NPORT-EX 2 bbb2.htm
PIA BBB Bond Fund
Schedule of Investments - August 31, 2023 (Unaudited)

 
Principal
Amount
        
Value
  
     
Corporate Bonds — 93.0%
        
     
Aerospace/Defense — 3.7%
        
     
Boeing Co.
        
$
1,950,000
  
5.150%, 05/01/2030 
   $
 1,920,017
  
 
1,400,000
  
5.705%, 05/01/2040 
    
 1,362,896
  
     
L3Harris Technologies, Inc.
        
 
500,000
  
6.150%, 12/15/2040 
    
   518,111
  
     
Northrop Grumman Corp.
        
 
1,000,000
  
4.400%, 05/01/2030 
    
   963,770
  
 
500,000
  
4.950%, 03/15/2053 
    
   469,108
  
     
RTX Corp.
        
 
1,000,000
  
3.500%, 03/15/2027 
    
   944,382
  
 
1,000,000
  
4.350%, 04/15/2047 
    
   842,862
  
           
 7,021,146
  
     
Agriculture — 2.3%
        
     
Altria Group, Inc.
        
 
148,000
  
4.800%, 02/14/2029 
    
   143,403
  
 
1,600,000
  
3.400%, 05/06/2030 
    
 1,408,189
  
     
BAT Capital Corp.
        
 
1,000,000
  
2.259%, 03/25/2028 
    
   860,339
  
 
600,000
  
4.540%, 08/15/2047 
    
   435,943
  
 
800,000
  
5.650%, 03/16/2052 
    
   671,278
  
     
Bunge Ltd. Finance Corp.
        
 
600,000
  
3.750%, 09/25/2027 
    
   564,685
  
     
Reynolds American, Inc.
        
 
372,000
  
4.450%, 06/12/2025 
    
   364,131
  
           
 4,447,968
  
     
Airlines — 0.4%
        
     
Southwest Airlines Co.
        
 
500,000
  
5.125%, 06/15/2027 
    
   494,255
  
     
United Airlines, Inc.
        
 
323,250
  
Series B, 4.875%, 01/15/2026 
    
   313,872
  
           
   808,127
  
     
Auto Manufacturers — 1.9%
        
     
Ford Motor Credit Co. LLC
        
 
500,000
  
3.815%, 11/02/2027 
    
   445,226
  
     
General Motors Co.
        
 
400,000
  
5.200%, 04/01/2045 
    
   331,019
  
     
General Motors Financial Co., Inc.
        
 
600,000
  
4.000%, 01/15/2025 
    
   583,516
  
 
1,300,000
  
3.600%, 06/21/2030 
    
 1,117,622
  
 
1,500,000
  
2.350%, 01/08/2031 
    
 1,166,755
  
           
 3,644,138
  
     
Banks — 6.8%
        
     
Barclays PLC
        
 
1,000,000
  
4.836%, 05/09/2028 
    
   926,958
  
 
1,000,000
  
5.746% (1 Year CMT Rate + 3.000%), 08/09/2033 (a) 
    
   959,296
  
 
700,000
  
3.330% (1 Year CMT Rate + 1.300%), 11/24/2042 (a) 
    
   480,130
  
     
Citigroup, Inc.
        
 
1,700,000
  
4.450%, 09/29/2027 
    
 1,625,607
  
 
540,000
  
5.300%, 05/06/2044 
    
   492,349
  
     
Cooperatieve Rabobank UA
        
 
1,000,000
  
3.750%, 07/21/2026 
    
   938,991
  
     
Deutsche Bank AG/New York NY
        
 
1,000,000
  
4.100%, 01/13/2026 
    
   954,465
  
     
Fifth Third Bancorp
        
 
500,000
  
4.055% (SOFR + 1.355%), 04/25/2028 (a) 
    
   468,167
  
 
225,000
  
8.250%, 03/01/2038 
    
   254,400
  
     
Goldman Sachs Group, Inc.
        
 
950,000
  
6.750%, 10/01/2037 
    
 1,008,404
  
     
Lloyds Banking Group PLC
        
 
800,000
  
4.650%, 03/24/2026 
    
   772,578
  
     
Morgan Stanley
        
 
400,000
  
2.484% (SOFR + 1.360%), 09/16/2036 (a) 
    
   301,972
  
     
Santander Holdings USA, Inc.
        
 
700,000
  
3.450%, 06/02/2025 
    
   668,373
  
     
Santander UK Group Holdings PLC
        
 
2,000,000
  
1.089% (SOFR + 0.787%), 03/15/2025 (a) 
    
 1,939,140
  
     
UBS Group AG
        
 
1,050,000
  
4.550%, 04/17/2026 
    
 1,016,433
  
     
Westpac Banking Corp.
        
 
300,000
  
3.133%, 11/18/2041 
    
   196,176
  
           
 13,003,439
  
     
Beverages — 1.0%
        
     
Constellation Brands, Inc.
        
 
700,000
  
2.875%, 05/01/2030 
    
   604,859
  
     
Keurig Dr Pepper, Inc.
        
 
1,000,000
  
3.200%, 05/01/2030 
    
   887,705
  
 
500,000
  
4.500%, 04/15/2052 
    
   426,191
  
           
 1,918,755
  
     
Biotechnology — 2.8%
        
     
Amgen, Inc.
        
 
1,000,000
  
2.200%, 02/21/2027 
    
   908,922
  
 
1,000,000
  
5.250%, 03/02/2033 
    
   995,518
  
 
500,000
  
2.800%, 08/15/2041 
    
   345,397
  
 
1,006,000
  
4.663%, 06/15/2051 
    
   868,386
  
     
Biogen, Inc.
        
 
700,000
  
2.250%, 05/01/2030 
    
   576,900
  
     
Gilead Sciences, Inc.
        
 
1,100,000
  
1.650%, 10/01/2030 
    
   884,779
  
 
500,000
  
2.600%, 10/01/2040 
    
   350,090
  
     
Royalty Pharma PLC
        
 
500,000
  
2.150%, 09/02/2031 
    
   388,483
  
           
 5,318,475
  
     
Building Materials — 0.4%
        
     
Carrier Global Corp.
        
 
240,000
  
2.700%, 02/15/2031 
    
   201,712
  
     
Vulcan Materials Co.
        
 
620,000
  
3.900%, 04/01/2027 
    
   594,175
  
           
   795,887
  
     
Chemicals — 1.6%
        
     
Dow Chemical Co.
        
 
396,000
  
7.375%, 11/01/2029 
    
   434,792
  
 
500,000
  
6.900%, 05/15/2053 
    
   557,691
  
     
DuPont de Nemours, Inc.
        
 
1,000,000
  
4.725%, 11/15/2028 
    
   986,853
  
     
Nutrien Ltd.
        
 
700,000
  
2.950%, 05/13/2030 
    
   604,198
  
     
Sherwin-Williams Co.
        
 
600,000
  
2.200%, 03/15/2032 
    
   476,263
  
           
 3,059,797
  
     
Commercial Services — 0.7%
        
     
Equifax, Inc.
        
 
500,000
  
3.100%, 05/15/2030 
    
   428,275
  
     
Global Payments, Inc.
        
 
500,000
  
1.200%, 03/01/2026 
    
   447,512
  
     
Moody's Corp.
        
 
250,000
  
2.000%, 08/19/2031 
    
   201,429
  
 
250,000
  
3.100%, 11/29/2061 
    
   158,597
  
           
 1,235,813
  
     
Computers — 1.3%
        
     
Dell International LLC / EMC Corp.
        
 
900,000
  
6.020%, 06/15/2026 
    
   909,713
  
 
500,000
  
6.200%, 07/15/2030 
    
   514,978
  
 
500,000
  
3.450%, 12/15/2051 (b) 
    
   327,177
  
     
Hewlett Packard Enterprise Co.
        
 
700,000
  
4.900%, 10/15/2025 
    
   690,910
  
           
 2,442,778
  
     
Diversified Financial Services — 3.7%
        
     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
        
 
1,500,000
  
3.300%, 01/30/2032 
    
 1,220,055
  
     
Air Lease Corp.
        
 
450,000
  
2.875%, 01/15/2026 
    
   420,876
  
 
1,000,000
  
5.300%, 02/01/2028 
    
   982,820
  
     
Ally Financial, Inc.
        
 
500,000
  
2.200%, 11/02/2028 
    
   404,291
  
     
Brightsphere Investment Group, Inc.
        
 
1,000,000
  
4.800%, 07/27/2026 
    
   950,980
  
     
Capital One Financial Corp.
        
 
1,400,000
  
3.650%, 05/11/2027 
    
 1,302,635
  
     
Nasdaq, Inc.
        
 
500,000
  
5.550%, 02/15/2034 
    
   499,674
  
     
Nomura Holdings, Inc.
        
 
1,000,000
  
2.172%, 07/14/2028 
    
   842,363
  
     
Synchrony Financial
        
 
500,000
  
4.500%, 07/23/2025 
    
   477,441
  
           
 7,101,135
  
     
Electric — 5.9%
        
     
American Electric Power Co., Inc.
        
 
500,000
  
5.950%, 11/01/2032 
    
   514,678
  
     
Dominion Energy, Inc.
        
 
500,000
  
2.250%, 08/15/2031 
    
   398,923
  
     
Dominion Resources, Inc.
        
 
470,000
  
4.900%, 08/01/2041 
    
   413,786
  
     
DTE Energy Co.
        
 
600,000
  
1.050%, 06/01/2025 
    
   553,575
  
     
Duke Energy Corp.
        
 
950,000
  
2.450%, 06/01/2030 
    
   791,511
  
 
1,000,000
  
3.300%, 06/15/2041 
    
   719,463
  
     
El Paso Electric Co.
        
 
850,000
  
6.000%, 05/15/2035 
    
   838,129
  
     
Eversource Energy
        
 
500,000
  
2.550%, 03/15/2031 
    
   411,617
  
     
FirstEnergy Corp.
        
 
700,000
  
2.250%, 09/01/2030 
    
   562,423
  
     
NextEra Energy Capital Holdings, Inc.
        
 
500,000
  
4.625%, 07/15/2027 
    
   487,832
  
 
400,000
  
2.250%, 06/01/2030 
    
   329,203
  
     
Pacific Gas and Electric Co.
        
 
5,000,000
  
3.500%, 08/01/2050 
    
 3,153,894
  
     
Sempra
        
 
600,000
  
4.125% (5 Year CMT Rate + 2.868%), 04/01/2052 (a) 
    
   485,223
  
     
Southern Co.
        
 
1,000,000
  
3.250%, 07/01/2026 
    
   946,346
  
     
Southwestern Electric Power Co.
        
 
400,000
  
3.250%, 11/01/2051 
    
   259,396
  
     
Xcel Energy, Inc.
        
 
500,000
  
2.350%, 11/15/2031 
    
   395,377
  
           
 11,261,376
  
     
Electronics — 0.5%
        
     
Agilent Technologies, Inc.
        
 
215,000
  
2.300%, 03/12/2031 
    
   176,231
  
     
Fortive Corp.
        
 
750,000
  
3.150%, 06/15/2026 
    
   705,065
  
           
   881,296
  
     
Entertainment — 1.1%
        
     
Warnermedia Holdings, Inc.
        
 
1,000,000
  
4.279%, 03/15/2032 
    
   883,495
  
 
1,500,000
  
5.141%, 03/15/2052 
    
 1,196,702
  
           
 2,080,197
  
     
Environmental Control — 1.1%
        
     
Republic Services, Inc.
        
 
1,000,000
  
0.875%, 11/15/2025 
    
   906,723
  
     
Waste Connections, Inc.
        
 
500,000
  
4.200%, 01/15/2033 
    
   462,333
  
     
Waste Management, Inc.
        
 
1,000,000
  
1.500%, 03/15/2031 
    
   780,656
  
           
 2,149,712
  
     
Food — 2.9%
        
     
ConAgra Brands, Inc.
        
 
1,300,000
  
7.000%, 10/01/2028 
    
 1,386,522
  
     
General Mills, Inc.
        
 
700,000
  
2.250%, 10/14/2031 
    
   566,409
  
     
Kroger Co.
        
 
1,000,000
  
2.200%, 05/01/2030 
    
   823,186
  
     
Mondelez International, Inc.
        
 
2,000,000
  
1.500%, 02/04/2031 
    
 1,554,228
  
     
Sysco Corp.
        
 
464,000
  
5.950%, 04/01/2030 
    
   480,994
  
 
400,000
  
3.150%, 12/14/2051 
    
   266,906
  
     
Tyson Foods, Inc.
        
 
600,000
  
4.350%, 03/01/2029 
    
   567,999
  
           
 5,646,244
  
     
Forest Products & Paper — 0.4%
        
     
International Paper Co.
        
 
700,000
  
6.000%, 11/15/2041 
    
   709,949
  
           
 
  
     
Gas — 0.1%
        
     
NiSource Finance Corp.
        
 
400,000
  
5.250%, 02/15/2043 
    
   373,467
  
           
 
  
     
Hand/Machine Tools — 0.1%
        
     
Kennametal, Inc.
        
 
330,000
  
2.800%, 03/01/2031 
    
   265,188
  
           
 
  
     
Healthcare-Products — 1.1%
        
     
Boston Scientific Corp.
        
 
560,000
  
2.650%, 06/01/2030 
    
   481,580
  
     
GE HealthCare Technologies, Inc.
        
 
500,000
  
5.857%, 03/15/2030 
    
   508,477
  
     
Stryker Corp.
        
 
700,000
  
1.950%, 06/15/2030 
    
   579,482
  
     
Zimmer Biomet Holdings, Inc.
        
 
500,000
  
3.050%, 01/15/2026 
    
   474,084
  
           
 2,043,623
  
     
Healthcare-Services — 2.6%
        
     
CommonSpirit Health
        
 
600,000
  
2.782%, 10/01/2030 
    
   504,990
  
     
Elevance Health, Inc.
        
 
500,000
  
5.500%, 10/15/2032 
    
   510,432
  
 
600,000
  
4.650%, 08/15/2044 
    
   524,720
  
 
1,000,000
  
5.125%, 02/15/2053 
    
   941,438
  
     
HCA, Inc.
        
 
1,000,000
  
4.125%, 06/15/2029 
    
   923,878
  
 
600,000
  
4.375%, 03/15/2042 
    
   482,224
  
     
Humana, Inc.
        
 
500,000
  
4.875%, 04/01/2030 
    
   485,301
  
     
Laboratory Corp. of America Holdings
        
 
640,000
  
3.250%, 09/01/2024 
    
   623,872
  
           
 4,996,855
  
     
Home Builders — 0.3%
        
     
DR Horton, Inc.
        
 
500,000
  
2.600%, 10/15/2025 
    
   469,752
  
           
 
  
     
Household Products/Wares — 0.3%
        
     
Church & Dwight Co., Inc.
        
 
500,000
  
3.150%, 08/01/2027 
    
   470,362
  
           
 
  
     
Insurance — 2.3%
        
     
Aon Corp.
        
 
600,000
  
2.800%, 05/15/2030 
    
   516,488
  
     
Corebridge Financial, Inc.
        
 
500,000
  
3.900%, 04/05/2032 
    
   437,602
  
     
Fidelity National Financial, Inc.
        
 
2,000,000
  
2.450%, 03/15/2031 
    
 1,593,695
  
     
Lincoln National Corp.
        
 
120,000
  
3.800%, 03/01/2028 
    
   109,923
  
     
Mercury General Corp.
        
 
500,000
  
4.400%, 03/15/2027 
    
   470,156
  
     
Metlife, Inc.
        
 
855,000
  
6.400%, 12/15/2036 
    
   846,880
  
     
Prudential Financial, Inc.
        
 
500,000
  
5.125% (5 Year CMT Rate + 3.162%), 03/01/2052 (a) 
    
   447,780
  
           
 4,422,524
  
     
Internet — 0.2%
        
     
eBay, Inc.
        
 
500,000
  
2.600%, 05/10/2031 
    
   414,077
  
           
 
  
     
Investment Companies — 1.0%
        
     
Blackstone Secured Lending Fund
        
 
1,000,000
  
3.625%, 01/15/2026 
    
   927,400
  
     
FS KKR Capital Corp.
        
 
1,000,000
  
4.625%, 07/15/2024 
    
   981,079
  
           
 1,908,479
  
     
Iron/Steel — 0.3%
        
     
Vale Overseas Ltd.
        
 
500,000
  
6.125%, 06/12/2033 
    
   497,895
  
           
 
  
     
Lodging — 0.7%
        
     
Marriott International, Inc./MD
        
 
500,000
  
4.900%, 04/15/2029 
    
   486,928
  
     
Sands China Ltd.
        
 
1,000,000
  
2.800%, 03/08/2027 
    
   871,777
  
           
 1,358,705
  
     
Machinery-Diversified — 0.5%
        
     
IDEX Corp.
        
 
1,000,000
  
3.000%, 05/01/2030 
    
   870,040
  
           
 
  
     
Media — 2.3%
        
     
Charter Communications Operating LLC / Charter Communications Operating Capital
        
 
1,000,000
  
2.800%, 04/01/2031 
    
   806,585
  
 
1,000,000
  
2.300%, 02/01/2032 
    
   755,633
  
 
1,000,000
  
3.900%, 06/01/2052 
    
   640,585
  
     
Discovery Communications LLC
        
 
1,000,000
  
3.625%, 05/15/2030 
    
   879,373
  
     
Paramount Global
        
 
610,000
  
4.375%, 03/15/2043 
    
   421,126
  
     
Time Warner Cable Enterprises LLC
        
 
810,000
  
8.375%, 07/15/2033 
    
   903,450
  
           
 4,406,752
  
     
Mining — 0.8%
        
     
Newmont Corp.
        
 
800,000
  
4.875%, 03/15/2042 
    
   719,298
  
     
Southern Copper Corp.
        
 
750,000
  
6.750%, 04/16/2040 
    
   816,538
  
           
 1,535,836
  
     
Miscellaneous Manufacturer — 0.3%
        
     
Parker-Hannifin Corp.
        
 
550,000
  
3.250%, 06/14/2029 
    
   497,712
  
           
 
  
     
Oil & Gas — 3.0%
        
     
Canadian Natural Resources Ltd.
        
 
700,000
  
4.950%, 06/01/2047 
    
   607,982
  
     
Diamondback Energy, Inc.
        
 
500,000
  
3.125%, 03/24/2031 
    
   430,395
  
     
Ecopetrol S.A.
        
 
900,000
  
4.125%, 01/16/2025 
    
   873,122
  
     
Hess Corp.
        
 
800,000
  
5.600%, 02/15/2041 
    
   753,223
  
     
Marathon Petroleum Corp.
        
 
500,000
  
3.625%, 09/15/2024 
    
   489,233
  
     
Phillips 66
        
 
950,000
  
1.300%, 02/15/2026 
    
   862,950
  
     
Suncor Energy, Inc.
        
 
500,000
  
3.750%, 03/04/2051 
    
   354,585
  
     
Valero Energy Corp.
        
 
750,000
  
2.800%, 12/01/2031 
    
   616,482
  
 
655,000
  
6.625%, 06/15/2037 
    
   698,104
  
           
 5,686,076
  
     
Oil & Gas Services — 0.5%
        
     
Halliburton Co.
        
 
24,000
  
3.800%, 11/15/2025 
    
   23,413
  
 
1,000,000
  
2.920%, 03/01/2030 
    
   873,206
  
           
   896,619
  
     
Packaging & Containers — 0.2%
        
     
WRKCo, Inc.
        
 
500,000
  
3.900%, 06/01/2028 
    
   464,199
  
           
 
  
     
Pharmaceuticals — 5.1%
        
     
AbbVie, Inc.
        
 
700,000
  
3.200%, 11/21/2029 
    
   631,268
  
 
1,200,000
  
4.550%, 03/15/2035 
    
 1,136,565
  
 
800,000
  
4.400%, 11/06/2042 
    
   699,791
  
 
268,000
  
4.750%, 03/15/2045 
    
   241,136
  
     
Becton Dickinson & Co.
        
 
550,000
  
4.685%, 12/15/2044 
    
   487,969
  
     
Cardinal Health, Inc.
        
 
125,000
  
3.410%, 06/15/2027 
    
   117,087
  
     
Cigna Group/The
        
 
500,000
  
4.500%, 02/25/2026 
    
   490,296
  
 
1,600,000
  
2.400%, 03/15/2030 
    
 1,347,878
  
 
600,000
  
3.400%, 03/15/2050 
    
   419,902
  
     
CVS Health Corp.
        
 
2,150,000
  
3.750%, 04/01/2030 
    
 1,957,688
  
 
500,000
  
5.125%, 07/20/2045 
    
   445,916
  
 
1,000,000
  
5.050%, 03/25/2048 
    
   877,844
  
     
Viatris, Inc.
        
 
600,000
  
2.700%, 06/22/2030 
    
   488,098
  
     
Zoetis, Inc.
        
 
600,000
  
2.000%, 05/15/2030 
    
   494,526
  
           
 9,835,964
  
     
Pipelines — 7.1%
        
     
Boardwalk Pipelines LP
        
 
500,000
  
3.600%, 09/01/2032 
    
   420,941
  
     
Enbridge, Inc.
        
 
1,000,000
  
3.125%, 11/15/2029 
    
   883,898
  
 
250,000
  
3.400%, 08/01/2051 
    
   167,806
  
     
Energy Transfer LP
        
 
1,000,000
  
7.600%, 02/01/2024 
    
 1,004,199
  
 
500,000
  
4.250%, 04/01/2024 
    
   494,826
  
 
1,000,000
  
5.000%, 05/15/2050 
    
   824,073
  
     
Enterprise Products Operating LLC
        
 
500,000
  
2.800%, 01/31/2030 
    
   433,918
  
 
850,000
  
4.850%, 08/15/2042 
    
   764,507
  
 
500,000
  
3.300%, 02/15/2053 
    
   342,406
  
     
Kinder Morgan Energy Partners
        
 
1,270,000
  
5.800%, 03/15/2035 
    
 1,244,613
  
     
Kinder Morgan, Inc.
        
 
600,000
  
2.000%, 02/15/2031 
    
   472,327
  
 
700,000
  
5.550%, 06/01/2045 
    
   633,559
  
     
Magellan Midstream Partners LP
        
 
500,000
  
3.200%, 03/15/2025 
    
   479,964
  
     
MPLX LP
        
 
1,315,000
  
4.250%, 12/01/2027 
    
 1,252,058
  
 
600,000
  
4.950%, 03/14/2052 
    
   495,147
  
     
ONEOK, Inc.
        
 
500,000
  
6.100%, 11/15/2032 
    
   508,186
  
     
Plains All American Pipeline LP / PAA Finance Corp.
        
 
546,000
  
3.800%, 09/15/2030 
    
   483,679
  
     
Targa Resources Corp.
        
 
500,000
  
5.200%, 07/01/2027 
    
   495,183
  
     
TransCanada PipeLines Ltd.
        
 
1,100,000
  
4.100%, 04/15/2030 
    
 1,008,878
  
     
Williams Cos., Inc.
        
 
800,000
  
3.900%, 01/15/2025 
    
   780,683
  
 
500,000
  
5.100%, 09/15/2045 
    
   441,263
  
           
 13,632,114
  
     
REITs — 4.8%
        
     
Alexandria Real Estate Equities, Inc.
        
 
650,000
  
1.875%, 02/01/2033 
    
   480,431
  
     
American Tower Corp.
        
 
500,000
  
2.750%, 01/15/2027 
    
   457,373
  
 
1,000,000
  
1.875%, 10/15/2030 
    
   779,416
  
     
Boston Properties LP
        
 
675,000
  
3.250%, 01/30/2031 
    
   550,409
  
     
Corporate Office Properties LP
        
 
500,000
  
2.750%, 04/15/2031 
    
   386,183
  
     
Crown Castle, Inc.
        
 
500,000
  
3.650%, 09/01/2027 
    
   466,150
  
 
600,000
  
2.250%, 01/15/2031 
    
   482,596
  
     
Equinix, Inc.
        
 
500,000
  
1.550%, 03/15/2028 
    
   423,138
  
 
100,000
  
3.900%, 04/15/2032 
    
   89,070
  
     
Essex Portfolio LP
        
 
1,000,000
  
3.375%, 04/15/2026 
    
   950,172
  
     
GLP Capital LP / GLP Financing II, Inc.
        
 
250,000
  
3.250%, 01/15/2032 
    
   201,771
  
     
Healthpeak OP LLC
        
 
350,000
  
2.125%, 12/01/2028 
    
   299,356
  
     
Omega Healthcare Investors, Inc.
        
 
1,000,000
  
3.250%, 04/15/2033 
    
   747,799
  
     
Sabra Health Care LP
        
 
1,000,000
  
3.900%, 10/15/2029 
    
   846,358
  
     
STORE Capital Corp.
        
 
810,000
  
4.500%, 03/15/2028 
    
   724,634
  
     
Ventas Realty LP
        
 
500,000
  
3.750%, 05/01/2024 
    
   492,633
  
     
Welltower OP LLC
        
 
700,000
  
2.750%, 01/15/2031 
    
   578,545
  
     
Weyerhaeuser Co.
        
 
226,000
  
7.375%, 03/15/2032 
    
   254,635
  
           
 9,210,669
  
     
Retail — 3.7%
        
     
AutoNation, Inc.
        
 
200,000
  
3.500%, 11/15/2024 
    
   193,795
  
     
AutoZone, Inc.
        
 
500,000
  
4.750%, 08/01/2032 
    
   478,572
  
     
Genuine Parts Co.
        
 
500,000
  
1.875%, 11/01/2030 
    
   392,474
  
     
Lowe's Cos., Inc.
        
 
1,000,000
  
4.500%, 04/15/2030 
    
   964,592
  
 
500,000
  
1.700%, 10/15/2030 
    
   397,472
  
 
1,000,000
  
5.625%, 04/15/2053 
    
   972,301
  
     
McDonald's Corp.
        
 
1,100,000
  
3.500%, 07/01/2027 
    
 1,044,705
  
 
550,000
  
4.875%, 12/09/2045 
    
   508,596
  
     
Starbucks Corp.
        
 
1,000,000
  
2.550%, 11/15/2030 
    
   849,117
  
     
Tractor Supply Co.
        
 
500,000
  
1.750%, 11/01/2030 
    
   391,542
  
     
Walgreens Boots Alliance, Inc.
        
 
1,000,000
  
3.200%, 04/15/2030 
    
   849,627
  
           
 7,042,793
  
     
Semiconductors — 1.7%
        
     
Broadcom, Inc.
        
 
431,000
  
4.150%, 11/15/2030 
    
   394,287
  
 
1,500,000
  
3.419%, 04/15/2033 (b) 
    
 1,242,969
  
 
55,000
  
3.187%, 11/15/2036 (b) 
    
   41,407
  
 
583,000
  
4.926%, 05/15/2037 (b) 
    
   525,873
  
     
Micron Technology, Inc.
        
 
250,000
  
2.703%, 04/15/2032 
    
   197,544
  
     
NXP BV / NXP Funding LLC / NXP USA, Inc.
        
 
500,000
  
4.400%, 06/01/2027 
    
   481,433
  
 
500,000
  
2.500%, 05/11/2031 
    
   404,670
  
           
 3,288,183
  
     
Software — 3.6%
        
     
Fidelity National Information Services, Inc.
        
 
600,000
  
5.100%, 07/15/2032 
    
   588,396
  
     
Fiserv, Inc.
        
 
600,000
  
3.850%, 06/01/2025 
    
   582,609
  
     
Oracle Corp.
        
 
1,685,000
  
1.650%, 03/25/2026 
    
 1,535,897
  
 
1,400,000
  
3.650%, 03/25/2041 
    
 1,060,863
  
 
1,350,000
  
3.950%, 03/25/2051 
    
   987,747
  
 
1,000,000
  
5.550%, 02/06/2053 
    
   932,439
  
     
Roper Technologies, Inc.
        
 
650,000
  
1.400%, 09/15/2027 
    
   563,058
  
     
VMware, Inc.
        
 
550,000
  
4.650%, 05/15/2027 
    
   534,999
  
           
 6,786,008
  
     
Telecommunications — 8.6%
        
     
AT&T, Inc.
        
 
1,400,000
  
2.300%, 06/01/2027 
    
 1,253,899
  
 
875,000
  
2.550%, 12/01/2033 
    
   668,309
  
 
2,368,000
  
3.500%, 09/15/2053 
    
 1,559,981
  
 
1,196,000
  
3.550%, 09/15/2055 
    
   780,275
  
 
727,000
  
3.800%, 12/01/2057 
    
   490,796
  
     
British Telecommunications PLC
        
 
855,000
  
9.625%, 12/15/2030 
    
 1,042,199
  
     
Deutsche Telekom International Finance
        
 
345,000
  
8.750%, 06/15/2030 
    
   406,451
  
     
France Telecom SA
        
 
575,000
  
5.375%, 01/13/2042 
    
   553,321
  
     
Rogers Communications, Inc./Ontario
        
 
989,000
  
5.000%, 03/15/2044 
    
   844,003
  
     
Telefonica Emisiones SA
        
 
475,000
  
7.045%, 06/20/2036 
    
   506,622
  
     
T-Mobile USA, Inc.
        
 
1,600,000
  
3.875%, 04/15/2030 
    
 1,461,153
  
 
600,000
  
2.250%, 11/15/2031 
    
   477,506
  
 
1,100,000
  
3.400%, 10/15/2052 
    
   746,190
  
 
500,000
  
5.650%, 01/15/2053 
    
   488,216
  
     
Verizon Communications, Inc.
        
 
1,000,000
  
3.000%, 03/22/2027 
    
   929,884
  
 
550,000
  
3.150%, 03/22/2030 
    
   482,836
  
 
336,000
  
2.550%, 03/21/2031 
    
   277,071
  
 
1,500,000
  
4.862%, 08/21/2046 
    
 1,321,024
  
 
2,000,000
  
3.550%, 03/22/2051 
    
 1,403,146
  
 
600,000
  
2.987%, 10/30/2056 
    
   358,914
  
     
Vodafone Group PLC
        
 
400,000
  
4.375%, 05/30/2028 
    
   392,859
  
           
 16,444,655
  
     
Transportation — 2.5%
        
     
Canadian Pacific Railway Co.
        
 
700,000
  
2.900%, 02/01/2025 
    
   674,327
  
     
CSX Corp.
        
 
1,390,000
  
6.220%, 04/30/2040 
    
 1,492,099
  
     
FedEx Corp.
        
 
1,000,000
  
3.250%, 05/15/2041 
    
   728,698
  
     
Kirby Corp.
        
 
450,000
  
4.200%, 03/01/2028 
    
   422,988
  
     
Norfolk Southern Corp.
        
 
700,000
  
3.850%, 01/15/2024 
    
   694,693
  
 
250,000
  
2.300%, 05/15/2031 
    
   206,457
  
 
1,000,000
  
2.900%, 08/25/2051 
    
   637,586
  
           
 4,856,848
  
     
Trucking & Leasing — 0.5%
        
     
GATX Corp.
        
 
1,300,000
  
1.900%, 06/01/2031 
    
   990,367
  
           
 
  
     
Water — 0.3%
        
     
American Water Capital Corp.
        
 
650,000
  
2.800%, 05/01/2030 
    
   563,872
  
     
Total Corporate Bonds (Cost $207,966,689) 
    
 177,755,866
  
               
     
Sovereign Bonds — 5.4%
        
     
Columbia Government International Bond
        
 
600,000
  
3.875%, 04/25/2027 
    
   553,868
  
     
Indonesia Government International Bond
        
 
500,000
  
3.850%, 10/15/2030 
    
   463,823
  
     
Mexico Government International Bond
        
 
1,300,000
  
4.500%, 04/22/2029 
    
 1,256,539
  
 
2,490,000
  
4.750%, 03/08/2044 
    
 2,097,557
  
     
Panama Government International Bond
        
 
1,700,000
  
2.252%, 09/29/2032 
    
 1,293,497
  
 
750,000
  
6.700%, 01/26/2036 
    
   788,779
  
     
Peruvian Government International Bond
        
 
400,000
  
3.000%, 01/15/2034 
    
   326,447
  
 
1,050,000
  
6.550%, 03/14/2037 
    
 1,146,041
  
     
Philippine Government International Bond
        
 
1,625,000
  
5.000%, 01/13/2037 
    
 1,584,668
  
     
Uruguay Government International Bond
        
 
800,000
  
4.375%, 01/23/2031 
    
   787,782
  
     
Total Sovereign Bonds (Cost $12,246,630) 
    
 10,299,001
  
 
Shares
            
     
Money Market Fund — 0.3%
        
 
607,308
  
Fidelity Government Portfolio, Institutional Class, 5.201% (c) 
    
   607,308
  
     
Total Money Market Fund (Cost $607,308) 
    
   607,308
  
     
Total Investments (Cost 220,820,627) — 98.7%
    
 188,662,175
  
     
 Other Assets in Excess of Liabilities — 1.3% 
    
2,511,427
  
     
Total Net Assets — 100.00% 
   $
191,173,602
  
     
Percentages are stated as a percent of net assets.
        

CMT - Constant Maturity Treasury
SOFR - Secured Overnight Financing Rate

(a)
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.
(b)
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 $2,137,426 of 1.1% total net assets.
(c)
Rate shown represents the 7-day annualized yield as of August 31, 2023.
PIA BBB 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
                        
Corporate Bonds
  
$
–
    
$
177,755,866
    
$
–
    
$
177,755,866
  
Sovereign Bonds
    
–
      
10,299,001
      
–
      
10,299,001
  
Total Fixed Income Securities
    
–
      
188,054,867
      
–
      
188,054,867
  
Money Market Fund
    
607,308
      
–
      
–
      
607,308
  
Total Investments
  
$
607,308
    
$
188,054,867
    
$
–
    
$
188,662,175
  
   
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.