NPORT-EX 2 mbs4.htm

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.