NPORT-EX 2 bbb3.htm NPORT-EX

PIA BBB Bond Fund
  
Schedule of Investments
  
as of February 29, 2024 (Unaudited)
  
   
CORPORATE BONDS - 91.0%
  
Principal
Amount
    
Value
  
Aerospace/Defense - 3.5%
  
Boeing Co.
  
5.15%, 05/01/2030
  
$
1,950,000
    
$
1,917,506
  
5.71%, 05/01/2040
    
1,400,000
      
1,364,283
  
L3Harris Technologies, Inc., 6.15%, 12/15/2040
    
500,000
      
525,761
  
Northrop Grumman Corp.
  
4.40%, 05/01/2030
    
1,000,000
      
963,419
  
4.95%, 03/15/2053
    
500,000
      
462,413
  
RTX Corp.
  
3.50%, 03/15/2027
    
1,000,000
      
956,357
  
4.35%, 04/15/2047
    
1,000,000
      
837,127
  
             
7,026,866
  
                 
Agriculture - 2.3%
  
Altria Group, Inc.
  
4.80%, 02/14/2029
    
148,000
      
145,432
  
3.40%, 05/06/2030
    
1,600,000
      
1,439,949
  
BAT Capital Corp.
  
2.26%, 03/25/2028
    
1,000,000
      
885,064
  
4.54%, 08/15/2047
    
600,000
      
450,264
  
5.65%, 03/16/2052
    
800,000
      
703,108
  
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027
    
600,000
      
574,364
  
Reynolds American, Inc., 4.45%, 06/12/2025
    
372,000
      
366,338
  
             
4,564,519
  
                 
Airlines - 0.4%
  
Southwest Airlines Co., 5.13%, 06/15/2027
    
500,000
      
498,168
  
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026
    
278,000
      
274,120
  
             
772,288
  
                 
Auto Manufacturers - 2.7%
  
Ford Motor Credit Co. LLC
  
3.82%, 11/02/2027
    
500,000
      
466,260
  
6.80%, 11/07/2028
    
500,000
      
518,211
  
7.12%, 11/07/2033
    
1,000,000
      
1,065,896
  
General Motors Co., 5.20%, 04/01/2045
    
400,000
      
353,161
  
General Motors Financial Co., Inc.
  
4.00%, 01/15/2025
    
600,000
      
591,527
  
3.60%, 06/21/2030
    
1,300,000
      
1,162,704
  
2.35%, 01/08/2031
    
1,500,000
      
1,223,864
  
             
5,381,623
  
                 
Banks - 6.7%
  
Barclays PLC
  
4.84%, 05/09/2028
    
1,000,000
      
963,717
  
 5.75% (1 yr. CMT Rate + 3.00%), 08/09/2033 (a)
    
1,000,000
      
991,427
  
 3.33% (1 yr. CMT Rate + 1.30%), 11/24/2042 (a)
    
700,000
      
506,909
  
Citigroup, Inc.
  
4.45%, 09/29/2027
    
1,700,000
      
1,646,963
  
5.30%, 05/06/2044
    
540,000
      
515,911
  
Citizens Financial Group, Inc., 5.84% (SOFR + 2.01%), 01/23/2030 (a)
    
500,000
      
493,853
  
Comerica, Inc., 5.98% (SOFR + 2.16%), 01/30/2030 (a)
    
500,000
      
490,905
  
Cooperatieve Rabobank UA, 3.75%, 07/21/2026
    
1,000,000
      
958,481
  
Deutsche Bank AG/New York NY, 4.10%, 01/13/2026
    
1,000,000
      
976,126
  
Fifth Third Bancorp
  
4.06% (SOFR + 1.36%), 04/25/2028 (a)
    
500,000
      
474,291
  
8.25%, 03/01/2038
    
225,000
      
266,849
  
Goldman Sachs Group, Inc., 6.75%, 10/01/2037
    
950,000
      
1,032,466
  
Lloyds Banking Group PLC, 4.65%, 03/24/2026
    
800,000
      
784,784
  
Morgan Stanley, 2.48% (SOFR + 1.36%), 09/16/2036 (a)
    
400,000
      
313,729
  
Santander Holdings USA, Inc., 3.45%, 06/02/2025
    
700,000
      
678,790
  
Santander UK Group Holdings PLC, 1.09% (SOFR + 0.79%), 03/15/2025 (a)
    
2,000,000
      
1,996,796
  
Westpac Banking Corp., 3.13%, 11/18/2041
    
300,000
      
207,773
  
             
13,299,770
  
                 
Beverages - 1.0%
  
Constellation Brands, Inc., 2.88%, 05/01/2030
    
700,000
      
614,696
  
Keurig Dr Pepper, Inc.
  
3.20%, 05/01/2030
    
1,000,000
      
903,202
  
4.50%, 04/15/2052
    
500,000
      
424,340
  
             
1,942,238
  
                 
Biotechnology - 2.7%
  
Amgen, Inc.
  
2.20%, 02/21/2027
    
1,000,000
      
922,102
  
5.25%, 03/02/2033
    
1,000,000
      
997,136
  
2.80%, 08/15/2041
    
500,000
      
355,973
  
4.66%, 06/15/2051
    
1,006,000
      
875,203
  
Biogen, Inc., 2.25%, 05/01/2030
    
700,000
      
585,505
  
Gilead Sciences, Inc.
  
1.65%, 10/01/2030
    
1,100,000
      
897,898
  
2.60%, 10/01/2040
    
500,000
      
349,213
  
Royalty Pharma PLC, 2.15%, 09/02/2031
    
500,000
      
399,274
  
             
5,382,304
  
                 
Building Materials - 0.4%
  
Carrier Global Corp., 2.70%, 02/15/2031
    
240,000
      
204,994
  
Vulcan Materials Co., 3.90%, 04/01/2027
    
620,000
      
600,514
  
             
805,508
  
                 
Chemicals - 1.6%
  
Dow Chemical Co.
  
7.38%, 11/01/2029
    
396,000
      
439,308
  
6.90%, 05/15/2053
    
500,000
      
572,437
  
DuPont de Nemours, Inc., 4.73%, 11/15/2028
    
1,000,000
      
994,721
  
Nutrien Ltd., 2.95%, 05/13/2030
    
700,000
      
619,481
  
Sherwin-Williams Co., 2.20%, 03/15/2032
    
600,000
      
486,289
  
             
3,112,236
  
                 
Commercial Services - 0.6%
  
Equifax, Inc., 3.10%, 05/15/2030
    
500,000
      
440,974
  
Global Payments, Inc., 1.20%, 03/01/2026
    
500,000
      
460,367
  
Moody's Corp.
  
2.00%, 08/19/2031
    
250,000
      
202,122
  
3.10%, 11/29/2061
    
250,000
      
159,801
  
             
1,263,264
  
                 
Computers - 1.1%
  
Dell International LLC / EMC Corp.
  
6.02%, 06/15/2026
    
900,000
      
910,141
  
6.20%, 07/15/2030
    
500,000
      
523,271
  
3.45%, 12/15/2051
    
181,000
      
124,242
  
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
    
700,000
      
695,387
  
             
2,253,041
  
                 
Diversified Financial Services - 3.7%
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032
    
1,500,000
      
1,268,695
  
Air Lease Corp.
  
2.88%, 01/15/2026
    
450,000
      
429,303
  
5.30%, 02/01/2028
    
1,000,000
      
995,326
  
Ally Financial, Inc., 2.20%, 11/02/2028
    
500,000
      
425,547
  
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026
    
1,000,000
      
953,420
  
Capital One Financial Corp., 3.65%, 05/11/2027
    
1,400,000
      
1,333,246
  
Nasdaq, Inc., 5.55%, 02/15/2034
    
500,000
      
503,402
  
Nomura Holdings, Inc., 2.17%, 07/14/2028
    
1,000,000
      
871,256
  
Synchrony Financial, 4.50%, 07/23/2025
    
500,000
      
489,029
  
             
7,269,224
  
                 
Electric - 6.2%
  
American Electric Power Co., Inc., 5.95%, 11/01/2032
    
500,000
      
517,377
  
Dominion Energy, Inc., 2.25%, 08/15/2031
    
500,000
      
404,787
  
Dominion Resources, Inc., 4.90%, 08/01/2041
    
470,000
      
421,442
  
DTE Energy Co., 1.05%, 06/01/2025
    
600,000
      
568,247
  
Duke Energy Corp.
  
2.45%, 06/01/2030
    
950,000
      
812,500
  
3.30%, 06/15/2041
    
1,000,000
      
736,333
  
El Paso Electric Co., 6.00%, 05/15/2035
    
850,000
      
855,080
  
Eversource Energy, 2.55%, 03/15/2031
    
500,000
      
413,345
  
Exelon Corp., 5.45%, 03/15/2034
    
600,000
      
597,215
  
FirstEnergy Corp., 2.25%, 09/01/2030
    
700,000
      
575,912
  
NextEra Energy Capital Holdings, Inc.
  
4.63%, 07/15/2027
    
500,000
      
491,983
  
2.25%, 06/01/2030
    
400,000
      
336,353
  
Pacific Gas and Electric Co., 3.50%, 08/01/2050
    
5,000,000
      
3,365,346
  
Sempra, 4.13% (5 yr. CMT Rate + 2.87%), 04/01/2052 (a)
    
600,000
      
553,482
  
Southern Co., 3.25%, 07/01/2026
    
1,000,000
      
956,349
  
Southwestern Electric Power Co., 3.25%, 11/01/2051
    
400,000
      
262,900
  
Xcel Energy, Inc., 2.35%, 11/15/2031
    
500,000
      
401,165
  
             
12,269,816
  
                 
Electronics - 0.4%
  
Fortive Corp., 3.15%, 06/15/2026
    
750,000
      
716,132
  
                 
Entertainment - 1.1%
  
Warnermedia Holdings, Inc.
  
4.28%, 03/15/2032
    
1,000,000
      
880,641
  
5.14%, 03/15/2052
    
1,500,000
      
1,219,985
  
             
2,100,626
  
                 
Environmental Control - 0.7%
  
Republic Services, Inc., 0.88%, 11/15/2025
    
1,000,000
      
928,274
  
Waste Connections, Inc., 4.20%, 01/15/2033
    
500,000
      
467,404
  
             
1,395,678
  
                 
Food - 2.9%
  
ConAgra Brands, Inc., 7.00%, 10/01/2028
    
1,300,000
      
1,388,954
  
General Mills, Inc., 2.25%, 10/14/2031
    
700,000
      
574,341
  
Kroger Co., 2.20%, 05/01/2030
    
1,000,000
      
841,235
  
Mondelez International, Inc., 1.50%, 02/04/2031
    
2,000,000
      
1,591,560
  
Sysco Corp.
  
5.95%, 04/01/2030
    
464,000
      
482,846
  
3.15%, 12/14/2051
    
400,000
      
271,235
  
Tyson Foods, Inc., 4.35%, 03/01/2029
    
600,000
      
577,360
  
             
5,727,531
  
                 
Forest Products & Paper - 0.4%
  
International Paper Co., 6.00%, 11/15/2041
    
700,000
      
723,224
  
                 
Gas - 0.2%
  
NiSource Finance Corp., 5.25%, 02/15/2043
    
400,000
      
378,998
  
                 
Hand/Machine Tools - 0.1%
  
Kennametal, Inc., 2.80%, 03/01/2031
    
330,000
      
276,507
  
                 
Healthcare-Products - 1.1%
  
Agilent Technologies, Inc., 2.30%, 03/12/2031
    
215,000
      
179,539
  
Boston Scientific Corp., 2.65%, 06/01/2030
    
560,000
      
489,369
  
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030
    
500,000
      
516,910
  
Stryker Corp., 1.95%, 06/15/2030
    
700,000
      
585,616
  
Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026
    
500,000
      
480,540
  
             
2,251,974
  
                 
Healthcare-Services - 3.1%
  
CommonSpirit Health, 2.78%, 10/01/2030
    
600,000
      
513,587
  
Elevance Health, Inc.
  
5.50%, 10/15/2032
    
500,000
      
509,150
  
4.65%, 08/15/2044
    
600,000
      
534,879
  
5.13%, 02/15/2053
    
1,000,000
      
948,784
  
HCA, Inc.
  
4.13%, 06/15/2029
    
1,000,000
      
940,449
  
5.60%, 04/01/2034
    
1,000,000
      
995,373
  
4.38%, 03/15/2042
    
600,000
      
498,610
  
Humana, Inc., 4.88%, 04/01/2030
    
500,000
      
492,256
  
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024
    
640,000
      
631,883
  
             
6,064,971
  
                 
Home Builders - 0.2%
  
DR Horton, Inc., 2.60%, 10/15/2025
    
500,000
      
478,551
  
                 
Household Products/Wares - 0.2%
  
Church & Dwight Co., Inc., 3.15%, 08/01/2027
    
500,000
      
471,269
  
                 
Insurance - 2.7%
  
Aon Corp., 2.80%, 05/15/2030
    
600,000
      
521,645
  
CNA Financial Corp., 5.13%, 02/15/2034
    
500,000
      
483,441
  
Corebridge Financial, Inc.
  
3.90%, 04/05/2032
    
500,000
      
440,915
  
6.05%, 09/15/2033 (b)
    
500,000
      
510,701
  
Fidelity National Financial, Inc., 2.45%, 03/15/2031
    
2,000,000
      
1,626,383
  
Lincoln National Corp., 3.80%, 03/01/2028
    
120,000
      
114,193
  
Mercury General Corp., 4.40%, 03/15/2027
    
500,000
      
477,344
  
Metlife, Inc., 6.40%, 12/15/2036
    
855,000
      
869,427
  
Prudential Financial, Inc., 5.13% (5 yr. CMT Rate + 3.16%), 03/01/2052 (a)
    
500,000
      
468,287
  
             
5,512,336
  
                 
Internet - 0.2%
  
eBay, Inc., 2.60%, 05/10/2031
    
500,000
      
423,774
  
                 
Investment Companies - 1.0%
  
Blackstone Secured Lending Fund, 3.63%, 01/15/2026
    
1,000,000
      
953,240
  
FS KKR Capital Corp., 4.63%, 07/15/2024
    
1,000,000
      
992,891
  
             
1,946,131
  
                 
Iron/Steel - 0.3%
  
Vale Overseas Ltd., 6.13%, 06/12/2033
    
500,000
      
506,462
  
                 
Lodging - 0.7%
  
Marriott International, Inc./MD, 4.90%, 04/15/2029
    
500,000
      
494,224
  
Sands China Ltd., 2.55%, 03/08/2027
    
1,000,000
      
901,650
  
             
1,395,874
  
                 
Machinery-Diversified - 0.7%
  
IDEX Corp., 3.00%, 05/01/2030
    
1,000,000
      
872,930
  
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034
    
500,000
      
502,109
  
             
1,375,039
  
                 
Media - 2.2%
  
Charter Communications Operating LLC / Charter Communications Operating Capital
  
2.80%, 04/01/2031
    
1,000,000
      
808,180
  
2.30%, 02/01/2032
    
1,000,000
      
759,687
  
3.90%, 06/01/2052
    
1,000,000
      
628,412
  
Discovery Communications LLC, 3.63%, 05/15/2030
    
1,000,000
      
878,791
  
Paramount Global, 4.38%, 03/15/2043
    
610,000
      
408,278
  
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033
    
810,000
      
899,024
  
             
4,382,372
  
                 
Mining - 0.8%
  
Newmont Corp., 4.88%, 03/15/2042
    
800,000
      
737,981
  
Southern Copper Corp., 6.75%, 04/16/2040
    
750,000
      
824,359
  
             
1,562,340
  
                 
Miscellaneous Manufacturing - 0.5%
  
Parker-Hannifin Corp., 3.25%, 06/14/2029
    
550,000
      
505,772
  
Textron, Inc., 6.10%, 11/15/2033
    
500,000
      
521,931
  
             
1,027,703
  
                 
Oil & Gas - 2.5%
  
Canadian Natural Resources Ltd., 4.95%, 06/01/2047
    
700,000
      
610,736
  
Diamondback Energy, Inc., 3.13%, 03/24/2031
    
500,000
      
438,364
  
Hess Corp., 5.60%, 02/15/2041
    
800,000
      
805,997
  
Marathon Petroleum Corp., 3.63%, 09/15/2024
    
500,000
      
494,450
  
Phillips 66, 1.30%, 02/15/2026
    
950,000
      
879,484
  
Suncor Energy, Inc., 3.75%, 03/04/2051
    
500,000
      
363,946
  
Valero Energy Corp.
  
2.80%, 12/01/2031
    
750,000
      
633,608
  
6.63%, 06/15/2037
    
655,000
      
703,309
  
             
4,929,894
  
                 
Oil & Gas Services - 0.5%
  
Halliburton Co.
  
3.80%, 11/15/2025
    
24,000
      
23,450
  
2.92%, 03/01/2030
    
1,000,000
      
888,347
  
             
911,797
  
                 
Packaging & Containers - 0.2%
  
WRKCo, Inc., 3.90%, 06/01/2028
    
500,000
      
473,938
  
                 
Pharmaceuticals - 3.6%
  
AbbVie, Inc., 4.75%, 03/15/2045
    
268,000
      
248,566
  
Becton Dickinson & Co., 4.69%, 12/15/2044
    
550,000
      
494,115
  
Cardinal Health, Inc., 3.41%, 06/15/2027
    
125,000
      
118,507
  
Cigna Group/The
  
4.50%, 02/25/2026
    
327,000
      
322,653
  
2.40%, 03/15/2030
    
1,391,000
      
1,191,812
  
3.40%, 03/15/2050
    
600,000
      
419,855
  
CVS Health Corp.
  
3.75%, 04/01/2030
    
2,150,000
      
1,983,746
  
5.13%, 07/20/2045
    
500,000
      
454,945
  
5.05%, 03/25/2048
    
1,000,000
      
891,661
  
Viatris, Inc., 2.70%, 06/22/2030
    
600,000
      
504,841
  
Zoetis, Inc., 2.00%, 05/15/2030
    
600,000
      
503,434
  
             
7,134,135
  
                 
Pipelines - 6.3%
  
Boardwalk Pipelines LP, 3.60%, 09/01/2032
    
500,000
      
434,691
  
Enbridge, Inc.
  
3.13%, 11/15/2029
    
1,000,000
      
902,624
  
3.40%, 08/01/2051
    
250,000
      
174,693
  
Energy Transfer LP
  
4.25%, 04/01/2024
    
500,000
      
499,456
  
5.00%, 05/15/2050
    
1,000,000
      
864,589
  
Enterprise Products Operating LLC
  
4.85%, 08/15/2042
    
850,000
      
778,227
  
3.30%, 02/15/2053
    
500,000
      
348,385
  
Kinder Morgan Energy Partners, 5.80%, 03/15/2035
    
1,270,000
      
1,276,778
  
Kinder Morgan, Inc.
  
2.00%, 02/15/2031
    
600,000
      
486,635
  
5.55%, 06/01/2045
    
700,000
      
657,612
  
MPLX LP
  
4.25%, 12/01/2027
    
1,315,000
      
1,273,239
  
4.95%, 03/14/2052
    
600,000
      
515,911
  
ONEOK, Inc.
  
3.20%, 03/15/2025
    
500,000
      
486,489
  
6.10%, 11/15/2032
    
500,000
      
517,927
  
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030
    
546,000
      
497,485
  
Targa Resources Corp., 5.20%, 07/01/2027
    
500,000
      
497,569
  
TransCanada PipeLines Ltd., 4.10%, 04/15/2030
    
1,100,000
      
1,030,106
  
Williams Cos., Inc.
  
3.90%, 01/15/2025
    
800,000
      
788,405
  
5.10%, 09/15/2045
    
500,000
      
456,337
  
             
12,487,158
  
                 
REITs - 5.3%
  
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033
    
650,000
      
486,392
  
American Tower Corp.
  
2.75%, 01/15/2027
    
500,000
      
465,506
  
1.88%, 10/15/2030
    
1,000,000
      
803,497
  
Boston Properties LP, 3.25%, 01/30/2031
    
675,000
      
569,047
  
COPT Defense Properties LP, 2.75%, 04/15/2031
    
500,000
      
403,707
  
Crown Castle, Inc.
  
3.65%, 09/01/2027
    
500,000
      
472,230
  
2.25%, 01/15/2031
    
600,000
      
490,380
  
Equinix, Inc.
  
1.55%, 03/15/2028
    
500,000
      
435,209
  
3.90%, 04/15/2032
    
100,000
      
90,778
  
Essex Portfolio LP, 3.38%, 04/15/2026
    
1,000,000
      
961,769
  
Extra Space Storage LP, 5.90%, 01/15/2031
    
500,000
      
511,784
  
GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032
    
250,000
      
207,584
  
Healthpeak OP LLC, 2.13%, 12/01/2028
    
350,000
      
304,493
  
Kimco Realty OP LLC, 6.40%, 03/01/2034
    
500,000
      
526,263
  
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033
    
1,000,000
      
796,764
  
Sabra Health Care LP, 3.90%, 10/15/2029
    
1,000,000
      
889,260
  
Store Capital LLC, 4.50%, 03/15/2028
    
810,000
      
758,211
  
Ventas Realty LP, 3.75%, 05/01/2024
    
500,000
      
498,168
  
Welltower OP LLC, 2.75%, 01/15/2031
    
700,000
      
597,724
  
Weyerhaeuser Co., 7.38%, 03/15/2032
    
226,000
      
255,431
  
             
10,524,197
  
                 
Retail - 3.6%
  
AutoNation, Inc., 3.50%, 11/15/2024
    
200,000
      
196,898
  
AutoZone, Inc., 4.75%, 08/01/2032
    
500,000
      
480,163
  
Genuine Parts Co., 1.88%, 11/01/2030
    
500,000
      
402,562
  
Lowe's Cos., Inc.
  
4.50%, 04/15/2030
    
1,000,000
      
972,781
  
1.70%, 10/15/2030
    
500,000
      
406,093
  
5.63%, 04/15/2053
    
1,000,000
      
993,069
  
McDonald's Corp.
  
3.50%, 07/01/2027
    
1,100,000
      
1,053,416
  
4.88%, 12/09/2045
    
550,000
      
507,479
  
Starbucks Corp., 2.55%, 11/15/2030
    
1,000,000
      
858,950
  
Tractor Supply Co., 1.75%, 11/01/2030
    
500,000
      
402,139
  
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030
    
1,000,000
      
863,464
  
             
7,137,014
  
                 
Semiconductors - 1.7%
  
Broadcom, Inc.
  
4.15%, 11/15/2030
    
431,000
      
403,439
  
3.42%, 04/15/2033 (b)
    
1,500,000
      
1,280,907
  
3.19%, 11/15/2036 (b)
    
55,000
      
43,105
  
4.93%, 05/15/2037 (b)
    
583,000
      
543,117
  
Micron Technology, Inc., 2.70%, 04/15/2032
    
250,000
      
205,345
  
NXP BV / NXP Funding LLC / NXP USA, Inc.
  
4.40%, 06/01/2027
    
500,000
      
488,689
  
2.50%, 05/11/2031
    
500,000
      
413,736
  
             
3,378,338
  
                 
Software - 3.5%
  
Fidelity National Information Services, Inc., 5.10%, 07/15/2032
    
600,000
      
599,878
  
Fiserv, Inc., 3.85%, 06/01/2025
    
600,000
      
588,034
  
Oracle Corp.
  
1.65%, 03/25/2026
    
1,685,000
      
1,565,261
  
3.65%, 03/25/2041
    
1,400,000
      
1,076,741
  
3.95%, 03/25/2051
    
1,350,000
      
1,006,325
  
5.55%, 02/06/2053
    
1,000,000
      
955,234
  
Roper Technologies, Inc., 1.40%, 09/15/2027
    
650,000
      
574,827
  
VMware LLC, 4.65%, 05/15/2027
    
550,000
      
538,097
  
             
6,904,397
  
                 
Telecommunications - 8.5%
  
AT&T, Inc.
  
2.30%, 06/01/2027
    
1,400,000
      
1,281,836
  
2.55%, 12/01/2033
    
875,000
      
689,518
  
3.50%, 09/15/2053
    
2,368,000
      
1,628,996
  
3.55%, 09/15/2055
    
1,196,000
      
814,214
  
3.80%, 12/01/2057
    
727,000
      
512,214
  
British Telecommunications PLC, 9.63%, 12/15/2030
    
855,000
      
1,046,327
  
Deutsche Telekom International Finance, 8.75%, 06/15/2030
    
345,000
      
406,867
  
France Telecom SA, 5.38%, 01/13/2042
    
575,000
      
565,915
  
Rogers Communications, Inc., 5.00%, 03/15/2044
    
989,000
      
895,008
  
Telefonica Emisiones SA, 7.05%, 06/20/2036
    
475,000
      
524,165
  
T-Mobile USA, Inc.
  
3.88%, 04/15/2030
    
1,600,000
      
1,485,425
  
2.25%, 11/15/2031
    
600,000
      
486,804
  
3.40%, 10/15/2052
    
1,100,000
      
763,301
  
5.65%, 01/15/2053
    
500,000
      
497,321
  
Verizon Communications, Inc.
  
3.00%, 03/22/2027
    
1,000,000
      
941,346
  
3.15%, 03/22/2030
    
550,000
      
491,870
  
2.55%, 03/21/2031
    
336,000
      
283,278
  
4.86%, 08/21/2046
    
1,500,000
      
1,379,104
  
3.55%, 03/22/2051
    
2,000,000
      
1,452,332
  
2.99%, 10/30/2056
    
600,000
      
373,351
  
Vodafone Group PLC, 4.38%, 05/30/2028
    
400,000
      
393,095
  
             
16,912,287
  
                 
Transportation - 2.1%
  
Canadian Pacific Railway Co., 2.90%, 02/01/2025
    
700,000
      
683,411
  
CSX Corp., 6.22%, 04/30/2040
    
1,390,000
      
1,507,444
  
FedEx Corp., 3.25%, 05/15/2041
    
1,000,000
      
740,781
  
Kirby Corp., 4.20%, 03/01/2028
    
450,000
      
430,333
  
Norfolk Southern Corp.
  
2.30%, 05/15/2031
    
250,000
      
208,708
  
2.90%, 08/25/2051
    
1,000,000
      
643,033
  
             
4,213,710
  
                 
Trucking & Leasing - 0.5%
  
GATX Corp., 1.90%, 06/01/2031
    
1,300,000
      
1,021,062
  
                 
Water - 0.3%
  
American Water Capital Corp., 2.80%, 05/01/2030
    
650,000
      
570,449
  
TOTAL CORPORATE BONDS (Cost $205,698,428)
      
180,658,565
  
                 
SOVEREIGN BONDS - 5.3%
                
Columbia Government International Bond, 3.88%, 04/25/2027
    
600,000
      
566,102
  
Indonesia Government International Bond
  3.85%, 10/15/2030
    
500,000
      
465,792
  
  4.70%, 02/10/2034
    
500,000
      
486,726
  
Mexico Government International Bond
  4.50%, 04/22/2029
    
1,300,000
      
1,252,351
  
  4.75%, 03/08/2044
    
2,490,000
      
2,057,306
  
Panama Government International Bond
  2.25%, 09/29/2032
    
1,700,000
      
1,196,075
  
  6.70%, 01/26/2036
    
750,000
      
710,185
  
Peruvian Government International Bond
  3.00%, 01/15/2034
    
400,000
      
326,056
  
  6.55%, 03/14/2037
    
1,050,000
      
1,132,769
  
Philippine Government International Bond, 5.00%, 01/13/2037
    
1,625,000
      
1,596,556
  
Uruguay Government International Bond, 4.38%, 01/23/2031
    
800,000
      
780,334
  
TOTAL SOVEREIGN BONDS (Cost $12,700,895)
            
10,570,252
  
                 
U.S. TREASURY OBLIGATIONS - 1.3%
                
U.S. Treasury Note/Bond, 4.50%, 11/15/2033
    
2,500,000
      
2,545,899
  
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,570,998)
      
2,545,899
  
                 
SHORT-TERM INVESTMENTS - 1.1%
                
Money Market Funds - 1.1%
  
Shares
          
Fidelity Government Portfolio - Institutional Class, 5.20% (c)
    
2,137,675
      
2,137,675
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,137,675)
      
2,137,675
  
                 
TOTAL INVESTMENTS - 98.7% (Cost $223,107,996)
    

195,912,391
  
Other Assets in Excess of Liabilities - 1.3%
      
2,491,257
  
TOTAL NET ASSETS - 100.0%
          
$
198,403,648
  
Percentages are stated as a percent of net assets.
          

CMT - Constant Maturity Treasury Rate
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 February 29, 2024.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $2,377,830 or 1.2% of the Fund’s net assets.
(c)
The rate shown represents the 7-day annualized yield as of February 29, 2024.
PIA BBB Bond Fund
Summary of Fair Value Disclosure at February 29, 2024 (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 February 29, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income Securities
                        
  Corporate Bonds
  
$
–
    
$
180,658,565
    
$
–
    
$
180,658,565
  
  Sovereign Bonds
    
–
      
10,570,252
      
–
      
10,570,252
  
  U.S. Treasury Obligations
    
–
      
2,545,899
      
–
      
2,545,899
  
Total Fixed Income Securities
    
–
      
193,774,716
      
–
      
193,774,716
  
Money Market Funds
    
2,137,675
      
–
      
–
      
2,137,675
  
Total Investments
  
$
2,137,675
    
$
193,774,716
    
$
–
    
$
195,912,391
  
                                 
   
Refer to the Schedule of Investments for industry classifications.