France
 0.2%  
Uruguay
 0.1%  
  100.0%  
 
 

 
 
 
 

PIA HIGH YIELD FUND
  
Schedule of Investments - February 28, 2013 (Unaudited)
  
                 
Principal
                
Amount
            
Value
  
   
CORPORATE BONDS
     97.3%        
   
Aerospace/Defense
     0.5%        
   
Ducommun, Inc.
              
$ 200,000  
9.75%, due 7/15/18
           $ 220,000  
     
Automotive
     4.8%          
     
Accuride Corp.
                
  676,000  
9.50%, due 8/1/18
             665,859  
     
Affinia Group, Inc.
                
  100,000  
9.00%, due 11/30/14
             100,501  
  36,000  
10.75%, due 8/15/16 (b)
             39,150  
     
Goodyear Tire & Rubber
                
  400,000  
7.00%, due 5/15/22
             419,000  
     
Schaeffler Finance BV
                
  480,000  
8.50%, due 2/15/19 (b)
             546,000  
     
Stoneridge, Inc.
                
  125,000  
9.50%, due 10/15/17 (b)
             134,688  
     
UCI International, Inc.
                
  130,000  
8.625%, due 2/15/19
             133,575  
                    2,038,773  
     
Building Materials
     1.2%          
     
Associated Asphalt Partners LLC
                
  350,000  
8.50%, due 2/15/18 (b)
             355,250  
     
Roofing Supply Group LLC
                
  125,000  
10.00%, due 6/1/20 (b)
             141,875  
                    497,125  
     
Chemicals
     14.0%          
     
Ferro Corp.
                
  300,000  
7.875%, due 8/15/18
             299,250  
     
Hexion U.S. Finance Corp.
                
  650,000  
6.625%, due 4/15/20
             643,499  
     
Huntsman International LLC
                
  100,000  
5.50%, due 6/30/16
             100,000  
     
Ineos Finance PLC
                
  350,000  
8.375%, due 2/15/19 (b)
             384,563  
  100,000  
7.50%, due 5/1/20 (b)
             108,250  
     
Kraton Polymers LLC
                
  620,000  
6.75%, due 3/1/19
             647,900  
     
Macdermid, Inc.
                
  438,000  
9.50%, due 4/15/17 (b)
             457,163  
     
Momentive Performance Materials, Inc.
                
  165,000  
8.875%, due 10/15/20
             170,156  
  200,000  
9.00%, due 1/15/21
             153,500  
     
Nexeo Solutions LLC
                
  550,000  
8.375%, due 3/1/18
             540,375  
     
Olin Corp.
                
  500,000  
8.875%, due 8/15/19
             562,499  
     
Omnova Solutions, Inc.
                
  265,000  
7.875%, due 11/1/18
             280,238  
     
Perstorp Holding AB
                
  495,000  
8.75%, due 5/15/17 (b)
             522,225  
     
TPC Group, Inc.
                
  225,000  
8.75%, due 12/15/20 (b)
             228,375  
     
Trinseo Materials Operating S.C.A.
                
  500,000  
8.75%, due 2/1/19 (b)
             500,000  
     
Tronox Finance LLC
                
  350,000  
6.375%, due 8/15/20 (b)
             349,125  
                    5,947,118  
     
Construction Machinery
     1.1%          
     
H & E Equipment Services, Inc.
                
  440,000  
7.00%, due 9/1/22 (b)
             484,000
                       
     
Consumer Cyclical Services
     4.3%          
     
313 Group, Inc.
                
  175,000  
6.375%, due 12/1/19 (b)
             171,500  
     
Garda World Security Corp.
                
  400,000  
9.75%, due 3/15/17 (b)
             432,000  
     
Live Nation Entertainment, Inc.
                
  350,000  
7.00%, due 9/1/20 (b)
             377,125  
     
Reliance Intermediate Holdings
                
  275,000  
9.50%, due 12/15/19 (b)
             308,688  
     
West Corp.
                
  200,000  
8.625%, due 10/1/18
             214,000  
  300,000  
7.875%, due 1/15/19
             315,000  
                    1,818,313  
     
Consumer Products
     1.7%          
     
Serta Simmons Holdings LLC
                
  220,000  
8.125%, due 10/1/20 (b)
             225,500  
     
Spectrum Brands Escrow Corp.
                
  175,000  
6.375%, due 11/15/20 (b)
             186,594  
     
Visant Corp.
                
  350,000  
10.00%, due 10/1/17
             317,625  
                    729,719  
     
Distributors
     1.0%          
     
Amerigas Partners Financial Corp.
                
  200,000  
6.25%, due 8/20/19
             213,000  
     
Ferrellgas Partners, L.P.
                
  200,000  
8.625%, due 6/15/20
             204,000  
                    417,000  
     
Diversified Manufacturing
     3.6%          
     
Constellation Enterprises LLC
                
  375,000  
10.625%, due 2/1/16 (b)
             394,688  
     
Dynacast International LLC
                
  500,000  
9.25%, due 7/15/19
             540,000  
     
Mcron Finance Sub LLC
                
  435,000  
8.375%, due 5/15/19 (b)
             463,275  
     
Thermon Industries, Inc.
                
  127,000  
9.50%, due 5/1/17
             141,605  
                    1,539,568  
     
Electric
     0.6%          
     
NRG Energy, Inc.
                
  245,000  
6.625%, due 3/15/23 (b)
             262,150  
     
Environmental
     2.9%          
     
Casella Waste Systems, Inc.
                
  800,000  
7.75%, due 2/15/19
             770,000  
     
EnergySolutions, Inc.
                
  150,000  
10.75%, due 8/15/18
             157,125  
     
Heckmann Corp.
                
  300,000  
9.875%, due 4/15/18
             314,625  
                    1,241,750  
     
Finance
     0.9%          
     
National Money Mart Co.
                
  350,000  
10.375%, due 12/15/16
             388,500  
     
Food and Beverage
     2.8%          
     
Bumble Bee Acquisition Corp.
                
  768,000  
9.00%, due 12/15/17 (b)
             842,880  
     
Wells Enterprises, Inc.
                
  310,000  
6.75%, due 2/1/20 (b)
             327,438  
                    1,170,318  
     
Gaming
     1.2%          
     
Scientific Games Corp.
                
  135,000  
8.125%, due 9/15/18
             149,175  
     
Scientific Games International, Inc.
                
  370,000  
6.25%, due 9/1/20
             381,100  
                    530,275  
     
Healthcare
     3.7%          
     
Examworks Group, Inc.
                
  575,000  
9.00%, due 7/15/19
             622,438  
     
Harmony Foods Corp.
                
  290,000  
10.00%, due 5/1/16 (b)
             315,375  
     
Physio-Control International Corp.
                
  350,000  
9.875%, due 1/15/19 (b)
             396,375  
     
STHI Holding Corp.
                
  200,000  
8.00%, due 3/15/18 (b)
             219,500  
                    1,553,688  
     
Industrial - Other
     9.3%          
     
American Tire Distributors, Inc.
                
  400,000  
9.75%, due 6/1/17
             428,499  
     
Cleaver-Brooks, Inc.
                
  550,000  
8.75%, due 12/15/19 (b)
             592,625  
     
Dycom Investments, Inc.
                
  175,000  
7.125%, due 1/15/21
             187,688  
  345,000  
7.125%, due 1/15/21 (b)
             364,838  
     
Interline Brands, Inc.
                
  375,000  
10.00%, due 11/15/18 (b)
             414,141  
     
RSC Equipment Rental, Inc.
                
  610,000  
8.25%, due 2/1/21
             694,638  
     
SPL Logistics Escrow LLC
                
  450,000  
8.875%, due 8/1/20 (b)
             482,625  
     
Wireco Worldgroup, Inc.
                
  400,000  
9.50%, due 5/15/17
             421,000  
     
Zachry Holdings, Inc.
                
  375,000  
7.50%, due 2/1/20 (b)
             388,124  
                    3,974,178  
     
Media Non-Cable
     2.1%          
     
RR Donnelley & Sons Co.
                
  50,000  
8.25%, due 3/15/19
             52,875  
     
SGS International, Inc.
                
  450,000  
8.375%, due 10/15/20 (b)
             469,125  
     
Valassis Communications, Inc.
                
  350,000  
6.625%, due 2/1/21
             377,563  
                    899,563  
     
Metals and Mining
     6.1%          
     
American Gilsonite Co.
                
  850,000  
11.50%, due 9/1/17 (b)
             917,999  
     
American Rock Salt Company LLC
                
  300,000  
8.25%, due 5/1/18 (b)
             279,750  
     
Castle (AM) & Co.
                
  250,000  
12.75%, due 12/15/16
             296,250  
     
GrafTech International
                
  240,000  
6.375%, due 11/15/20 (b)
             256,200  
     
Rain CII Carbon LLC
                
  450,000  
8.00%, due 12/1/18 (b)
             472,500  
     
Suncoke Energy, Inc.
                
  50,000  
7.625%, due 8/1/19
             53,125  
  300,000  
7.375%, due 2/1/20 (b)
             313,500  
                    2,589,324  
     
Oil Field Services
     5.8%          
     
Calfrac Holdings LP
                
  300,000  
7.50%, due 12/1/20 (b)
             303,000  
     
CHC Helicopter SA
                
  410,000  
9.25%, due 10/15/20
             434,600  
     
Drill Rig Holdings, Inc.
                
  405,000  
6.50%, due 10/1/17 (b)
             412,088  
     
Petroleum Geo-Services
                
  200,000  
7.375%, due 12/15/18 (b)
             221,000  
     
Platinum Energy Solutions, Inc.
                
  250,000  
14.25%, due 3/1/15
             130,000  
     
Shale-Inland Holdings LLC
                
  500,000  
8.75%, due 11/15/19 (b)
             528,750  
     
Welltec A/S
                
  400,000  
8.00%, due 2/1/19 (b)
             438,000  
                    2,467,438  
     
Packaging
     7.1%          
     
AEP Industries, Inc.
                
  606,000  
8.25%, due 4/15/19
             660,539  
     
Bway Parent Company, Inc.
                
  165,000  
9.50%, due 11/1/17 (b)
             175,725  
     
Cons Container Co.
                
  470,000  
10.125%, due 7/15/20 (b)
             511,125  
     
Crown Americas LLC
                
  100,000  
4.50%, due 1/15/23 (b)
             98,250  
     
Dispensing Dynamics International, Inc.
                
  250,000  
12.50%, due 1/1/18 (b)
             252,500  
     
Pretium Packaging LLC
                
  175,000  
11.50%, due 4/1/16
             187,688  
     
Reynolds Group Issuer LLC
                
  110,000  
5.75%, due 10/15/20
             113,850  
     
Sealed Air Corp New
                
  470,000  
6.50%, due 12/1/20 (b)
             513,475  
     
Tekni-Plex, Inc.
                
  400,000  
9.75%, due 6/1/19 (b)
             444,000  
     
Tenneco Packaging, Inc.
                
  50,000  
8.125%, due 6/15/17
             52,250  
                    3,009,402  
     
Paper
     5.0%          
     
Cascades, Inc.
                
  653,000  
7.75%, due 12/15/17
             693,813  
  205,000  
7.875%, due 1/15/20
             220,375  
     
Clearwater Paper Corp.
                
  80,000  
4.50%, due 2/1/23 (b)
             78,600  
     
P.H. Glatfelter Co.
                
  220,000  
5.375%, due 10/15/20
             231,000  
     
Sappi Papier Holding
                
  130,000  
7.75%, due 7/15/17 (b)
             144,138  
     
Verso Paper Holdings LLC
                
  325,000  
11.75%, due 1/15/19
             344,500  
     
Xerium Technologies, Inc.
                
  450,000  
8.875%, due 6/15/18
             431,999  
                    2,144,425  
     
Pharmaceuticals
     0.7%          
     
Sky Growth Acquisition
                
  300,000  
7.375%, due 10/15/20 (b)
             310,875  
     
Pipelines
     1.0%          
     
Atlas Pipeline Partners LP
                
  420,000  
5.875%, due 8/1/23 (b)
             418,425  
     
Retailers
     3.6%          
     
Party City Holdings, Inc.
                
  550,000  
8.875%, due 8/1/20 (b)
             600,875  
     
Petco Animal Supplies, Inc.
                
  275,000  
8.50%, due 10/15/17 (b)
             284,625  
  250,000  
9.25%, due 12/1/18 (b)
             276,875  
     
Rent-A-Center, Inc.
                
  350,000  
6.625%, due 11/15/20
             378,875  
                    1,541,250  
     
Technology
     8.2%          
     
Commscope, Inc.
                
  440,000  
8.25%, due 1/15/19 (b)
             479,600  
     
Evertec, Inc.
                
  400,000  
11.00%, due 10/1/18
             446,000  
     
First Data Corp.
                
  500,000  
7.375%, due 6/15/19 (b)
             528,125  
     
Kemet Corp.
                
  370,000  
10.50%, due 5/1/18
             386,650  
     
Sophia L.P./Sophia Finance, Inc.
                
  550,000  
9.75%, due 1/15/19 (b)
             611,187  
     
Sungard Data Systems, Inc.
                
  250,000  
6.625%, due 11/1/19 (b)
             258,125  
     
Transunion Holding Co.
                
  750,000  
9.625%, due 6/15/18
             803,437  
                    3,513,124  
     
Textile
     1.4%          
     
Levi Strauss & Co.
                
  550,000  
6.875%, due 5/1/22
             600,188  
     
Wirelines
     2.7%          
     
Frontier Communications Corp.
                
  270,000  
9.25%, due 7/1/21
             311,850  
  355,000  
7.125%, due 1/15/23
             366,094  
     
Windstream Corp.
                
  490,000  
6.375%, due 8/1/23 (b)
             482,649  
                    1,160,593  
     
Total Corporate Bonds (cost $39,976,694)
             41,467,082  
                       
     
SHORT-TERM INVESTMENTS
     1.2%          
  520,727  
Invesco STIT - Prime Portfolio - Institutional Class, 0.09% (a)
             520,727  
     
Total Short-Term Investments (cost $520,727)
             520,727  
                       
     
Total Investments (cost $40,497,421)
     98.5%       41,987,809  
     
Other Assets less Liabilities
     1.5%       631,962  
     
TOTAL NET ASSETS
     100.0%     $ 42,619,771  
 
(a)  
Rate shown is the 7-day annualized yield as of February 28, 2013.
(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 February 28, 2013, the value of these investments was $22,497,191 or 52.8% of total net assets.

 
 
 
 
PIA MBS BOND FUND
  
Schedule of Investments - February 28, 2013 (Unaudited)
  
               
Principal
              
Amount
          
Value
  
   
MORTGAGE-BACKED SECURITIES
     93.4%      
   
U.S. Government Agencies
     93.4%      
   
FHLMC Pool
            
$ 73,005  
4.50%, due 5/1/20, #G18052
         $ 78,035  
  62,480  
4.50%, due 3/1/21, #G18119
           66,746  
  61,261  
5.00%, due 3/1/21, #G18105
           65,722  
  212,117  
4.50%, due 5/1/21, #J01723
           228,590  
  57,061  
6.00%, due 6/1/21, #G18124
           62,720  
  178,289  
4.50%, due 9/1/21, #G12378
           190,574  
  53,455  
5.00%, due 11/1/21, #G18160
           57,347  
  46,580  
5.00%, due 2/1/22, #G12522
           49,971  
  72,805  
5.00%, due 2/1/22, #J04411
           77,936  
  186,319  
5.50%, due 3/1/22, #G12577
           200,380  
  63,650  
5.00%, due 7/1/22, #J05243
           68,136  
  1,182,975  
4.00%, due 3/1/26, #J14785
           1,258,113  
  445,484  
3.00%, due 10/1/26, #G18406
           468,106  
  3,303,928  
3.00%, due 11/1/26, #G18409
           3,471,704  
  891,826  
3.00%, due 6/1/27, #G14497
           943,524  
  15,312  
5.50%, due 5/1/35, #B31639
           16,712  
  435,021  
5.00%, due 8/1/35, #A36351
           469,677  
  155,728  
4.50%, due 9/1/35, #A37616
           166,839  
  441,930  
4.50%, due 10/1/35, #A37869
           473,459  
  354,153  
4.50%, due 10/1/35, #A38023
           379,420  
  135,797  
4.50%, due 10/1/35, #G01890
           145,485  
  251,727  
5.00%, due 10/1/35, #G01940
           271,781  
  504,598  
6.00%, due 1/1/36, #A42208
           555,756  
  34,931  
7.00%, due 1/1/36, #G02048
           40,479  
  394,397  
5.50%, due 2/1/36, #G02031
           430,438  
  175,474  
7.00%, due 8/1/36, #G08148
           202,377  
  625,823  
6.50%, due 9/1/36, #A54908
           711,983  
  239,514  
6.50%, due 11/1/36, #A54094
           272,489  
  156,703  
5.50%, due 2/1/37, #A57840
           170,484  
  409,846  
5.00%, due 5/1/37, #A60268
           440,959  
  314,222  
5.00%, due 6/1/37, #G03094
           338,076  
  1,108,628  
5.50%, due 6/1/37, #A61982
           1,204,050  
  834,452  
6.00%, due 6/1/37, #A62176
           913,315  
  1,191,700  
6.00%, due 6/1/37, #A62444
           1,305,878  
  206,937  
5.00%, due 7/1/37, #A63187
           222,646  
  510,195  
5.50%, due 8/1/37, #G03156
           554,108  
  177,896  
6.50%, due 8/1/37, #A70413
           202,515  
  15,364  
7.00%, due 8/1/37, #A70079
           17,720  
  62,633  
7.00%, due 9/1/37, #A65171
           72,286  
  32,452  
7.00%, due 9/1/37, #A65335
           37,454  
  20,125  
7.00%, due 9/1/37, #A65670
           23,227  
  47,469  
7.00%, due 9/1/37, #A65780
           54,785  
  15,287  
7.00%, due 9/1/37, #A65941
           17,643  
  4,139  
7.00%, due 9/1/37, #A66041
           4,696  
  147,684  
7.00%, due 9/1/37, #G03207
           170,327  
  90,954  
6.50%, due 11/1/37, #A68726
           103,541  
  405,533  
5.00%, due 2/1/38, #A73370
           436,320  
  15,310  
5.00%, due 2/1/38, #G03836
           16,473  
  42,217  
5.00%, due 3/1/38, #A73704
           45,422  
  503,465  
5.00%, due 4/1/38, #A76335
           541,686  
  195,051  
5.50%, due 4/1/38, #G04121
           211,840  
  22,853  
5.00%, due 5/1/38, #A77463
           24,588  
  73,166  
5.50%, due 5/1/38, #A77265
           79,418  
  203,989  
5.50%, due 5/1/38, #G04215
           221,419  
  108,029  
5.00%, due 6/1/38, #A77986
           116,230  
  42,424  
5.00%, due 6/1/38, #G04522
           45,645  
  44,454  
5.00%, due 7/1/38, #A79197
           47,829  
  220,445  
4.50%, due 9/1/38, #G04773
           235,759  
  62,403  
5.00%, due 9/1/38, #G04690
           67,141  
  1,091,812  
5.00%, due 10/1/38, #G04832
           1,174,698  
  19,271  
5.00%, due 11/1/38, #A82849
           20,734  
  62,196  
5.00%, due 12/1/38, #G05683
           66,917  
  584,898  
5.00%, due 2/1/39, #G05507
           629,301  
  87,565  
4.50%, due 4/1/39, #A85612
           93,649  
  257,572  
5.00%, due 5/1/39, #G08345
           277,125  
  211,688  
4.50%, due 9/1/39, #A88357
           226,394  
  100,402  
5.00%, due 9/1/39, #G05904
           108,024  
  340,742  
4.50%, due 11/1/39, #G05748
           364,413  
  329,989  
4.50%, due 12/1/39, #A90175
           352,914  
  93,553  
4.50%, due 4/1/40, #C03464
           100,403  
  237,416  
4.50%, due 5/1/40, #A92269
           254,800  
  1,480,992  
4.50%, due 5/1/40, #G06047
           1,583,876  
  844,340  
4.50%, due 6/1/40, #A92533
           906,163  
  197,770  
4.50%, due 6/1/40, #A92594
           212,251  
  55,091  
4.50%, due 8/1/40, #A93437
           59,690  
  1,357,765  
4.50%, due 8/1/40, #A93505
           1,457,180  
  370,546  
4.50%, due 1/1/41, #A96176
           402,448  
  2,759,660  
3.50%, due 1/1/41, #A96409
           2,907,684  
  94,698  
4.50%, due 2/1/41, #A97013
           101,631  
  86,810  
4.50%, due 4/1/41, #Q00285
           93,356  
  1,316,706  
4.50%, due 9/1/41, #C03701
           1,415,995  
  214,975  
3.50%, due 10/1/41, #Q04087
           226,506  
  81,894  
4.50%, due 11/1/41, #Q04699
           88,070  
  246,435  
3.50%, due 1/1/42, #Q05410
           259,654  
  899,128  
3.50%, due 2/1/42, #Q05996
           947,355  
  354,974  
3.50%, due 3/1/42, #G08479
           374,901  
  3,422,566  
3.50%, due 4/1/42, #Q07654
           3,614,702  
  1,562,516  
3.50%, due 5/1/42, #G08491
           1,650,233  
  2,707,521  
3.50%, due 6/1/42, #C09000
           2,859,517  
  2,296,102  
3.50%, due 6/1/42, #Q08641
           2,425,001  
     
FHLMC GOLD TBA (a)
              
  5,000,000  
2.50%, due 3/15/28
           5,179,687  
  7,000,000  
3.00%, due 3/15/43
           7,212,187  
     
FNMA Pool
              
  34,812  
4.50%, due 10/1/20, #842732
           37,508  
  181,976  
3.00%, due 12/1/20, #MA0605
           192,667  
  97,512  
4.50%, due 12/1/20, #813954
           105,065  
  49,263  
4.50%, due 2/1/21, #845437
           53,079  
  99,628  
5.00%, due 2/1/21, #865191
           108,003  
  36,043  
5.00%, due 5/1/21, #879112
           39,073  
  153,682  
4.50%, due 7/1/21, #845515
           165,466  
  2,953,933  
3.00%, due 8/1/21, #AL0579
           3,127,476  
  104,627  
5.50%, due 10/1/21, #905090
           114,322  
  277,522  
3.00%, due 1/1/22, #MA0957
           293,827  
  70,639  
5.00%, due 2/1/22, #900946
           76,577  
  156,923  
6.00%, due 2/1/22, #912522
           172,413  
  201,789  
5.00%, due 6/1/22, #937709
           218,500  
  103,256  
5.00%, due 7/1/22, #938033
           111,807  
  115,289  
5.00%, due 7/1/22, #944887
           126,637  
  526,903  
5.50%, due 7/1/22, #905040
           575,724  
  24,621  
4.00%, due 7/1/25, #AE1318
           26,360  
  24,642  
4.00%, due 10/1/25, #AE1601
           26,382  
  641,078  
4.00%, due 12/1/25, #AH6058
           697,373  
  594,300  
4.00%, due 1/1/26, #AH3925
           636,273  
  24,319  
4.00%, due 1/1/26, #MA0624
           26,036  
  60,375  
4.00%, due 3/1/26, #AH8485
           64,658  
  1,138,035  
4.00%, due 5/1/26, #AH8174
           1,218,764  
  558,223  
3.00%, due 10/1/26, #AJ0049
           588,402  
  41,747  
3.00%, due 10/1/26, #AJ5474
           44,003  
  139,465  
3.00%, due 2/1/27, #AK4047
           147,092  
  317,137  
3.00%, due 4/1/27, #AB4997
           334,481  
  898,487  
3.00%, due 9/1/27, #AQ0333
           947,623  
  257,027  
4.50%, due 4/1/29, #MA0022
           277,196  
  5,535  
7.00%, due 8/1/32, #650101
           6,599  
  109,766  
4.50%, due 3/1/35, #814433
           118,311  
  104,689  
4.50%, due 4/1/35, #735396
           112,839  
  50,944  
4.50%, due 5/1/35, #822854
           54,909  
  57,103  
7.00%, due 6/1/35, #821610
           67,751  
  97,247  
4.50%, due 7/1/35, #826584
           104,817  
  11,378  
5.00%, due 7/1/35, #833958
           12,336  
  44,819  
7.00%, due 7/1/35, #826251
           53,177  
  101,588  
4.50%, due 8/1/35, #835751
           109,496  
  66,136  
7.00%, due 9/1/35, #842290
           78,469  
  29,935  
4.50%, due 11/1/35, #256032
           32,266  
  70,413  
5.00%, due 12/1/35, #852482
           76,342  
  26,957  
4.50%, due 1/1/36, #852510
           29,055  
  19,875  
7.00%, due 2/1/36, #865190
           23,581  
  21,292  
7.00%, due 4/1/36, #887709
           25,293  
  687,544  
5.00%, due 5/1/36, #745515
           748,103  
  14,880  
5.00%, due 7/1/36, #888789
           16,170  
  36,486  
6.50%, due 7/1/36, #897100
           40,775  
  80,770  
7.00%, due 7/1/36, #887793
           95,946  
  119,143  
6.00%, due 8/1/36, #892925
           130,887  
  231,303  
6.50%, due 8/1/36, #878187
           258,343  
  125,105  
5.00%, due 9/1/36, #893621
           135,482  
  226,708  
5.50%, due 10/1/36, #831845
           248,538  
  152,652  
5.50%, due 10/1/36, #893087
           166,554  
  100,519  
6.00%, due 10/1/36, #897174
           110,428  
  152,420  
5.50%, due 12/1/36, #256513
           166,301  
  1,732  
6.50%, due 12/1/36, #920162
           1,940  
  78,981  
7.00%, due 1/1/37, #256567
           93,821  
  304,890  
5.50%, due 2/1/37, #256597
           332,657  
  178,863  
6.00%, due 2/1/37, #909357
           196,494  
  6,558  
7.00%, due 2/1/37, #915904
           7,791  
  88,187  
5.00%, due 3/1/37, #913007
           95,502  
  199,108  
5.50%, due 3/1/37, #256636
           217,023  
  12,103  
5.00%, due 4/1/37, #914599
           13,107  
  246,476  
6.50%, due 5/1/37, #917052
           292,339  
  836,941  
5.50%, due 6/1/37, #918554
           912,247  
  179,722  
5.50%, due 6/1/37, #918705
           195,893  
  755,099  
6.00%, due 6/1/37, #888413
           829,530  
  523,428  
6.00%, due 6/1/37, #917129
           575,023  
  83,066  
7.00%, due 6/1/37, #256774
           94,549  
  61,644  
7.00%, due 6/1/37, #940234
           73,305  
  51,505  
5.00%, due 7/1/37, #944534
           55,823  
  303,808  
5.50%, due 10/1/37, #954939
           331,144  
  121,819  
6.00%, due 12/1/37, #965488
           133,827  
  648,732  
5.50%, due 2/1/38, #961691
           707,002  
  179,279  
5.00%, due 1/1/39, #AA0835
           194,150  
  43,637  
5.00%, due 1/1/39, #AA0840
           47,257  
  2,033  
5.00%, due 1/1/39, #AA0862
           2,201  
  92,518  
4.00%, due 2/1/39, #930606
           98,685  
  10,594  
5.00%, due 3/1/39, #AA4461
           11,473  
  276,247  
5.00%, due 3/1/39, #930635
           299,161  
  7,380  
5.00%, due 3/1/39, #930760
           7,992  
  35,815  
5.00%, due 3/1/39, #995948
           38,785  
  32,685  
4.00%, due 4/1/39, #AA0777
           34,874  
  539,442  
4.00%, due 4/1/39, #AO3504
           575,397  
  172,225  
4.50%, due 4/1/39, #AA4590
           185,417  
  308,835  
5.00%, due 4/1/39, #930871
           334,452  
  280,391  
5.00%, due 4/1/39, #930992
           303,649  
  218,304  
5.00%, due 4/1/39, #995930
           236,412  
  717,167  
4.50%, due 6/1/39, #AA7681
           772,099  
  288,913  
5.00%, due 6/1/39, #995896
           312,878  
  546,652  
4.50%, due 7/1/39, #AE8152
           588,523  
  188,790  
5.00%, due 7/1/39, #995895
           204,449  
  815,735  
4.50%, due 8/1/39, #931837
           878,217  
  792,604  
5.00%, due 8/1/39, #AC3221
           858,347  
  2,169,049  
4.00%, due 12/1/39, #AE0215
           2,312,821  
  228,690  
4.50%, due 12/1/39, #932324
           246,207  
  50,370  
4.50%, due 2/1/40, #AC8494
           54,228  
  121,722  
4.50%, due 2/1/40, #AD1045
           131,426  
  116,639  
4.50%, due 2/1/40, #AD2832
           125,573  
  70,530  
5.00%, due 3/1/40, #AB1186
           76,381  
  2,920,398  
5.00%, due 5/1/40, #AD6374
           3,162,644  
  35,912  
5.00%, due 6/1/40, #AD8058
           39,070  
  377,882  
5.00%, due 7/1/40, #AD4634
           411,116  
  461,234  
5.00%, due 7/1/40, #AD4994
           501,797  
  52,663  
5.00%, due 7/1/40, #AD7565
           57,295  
  1,311,800  
4.50%, due 8/1/40, #AD8035
           1,416,378  
  223,381  
4.50%, due 8/1/40, #AD8397
           241,189  
  334,888  
4.50%, due 8/1/40, #890236
           360,411  
  408,898  
4.00%, due 9/1/40, #AE4311
           436,407  
  46,352  
4.00%, due 9/1/40, #AE4312
           49,470  
  1,021,015  
4.50%, due 9/1/40, #AE1500
           1,102,411  
  115,165  
4.00%, due 10/1/40, #AE4124
           122,913  
  375,349  
4.00%, due 10/1/40, #AE6057
           400,601  
  30,197  
4.00%, due 11/1/40, #AE5156
           32,228  
  233,516  
4.50%, due 11/1/40, #AE5162
           252,132  
  331,133  
4.00%, due 11/1/40, #AE8650
           353,411  
  670,378  
4.00%, due 12/1/40, #MA0583
           715,479  
  192,638  
4.00%, due 1/1/41, #AE4583
           205,598  
  302,120  
4.00%, due 2/1/41, #AH3200
           322,446  
  514,866  
4.50%, due 3/1/41, #AH7009
           555,912  
  1,861,362  
4.50%, due 4/1/41, #AH9054
           2,012,078  
  48,868  
4.50%, due 5/1/41, #AI1364
           52,825  
  417,122  
4.50%, due 5/1/41, #AI1888
           450,897  
  2,508,723  
4.50%, due 5/1/41, #AL0160
           2,708,721  
  287,357  
4.50%, due 6/1/41, #AI4815
           310,624  
  115,158  
4.00%, due 7/1/41, #AI0038
           122,941  
  24,698  
4.00%, due 8/1/41, #AI8218
           26,367  
  33,297  
4.50%, due 9/1/41, #AH3865
           35,993  
  144,166  
4.50%, due 9/1/41, #AI4050
           155,659  
  27,131  
4.50%, due 9/1/41, #AJ0729
           29,328  
  309,171  
4.00%, due 10/1/41, #AJ4052
           330,068  
  883,964  
4.00%, due 11/1/41, #AB3946
           943,711  
  1,781,940  
4.00%, due 11/1/41, #AJ4668
           1,902,380  
  1,859,737  
4.00%, due 11/1/41, #AJ5643
           1,985,435  
  251,281  
4.00%, due 12/1/41, #AJ3097
           268,265  
  639,021  
4.00%, due 2/1/42, #AJ9774
           686,195  
  336,379  
4.00%, due 3/1/42, #AK7153
           360,165  
  430,015  
4.00%, due 4/1/42, #MA1028
           460,423  
     
FNMA TBA (a)
              
  5,000,000  
2.50%, due 3/15/28
           5,194,531  
  12,000,000  
3.50%, due 3/15/41
           12,691,875  
  10,000,000  
3.00%, due 3/15/43
           10,356,249  
     
GNMA Pool
              
  25,961  
7.00%, due 9/15/35, #647831
           29,918  
  99,077  
5.00%, due 10/15/35, #642220
           108,975  
  90,751  
5.00%, due 11/15/35, #550718
           99,534  
  103,007  
5.50%, due 11/15/35, #650091
           113,535  
  49,948  
5.50%, due 12/15/35, #646307
           54,951  
  77,622  
5.50%, due 4/15/36, #652534
           85,167  
  82,755  
6.50%, due 6/15/36, #652593
           97,039  
  59,250  
5.50%, due 7/15/36, #608993
           65,010  
  86,296  
6.50%, due 10/15/36, #646564
           101,790  
  111,361  
6.00%, due 11/15/36, #617294
           126,256  
  169,087  
6.50%, due 12/15/36, #618753
           199,447  
  170,367  
5.50%, due 2/15/37, #658419
           186,928  
  570,273  
6.00%, due 4/15/37, #668411
           646,140  
  423,377  
5.00%, due 8/15/37, #671463
           462,232  
  204,122  
6.00%, due 10/15/37, #664379
           231,278  
  57,935  
5.50%, due 8/15/38, #677224
           63,567  
  247,149  
5.50%, due 8/15/38, #691314
           271,173  
  11,167  
5.50%, due 12/15/38, #705632
           12,252  
  1,705,927  
4.50%, due 5/15/39, #717066
           1,872,084  
  27,055  
5.50%, due 6/15/39, #714262
           29,685  
  1,101,759  
5.50%, due 6/15/39, #714720
           1,208,854  
  1,137,224  
4.50%, due 7/15/39, #720160
           1,247,989  
  3,316,632  
5.00%, due 9/15/39, #726311
           3,633,451  
  18,328  
5.50%, due 1/15/40, #723631
           20,109  
  64,196  
5.50%, due 2/15/40, #680537
           70,437  
     
GNMA TBA (a)
              
  7,000,000  
3.50%, due 3/15/42
           7,549,062  
  5,000,000  
3.00%, due 3/15/43
           5,242,187  
                  160,333,752  
     
Total Mortgage-Backed Securities (cost $155,358,982)
           160,333,752  
                     
     
U.S. GOVERNMENT INSTRUMENTALITIES
     33.9%        
     
U.S. Treasury Notes
     33.9%        
     
U.S. Treasury Note
              
  10,000,000  
1.375%, due 3/15/13
           10,005,860  
  10,000,000  
1.75%, due 4/15/13
           10,021,490  
  10,000,000  
1.375%, due 5/15/13
           10,027,350  
  10,000,000  
1.125%, due 6/15/13
           10,030,470  
  10,000,000  
1.00%, due 7/15/13
           10,033,600  
  8,000,000  
0.75%, due 8/15/13
           8,023,752  
                  58,142,522  
     
Total U.S. Government Instrumentalities (cost $58,135,128)
           58,142,522  
                     
     
SHORT-TERM INVESTMENTS
     4.8%        
  8,288,175  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)
           8,288,175  
     
Total Short-Term Investments (cost $8,288,175)
           8,288,175  
                     
     
Total Investments (cost $221,782,285)
     132.1%     226,764,449  
     
Liabilities less Other Assets
     (32.1)%     (55,069,457 )
     
TOTAL NET ASSETS
     100.0%   $ 171,694,992  
 
(a)
  
Security purchased on a when-issued basis.  As of February 28, 2013, the total cost of investments purchased on a when-issued basis was $53,193,398 or 31.0% of total net assets.
(b)
  
Rate shown is the 7-day annualized yield as of February 28, 2013.
  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 - February 28, 2013 (Unaudited)
  
               
Principal
              
Amount
          
Value
  
   
CORPORATE BONDS
     42.0%      
   
Agriculture
     2.0%      
   
Archer-Daniels-Midland Co.
            
$ 275,000  
5.375%, due 9/15/35
         $ 315,088  
     
Bunge Limited Finance Corp.
              
  400,000  
8.50%, due 6/15/19
           520,286  
                  835,374  
     
Auto Rental
     0.8%        
     
HDTFS, Inc.
              
  300,000  
5.875%, due 10/15/20 (e)
           313,500  
     
Auto Service
     0.5%        
     
American Axle & Manufacturing, Inc.
              
  200,000  
6.625%, due 10/15/22
           205,500  
     
Banks
     4.4%        
     
Bank of America Corp.
              
  325,000  
5.125%, due 11/15/14
           345,857  
     
CIT Group, Inc.
              
  200,000  
5.00%, due 8/15/22
           215,001  
     
Citigroup, Inc.
              
  400,000  
4.50%, due 1/14/22
           445,930  
     
JPMorgan Chase & Co.
              
  370,000  
4.50%, due 1/24/22
           412,603  
     
Wells Fargo & Co.
              
  400,000  
1.50%, due 1/16/18
           401,739  
                  1,821,130  
     
Beverages
     1.3%        
     
Anheuser-Busch Inbev Worldwide
              
  505,204  
9.75%, due 11/17/15 (d)
           557,240  
     
Brokers
     1.5%        
     
Goldman Sachs Group, Inc.
              
  400,000  
5.25%, due 7/27/21
           456,046  
     
Morgan Stanley
              
  150,000  
6.625%, due 4/1/18
           178,694  
                  634,740  
     
Chemicals
     5.7%        
     
Axiall Corp.
              
  100,000  
4.875%, due 5/15/23 (e)
           101,875  
     
Cabot Corp.
              
  400,000  
2.55%, due 1/15/18
           411,506  
     
CF Industries Holdings, Inc.
              
  400,000  
6.875%, due 5/1/18
           488,319  
     
Dow Chemical Co.
              
  380,000  
3.00%, due 11/15/22
           372,360  
     
Eastman Chemical Co.
              
  400,000  
3.60%, due 8/15/22
           416,778  
     
Methanex Corp.
              
  125,000  
3.25%, due 12/15/19
           127,231  
     
RPM International, Inc.
              
  400,000  
6.125%, due 10/15/19
           471,107  
                  2,389,176  
     
Construction Machinery
     1.6%        
     
Caterpillar Financial Services Corp.
              
  400,000  
2.00%, due 4/5/13
           400,569  
     
Terex Corp.
              
  250,000  
6.50%, due 4/1/20
           265,625  
                  666,194  
     
Construction Materials
     1.1%        
     
Vulcan Materials Co.
              
  400,000  
7.00%, due 6/15/18
           458,000  
     
Consumer Services
     0.6%        
     
Service Corp. International
              
  250,000  
4.50%, due 11/15/20
           249,688  
     
Diversified Financial Services
     0.9%        
     
General Electric Capital Corp.
              
  350,000  
5.00%, due 1/8/16
           390,031  
     
Electric Utilities
     1.4%        
     
Duke Energy Carolinas
              
  450,000  
6.10%, due 6/1/37
           570,929  
     
Electrical Equipment
     0.2%        
     
General Cable Corp.
              
  100,000  
5.75%, due 10/1/22 (e)
           103,000  
     
Energy
     0.5%        
     
Calumet Specialty Products Partners
              
  200,000  
9.375%, due 5/1/19
           222,000  
     
Environmental Services
     0.3%        
     
Clean Harbors, Inc.
              
  125,000  
5.125%, due 6/1/21 (e)
           127,500  
     
Equipment Rental and Leasing
     0.8%        
     
H & E Equipment Services, Inc.
              
  200,000  
7.00%, due 9/1/22 (e)
           220,000  
     
TRAC Intermodal LLC
              
  100,000  
11.00%, due 8/15/19 (e)
           107,500  
                  327,500  
     
Financial Services
     0.5%        
     
Apollo Investment Corp.
              
  200,000  
5.75%, due 1/15/16, convertible
           209,125  
     
Food
     1.0%        
     
Tyson Foods, Inc.
              
  380,000  
4.50%, due 6/15/22
           414,218  
     
Food and Beverage
     0.6%        
     
Chiquita Brands International, Inc.
              
  250,000  
7.875%, due 2/1/21 (e)
           255,000  
     
Hardware
     0.6%        
     
NCR Corp.
              
  250,000  
4.625%, due 2/15/21 (e)
           248,750  
     
Healthcare
     0.5%        
     
Davita, Inc.
              
  200,000  
5.75%, due 8/15/22
           209,500  
     
Home Building
     1.0%        
     
NVR, Inc.
              
  400,000  
3.95%, due 9/15/22
           410,555  
     
Insurance
     2.1%        
     
American International Group, Inc.
              
  500,000  
4.25%, due 5/15/13
           504,184  
     
MetLife, Inc.
              
  350,000  
5.00%, due 6/15/15
           383,336  
                  887,520  
     
Machinery
     0.9%        
     
Manitowoc Co., Inc.
              
  350,000  
8.50%, due 11/1/20
           396,813  
     
Medical/Drugs
     2.8%        
     
Amgen, Inc.
              
  300,000  
6.40%, due 2/1/39
           380,540  
     
GlaxoSmithKline
              
  400,000  
5.65%, due 5/15/18
           486,061  
     
Wyeth
              
  275,000  
5.45%, due 4/1/17
           323,627  
                  1,190,228  
     
Metals and Mining
     1.4%        
     
FMG Resources
              
  250,000  
6.875%, due 4/1/22 (e)
           268,438  
     
Freeport-McMoRan Copper & Gold, Inc.
              
  300,000  
3.10%, due 3/15/20
           299,886  
                  568,324  
     
Mining
     0.9%        
     
Rio Tinto Finance USA Ltd.
              
  300,000  
6.50%, due 7/15/18
           372,489  
     
Paper
     0.6%        
     
Cascades, Inc.
              
  250,000  
7.875%, due 1/15/20
           268,750  
     
Renewable Energy Equipment
     0.4%        
     
Exide Technologies
              
  200,000  
8.625%, due 2/1/18
           168,000  
     
Retail
     1.9%        
     
Target Corp.
              
  200,000  
7.00%, due 1/15/38
           286,154  
     
Walgreen Co.
              
  500,000  
3.10%, due 9/15/22
           502,751  
                  788,905  
     
Software
     1.1%        
     
Equifax, Inc.
              
  470,000  
3.30%, due 12/15/22
           461,760  
     
Telecommunications
     1.0%        
     
Sprint Nextel Corp.
              
  250,000  
6.00%, due 12/1/16
           271,250  
     
Verizon Communications, Inc.
              
  100,000  
7.75%, due 12/1/30
           141,985  
                  413,235  
     
Tools
     1.1%        
     
Stanley Black & Decker, Inc.
              
  400,000  
5.20%, due 9/1/40
           451,917  
     
Total Corporate Bonds (cost $16,303,520)
           17,586,591  
                     
     
SOVEREIGN BONDS
     2.3%        
     
Federal Republic of Brazil
              
  353,643  
12.50%, due 1/5/16 (d)
           419,066  
     
Republic of Chile
              
  496,829  
5.50%, due 8/5/20 (d)
           551,033  
                  970,099  
     
Total Sovereign Bonds (cost $959,997)
           970,099  
                     
     
MORTGAGE-BACKED SECURITIES
     33.4%        
     
U.S. Government Agencies
     33.4%        
     
FHLMC Pool
              
  26,406  
4.50%, due 12/1/14, #B17362
           26,936  
  15,911  
4.50%, due 6/1/24, #G13584
           16,958  
  338,447  
4.50%, due 10/1/24, #J10934
           360,605  
  22,370  
4.50%, due 6/1/25, #G14013
           23,842  
  437,824  
5.50%, due 5/1/26, #D96978
           478,039  
  82,454  
5.00%, due 7/1/37, #A62994
           88,713  
  582,155  
5.00%, due 4/1/38, #A75230
           626,349  
  138,509  
5.50%, due 11/1/38, #G08300
           150,344  
  376,441  
5.50%, due 1/1/39, #G05072
           408,606  
  72,652  
5.00%, due 2/1/39, #G05518
           78,168  
  149,653  
4.50%, due 7/1/39, #A87307
           160,050  
  86,781  
4.00%, due 8/1/39, #A87714
           92,203  
  25,403  
4.50%, due 11/1/39, #A89870
           27,168  
  700,621  
5.00%, due 2/1/40, #A91627
           753,809  
  53,605  
4.50%, due 5/1/40, #G06047
           57,329  
  66,508  
5.50%, due 5/1/40, #G06091
           72,232  
  577,070  
4.50%, due 6/1/40, #A92533
           619,323  
  21,256  
4.50%, due 8/1/40, #G06024
           23,165  
  252,573  
4.50%, due 10/1/40, #G06062
           271,066  
     
FHLMC GOLD TBA
              
  1,600,000  
3.00%, due 3/15/43 (f)
           1,648,501  
     
FNMA Pool
              
  242,715  
5.50%, due 1/1/38, #952038
           264,554  
  156,402  
5.00%, due 4/1/38, #929301
           169,375  
  594,847  
5.50%, due 8/1/38, #889988
           669,097  
  157,376  
5.00%, due 3/1/39, #995906
           170,429  
  1,531,866  
4.00%, due 12/1/39, #AE0215
           1,633,403  
  876,120  
5.00%, due 5/1/40, #AD6374
           948,794  
  85,949  
4.00%, due 10/1/40, #AE6083
           91,732  
  589,309  
4.00%, due 11/1/41, #AB3946
           629,140  
     
FNMA TBA
              
  600,000  
3.50%, due 3/15/41 (f)
           634,594  
     
GNMA Pool
              
  18,523  
5.00%, due 1/15/34, #626039
           20,374  
  18,440  
5.00%, due 6/15/37, #565183
           20,133  
  85,603  
4.50%, due 10/15/38, #782441
           93,566  
  252,909  
5.00%, due 1/15/39, #708121
           277,068  
  523,541  
5.00%, due 6/15/39, #713464
           573,552  
  119,867  
4.50%, due 9/15/40, #733483
           131,842  
  282,610  
5.00%, due 9/15/40, #731669
           311,107  
  730,034  
4.50%, due 6/15/41, #724138
           797,945  
  486,905  
4.50%, due 6/15/41, #749259
           537,069  
                  13,957,180  
     
Total Mortgage-Backed Securities (cost $13,421,152)
           13,957,180  
                     
     
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES
     19.9%        
     
U.S. Government Agencies
     4.6%        
     
FNMA
              
  1,900,000  
0.50%, due 9/28/15
           1,905,772  
     
U.S. Treasury Bonds
     2.3%        
     
U.S. Treasury Bond
              
  835,000  
3.75%, due 8/15/41
           949,160  
     
U.S. Treasury Notes
     13.0%        
     
U.S. Treasury Note
              
  4,250,000  
0.75%, due 3/31/13
           4,252,822  
  500,000  
2.50%, due 6/30/17
           540,235  
  650,000  
2.00%, due 2/15/22
           666,199  
                  5,459,256  
     
Total U.S. Government Agencies and Instrumentalities (cost $8,391,407)
           8,314,188  
                     
     
OPEN-END FUNDS
     4.7%        
  195,126  
PIA BBB Bond Fund (g)
           1,947,354  
     
Total Open-End Funds (cost $1,946,825)
           1,947,354  
                     
     
RIGHTS
     0.0%        
  1  
Global Crossing North America, Inc.
              
     
Liquidating Trust (a) (b) (cost $0)
           -  
                     
Shares
                  
     
SHORT-TERM INVESTMENTS
     3.3%        
  1,397,409  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (c)
           1,397,409  
  6  
Invesco STIT - Treasury Portfolio - Institutional Class, 0.02% (c)
           6  
     
Total Short-Term Investments (cost $1,397,415)
           1,397,415  
                     
     
Total Investments (cost $42,420,316)
     105.6%     44,172,827  
     
Liabilities less Other Assets
     (5.6)%     (2,337,537 )
     
TOTAL NET ASSETS
     100.0%   $ 41,835,290  
   
 
(a)  
Restricted security.  The interest in the liquidating trust was acquired through a distribution on December 9, 2003.  As of February 28, 2013, 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 annualized yield as of February 28, 2013.
 (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 February 28, 2013, the value of these investments
was $1,745,563 or 4.2% of total net assets.
 (f)  
Security purchased on a when-issued basis.  As of February 28, 2013, the total cost of investments purchased on a when-issued basis was $2,277,594 or 5.4% of total net assets.
 (g)  
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 - February 28, 2013 (Unaudited)
  
               
Principal
              
Amount
          
Value
  
   
CORPORATE BONDS
     16.2%      
   
Banks
     3.6%      
   
Bank of New York Mellon
            
$ 1,300,000  
2.95%, due 6/18/15
         $ 1,369,771  
     
JPMorgan Chase & Co.
              
  1,500,000  
1.875%, due 3/20/15
           1,531,574  
     
State Street Corp.
              
  1,550,000  
4.30%, due 5/30/14
           1,624,396  
     
Wells Fargo & Co.
              
  1,500,000  
3.75%, due 10/1/14
           1,576,173  
                  6,101,914  
     
Brokers
     1.3%        
     
Goldman Sachs Group, Inc.
              
  1,300,000  
3.30%, due 5/3/15
           1,359,960  
     
Morgan Stanley
              
  750,000  
5.30%, due 3/1/13
           750,000  
                  2,109,960  
     
Capital Goods
     0.8%        
     
Caterpillar Financial Services Corp.
              
  1,300,000  
2.00%, due 4/5/13
           1,301,850  
     
Computer Equipment
     0.8%        
     
Cisco Systems, Inc.
              
  1,300,000  
1.625%, due 3/14/14
           1,317,441  
     
Computers
     0.1%        
     
Hewlett Packard Co.
              
  150,000  
4.50%, due 3/1/13
           150,000  
     
Consumer Finance
     0.8%        
     
American Express Credit
              
  1,300,000  
1.75%, due 6/12/15
           1,328,809  
     
Diversified Financial Services
     1.0%        
     
General Electric Capital Corp.
              
  1,550,000  
3.75%, due 11/14/14
           1,631,694  
     
Diversified Minerals
     0.5%        
     
BHP Billiton Finance USA, Ltd.
              
  800,000  
1.00%, due 2/24/15
           808,412  
     
Electric Utilities
     0.2%        
     
Southern California Edison Co.
              
  255,000  
5.75%, due 3/15/14
           268,535  
     
Financial Services
     0.7%        
     
CME Group, Inc.
              
  1,200,000  
5.75%, due 2/15/14
           1,258,252  
     
Food and Beverage
     0.8%        
     
Pepsico, Inc.
              
  1,300,000  
0.70%, due 8/13/15
           1,303,047  
     
Insurance
     0.5%        
     
Metlife, Inc.
              
  850,000  
2.375%, due 2/6/14
           865,036  
     
Life Sciences Equipment
     0.1%        
     
Thermo Fisher Scientific, Inc.
              
  100,000  
3.20%, due 5/1/15
           104,738  
     
Medical/Drugs
     0.8%        
     
Eli Lilly & Co.
              
  500,000  
4.20%, due 3/6/14
           518,704  
     
Wyeth
              
  800,000  
5.50%, due 2/1/14
           836,518  
                  1,355,222  
     
Retail
     1.4%        
     
Target Corp.
              
  1,300,000  
1.125%, due 7/18/14
           1,314,950  
     
Wal-Mart Stores, Inc.
              
  1,000,000  
1.625%, due 4/15/14
           1,014,540  
                  2,329,490  
     
Semiconductor
     0.8%        
     
Texas Instruments, Inc.
              
  1,300,000  
1.375%, due 5/15/14
           1,316,445  
     
Software
     0.4%        
     
Oracle Corp.
              
  700,000  
4.95%, due 4/15/13
           703,601  
     
Telecommunications
     1.6%        
     
AT&T, Inc.
              
  1,500,000  
0.875%, due 2/13/15
           1,505,247  
     
Verizon Communications, Inc.
              
  1,250,000  
5.25%, due 4/15/13
           1,256,824  
                  2,762,071  
     
Total Corporate Bonds (cost $26,831,258)
           27,016,517  
                     
     
MORTGAGE-BACKED SECURITIES
     11.1%        
     
Commercial Mortgage-Backed Securities
     1.7%        
     
Credit Suisse Mortgage Capital
              
  1,500,000  
5.404%, due 2/15/39, Series 2006-C1,Class A4 (a)
           1,675,486  
     
LB-UBS Commercial Mortgage Trust
              
  1,000,000  
5.661%, due 3/15/39, Series 2006-C3, Class A4
           1,125,588  
                  2,801,074  
     
U.S. Government Agencies
     9.4%        
     
FHLMC ARM Pool (a)
              
  8,964  
2.202%, due 8/1/15, #755204
           9,032  
  11,615  
2.411%, due 2/1/22, #845113
           12,442  
  33,691  
1.999%, due 10/1/22, #635206
           34,160  
  10,454  
2.363%, due 6/1/23, #845755
           10,701  
  8,530  
2.33%, due 2/1/24, #609231
           8,591  
  449,303  
2.442%, due 1/1/25, #785726
           475,361  
  11,120  
2.783%, due 1/1/33, #1B0668
           11,169  
  680,739  
2.389%, due 10/1/34, #782784
           725,740  
  305,577  
2.552%, due 12/1/34, #1G0018
           324,380  
  192,803  
2.946%, due 4/1/36, #847671
           206,134  
     
FHLMC Pool
              
  545,906  
5.00%, due 10/1/38, #G04832
           587,349  
     
FNMA ARM Pool (a)
              
  37,623  
2.784%, due 7/1/25, #555206
           37,808  
  223,798  
2.008%, due 7/1/27, #424953
           227,926  
  88,262  
2.35%, due 3/1/28, #556438
           89,047  
  126,783  
2.288%, due 6/1/29, #508399
           135,558  
  279,614  
2.197%, due 4/1/30, #562912
           297,163  
  90,701  
2.458%, due 10/1/30, #670317
           92,534  
  46,030  
2.74%, due 9/1/31, #597196
           48,458  
  30,555  
2.277%, due 11/1/31, #610547
           30,847  
  3,911  
2.25%, due 4/1/32, #629098
           3,930  
  472,794  
2.665%, due 10/1/33, #743454
           501,864  
  1,347,507  
2.75%, due 11/1/33, #755253
           1,418,559  
  2,398,332  
2.444%, due 5/1/34, #AC5719
           2,548,190  
  599,152  
2.632%, due 7/1/34, #779693
           638,325  
  537,175  
2.481%, due 10/1/34, #795136
           566,127  
  325,466  
2.422%, due 1/1/35, #805391
           346,596  
  151,001  
2.727%, due 10/1/35, #845041
           160,893  
  267,512  
2.249%, due 10/1/35, #846171
           282,431  
  467,722  
2.47%, due 1/1/36, #849264
           497,707  
  160,363  
2.779%, due 6/1/36, #872502
           170,729  
  793,864  
2.689%, due 1/1/37, #906389
           850,595  
  1,089,408  
2.907%, due 3/1/37, #907868
           1,171,878  
  543,900  
2.28%, due 8/1/37, #949772
           556,876  
  90,068  
2.75%, due 10/1/37, #955963
           91,320  
  116,901  
1.827%, due 11/1/37, #948183
           122,112  
  291,087  
3.015%, due 11/1/37, #953653
           292,451  
     
FNMA Pool
              
  915,355  
5.00%, due 6/1/40, #AD5479
           993,187  
  95,509  
4.00%, due 11/1/41, #AJ3797
           101,964  
     
GNMA II ARM Pool (a)
              
  11,224  
2.00%, due 11/20/21, #8871
           11,688  
  67,015  
1.625%, due 10/20/22, #8062
           69,959  
  158,685  
1.625%, due 11/20/26, #80011
           165,656  
  40,221  
2.00%, due 11/20/26, #80013
           41,882  
  20,636  
1.625%, due 12/20/26, #80021
           21,542  
  9,838  
1.625%, due 1/20/27, #80029
           10,255  
  172,372  
1.75%, due 7/20/27, #80094
           180,354  
  243,386  
1.75%, due 8/20/27, #80104
           254,657  
  9,925  
1.625%, due 10/20/27, #80122
           10,361  
  87,571  
1.625%, due 1/20/28, #80154
           91,283  
  172,373  
1.625%, due 10/20/29, #80331
           179,945  
  34,070  
1.625%, due 11/20/29, #80344
           35,566  
                  15,753,282  
     
Total Mortgage-Backed Securities (cost $17,884,689)
           18,554,356  
                     
     
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES
     72.2%        
     
U.S. Government Agencies
     44.5%        
     
FHLMC
              
  12,000,000  
0.375%, due 11/27/13
           12,017,711  
  7,000,000  
0.50%, due 4/17/15
           7,031,395  
     
FNMA
              
  8,000,000  
1.75%, due 5/7/13
           8,023,080  
  8,500,000  
0.75%, due 12/18/13
           8,540,953  
  5,300,000  
1.25%, due 2/27/14
           5,361,570  
  7,000,000  
0.875%, due 8/28/14
           7,066,724  
  10,000,000  
0.75%, due 12/19/14
           10,085,850  
  7,000,000  
0.50%, due 7/2/15
           7,024,549  
  9,000,000  
0.375%, due 12/21/15
           8,993,799  
                  74,145,631  
     
U.S. Treasury Notes
     27.7%        
     
U.S. Treasury Note
              
  8,000,000  
1.375%, due 3/15/13
           8,004,688  
  10,000,000  
1.00%, due 7/15/13
           10,033,600  
  9,950,000  
0.75%, due 9/15/13
           9,984,208  
  7,000,000  
0.75%, due 12/15/13
           7,032,816  
  8,000,000  
1.00%, due 1/15/14
           8,059,064  
  3,000,000  
0.25%, due 12/15/14
           3,001,641  
                  46,116,017  
     
Total U.S. Government Agencies and Instrumentalities (cost $120,113,095)
           120,261,648  
                     
     
SHORT-TERM INVESTMENTS
     0.1%        
  115,067  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)
           115,067  
     
Total Short-Term Investments (cost $115,067)
           115,067  
                     
     
Total Investments (cost $164,944,109)
     99.6%     165,947,588  
     
Other Assets less Liabilities
     0.4%     618,321  
     
TOTAL NET ASSETS
     100.0%   $ 166,565,909  
 
 (a)  
Variable rate security.  Rate shown reflects the rate in effect as of February 28, 2013.
 (b)  
Rate shown is the 7-day annualized yield as of February 28, 2013.
 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
February 28, 2013 (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 February 28, 2013:
 
PIA BBB Bond Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ -     $ 319,939,524     $ -     $ 319,939,524  
  Sovereign Bonds
     -       34,791,413       -       34,791,413  
Total Fixed Income
     -       354,730,937       -       354,730,937  
Short-Term Investments
     5,734,084       -       -       5,734,084  
Total Investments
   $ 5,734,084     $ 354,730,937     $ -     $ 360,465,021  

PIA MBS Bond Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Mortgage-Backed Securities – U.S. Government Agencies
   $ -     $ 160,333,752     $ -     $ 160,333,752  
  U.S. Government Instrumentalities
     -       58,142,522       -       58,142,522  
Total Fixed Income
     -       218,476,274       -       218,476,274  
Short-Term Investments
     8,288,175       -       -       8,288,175  
Total Investments
   $ 8,288,175     $ 218,476,274     $ -     $ 226,764,449  

PIA High Yield Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ -     $ 41,467,082     $ -     $ 41,467,082  
Total Fixed Income
     -       41,467,082       -       41,467,082  
Short-Term Investments
     520,727       -       -       520,727  
Total Investments
   $ 520,727     $ 41,467,082     $ -     $ 41,987,809  

PIA Moderate Duration Bond Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Corporate Bonds
   $ -     $ 17,586,591     $ -     $ 17,586,591  
  Sovereign Bonds
     -       970,099       -       970,099  
  Mortgage-Backed Securities
     -       13,957,180       -       13,957,180  
  U.S. Government Agencies and Instrumentalities
     -       8,314,188       -       8,314,188  
  Open–End Funds
     1,947,354       -       -       1,947,354  
Total Fixed Income
     1,947,354       40,828,058       -       42,775,412  
Short-Term Investments
     1,397,415       -       -       1,397,415  
Total Investments
   $ 3,344,769     $ 40,828,058     $ -     $ 44,172,827  

PIA Short-Term Securities Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
   Corporate Bonds
   $ -     $ 27,016,517     $ -     $ 27,016,517  
   Mortgage-Backed Securities
     -       18,554,356       -       18,554,356  
U.S. Government Agencies and Instrumentalities
     -       120,261,648       -       120,261,648  
Total Fixed Income
     -       165,832,521       -       165,832,521  
Short-Term Investments
     115,067       -       -       115,067  
Total Investments
   $ 115,067     $ 165,832,521     $ -     $ 165,947,588  

Refer to the Funds’ Schedule of Investments for additional information. Transfers between levels are recognized at February 28, 2013, 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 February 28, 2013.
 

 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at February 28, 2013 was as follows*:

PIA BBB Bond Fund

Cost of investments
   $ 337,475,806  
         
Gross unrealized appreciation
   $ 25,670,259  
Gross unrealized depreciation
     (2,681,044 )
Net unrealized appreciation
   $ 22,989,215  


PIA MBS Bond Fund

Cost of investments
   $ 221,782,285  
         
Gross unrealized appreciation
   $ 5,083,665  
Gross unrealized depreciation
     (101,501 )
Net unrealized appreciation
   $ 4,982,164  


PIA High Yield Fund

Cost of investments
   $ 40,497,421  
         
Gross unrealized appreciation
   $ 1,771,917  
Gross unrealized depreciation
     (281,529 )
Net unrealized appreciation
   $ 1,490,388  
 
 
 
 
 
 
 
PIA Moderate Duration Bond Fund

Cost of investments
   $ 42,447,284  
         
Gross unrealized appreciation
   $ 1,904,185  
Gross unrealized depreciation
     (178,642 )
Net unrealized appreciation
   $ 1,725,543  


PIA Short-Term Securities Fund

Cost of investments
   $ 164,944,109  
         
Gross unrealized appreciation
   $ 1,029,206  
Gross unrealized depreciation
     (25,727 )
Net unrealized appreciation
   $ 1,003,479  
 
* 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 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
     195,644  
Beginning Cost
   $ 1,946,825  
Purchase Cost
     -  
Sales Cost
     -  
Ending Cost
   $ 1,946,825  
Ending Shares
     195,644  
Dividend Income
   $ 75,867  
Net Realized Gain/(Loss)
   $ -  
 
 
 
 
 
 
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 4/12/13                                                                                                                                                                                                    



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*/s/  Douglas G. Hess                   
               Douglas G. Hess, President

Date­­ 4/12/13                                                                                                                                    

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

Date 4/12/13                                                                                                                        
 

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