PIA Short-Term Securities Fund

Schedule of Investments - August 31, 2023 (Unaudited)

	Principal  Amount			Value
		Asset-Backed Securities — 5.7%
		Other Asset Backed Securities — 5.7%
		American Credit Acceptance Receivables Trust
$	1,180,462	Series 2021-2, Class C, 0.970%, 07/13/2027 (a)	$	1,170,332
		CarMax Auto Owner Trust
	1,000,000	Series 2023-2, Class A3, 5.050%, 01/18/2028		993,531
		CPS Auto Trust
	283,769	Series 2023-C, Class A, 6.130%, 09/15/2026 (a)		284,391
		DT Auto Owner Trust
	949,407	Series 2023-3A, Class A, 6.290%, 08/16/2027 (a)		955,440
		FCI Funding
	157,326	Series 2021-1A, Class A, 1.130%, 04/15/2033 (a)		152,085
		General Motors
	1,000,000	Series 2023-1, Class A1, 5.340%, 06/15/2028 (a)		1,000,068
		PenFed Auto Receivables Owner Trust
	1,000,000	Series 2022-A, Class A3, 3.960%, 04/15/2026 (a)		985,478
		PVOne 2023-1 LLC
	944,306	Series 2023-1A, Class A, 7.250%, 07/16/2035 (a)		942,158
		Santander Drive Auto Receivables Trust
	18,055	Series 2022-5, Class A2, 3.980%, 01/15/2025		18,044
		Tesla Auto Lease Trust
	1,000,000	Series 2023-A, Class A3, 5.890%, 06/22/2026 (a)		1,000,802
		Total Asset-Backed Securities (Cost $7,520,191)		7,502,329
		Corporate Bonds — 52.5%
		Banks — 7.1%
		Bank of Montreal
	1,515,000	5.232% (SOFRINDX + 0.350%), 12/08/2023 (b)		1,515,061
		Canadian Imperial Bank of Commerce
	1,000,000	5.700% (SOFRINDX + 0.400%), 12/14/2023 (b)		999,826
		Citizens Bank NA/Providence RI
	2,000,000	6.064% (SOFR + 1.450%), 10/24/2025 (b)		1,937,058
		Goldman Sachs Group, Inc.
	1,000,000	5.974% (SOFR + 0.700%), 01/24/2025 (b)		998,737
		Huntington National Bank
	1,000,000	5.699% (SOFR + 1.215%), 11/18/2025 (b)		981,217
		JPMorgan Chase & Co.
	1,000,000	5.546% (SOFR + 1.070%), 12/15/2025 (b)		996,875
		Mitsubishi UFJ Financial Group, Inc.
	1,000,000	5.541% (1 Year CMT Rate + 1.500%), 04/17/2026 (b)		995,344
		Morgan Stanley
	1,000,000	5.686% (SOFR + 0.625%), 01/24/2025 (b)		998,453
				9,422,571
		Biotechnology — 1.7%
		Gilead Sciences, Inc.
	2,248,000	0.750%, 09/29/2023		2,240,250
		Chemicals — 3.0%
		Ecolab, Inc.
	1,000,000	0.900%, 12/15/2023		986,711
		FMC Corp.
	1,000,000	5.150%, 05/18/2026		990,917
		Nutrien Ltd.
	1,000,000	5.900%, 11/07/2024		1,000,125
		Sherwin-Williams Co.
	1,000,000	4.050%, 08/08/2024		984,208
				3,961,961
		Commercial Services — 1.1%
		Quanta Services, Inc.
	1,000,000	0.950%, 10/01/2024		948,696
		Triton Container International Ltd.
	500,000	1.150%, 06/07/2024 (a)		477,850
				1,426,546
		Diversified Financial Services — 4.5%
		American Express Co.
	2,000,000	0.750%, 11/03/2023		1,984,532
	1,000,000	4.990% (SOFR + 0.999%), 05/01/2026 (b)		985,955
		Capital One Financial Corp.
	1,000,000	5.879% (SOFR + 0.690%), 12/06/2024 (b)		989,410
		Charles Schwab Corp.
	2,000,000	5.435% (SOFRINDX + 0.500%), 03/18/2024 (b)		1,997,955
				5,957,852
		Electric — 8.2%
		American Electric Power Co., Inc.
	1,000,000	5.699%, 08/15/2025		1,001,118
		CenterPoint Energy, Inc.
	1,000,000	5.776% (SOFRINDX + 0.650%), 05/13/2024 (b)		999,849
		Consolidated Edison, Inc.
	950,000	0.650%, 12/01/2023		938,396
		DTE Energy Co.
	500,000	4.220%, 11/01/2024		490,524
		Eversource Energy
	1,000,000	4.750%, 05/15/2026		984,233
		NextEra Energy Capital Holdings, Inc.
	500,000	5.494% (SOFRINDX + 0.400%), 11/03/2023 (b)		499,982
	2,000,000	6.051%, 03/01/2025		2,008,762
		Public Service Enterprise Group, Inc.
	2,000,000	0.841%, 11/08/2023		1,981,240
		Southern California Edison Co.
	1,000,000	6.130% (SOFRINDX + 0.830%), 04/01/2024 (b)		1,000,054
		Tampa Electric Co.
	500,000	3.875%, 07/12/2024		492,206
		Xcel Energy, Inc.
	500,000	0.500%, 10/15/2023		496,997
				10,893,361
		Food — 1.6%
		General Mills, Inc.
	250,000	5.241%, 11/18/2025		249,007
		Hormel Foods Corp.
	2,000,000	0.650%, 06/03/2024		1,927,379
				2,176,386
		Healthcare-Products — 1.9%
		Baxter International, Inc.
	500,000	5.608% (SOFRINDX + 0.440%), 11/29/2024 (b)		496,589
		GE HealthCare Technologies, Inc.
	1,000,000	5.550%, 11/15/2024		997,622
		Revvity, Inc.
	1,000,000	0.550%, 09/15/2023		998,510
				2,492,721
		Household Products/Wares — 0.3%
		Avery Dennison Corp.
	500,000	0.850%, 08/15/2024		477,043
		Insurance — 3.7%
		Athene Global Funding
	2,000,000	5.859% (SOFRINDX + 0.700%), 05/24/2024 (a)(b)		1,985,623
		Jackson National Life Global Funding
	1,000,000	5.500%, 01/09/2026 (a)		982,164
		MassMutual Global Funding II
	500,000	4.150%, 08/26/2025 (a)		488,017
		Mutual of Omaha Cos. Global Funding
	1,000,000	5.800%, 07/27/2026 (a)		998,971
		Security Benefit Global Funding
	500,000	1.250%, 05/17/2024 (a)		480,828
				4,935,603
		Investment Companies — 3.7%
		Golub Capital BDC, Inc.
	5,000,000	3.375%, 04/15/2024		4,900,365
		Leisure Time — 0.7%
		Brunswick Corp
	1,000,000	0.850%, 08/18/2024		949,946
		Machinery-Construction & Mining — 1.5%
		Caterpillar Financial Services Corp.
	2,000,000	0.450%, 09/14/2023		1,997,388
		Miscellaneous Manufacturer — 0.8%
		Carlisle Cos., Inc.
	1,000,000	0.550%, 09/01/2023		1,000,000
		Oil & Gas — 1.5%
		Chevron USA, Inc.
	1,500,000	3.900%, 11/15/2024		1,475,905
		Pioneer Natural Resources Co.
	500,000	5.100%, 03/29/2026		496,229
				1,972,134
		Packaging & Containers — 2.2%
		Graphic Packaging International LLC
	1,000,000	0.821%, 04/15/2024 (a)		967,288
		Sonoco Products Co.
	2,000,000	1.800%, 02/01/2025		1,885,844
				2,853,132
		Pharmaceuticals — 1.1%
		GlaxoSmithKline Capital PLC
	500,000	0.534%, 10/01/2023		498,164
		Pfizer Investment Enterprises Pte Ltd.
	1,000,000	4.450%, 05/19/2026		984,112
				1,482,276
		Pipelines — 1.7%
		Enbridge, Inc.
	1,000,000	5.930% (SOFRINDX + 0.630%), 02/16/2024 (b)		1,000,804
		Gray Oak Pipeline LLC
	700,000	2.000%, 09/15/2023 (a)		699,240
		Williams Cos., Inc.
	500,000	5.400%, 03/02/2026		499,332
				2,199,376
		REITs — 2.1%
		Public Storage Operating Co.
	1,000,000	5.770% (SOFR + 0.470%), 04/23/2024 (b)		999,789
		Realty Income Corp.
	800,000	5.050%, 01/13/2026		796,513
		Weyerhaeuser Co.
	1,000,000	4.750%, 05/15/2026		984,925
				2,781,227
		Retail — 3.0%
		7-Eleven, Inc.
	2,000,000	0.800%, 02/10/2024 (a)		1,955,071
		Walgreens Boots Alliance, Inc.
	2,000,000	0.950%, 11/17/2023		1,979,830
				3,934,901
		Semiconductors — 0.4%
		Analog Devices, Inc.
	500,000	5.242% (SOFR + 0.250%), 10/01/2024 (b)		499,809
		Telecommunications — 0.7%
		AT&T, Inc.
	1,000,000	0.900%, 03/25/2024		973,170
		Total Corporate Bonds (Cost $70,479,285)		69,528,018
		Mortgage-Backed Securities — 8.6%
		Commercial Mortgage-Backed Securities — 7.6%
		BX Trust
	2,843,096	Series 2021-RISE, Class A, 6.172% (CME Term SOFR 1 Month + 0.862%), 11/15/2036 (a)(b)		2,790,064
		Cold Storage Trust
	6,389,438	Series 2020-ICE5, Class A, 6.325% (CME Term SOFR 1 Month + 1.014%), 11/15/2037 (a)(b)		6,337,850
		GS Mortgage Securities Trust
	1,000,000	Series 2023-SHIP, Class B, 5.101%, 09/10/2038 (a)(c)		961,622
				10,089,536
		U.S. Government Securities — 1.0%
		FHLMC
	28,284	Pool G04832, 5.000%, 10/01/2038		28,322
	276,641	Pool SD8005, 3.500%, 08/01/2049		251,151
		FHLMC ARM
	13,772	Pool 785726, 4.401% (1 Year CMT Rate + 2.276%), 01/01/2025 (b)		13,578
	57,673	Pool 782784, 4.375% (1 Year CMT Rate + 2.250%), 10/01/2034 (b)		58,842
	14,137	Pool 847671, 5.043% (12 Month LIBOR USD + 1.854%), 04/01/2036 (b)		14,275
		FNMA
	72,301	Pool AD5479, 5.000%, 06/01/2040		72,307
	8,931	Pool AJ3797, 4.000%, 11/01/2041		8,494
		FNMA ARM
	3,007	Pool 555206, 5.290% (RFUCCT 6 Month + 2.165%), 07/01/2025 (b)		2,968
	20,950	Pool 562912, 4.395% (1 Year CMT Rate + 2.096%), 04/01/2030 (b)		20,285
	42,493	Pool 743454, 3.763% (RFUCC 1 year CMT Rate + 1.513%), 10/01/2033 (b)		41,816
	186,306	Pool 755253, 4.000% (12 Month LIBOR USD + 1.750%), 11/01/2033 (b)		183,138
	232,123	Pool AC5719, 5.854% (1 Year CMT Rate + 2.295%), 05/01/2034 (b)		230,923
	34,715	Pool 779693, 5.756% (RFUCC 1 year CMT Rate + 1.506%), 07/01/2034 (b)		34,172
	28,094	Pool 795136, 3.651% (12 Month LIBOR USD + 1.401%), 10/01/2034 (b)		28,298
	133,075	Pool 849264, 3.984% (12 Month LIBOR USD + 1.688%), 01/01/2036 (b)		130,538
	196,629	Pool 953653, 4.265% (12 Month LIBOR USD + 2.015%), 11/01/2037 (b)		194,309
				1,313,416
		Total Mortgage-Backed Securities (Cost $11,526,062)		11,402,952
		U.S. Government Notes/Bonds — 13.3%
		U.S. Treasury Note
	4,500,000	4.125%, 01/31/2025		4,437,246
	3,000,000	4.250%, 05/31/2025		2,962,969
	10,500,000	3.625%, 05/15/2026		10,240,371
		Total U.S. Government Notes/Bonds (Cost $17,826,404)		17,640,586
	Shares/Principal Amount
		Short-Term Investments — 19.4%
		Money Market Fund — 0.5%
	751,411	Fidelity Government Portfolio, Institutional Class, 5.201% (d)		751,411
		U.S. Treasury Bills — 18.9%
$	5,500,000	5.375%, 1/4/2024 (e)		5,399,167
	13,500,000	5.431%, 6/13/2024 (e)		12,949,486
	7,000,000	5.362%, 7/11/2024 (e)		6,687,782
				25,036,435
		Total Short-Term Investments (Cost $25,785,478)		25,787,846
		Total Investments (Cost 133,137,420) — 99.5%		131,861,731
		Other Assets in Excess of Liabilities — 0.5%		679,508
		Total Net Assets — 100.00%	$	132,541,239
		Percentages are stated as a percent of net assets.

ARM - Adjustable Rate Mortgage

CMT - Constant Maturity Treasury

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

SOFRINDX - Secured Overnight Financing Rate Index

(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 $25,615,342 of 19.3% 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)	Variable rate security. The coupon is based on an underlying pool of loans and represents the rate in effect as of August 31, 2023.
(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 Short-Term Securities 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	$	–	$	7,502,329	$	–	$	7,502,329
Corporate Bonds		–		69,528,018		–		69,528,018
Mortgage-Backed Securities		–		11,402,952		–		11,402,952
U.S. Government Note/Bond		–		17,640,586		–		17,640,586
Total Fixed Income Securities		–		106,073,885		–		106,073,885
Money Market Fund		751,411		–		–		751,411
U.S. Treasury Bills		–		25,036,435		–		25,036,435
Total Investments	$	751,411	$	131,110,320	$	–	$	131,861,731
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.