NPORT-EX 2 bbbbondfund2.htm NPORT-EX
PIA BBB BOND FUND
        
Schedule of Investments - August 31, 2020 (Unaudited)
        
                 
Principal
                
Amount/Shares
            
Value
  
   
CORPORATE BONDS
    
84.5
%
      
   
Aerospace & Defense
    
1.9
%
      
   
Boeing Co.
              
$
1,400,000
  
5.15%, due 5/1/30
          
$
1,571,918
  
 
1,400,000
  
5.705%, due 5/1/40
            
1,630,839
  
     
Northrop Grumman Corp.
                
 
500,000
  
4.40%, due 5/1/30
            
619,663
  
                   
3,822,420
  
     
Agricultural Chemicals
    
0.4
%
        
     
Mosaic Co.
                
 
785,000
  
3.75%, due 11/15/21
            
806,025
  
     
Agriculture
    
0.3
%
        
     
Bunge Limited Finance Corp.
                
 
600,000
  
3.75%, due 9/25/27
            
652,925
  
     
Airlines
    
0.9
%
        
     
Delta Air Lines, Inc.
                
 
2,000,000
  
2.90%, due 10/28/24
            
1,837,661
  
     
Auto Parts
    
0.3
%
        
     
AutoZone, Inc.
                
 
600,000
  
3.125%, due 7/15/23
            
641,592
  
     
Autos
    
1.1
%
        
     
Ford Motor Co.
                
 
675,000
  
7.45%, due 7/16/31
            
787,846
  
     
Ford Motor Credit Co. LLC
                
 
600,000
  
5.875%, due 8/2/21
            
613,614
  
 
500,000
  
3.815%, due 11/2/27
            
490,000
  
     
General Motors Co.
                
 
400,000
  
5.20%, due 4/1/45
            
433,956
  
                   
2,325,416
  
     
Banks
    
4.3
%
        
     
Barclays Bank PLC
                
 
700,000
  
5.14%, due 10/14/20
            
703,217
  
 
1,000,000
  
4.836%, due 5/9/28
            
1,116,759
  
     
Citigroup, Inc.
                
 
1,100,000
  
4.45%, due 9/29/27
            
1,279,577
  
 
540,000
  
5.30%, due 5/6/44
            
728,232
  
     
Discover Bank
                
 
700,000
  
3.20%, due 8/9/21
            
716,609
  
     
Fifth Third Bancorp
                
 
225,000
  
8.25%, due 3/1/38
            
374,625
  
     
KeyCorp
                
 
900,000
  
5.10%, due 3/24/21
            
924,347
  
     
Lloyds Banking Group plc
                
 
800,000
  
4.65%, due 3/24/26
            
909,641
  
     
Zions Bancorp NA
                
 
2,000,000
  
3.25%, due 10/29/29
            
1,996,418
  
                   
8,749,425
  
     
Biotechnology
    
1.2
%
        
     
Amgen, Inc.
                
 
1,000,000
  
2.20%, due 2/21/27
            
1,063,019
  
 
1,006,000
  
4.663%, due 6/15/51
            
1,332,647
  
                   
2,395,666
  
     
Broker
    
1.9
%
        
     
Goldman Sachs Group, Inc.
                
 
950,000
  
6.75%, due 10/1/37
            
1,387,806
  
     
Merrill Lynch & Co., Inc.
                
 
1,050,000
  
6.11%, due 1/29/37
            
1,506,528
  
     
Morgan Stanley
                
 
900,000
  
4.875%, due 11/1/22
            
980,952
  
                   
3,875,286
  
     
Brokerage Asset Managers Exchanges
    
0.5
%
        
     
Brightsphere Investment Group, Inc.
                
 
1,000,000
  
4.80%, due 7/27/26
            
1,047,933
  
     
Cable & Satellite
    
0.5
%
        
     
Charter Communications Operating LLC / Charter Communications Operating Capital
                
 
1,000,000
  
2.80%, due 4/1/31
            
1,055,431
  
     
Cellular Telecom
    
1.7
%
        
     
T-Mobile USA, Inc.
                
 
1,600,000
  
3.875%, due 4/15/30 (c)
            
1,835,968
  
     
Vodafone Group Plc
                
 
1,400,000
  
4.375%, due 5/30/28
            
1,677,907
  
                   
3,513,875
  
     
Chemicals
    
0.6
%
        
     
Dow Chemical Co.
                
 
865,000
  
7.375%, due 11/1/29
            
1,231,741
  
     
Commercial Finance
    
0.3
%
        
     
Air Lease Corp.
                
 
700,000
  
3.875%, due 4/1/21
            
707,455
  
     
Communications
    
0.3
%
        
     
Telefonica Emisiones SAU
                
 
475,000
  
7.045%, due 6/20/36
            
692,724
  
     
Communications Equipment
    
0.4
%
        
     
Harris Corp.
                
 
500,000
  
6.15%, due 12/15/40
            
734,711
  
     
Construction Materials Manufacturing
    
0.4
%
        
     
Vulcan Materials Co.
                
 
620,000
  
3.90%, due 4/1/27
            
698,601
  
     
Consumer Finance
    
0.3
%
        
     
Synchrony Financial
                
 
500,000
  
4.50%, due 7/23/25
            
544,453
  
     
Consumer Products
    
0.3
%
        
     
Church & Dwight Co., Inc.
                
 
500,000
  
3.15%, due 8/1/27
            
555,537
  
     
Diversified Banks
    
0.5
%
        
     
Deutsche Bank AG
                
 
1,000,000
  
4.10%, due 1/13/26
            
1,066,952
  
     
Diversified Financial Services
    
1.3
%
        
     
GE Capital Funding LLC
                
 
500,000
  
4.05%, due 5/15/27 (c)
            
530,708
  
 
2,000,000
  
4.40%, due 5/15/30 (c)
            
2,114,395
  
                   
2,645,103
  
     
Electric - Integrated
    
4.2
%
        
     
Duke Energy Corp.
                
 
950,000
  
2.45%, due 6/1/30
            
1,005,528
  
     
Exelon Generation Co LLC
                
 
2,000,000
  
3.25%, due 6/1/25
            
2,210,990
  
     
NextEra Energy Capital Holdings, Inc.
                
 
500,000
  
2.75%, due 5/1/25
            
543,783
  
     
Pacific Gas and Electric Co.
                
 
5,000,000
  
3.50%, due 8/1/50
            
4,679,038
  
                   
8,439,339
  
     
Electric Utilities
    
0.8
%
        
     
Dominion Resources, Inc.
                
 
500,000
  
2.00%, due 8/15/21
            
506,920
  
 
470,000
  
4.90%, due 8/1/41
            
611,737
  
     
NiSource Finance Corp.
                
 
400,000
  
5.25%, due 2/15/43
            
536,408
  
                   
1,655,065
  
     
Electrical Equipment Manufacturing
    
0.4
%
        
     
Fortive Corp.
                
 
750,000
  
3.15%, due 6/15/26
            
830,464
  
     
Electronic Components and Semiconductors
    
1.3
%
        
     
Broadcom, Inc.
                
 
1,500,000
  
4.70%, due 4/15/25
            
1,715,632
  
 
800,000
  
4.15%, due 11/15/30
            
903,723
  
                   
2,619,355
  
     
Exploration & Production
    
0.6
%
        
     
Apache Corp.
                
 
600,000
  
4.75%, due 4/15/43
            
565,500
  
     
Noble Energy, Inc.
                
 
533,000
  
3.90%, due 11/15/24
            
592,046
  
                   
1,157,546
  
     
Finance
    
0.5
%
        
     
Block Financial Corp.
                
 
900,000
  
5.50%, due 11/1/22
            
964,984
  
     
Finance Companies
    
0.5
%
        
     
FS KKR Capital Corp.
                
 
1,000,000
  
4.625%, due 7/15/24
            
1,007,177
  
     
Financial Services
    
1.1
%
        
     
GE Capital International Funding Co. Unlimited Co.
                
 
800,000
  
4.418%, due 11/15/35
            
827,386
  
     
Legg Mason, Inc.
                
 
500,000
  
5.625%, due 1/15/44
            
682,194
  
     
Leucadia National Corp.
                
 
700,000
  
5.50%, due 10/18/23
            
772,512
  
                   
2,282,092
  
     
 Food
    
0.9
%
        
     
ConAgra Brands, Inc.
                
 
1,300,000
  
7.00%, due 10/1/28
            
1,777,930
  
     
Food and Beverage
    
2.7
%
        
     
Anheuser-Busch InBev Worldwide, Inc.
                
 
1,500,000
  
4.00%, due 4/13/28
            
1,739,837
  
 
1,000,000
  
4.35%, due 6/1/40
            
1,166,140
  
 
2,100,000
  
4.50%, due 6/1/50
            
2,547,270
  
                   
5,453,247
  
     
Gaming
    
0.3
%
        
     
Las Vegas Sands Corp.
                
 
500,000
  
3.90%, due 8/8/29
            
506,693
  
     
General Industrial Machinery
    
0.5
%
        
     
IDEX Corp.
                
 
1,000,000
  
3.00%, due 5/1/30
            
1,094,089
  
     
Hardware
    
0.5
%
        
     
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
                
 
900,000
  
6.02%, due 6/15/26 (c)
            
1,063,062
  
     
Health and Personal Care Stores
    
2.0
%
        
     
CVS Health Corp.
                
 
620,000
  
3.875%, due 7/20/25
            
702,896
  
 
1,100,000
  
3.75%, due 4/1/30
            
1,273,562
  
 
500,000
  
5.125%, due 7/20/45
            
648,408
  
 
1,000,000
  
5.05%, due 3/25/48
            
1,306,135
  
                   
3,931,001
  
     
Health Care Facilities and Services
    
0.3
%
        
     
Laboratory Corporation of America Holdings
                
 
640,000
  
3.25%, due 9/1/24
            
701,441
  
     
Healthcare
    
0.2
%
        
     
DH Europe Finance II
                
 
350,000
  
2.60%, due 11/15/29
            
381,991
  
     
Healthcare REITs
    
0.5
%
        
     
Sabra Health Care LP
                
 
1,000,000
  
3.90%, due 10/15/29
            
974,052
  
     
Information Technology
    
0.4
%
        
     
Ingram Micro, Inc.
                
 
775,000
  
5.00%, due 8/10/22
            
786,950
  
     
Insurance
    
2.9
%
        
     
American International Group, Inc.
                
 
1,050,000
  
4.875%, due 6/1/22
            
1,130,264
  
 
100,000
  
6.25%, due 3/15/87 (f)
            
111,145
  
     
Anthem, Inc.
                
 
1,000,000
  
2.375%, due 1/15/25
            
1,067,857
  
 
600,000
  
4.65%, due 8/15/44
            
768,385
  
     
AXA SA
                
 
500,000
  
8.60%, due 12/15/30
            
758,075
  
     
Lincoln National Corp.
                
 
120,000
  
3.80%, due 3/1/28
            
136,314
  
     
Markel Corp.
                
 
20,000
  
4.90%, due 7/1/22
            
21,469
  
     
Metlife, Inc.
                
 
855,000
  
6.40%, due 12/15/66 (g)
            
1,080,111
  
     
Unum Group
                
 
700,000
  
5.625%, due 9/15/20
            
701,221
  
                   
5,774,841
  
     
Integrated Oils
    
0.5
%
        
     
Ecopetrol S.A.
                
 
900,000
  
4.125%, due 1/16/25
            
946,800
  
     
Life Insurance
    
0.6
%
        
     
AXA Equitable Holdings, Inc.
                
 
1,000,000
  
5.00%, due 4/20/48
            
1,187,798
  
     
Machinery
    
0.5
%
        
     
Flowserve Corp.
                
 
900,000
  
3.50%, due 9/15/22
            
935,218
  
     
Media
    
1.5
%
        
     
Omnicom Group, Inc.
                
 
400,000
  
3.625%, due 5/1/22
            
420,361
  
     
Time Warner Entertainment Company, L.P.
                
 
810,000
  
8.375%, due 7/15/33
            
1,262,140
  
     
Viacom Inc.
                
 
700,000
  
3.875%, due 4/1/24
            
764,701
  
 
610,000
  
4.375%, due 3/15/43
            
651,311
  
                   
3,098,513
  
     
Medical Equipment and Supplies Manufacturing
    
0.4
%
        
     
Becton Dickinson and Co.
                
 
626,000
  
4.685%, due 12/15/44
            
794,146
  
     
Medical Products
    
0.3
%
        
     
Zimmer Biomet Holdings, Inc.
                
 
500,000
  
3.05%, due 1/15/26
            
551,530
  
     
Metals
    
0.5
%
        
     
Southern Copper Corp.
                
 
750,000
  
6.75%, due 4/16/40
            
1,085,349
  
     
Metals and Mining
    
0.9
%
        
     
Newmont Corp.
                
 
66,000
  
3.70%, due 3/15/23
            
69,578
  
 
800,000
  
4.875%, due 3/15/42
            
1,086,129
  
     
Reliance Steel & Aluminum Co.
                
 
500,000
  
4.50%, due 4/15/23
            
539,775
  
                   
1,695,482
  
     
Nondepository Credit Intermediation
    
0.7
%
        
     
General Motors Financial Co., Inc.
                
 
800,000
  
4.20%, due 3/1/21
            
810,834
  
 
600,000
  
4.00%, due 1/15/25
            
646,395
  
                   
1,457,229
  
     
Oil and Gas
    
3.7
%
        
     
Enterprise Products Operating LLC
                
 
1,200,000
  
2.80%, due 1/31/30
            
1,284,507
  
 
850,000
  
4.85%, due 8/15/42
            
990,118
  
     
Hess Corp.
                
 
800,000
  
5.60%, due 2/15/41
            
922,609
  
     
Kinder Morgan Energy Partners
                
 
1,270,000
  
5.80%, due 3/15/35
            
1,577,059
  
 
700,000
  
5.55%, due 6/1/45
            
868,467
  
     
Pemex Master Trust
                
 
1,150,000
  
6.625%, due 6/15/35
            
1,017,750
  
     
Valero Energy Corp.
                
 
655,000
  
6.625%, due 6/15/37
            
888,127
  
                   
7,548,637
  
     
Oil and Gas Extraction
    
0.4
%
        
     
Canadian Natural Resources Ltd.
                
 
700,000
  
4.95%, due 6/1/47
            
817,247
  
     
Oil and Gas Services and Equipment
    
0.1
%
        
     
Halliburton Co.
                
 
62,000
  
3.80%, due 11/15/25
            
68,074
  
     
Paper
    
1.1
%
        
     
International Paper Co.
                
 
700,000
  
6.00%, due 11/15/41
            
947,650
  
     
Weyerhaeuser  Co.
                
 
800,000
  
7.375%, due 3/15/32
            
1,163,626
  
                   
2,111,276
  
     
Pharmaceuticals
    
5.0
%
        
     
AbbVie, Inc.
                
 
500,000
  
2.30%, due 5/14/21
            
506,162
  
 
850,000
  
3.45%, due 3/15/22 (c)
            
884,350
  
 
1,700,000
  
3.20%, due 11/21/29 (c)
            
1,890,181
  
 
800,000
  
4.40%, due 11/6/42
            
968,478
  
 
268,000
  
4.75%, due 3/15/45 (c)
            
332,308
  
     
Bristol-Myers Squibb Co.
                
 
800,000
  
4.625%, due 5/15/44
            
1,085,470
  
     
Cigna Corp.
                
 
1,000,000
  
2.40%, due 3/15/30
            
1,051,984
  
 
600,000
  
3.40%, due 3/15/50
            
647,735
  
     
Mylan N.V.
                
 
1,000,000
  
3.15%, due 6/15/21
            
1,018,662
  
     
Shire Acquisitions Investments Ireland DAC
                
 
1,500,000
  
2.875%, due 9/23/23
            
1,597,501
  
                   
9,982,831
  
     
Pipeline Transportation of Crude Oil
    
0.5
%
        
     
Magellan Midstream Partners LP
                
 
500,000
  
3.20%, due 3/15/25
            
534,158
  
     
Sunoco Logistics Partners
                
 
500,000
  
4.25%, due 4/1/24
            
532,381
  
                   
1,066,539
  
     
Pipeline Transportation of Natural Gas
    
0.7
%
        
     
Williams Partners L.P.
                
 
800,000
  
3.90%, due 1/15/25
            
883,174
  
 
500,000
  
5.10%, due 9/15/45
            
586,514
  
                   
1,469,688
  
     
Pipelines
    
2.1
%
        
     
El Paso Electric Co.
                
 
850,000
  
6.00%, due 5/15/35
            
1,144,987
  
     
Energy Transfer Partners L.P.
                
 
700,000
  
5.20%, due 2/1/22
            
729,660
  
 
1,000,000
  
7.60%, due 2/1/24
            
1,131,084
  
     
Oneok Partners L.P.
                
 
1,200,000
  
3.375%, due 10/1/22
            
1,250,796
  
                   
4,256,527
  
     
Property & Casualty Insurance
    
1.1
%
        
     
Hanover Insurance Group, Inc.
                
 
1,400,000
  
4.50%, due 4/15/26
            
1,575,643
  
     
Mercury General Corp.
                
 
500,000
  
4.40%, due 3/15/27
            
545,078
  
                   
2,120,721
  
     
Railroad
    
1.7
%
        
     
Canadian Pacific Railway Co.
                
 
700,000
  
2.90%, due 2/1/25
            
762,450
  
     
Norfolk Southern Corp.
                
 
700,000
  
3.85%, due 1/15/24
            
770,795
  
     
Union Pacific Corp.
                
 
1,000,000
  
2.40%, due 2/5/30
            
1,084,140
  
 
800,000
  
3.25%, due 2/5/50
            
889,703
  
                   
3,507,088
  
     
Real Estate
    
2.3
%
        
     
American Homes 4 Rent LP
                
 
1,000,000
  
4.25%, due 2/15/28
            
1,140,940
  
     
Columbia Property Trust Operating Partnership, L.P.
                
 
1,000,000
  
3.65%, due 8/15/26
            
1,045,817
  
     
Crown Castle International Corp.
                
 
500,000
  
3.65%, due 9/1/27
            
567,383
  
     
Essex Portfolio, L.P.
                
 
1,000,000
  
3.375%, due 4/15/26
            
1,119,380
  
     
STORE Capital Corp.
                
 
810,000
  
4.50%, due 3/15/28
            
857,710
  
                   
4,731,230
  
     
Real Estate Investment Trusts
    
0.3
%
        
     
Ventas Realty LP
                
 
500,000
  
3.75%, due 5/1/24
            
536,093
  
     
Refining & Marketing
    
0.3
%
        
     
Marathon Petroleum Corp.
                
 
500,000
  
3.625%, due 9/15/24
            
539,773
  
     
Residential Building
    
1.1
%
        
     
DR Horton, Inc.
                
 
2,000,000
  
2.60%, due 10/15/25
            
2,146,714
  
     
Restaurants
    
0.4
%
        
     
McDonald's Corp.
                
 
550,000
  
4.875%, due 12/9/45
            
719,156
  
     
Retail
    
1.6
%
        
     
AutoNation, Inc.
                
 
200,000
  
3.50%, due 11/15/24
            
212,358
  
     
Lowe's Cos, Inc.
                
 
1,000,000
  
4.50%, due 4/15/30
            
1,242,932
  
     
Macy's Retail Holdings, Inc.
                
 
800,000
  
2.875%, due 2/15/23
            
664,520
  
     
Walgreens Boots Alliance
                
 
1,000,000
  
4.80%, due 11/18/44
            
1,104,005
  
                   
3,223,815
  
     
Retail REITs
    
0.5
%
        
     
VEREIT Operating Partnership LP
                
 
1,000,000
  
3.10%, due 12/15/29
            
1,008,257
  
     
Software
    
0.7
%
        
     
Fiserv, Inc.
                
 
700,000
  
3.50%, due 10/1/22
            
737,608
  
 
600,000
  
3.85%, due 6/1/25
            
681,565
  
                   
1,419,173
  
     
Software & Services
    
0.8
%
        
     
Equifax, Inc.
                
 
200,000
  
2.30%, due 6/1/21
            
202,591
  
 
500,000
  
3.10%, due 5/15/30
            
547,230
  
     
Hewlett Packard Enterprise Co.
                
 
700,000
  
4.90%, due 10/15/25 (b)
            
809,751
  
                   
1,559,572
  
     
Telecommunications
    
1.6
%
        
     
British Telecommunications PLC
                
 
855,000
  
9.625%, due 12/15/30 (d)
            
1,394,605
  
     
Deutsche Telekom International Finance
                
 
345,000
  
8.75%, due 6/15/30 (e)
            
543,988
  
     
France Telecom SA
                
 
575,000
  
5.375%, due 1/13/42
            
818,694
  
     
Grupo Televisa SAB
                
 
400,000
  
6.625%, due 3/18/25
            
481,734
  
                   
3,239,021
  
     
Tobacco
    
1.7
%
        
     
Altria Group, Inc.
                
 
800,000
  
4.80%, due 2/14/29
            
957,139
  
 
1,000,000
  
3.40%, due 5/6/30
            
1,104,271
  
     
BAT Capital Corp.
                
 
600,000
  
4.54%, due 8/15/47
            
653,687
  
     
Reynolds American, Inc.
                
 
600,000
  
4.45%, due 6/12/25
            
683,694
  
                   
3,398,791
  
     
Transportation
    
1.6
%
        
     
CSX Corp.
                
 
1,390,000
  
6.22%, due 4/30/40
            
2,058,345
  
     
FedEx Corp.
                
 
1,000,000
  
4.25%, due 5/15/30
            
1,200,811
  
                   
3,259,156
  
     
Transportation and Logistics
    
0.2
%
        
     
Kirby Corp.
                
 
450,000
  
4.20%, due 3/1/28
            
474,837
  
     
Travel & Lodging
    
0.3
%
        
     
Marriott International, Inc.
                
 
600,000
  
3.75%, due 3/15/25
            
622,813
  
     
Utilities
    
0.8
%
        
     
PSEG Power LLC
                
 
500,000
  
4.30%, due 11/15/23
            
550,775
  
     
Southern Co.
                
 
1,000,000
  
3.25%, due 7/1/26
            
1,122,945
  
                   
1,673,720
  
     
Utilities - Gas
    
0.4
%
        
     
National Fuel Gas Co.
                
 
680,000
  
4.90%, due 12/1/21
            
707,379
  
     
Waste and Environment Services and Equipment
    
0.4
%
        
     
Waste Management, Inc.
                
 
700,000
  
3.125%, due 3/1/25
            
769,365
  
     
Wireless
    
0.3
%
        
     
American Tower Corp.
                
 
500,000
  
2.75%, due 1/15/27
            
544,740
  
     
Wirelines
    
6.9
%
        
     
AT&T, Inc.
                
 
500,000
  
4.05%, due 12/15/23 (b)
            
559,851
  
 
1,400,000
  
2.30%, due 6/1/27
            
1,488,341
  
 
745,000
  
4.10%, due 2/15/28
            
870,624
  
 
700,000
  
6.00%, due 8/15/40
            
943,504
  
 
1,700,000
  
3.10%, due 2/1/43
            
1,701,173
  
 
1,400,000
  
4.80%, due 6/15/44
            
1,691,901
  
 
1,000,000
  
4.85%, due 7/15/45
            
1,198,026
  
     
Verizon Communications, Inc.
                
 
1,000,000
  
3.00%, due 3/22/27
            
1,118,857
  
 
2,000,000
  
3.15%, due 3/22/30
            
2,266,989
  
 
1,500,000
  
4.862%, due 8/21/46
            
2,028,584
  
                   
13,867,850
  
     
Total Corporate Bonds (cost $154,788,972)
            
170,144,399
  
                       
     
SOVEREIGN BONDS
    
5.5
%
        
     
Republic of Colombia
                
 
600,000
  
3.875%, due 4/25/27
            
655,542
  
 
890,000
  
7.375%, due 9/18/37
            
1,279,375
  
     
Republic of Italy
                
 
1,050,000
  
6.875%, due 9/27/23
            
1,225,705
  
     
Republic of Panama
                
 
750,000
  
6.70%, due 1/26/36
            
1,107,596
  
     
Republic of Peru
                
 
1,050,000
  
6.55%, due 3/14/37
            
1,636,210
  
     
Republic of Philippines
                
 
1,625,000
  
5.00%, due 1/13/37
            
2,136,192
  
     
Republic of Uruguay
                
 
209,742
  
8.00%, due 11/18/22
            
228,304
  
     
United Mexican States
                
 
2,490,000
  
4.75%, due 3/8/44
            
2,803,230
  
     
Total Sovereign Bonds (cost $9,822,734)
            
11,072,154
  
                       
     
U.S. GOVERNMENT AGENCIES & INSTRUMENTALITIES
    
7.5
%
        
     
U.S. Treasury Bonds
                
 
3,000,000
  
1.25%, due 5/15/50
            
2,850,469
  
     
U.S. Treasury Notes
                
 
300,000
  
1.625%, due 8/15/29
            
326,168
  
 
12,000,000
  
0.625%, due 5/15/30
            
11,935,312
  
                   
12,261,480
  
     
Total U.S. Government Agencies & Instrumentalities (cost $15,258,343)
            
15,111,949
  
                       
     
MONEY MARKET FUND
    
6.4
%
        
 
12,962,899
  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (a)
            
12,962,899
  
     
Total Money Market Fund (cost $12,962,899)
            
12,962,899
  
                       
     
Total Investments (cost $192,832,948)
    
103.9
%
    
209,291,401
  
     
Liabilities less Other Assets
    
(3.9
)%
    
(7,876,119
)
     
TOTAL NET ASSETS
    
100.0
%
  
$
201,415,282
  
                       
(a)
  
Rate shown is the 7-day annualized yield as of August 31, 2020.
                
(b)
  
Step-up bond; pays one interest rate for a certain period and a higher rate thereafter. The interest
  
     
rate shown is the rate in effect as of August 31, 2020, and remains in effect until the bond's maturity date.
  
(c)
  
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, 2020, the value of these investments was $8,650,972 or 4.30% of total net assets.
  
(d)
  
Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter.
  
     
Coupon rate increases by 25 basis points for each rating downgrade of one notch below A-/A3 made by
  
     
Standard & Poor's or Moody's Investors Service, Inc. Coupon rate decreases by 25 basis points for each
  
     
upgrade. The minimum coupon rate is 8.625%.
                
(e)
  
Step-up bond; pays one interest rate for a certain period and can either increase or decrease thereafter.
  
     
Coupon rate increases by 50 basis points if both Standard & Poor's and Moody's ratings are downgraded to
  
     
less than an A rating. If the rating is then raised to higher than BBB, the coupon rate decreases by 50 basis points.
  
(f)
  
Coupon rate shown is the rate in effect as of August 31, 2020, and remains in effect until March 2037,
  
     
after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.056%, if not
  
     
called, until final maturity date.
                
(g)
  
Coupon rate shown is the rate in effect as of August 31, 2020, and remains in effect until December 2031,
  
     
after that date the bond will change to a Floating-Rate equal to the 3 Month LIBOR + 2.205%, if not
  
     
called, until final maturity date.
                
     
Basis point = 1/100th of a percent.
                
     
LIBOR = London Interbank Offered Rate
                
Country Allocation
    
Country
    
% of Net Assets
United States
    
85.9%
United Kingdom
    
2.9%
Mexico
    
2.1%
Colombia
    
1.4%
Ireland
    
1.2%
Philippines
    
1.1%
Peru
    
0.8%
Canada
    
0.8%
France
    
0.8%
Netherlands
    
0.8%
Italy
    
0.6%
Panama
    
0.5%
Germany
    
0.5%
Spain
    
0.3%
Luxembourg
    
0.2%
Uruguay
    
0.1%
     
100.0%
PIA BBB Bond Fund
                
Summary of Fair Value Disclosure at August 31, 2020 (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.
  
                 
The following is a summary of the inputs used to value the Fund's investments as of August 31, 2020:
        
                 

PIA BBB Bond Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Fixed Income
                        
Corporate Bonds
  
$
-
    
$
170,144,399
    
$
-
    
$
170,144,399
  
Sovereign Bonds
    
-
      
11,072,154
      
-
      
11,072,154
  
U.S. Government Agencies and Instrumentalities
    
-
      
15,111,949
      
-
      
15,111,949
  
Total Fixed Income
    
-
      
196,328,502
      
-
      
196,328,502
  
Money Market Fund
    
12,962,899
      
-
      
-
      
12,962,899
  
Total Investments
  
$
12,962,899
    
$
196,328,502
    
$
-
    
$
209,291,401
  
                                 

Refer to the Fund’s schedule of investments for a detailed break-out of securities.