PIA MBS Bond Fund

Schedule of Investments - August 31, 2023 (Unaudited)

Principal Amount			Value
		Asset-Backed Securities — 1.5%
		Other Asset-Backed Securities — 1.5%
		CF Hippolyta Issuer LLC
$	1,349,178	Series 2020-1, Class A1, 1.690%, 07/15/2060 (a)	$	1,220,942
		Total Asset-Backed Securities (Cost $1,348,992)		1,220,942
		Mortgage-Backed Securities — 92.5%
		Commercial Mortgage-Backed Securities — 2.2%
		BX Trust
	416,987	Series 2021-RISE, Class B, 6.674% (CME Term SOFR 1 Month + 1.364%), 11/15/2036 (a)(b)		410,496
		Cold Storage Trust
	1,474,486	Series 2020-ICE5, Class A, 6.325% (CME Term SOFR 1 Month + 1.014%), 11/15/2037 (a)(b)		1,462,581
				1,873,077
		U.S. Government Securities — 90.3%
		FHLMC
	241,209	Pool G18622, 2.500%, 12/01/2031		223,092
	56,567	Pool G04832, 5.000%, 10/01/2038		56,643
	192,983	Pool G08491, 3.500%, 05/01/2042		178,056
	291,332	Pool G08601, 4.000%, 08/01/2044		274,308
	365,244	Pool G08640, 3.000%, 05/01/2045		323,860
	360,610	Pool Q33337, 3.000%, 05/01/2045		317,956
	303,266	Pool G08741, 3.000%, 01/01/2047		266,512
	174,303	Pool Q55213, 3.500%, 04/01/2048		158,695
	73,369	Pool G08835, 3.500%, 09/01/2048		66,799
	66,383	Pool ZT1710, 4.000%, 02/01/2049		62,305
	1,977,246	Pool RA5559, 2.500%, 07/01/2051		1,644,055
	1,968,422	Pool SD8172, 2.000%, 10/01/2051		1,575,992
	1,401,945	Pool QD2700, 2.500%, 12/01/2051		1,165,950
	1,613,731	Pool QD3120, 3.000%, 12/01/2051		1,394,075
	25,186	Pool SD0856, 2.000%, 01/01/2052		20,174
	1,396,900	Pool QD7338, 2.000%, 02/01/2052		1,118,270
	1,831,090	Pool SD8193, 2.000%, 02/01/2052		1,464,130
	799,326	Pool QD7063, 2.500%, 02/01/2052		664,938
	1,988,455	Pool RA6528, 2.500%, 02/01/2052		1,652,080
	1,366,477	Pool SD8194, 2.500%, 02/01/2052		1,136,450
	1,394,964	Pool SD8199, 2.000%, 03/01/2052		1,114,355
	1,872,334	Pool SD8204, 2.000%, 04/01/2052		1,495,510
	1,860,712	Pool SD8214, 3.500%, 05/01/2052		1,664,107
	1,440,188	Pool SD8275, 4.500%, 12/01/2052		1,366,968
	300,924	Pool QF6264, 2.500%, 01/01/2053		249,969
	1,172,400	Pool SD8312, 2.500%, 01/01/2053		974,177
	1,979,631	Pool SD8336, 3.500%, 04/01/2053		1,770,129
		FNMA
	33,917	Pool AH8174, 4.000%, 05/01/2026		33,234
	334,845	Pool BC9305, 2.500%, 10/01/2031		305,755
	214,588	Pool BD9466, 2.500%, 11/01/2031		196,434
	80,817	Pool BK5720, 3.500%, 05/01/2033		77,258
	72,733	Pool MA3364, 3.500%, 05/01/2033		69,532
	196,713	Pool AE0215, 4.000%, 12/01/2039		187,108
	321,171	Pool AB9774, 3.500%, 07/01/2043		295,938
	435,893	Pool AU3363, 3.000%, 08/01/2043		386,302
	140,430	Pool AS3392, 4.000%, 09/01/2044		133,484
	533,229	Pool AZ0504, 3.000%, 06/01/2045		472,202
	445,436	Pool BA2275, 3.500%, 12/01/2045		406,922
	365,037	Pool MA2670, 3.000%, 07/01/2046		320,738
	359,174	Pool BM4135, 4.500%, 05/01/2048		347,058
	140,018	Pool MA3415, 4.000%, 07/01/2048		131,770
	123,961	Pool BK5416, 4.000%, 08/01/2048		116,351
	1,143,396	Pool FM7827, 3.000%, 12/01/2050		995,752
	1,984,812	Pool CB0381, 2.000%, 05/01/2051		1,585,454
	1,278,314	Pool FM8407, 3.000%, 08/01/2051		1,112,719
	1,235,094	Pool FM9646, 2.000%, 11/01/2051		986,521
	724,637	Pool BT6275, 2.000%, 12/01/2051		579,755
	1,763,270	Pool BU7884, 2.500%, 01/01/2052		1,466,278
	1,846,499	Pool MA4547, 2.000%, 02/01/2052		1,476,375
	24,115	Pool BV3506, 2.500%, 02/01/2052		20,059
	1,816,432	Pool MA4548, 2.500%, 02/01/2052		1,509,220
	2,651,648	Pool MA4563, 2.500%, 03/01/2052		2,203,157
	195,428	Pool FS1371, 3.000%, 03/01/2052		168,678
	1,880,591	Pool MA4577, 2.000%, 04/01/2052		1,503,046
	1,857,976	Pool MA4578, 2.500%, 04/01/2052		1,544,858
	1,850,783	Pool MA4579, 3.000%, 04/01/2052		1,597,444
	1,980,637	Pool BV5577, 2.500%, 05/01/2052		1,645,029
	1,563,043	Pool MA4654, 3.500%, 07/01/2052		1,398,290
	178,669	Pool MA4698, 3.000%, 08/01/2052		154,249
	1,452,570	Pool MA4732, 4.000%, 09/01/2052		1,342,597
	1,441,089	Pool MA4783, 4.000%, 10/01/2052		1,331,838
	1,971,332	Pool BW9886, 4.500%, 10/01/2052		1,871,110
	1,977,356	Pool BW1298, 5.500%, 11/01/2052		1,955,625
	106,059	Pool BW5070, 2.500%, 01/01/2053		88,120
	1,993,869	Pool MA4867, 4.500%, 01/01/2053		1,892,559
	1,974,944	Pool MA4940, 5.000%, 03/01/2053		1,916,157
	1,972,475	Pool MA5037, 4.500%, 06/01/2053		1,871,935
		FNMA TBA
	2,000,000	3.000%, 09/15/2042 (c)		1,725,000
		GNMA
	135,785	Pool 726311, 5.000%, 09/15/2039		133,657
	102,650	Pool AM8608, 4.000%, 06/15/2045		97,705
	83,112	Pool AR3772, 4.000%, 02/15/2046		78,647
	61,689	Pool AQ0545, 4.000%, 10/15/2046		58,716
	71,973	Pool AQ0562, 4.000%, 12/15/2046		68,462
	783,278	Pool AW1730, 3.000%, 05/15/2047		691,288
	333,022	Pool AZ5554, 3.000%, 08/15/2047		294,703
	247,567	Pool BD4824, 3.500%, 11/15/2047		225,239
	146,438	Pool MA5875, 3.500%, 04/20/2049		134,572
	218,939	Pool MA6039, 3.500%, 07/20/2049		201,021
	155,385	Pool MA6089, 3.000%, 08/20/2049		138,211
	404,432	Pool MA6153, 3.000%, 09/20/2049		359,711
	423,905	Pool MA6338, 3.000%, 12/20/2049		376,088
	1,792,860	Pool MA7826, 2.000%, 01/20/2052		1,485,733
	1,777,102	Pool MA7827, 2.500%, 01/20/2052		1,515,900
	1,957,183	Pool MA7880, 2.000%, 02/20/2052		1,620,304
	1,353,697	Pool MA7936, 2.500%, 03/20/2052		1,154,970
	1,955,444	Pool MA7987, 2.500%, 04/20/2052		1,668,028
	1,871,516	Pool MA8099, 3.500%, 06/20/2052		1,701,134
	1,946,184	Pool MA8147, 2.500%, 07/20/2052		1,660,878
	1,964,766	Pool MA8267, 4.000%, 09/20/2052		1,832,412
				75,318,845
		Total Mortgage-Backed Securities (Cost $84,632,578)		77,191,922
Shares/Principal Amount
		Short-Term Investments — 7.6%
		Money Market Fund — 1.2%
	982,787	Fidelity Government Portfolio, Institutional Class, 5.201% (d)		982,787
		U.S. Treasury Bills — 6.4%
$	5,500,000	5.274%, 2/15/2024 (e)		5,365,287
		Total Short-Term Investments (Cost $6,348,214)		6,348,074
		Total Investments (Cost 92,329,784) — 101.6%		84,760,938
		Liabilities in Excess of Other Assets — (1.6)%		(1,315,618	)
		Total Net Assets — 100.00%	$	83,445,320
		Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

SOFR - Secured Overnight Financing Rate

TBA - To be announced

(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” As of August 31, 2023, the value of these investments was $3,094,019 of 3.7% total net assets.
(b)	Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of August 31, 2023.
(c)	Security purchased on a when-issued basis. As of August 31, 2023 the total cost of investments purchased on a when-issued basis was $1,725,000 or 2.0% of total net assets.
(d)	Rate shown represents the 7-day annualized yield as of August 31, 2023.
(e)	Rate shown is the discount rate at August 31, 2023.

PIA MBS Bond Fund

Summary of Fair Value Disclosure at August 31, 2023 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund's 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.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund's investments as of August 31, 2023:

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Asset-Backed Securities	$	–	$	1,220,942	$	–	$	1,220,942
Mortgage-Backed Securities		–		77,191,922		–		77,191,922
Total Fixed Income Securities		–		78,412,864		–		78,412,864
U.S. Treasury Bills		–		5,365,287		–		5,365,287
Money Market Fund		982,787		–		–		982,787
Total Investments	$	982,787	$	83,778,151	$	–	$	84,760,938
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.