NPORT-EX 2 bbb_bond4.htm
PIA BBB BOND FUND
        
Schedule of Investments - February 28, 2021 (Unaudited)
        
                 
Principal
                
Amount/Shares
            
Value
  
    ASSET-BACKED SECURITIES     0.2
%      
    United Airlines 2020-1, Pass Through Trust, Class B              
$
 500,000
    4.875%, due 7/15/27           $  517,085  
    Total Asset-Backed Securities (cost $500,000)            517,085  
                   
   
CORPORATE BONDS
    
90.9
%
      
   
Aerospace & Defense
    
2.8
%
      
   
Boeing Co.
              

2,450,000
  
5.15%, due 5/1/30
          

2,842,731
  
 
1,400,000
  
5.705%, due 5/1/40
            
1,743,480
  
     
Northrop Grumman Corp.
                
 
1,000,000
  
4.40%, due 5/1/30
            
1,176,607
  
     
Raytheon Technologies Corp.
                
 
1,000,000
  
3.50%, due 3/15/27
            
1,109,725
  
 
1,000,000
  
4.35%, due 4/15/47
            
1,198,670
  
                   
8,071,213
  
     
Agricultural Chemicals
    
0.5
%
        
     
Mosaic Co.
                
 
785,000
  
3.75%, due 11/15/21
            
796,867
  
     
Nutrien Ltd.
                
 
700,000
  
2.95%, due 5/13/30
            
743,407
  
                   
1,540,274
  
     
Agriculture
    
0.2
%
        
     
Bunge Limited Finance Corp.
                
 
600,000
  
3.75%, due 9/25/27
            
669,612
  
     
Airlines
    
0.9
%
        
     
Delta Air Lines, Inc.
                
 
2,000,000
  
2.90%, due 10/28/24
            
1,995,589
  
     
Southwest Airlines Co.
                
 
500,000
  
5.125%, due 6/15/27
            
584,300
  
                   
2,579,889
  
     
Auto Parts
    
0.2
%
        
     
AutoZone, Inc.
                
 
600,000
  
3.125%, due 7/15/23
            
633,956
  
     
Autos
    
0.5
%
        
     
Ford Motor Co.
                
 
675,000
  
7.45%, due 7/16/31
            
876,234
  
     
Ford Motor Credit Co. LLC
                
 
500,000
  
3.815%, due 11/2/27
            
517,188
  
                   
1,393,422
  
     
Banks
    
4.0
%
        
     
Barclays Bank PLC
                
 
1,000,000
  
4.836%, due 5/9/28
            
1,135,105
  
     
Citigroup, Inc.
                
 
1,700,000
  
4.45%, due 9/29/27
            
1,955,359
  
 
540,000
  
5.30%, due 5/6/44
            
706,714
  
     
Cooperatieve Rabobank UA
                
 
1,000,000
  
3.75%, due 7/21/26
            
1,109,501
  
     
Credit Suisse Group AG
                
 
1,050,000
  
4.55%, due 4/17/26
            
1,207,881
  
     
Fifth Third Bancorp
                
 
225,000
  
8.25%, due 3/1/38
            
370,382
  
     
Lloyds Banking Group plc
                
 
800,000
  
4.65%, due 3/24/26
            
908,622
  
     
Natwest Group PLC
                
 
1,700,000
  
4.269% (3 Month LIBOR USD + 1.762%), due 3/22/25 (h)
            
1,863,097
  
     
Zions Bancorp NA
                
 
2,000,000
  
3.25%, due 10/29/29
            
2,068,797
  
                   
11,325,458
  
     
Beverages
    
0.6
%
        
     
Constellation Brands, Inc.
                
 
700,000
  
2.875%, due 5/1/30
            
733,076
  
     
Keurig Dr Pepper, Inc.
                
 
1,000,000
  
3.20%, due 5/1/30
            
1,077,584
  
                   
1,810,660
  
     
Biotechnology
    
1.9
%
        
     
Amgen, Inc.
                
 
1,000,000
  
2.20%, due 2/21/27
            
1,041,082
  
 
1,006,000
  
4.663%, due 6/15/51
            
1,254,310
  
     
Biogen, Inc.
                
 
700,000
  
2.25%, due 5/1/30
            
697,197
  
     
Gilead Sciences, Inc.
                
 
2,200,000
  
1.65%, due 10/1/30
            
2,105,638
  
 
500,000
  
2.60%, due 10/1/40
            
470,889
  
                   
5,569,116
  
     
Broker
    
1.3
%
        
     
Goldman Sachs Group, Inc.
                
 
950,000
  
6.75%, due 10/1/37
            
1,377,081
  
     
Merrill Lynch & Co., Inc.
                
 
1,050,000
  
6.11%, due 1/29/37
            
1,443,180
  
     
Morgan Stanley
                
 
900,000
  
4.875%, due 11/1/22
            
965,059
  
                   
3,785,320
  
     
Brokerage Assetmanagers Exchanges
    
0.4
%
        
     
Brightsphere Investment Group, Inc.
                
 
1,000,000
  
4.80%, due 7/27/26
            
1,091,446
  
     
Building Materials
    
0.4
%
        
     
Carrier Global Corp.
                
 
240,000
  
2.70%, due 2/15/31
            
246,306
  
     
Masco Corp.
                
 
1,000,000
  
2.00%, due 10/1/30
            
975,753
  
                   
1,222,059
  
     
Cable & Satellite
    
1.0
%
        
     
Charter Communications Operating LLC / Charter Communications Operating Capital
                
 
1,000,000
  
2.80%, due 4/1/31
            
1,009,611
  
 
1,000,000
  
2.30%, due 2/1/32
            
952,857
  
 
1,000,000
  
3.90%, due 6/1/52
            
968,328
  
                   
2,930,796
  
     
Cellular Telecom
    
2.1
%
        
     
T-Mobile USA, Inc.
                
 
1,600,000
  
3.875%, due 4/15/30 (c)
            
1,758,960
  
 
2,600,000
  
2.25%, due 11/15/31 (c)
            
2,501,915
  
     
Vodafone Group Plc
                
 
1,400,000
  
4.375%, due 5/30/28
            
1,633,637
  
                   
5,894,512
  
     
Chemicals
    
0.4
%
        
     
Dow Chemical Co.
                
 
865,000
  
7.375%, due 11/1/29
            
1,203,962
  
     
Chemicals-Diversified
    
0.4
%
        
     
DuPont de Nemours, Inc.
                
 
1,000,000
  
4.725%, due 11/15/28
            
1,184,904
  
     
Commercial Finance
    
0.2
%
        
     
Air Lease Corp.
                
 
450,000
  
2.875%, due 1/15/26
            
467,329
  
     
Commercial Services
    
1.1
%
        
     
Global Payments, Inc.
                
 
500,000
  
1.20%, due 3/1/26
            
495,102
  
     
PayPal Holdings, Inc.
                
 
1,100,000
  
2.30%, due 6/1/30
            
1,123,067
  
     
Quanta Services, Inc.
                
 
1,500,000
  
2.90%, due 10/1/30
            
1,551,328
  
                   
3,169,497
  
     
Communications
    
0.2
%
        
     
Telefonica Emisiones SAU
                
 
475,000
  
7.045%, due 6/20/36
            
678,311
  
     
Communications Equipment
    
0.3
%
        
     
Harris Corp.
                
 
500,000
  
6.15%, due 12/15/40
            
726,216
  
     
Computers
    
0.4
%
        
     
Dell International LLC / EMC Corp.
                
 
500,000
  
6.20%, due 7/15/30 (c)
            
632,792
  
     
HP, Inc.
                
 
500,000
  
3.40%, due 6/17/30
            
536,953
  
                   
1,169,745
  
     
Construction Materials Manufacturing
    
0.2
%
        
     
Vulcan Materials Co.
                
 
620,000
  
3.90%, due 4/1/27
            
708,445
  
     
Consumer Finance
    
0.2
%
        
     
Synchrony Financial
                
 
500,000
  
4.50%, due 7/23/25
            
557,430
  
     
Consumer Products
    
0.2
%
        
     
Church & Dwight Co., Inc.
                
 
500,000
  
3.15%, due 8/1/27
            
547,718
  
     
Diversified Banks
    
0.4
%
        
     
Deutsche Bank AG
                
 
1,000,000
  
4.10%, due 1/13/26
            
1,092,456
  
     
Diversified Financial Services
    
3.2
%
        
     
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
                
 
1,000,000
  
4.50%, due 9/15/23
            
1,079,795
  
     
Blackstone Secured Lending Fund
                
 
1,000,000
  
3.625%, due 1/15/26 (c)
            
1,034,144
  
     
Capital One Financial Corp.
                
 
1,400,000
  
3.65%, due 5/11/27
            
1,554,853
  
     
GE Capital Funding LLC
                
 
500,000
  
4.05%, due 5/15/27 (c)
            
562,571
  
 
2,600,000
  
4.40%, due 5/15/30 (c)
            
2,970,841
  
     
GE Capital International Funding Co. Unlimited Co.
                
 
800,000
  
4.418%, due 11/15/35
            
907,732
  
     
Intercontinental Exchange, Inc.
                
 
1,000,000
  
1.85%, due 9/15/32
            
946,231
  
                   
9,056,167
  
     
Diversified Manufacturing Operations
    
0.2
%
        
     
Parker-Hannifin Corp.
                
 
550,000
  
3.25%, due 6/14/29
            
598,997
  
     
Electric - Integrated
    
3.4
%
        
     
DTE Energy Co.
                
 
600,000
  
1.05%, due 6/1/25
            
596,815
  
     
Duke Energy Corp.
                
 
950,000
  
2.45%, due 6/1/30
            
963,063
  
     
Exelon Generation Co LLC
                
 
2,000,000
  
3.25%, due 6/1/25
            
2,143,068
  
     
FirstEnergy Corp.
                
 
700,000
  
2.25%, due 9/1/30
            
658,624
  
     
NextEra Energy Capital Holdings, Inc.
                
 
500,000
  
2.75%, due 5/1/25
            
532,726
  
 
400,000
  
2.25%, due 6/1/30
            
402,190
  
     
Pacific Gas and Electric Co.
                
 
5,000,000
  
3.50%, due 8/1/50
            
4,499,912
  
                   
9,796,398
  
     
Electric Utilities
    
0.6
%
        
     
Dominion Resources, Inc.
                
 
500,000
  
2.00%, due 8/15/21
            
502,800
  
 
470,000
  
4.90%, due 8/1/41
            
583,855
  
     
NiSource Finance Corp.
                
 
400,000
  
5.25%, due 2/15/43
            
502,200
  
                   
1,588,855
  
     
Electrical Equipment Manufacturing
    
0.3
%
        
     
Fortive Corp.
                
 
750,000
  
3.15%, due 6/15/26
            
818,222
  
     
Electronic Components and Semiconductors
    
1.0
%
        
     
Broadcom, Inc.
                
 
1,500,000
  
4.70%, due 4/15/25
            
1,690,373
  
 
1,071,000
  
4.15%, due 11/15/30
            
1,178,888
  
                   
2,869,261
  
     
Electronics
    
0.2
%
        
     
Roper Technologies, Inc.
                
 
650,000
  
1.40%, due 9/15/27
            
641,239
  
     
Environmental Control
    
1.0
%
        
     
Republic Services, Inc.
                
 
3,000,000
  
0.875%, due 11/15/25
            
2,958,695
  
     
Exploration & Production
    
0.2
%
        
     
Apache Corp.
                
 
600,000
  
4.75%, due 4/15/43
            
587,406
  
     
Finance
    
0.3
%
        
     
Block Financial Corp.
                
 
900,000
  
5.50%, due 11/1/22
            
950,701
  
     
Finance Companies
    
0.4
%
        
     
FS KKR Capital Corp.
                
 
1,000,000
  
4.625%, due 7/15/24
            
1,071,083
  
     
Financial Services
    
0.5
%
        
     
Legg Mason, Inc.
                
 
500,000
  
5.625%, due 1/15/44
            
680,296
  
     
Leucadia National Corp.
                
 
700,000
  
5.50%, due 10/18/23
            
762,615
  
                   
1,442,911
  
     
 Food
    
0.6
%
        
     
ConAgra Brands, Inc.
                
 
1,300,000
  
7.00%, due 10/1/28
            
1,700,478
  
     
Food - Confectionery
    
0.7
%
        
     
Mondelez International, Inc.
                
 
2,000,000
  
1.50%, due 2/4/31
            
1,871,822
  
     
Food - Meat products
    
0.3
%
        
     
Tyson Foods, Inc.
                
 
600,000
  
4.35%, due 3/1/29
            
696,363
  
     
Food - Retail
    
0.4
%
        
     
Kroger Co.
                
 
1,000,000
  
2.20%, due 5/1/30
            
1,006,226
  
     
Food and Beverage
    
2.1
%
        
     
Anheuser-Busch InBev Worldwide, Inc.
                
 
1,500,000
  
4.00%, due 4/13/28
            
1,699,183
  
 
1,600,000
  
4.35%, due 6/1/40
            
1,853,321
  
 
2,100,000
  
4.50%, due 6/1/50
            
2,399,106
  
                   
5,951,610
  
     
Food Wholesale/Distribution
    
0.3
%
        
     
Sysco Corp.
                
 
700,000
  
5.95%, due 4/1/30
            
895,268
  
     
Gaming
    
0.2
%
        
     
Las Vegas Sands Corp.
                
 
500,000
  
3.90%, due 8/8/29
            
528,812
  
     
General Industrial Machinery
    
0.4
%
        
     
IDEX Corp.
                
 
1,000,000
  
3.00%, due 5/1/30
            
1,057,524
  
     
Hand & Machine Tools
    
0.1
%
        
     
Kennametal, Inc.
                
 
330,000
  
2.80%, due 3/1/31
            
329,801
  
     
Hardware
    
0.4
%
        
     
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
                
 
900,000
  
6.02%, due 6/15/26 (c)
            
1,076,698
  
     
Health and Personal Care Stores
    
2.1
%
        
     
CVS Health Corp.
                
 
1,000,000
  
2.625%, due 8/15/24
            
1,062,602
  
 
620,000
  
3.875%, due 7/20/25
            
688,700
  
 
2,150,000
  
3.75%, due 4/1/30
            
2,401,740
  
 
500,000
  
5.125%, due 7/20/45
            
627,559
  
 
1,000,000
  
5.05%, due 3/25/48
            
1,253,730
  
                   
6,034,331
  
     
Health Care Facilities and Services
    
0.3
%
        
     
Laboratory Corporation of America Holdings
                
 
640,000
  
3.25%, due 9/1/24
            
692,505
  
     
Healthcare
    
0.1
%
        
     
DH Europe Finance II
                
 
350,000
  
2.60%, due 11/15/29
            
364,090
  
     
Healthcare - Products
    
1.1
%
        
     
Boston Scientific Corp.
                
 
560,000
  
2.65%, due 6/1/30
            
577,263
  
     
Danaher Corp.
                
 
1,000,000
  
2.60%, due 10/1/50
            
911,691
  
     
Santander Holdings USA, Inc.
                
 
700,000
  
3.45%, due 6/2/25
            
751,550
  
     
Thermo Fisher Scientific, Inc.
                
 
600,000
  
4.497%, due 3/25/30
            
711,210
  
                   
2,951,714
  
     
Healthcare - Services
    
0.8
%
        
     
CommonSpirit Health
                
 
600,000
  
2.782%, due 10/1/30
            
622,665
  
     
HCA, Inc.
                
 
1,000,000
  
4.125%, due 6/15/29
            
1,126,589
  
     
Humana, Inc.
                
 
500,000
  
4.875%, due 4/1/30
            
601,343
  
                   
2,350,597
  
     
Healthcare REITs
    
0.6
%
        
     
Sabra Health Care LP
                
 
1,000,000
  
3.90%, due 10/15/29
            
1,038,984
  
     
Welltower, Inc.
                
 
700,000
  
2.75%, due 1/15/31
            
716,851
  
                   
1,755,835
  
     
Information Technology
    
0.3
%
        
     
Ingram Micro, Inc.
                
 
775,000
  
5.00%, due 8/10/22
            
803,377
  
     
Insurance
    
2.0
%
        
     
American International Group, Inc.
                
 
1,050,000
  
4.875%, due 6/1/22
            
1,108,217
  
 
115,000
  
3.40%, due 6/30/30
            
125,785
  
 
100,000
  
6.25%, due 3/15/87 (f)
            
111,247
  
     
Anthem, Inc.
                
 
1,000,000
  
2.375%, due 1/15/25
            
1,051,675
  
 
600,000
  
4.65%, due 8/15/44
            
733,159
  
     
Aon Corp.
                
 
600,000
  
2.80%, due 5/15/30
            
631,432
  
     
AXA SA
                
 
500,000
  
8.60%, due 12/15/30
            
777,157
  
     
Lincoln National Corp.
                
 
120,000
  
3.80%, due 3/1/28
            
135,726
  
     
Markel Corp.
                
 
20,000
  
4.90%, due 7/1/22
            
21,166
  
     
Metlife, Inc.
                
 
855,000
  
6.40%, due 12/15/66 (g)
            
1,081,680
  
                   
5,777,244
  
     
Integrated Oils
    
0.3
%
        
     
Ecopetrol S.A.
                
 
900,000
  
4.125%, due 1/16/25
            
964,584
  
     
Life Insurance
    
0.4
%
        
     
AXA Equitable Holdings, Inc.
                
 
1,000,000
  
5.00%, due 4/20/48
            
1,246,063
  
     
Machinery
    
0.3
%
        
     
Flowserve Corp.
                
 
900,000
  
3.50%, due 9/15/22
            
931,140
  
     
Media
    
1.9
%
        
     
Discovery Communications LLC
                
 
1,000,000
  
3.625%, due 5/15/30
            
1,095,363
  
     
Fox Corp.
                
 
975,000
  
4.709%, due 1/25/29
            
1,140,150
  
     
Omnicom Group, Inc.
                
 
400,000
  
3.625%, due 5/1/22
            
414,673
  
     
Time Warner Entertainment Company, L.P.
                
 
810,000
  
8.375%, due 7/15/33
            
1,203,455
  
     
Viacom Inc.
                
 
700,000
  
3.875%, due 4/1/24
            
759,013
  
 
610,000
  
4.375%, due 3/15/43
            
683,806
  
                   
5,296,460
  
     
Medical Equipment and Supplies Manufacturing
    
0.8
%
        
     
Becton Dickinson and Co.
                
 
626,000
  
4.685%, due 12/15/44
            
771,149
  
     
Smith & Nephew PLC
                
 
1,400,000
  
2.032%, due 10/14/30
            
1,360,092
  
                   
2,131,241
  
     
Medical Products
    
0.4
%
        
     
Stryker Corp.
                
 
700,000
  
1.95%, due 6/15/30
            
689,246
  
     
Zimmer Biomet Holdings, Inc.
                
 
500,000
  
3.05%, due 1/15/26
            
540,858
  
                   
1,230,104
  
     
Metals
    
0.4
%
        
     
Southern Copper Corp.
                
 
750,000
  
6.75%, due 4/16/40
            
1,061,198
  
     
Metals and Mining
    
0.6
%
        
     
Newmont Corp.
                
 
66,000
  
3.70%, due 3/15/23
            
69,473
  
 
800,000
  
4.875%, due 3/15/42
            
1,016,723
  
     
Reliance Steel & Aluminum Co.
                
 
500,000
  
4.50%, due 4/15/23
            
536,822
  
                   
1,623,018
  
     
Nondepository Credit Intermediation
    
1.9
%
        
     
General Motors Co.
                
 
400,000
  
5.20%, due 4/1/45
            
473,084
  
     
General Motors Financial Co., Inc.
                
 
600,000
  
4.00%, due 1/15/25
            
654,634
  
 
1,300,000
  
3.60%, due 6/21/30
            
1,399,218
  
 
3,000,000
  
2.35%, due 1/8/31
            
2,905,373
  
                   
5,432,309
  
     
Office Property REITs
    
0.5
%
        
     
Alexandria Real Estate Equities, Inc.
                
 
650,000
  
1.875%, due 2/1/33
            
609,228
  
     
Boston Properties LP
                
 
675,000
  
3.25%, due 1/30/31
            
710,690
  
                   
1,319,918
  
     
Oil and Gas
    
3.4
%
        
     
Chevron USA, Inc.
                
 
533,000
  
3.90%, due 11/15/24
            
590,654
  
     
Enterprise Products Operating LLC
                
 
1,200,000
  
2.80%, due 1/31/30
            
1,255,174
  
 
850,000
  
4.85%, due 8/15/42
            
1,001,803
  
     
Hess Corp.
                
 
800,000
  
5.60%, due 2/15/41
            
952,849
  
     
Kinder Morgan Energy Partners
                
 
1,270,000
  
5.80%, due 3/15/35
            
1,599,303
  
     
Kinder Morgan, Inc.
                
 
600,000
  
2.00%, due 2/15/31
            
570,723
  
 
700,000
  
5.55%, due 6/1/45
            
853,018
  
     
Pemex Master Trust
                
 
1,150,000
  
6.625%, due 6/15/35
            
1,093,716
  
     
Pioneer Natural Resources Co.
                
 
1,000,000
  
2.15%, due 1/15/31
            
968,714
  
     
Valero Energy Corp.
                
 
655,000
  
6.625%, due 6/15/37
            
859,126
  
                   
9,745,080
  
     
Oil and Gas Extraction
    
0.3
%
        
     
Canadian Natural Resources Ltd.
                
 
700,000
  
4.95%, due 6/1/47
            
843,168
  
     
Oil and Gas Services and Equipment
    
0.4
%
        
     
Halliburton Co.
                
 
62,000
  
3.80%, due 11/15/25
            
68,942
  
 
1,000,000
  
2.92%, due 3/1/30
            
1,022,448
  
                   
1,091,390
  
     
Oil Refining & Marketing
    
0.3
%
        
     
Phillips 66
                
 
950,000
  
1.30%, due 2/15/26
            
949,839
  
     
Packaging & Containers
    
0.6
%
        
     
Berry Global, Inc.
                
 
1,000,000
  
1.57%, due 1/15/26 (c)
            
1,001,930
  
     
WRKCo, Inc.
                
 
500,000
  
3.90%, due 6/1/28
            
563,772
  
                   
1,565,702
  
     
Paper
    
0.7
%
        
     
International Paper Co.
                
 
700,000
  
6.00%, due 11/15/41
            
977,079
  
     
Weyerhaeuser  Co.
                
 
800,000
  
7.375%, due 3/15/32
            
1,154,413
  
                   
2,131,492
  
     
Pharmaceuticals
    
5.0
%
        
     
AbbVie, Inc.
                
 
850,000
  
3.45%, due 3/15/22
            
872,259
  
 
1,700,000
  
3.20%, due 11/21/29
            
1,830,209
  
 
2,200,000
  
4.55%, due 3/15/35
            
2,635,466
  
 
800,000
  
4.40%, due 11/6/42
            
946,099
  
 
268,000
  
4.75%, due 3/15/45
            
324,838
  
     
AstraZeneca Plc
                
 
1,200,000
  
1.375%, due 8/6/30
            
1,123,846
  
     
Cardinal Health, Inc.
                
 
125,000
  
3.41%, due 6/15/27
            
137,209
  
     
Cigna Corp.
                
 
500,000
  
4.50%, due 2/25/26
            
573,326
  
 
1,600,000
  
2.40%, due 3/15/30
            
1,617,492
  
 
600,000
  
3.40%, due 3/15/50
            
605,694
  
     
Mylan N.V.
                
 
1,000,000
  
3.15%, due 6/15/21
            
1,005,958
  
     
Shire Acquisitions Investments Ireland DAC
                
 
1,500,000
  
2.875%, due 9/23/23
            
1,583,821
  
     
Viatris, Inc.
                
 
600,000
  
2.70%, due 6/22/30 (c)
            
605,352
  
     
Zoetis, Inc.
                
 
600,000
  
2.00%, due 5/15/30
            
589,421
  
                   
14,450,990
  
     
Pipeline Transportation of Crude Oil
    
0.4
%
        
     
Magellan Midstream Partners LP
                
 
500,000
  
3.20%, due 3/15/25
            
529,270
  
     
Sunoco Logistics Partners
                
 
500,000
  
4.25%, due 4/1/24
            
541,175
  
                   
1,070,445
  
     
Pipeline Transportation of Natural Gas
    
0.9
%
        
     
Williams Companies, Inc.
                
 
1,000,000
  
2.60%, due 3/15/31
            
996,545
  
     
Williams Partners L.P.
                
 
800,000
  
3.90%, due 1/15/25
            
871,226
  
 
500,000
  
5.10%, due 9/15/45
            
588,110
  
                   
2,455,881
  
     
Pipelines
    
3.0
%
        
     
El Paso Electric Co.
                
 
850,000
  
6.00%, due 5/15/35
            
1,146,176
  
     
Enbridge, Inc.
                
 
1,000,000
  
3.125%, due 11/15/29
            
1,063,495
  
     
Energy Transfer Partners L.P.
                
 
700,000
  
5.20%, due 2/1/22
            
720,179
  
 
1,000,000
  
7.60%, due 2/1/24
            
1,144,407
  
     
MPLX LP
                
 
1,315,000
  
4.25%, due 12/1/27
            
1,495,668
  
     
Oneok Partners L.P.
                
 
1,200,000
  
3.375%, due 10/1/22
            
1,242,462
  
     
Plains All American Pipeline LP / PAA Finance Corp.
                
 
546,000
  
3.80%, due 9/15/30
            
565,616
  
     
TransCanada PipeLines Ltd.
                
 
1,100,000
  
4.10%, due 4/15/30
            
1,250,472
  
                   
8,628,475
  
     
Property & Casualty Insurance
    
1.5
%
        
     
Fidelity National Financial, Inc.
                
 
2,000,000
  
2.45%, due 3/15/31
            
1,987,309
  
     
Hanover Insurance Group, Inc.
                
 
1,400,000
  
4.50%, due 4/15/26
            
1,608,643
  
     
Mercury General Corp.
                
 
500,000
  
4.40%, due 3/15/27
            
560,605
  
                   
4,156,557
  
     
Railroad
    
1.2
%
        
     
Canadian Pacific Railway Co.
                
 
700,000
  
2.90%, due 2/1/25
            
747,196
  
     
Norfolk Southern Corp.
                
 
700,000
  
3.85%, due 1/15/24
            
755,126
  
     
Union Pacific Corp.
                
 
1,000,000
  
2.40%, due 2/5/30
            
1,030,579
  
 
800,000
  
3.25%, due 2/5/50
            
816,457
  
                   
3,349,358
  
     
Real Estate
    
1.9
%
        
     
American Homes 4 Rent LP
                
 
1,000,000
  
4.25%, due 2/15/28
            
1,119,767
  
     
Columbia Property Trust Operating Partnership, L.P.
                
 
1,000,000
  
3.65%, due 8/15/26
            
1,043,834
  
     
Crown Castle International Corp.
                
 
500,000
  
3.65%, due 9/1/27
            
554,365
  
 
600,000
  
2.25%, due 1/15/31
            
585,558
  
     
Essex Portfolio, L.P.
                
 
1,000,000
  
3.375%, due 4/15/26
            
1,098,459
  
     
STORE Capital Corp.
                
 
810,000
  
4.50%, due 3/15/28
            
905,297
  
                   
5,307,280
  
     
Real Estate Investment Trusts
    
0.2
%
        
     
Ventas Realty LP
                
 
500,000
  
3.75%, due 5/1/24
            
542,242
  
     
Refining & Marketing
    
0.2
%
        
     
Marathon Petroleum Corp.
                
 
500,000
  
3.625%, due 9/15/24
            
543,770
  
     
REITs-Diversified
    
0.2
%
        
     
Equinix, Inc.
                
 
500,000
  
1.55%, due 3/15/28
            
489,158
  
     
REITS - Warehouse/Industrial
     0.3
%
        
      Duke Realty L.P.                
  1,000,000
     1.75%, due 2/1/31             965,306
 
     
Residential Building
    
0.7
%
        
     
DR Horton, Inc.
                
 
2,000,000
  
2.60%, due 10/15/25
            
2,116,176
  
     
Restaurants
    
1.0
%
        
     
McDonald's Corp.
                
 
1,100,000
  
3.50%, due 7/1/27
            
1,226,200
  
 
550,000
  
4.875%, due 12/9/45
            
688,247
  
     
Starbucks Corp.
                
 
1,000,000
  
2.55%, due 11/15/30
            
1,030,238
  
                   
2,944,685
  
     
Retail
    
1.5
%
        
     
AutoNation, Inc.
                
 
200,000
  
3.50%, due 11/15/24
            
216,341
  
     
Lowe's Cos, Inc.
                
 
1,000,000
  
4.50%, due 4/15/30
            
1,184,422
  
 
500,000
  
1.70%, due 10/15/30
            
478,484
  
     
Macy's Retail Holdings, Inc.
                
 
800,000
  
2.875%, due 2/15/23
            
796,176
  
     
Tractor Supply Co.
                
 
500,000
  
1.75%, due 11/1/30
            
477,069
  
     
Walgreens Boots Alliance
                
 
1,000,000
  
4.80%, due 11/18/44
            
1,124,301
  
                   
4,276,793
  
     
Retail - Auto Parts
    
0.2
%
        
     
Genuine Parts Co.
                
 
500,000
  
1.875%, due 11/1/30
            
472,665
  
     
Retail REITs
    
0.4
%
        
     
VEREIT Operating Partnership LP
                
 
1,000,000
  
3.10%, due 12/15/29
            
1,043,802
  
     
Software
    
0.7
%
        
     
Fiserv, Inc.
                
 
700,000
  
3.50%, due 10/1/22
            
728,820
  
 
600,000
  
3.85%, due 6/1/25
            
661,409
  
     
VMware, Inc.
                
 
550,000
  
4.65%, due 5/15/27
            
628,001
  
                   
2,018,230
  
     
Software & Services
    
0.5
%
        
     
Equifax, Inc.
                
 
200,000
  
2.30%, due 6/1/21
            
200,658
  
 
500,000
  
3.10%, due 5/15/30
            
531,763
  
     
Hewlett Packard Enterprise Co.
                
 
700,000
  
4.90%, due 10/15/25 (b)
            
805,498
  
                   
1,537,919
  
     
Telecommunications
    
2.5
%
        
     
British Telecommunications PLC
                
 
855,000
  
9.625%, due 12/15/30 (d)
            
1,349,786
  
     
Deutsche Telekom International Finance
                
 
345,000
  
8.75%, due 6/15/30 (e)
            
522,334
  
     
France Telecom SA
                
 
575,000
  
5.375%, due 1/13/42
            
765,545
  
     
Grupo Televisa SAB
                
 
400,000
  
6.625%, due 3/18/25
            
478,178
  
     
Juniper Networks, Inc.
                
 
3,000,000
  
2.00%, due 12/10/30
            
2,819,075
  
     
Telefonica Emisiones SA
                
 
989,000
  
5.00%, due 3/15/44
            
1,254,040
  
                   
7,188,958
  
     
Tobacco
    
1.4
%
        
     
Altria Group, Inc.
                
 
148,000
  
4.80%, due 2/14/29
            
172,889
  
 
1,600,000
  
3.40%, due 5/6/30
            
1,709,076
  
     
BAT Capital Corp.
                
 
1,000,000
  
2.259%, due 3/25/28
            
994,822
  
 
600,000
  
4.54%, due 8/15/47
            
609,908
  
     
Reynolds American, Inc.
                
 
600,000
  
4.45%, due 6/12/25
            
668,681
  
                   
4,155,376
  
     
Transportation
    
1.1
%
        
     
CSX Corp.
                
 
1,390,000
  
6.22%, due 4/30/40
            
1,992,297
  
     
FedEx Corp.
                
 
1,000,000
  
4.25%, due 5/15/30
            
1,159,767
  
                   
3,152,064
  
     
Transportation and Logistics
    
0.2
%
        
     
Kirby Corp.
                
 
450,000
  
4.20%, due 3/1/28
            
488,570
  
     
Travel & Lodging
    
0.2
%
        
     
Marriott International, Inc.
                
 
600,000
  
3.75%, due 3/15/25
            
641,509
  
     
Trucking & Leasing
    
0.4
%
        
     
GATX Corp.
                
 
1,300,000
  
1.90%, due 6/1/31
            
1,235,861
  
     
Utilities
    
0.6
%
        
     
PSEG Power LLC
                
 
500,000
  
4.30%, due 11/15/23
            
543,009
  
     
Southern Co.
                
 
1,000,000
  
3.25%, due 7/1/26
            
1,086,414
  
                   
1,629,423
  
     
Utilities - Gas
    
0.2
%
        
     
National Fuel Gas Co.
                
 
680,000
  
4.90%, due 12/1/21
            
695,467
  
     
Waste and Environment Services and Equipment
    
0.6
%
        
     
Waste Management, Inc.
                
 
700,000
  
3.125%, due 3/1/25
            
755,146
  
 
1,000,000
  
1.50%, due 3/15/31
            
940,433
  
                   
1,695,579
  
     
Water
    
0.2
%
        
     
American Water Capital Corp.
                
 
650,000
  
2.80%, due 5/1/30
            
688,213
  
     
Wireless
    
0.5
%
        
     
American Tower Corp.
                
 
500,000
  
2.75%, due 1/15/27
            
525,825
  
 
1,000,000
  
1.875%, due 10/15/30
            
953,934
  
                   
1,479,759
  
     
Wirelines
    
5.1
%
        
     
AT&T, Inc.
                
 
500,000
  
4.05%, due 12/15/23 (b)
            
549,408
  
 
1,400,000
  
2.30%, due 6/1/27
            
1,445,776
  
 
875,000
  
2.55%, due 12/1/33 (c)
            
839,420
  
 
1,700,000
  
3.10%, due 2/1/43
            
1,589,003
  
 
2,368,000
  
3.50%, due 9/15/53 (c)
            
2,148,268
  
 
1,196,000
  
3.55%, due 9/15/55 (c)
            
1,087,559
  
 
727,000
  
3.80%, due 12/1/57 (c)
            
686,976
  
     
Verizon Communications, Inc.
                
 
1,000,000
  
3.00%, due 3/22/27
            
1,082,031
  
 
2,550,000
  
3.15%, due 3/22/30
            
2,724,905
  
 
1,500,000
  
4.862%, due 8/21/46
            
1,842,839
  
 
600,000
  
2.987%, due 10/30/56 (c)
            
534,667
  
                   
14,530,852
  
     
Total Corporate Bonds (cost $249,029,507)
            
259,762,045
  
                       
     
SOVEREIGN BONDS
    
5.4
%
        
     
Republic of Colombia
                
 
600,000
  
3.875%, due 4/25/27
            
649,242
  
 
600,000
  
3.125%, due 4/15/31
            
598,050
  
 
890,000
  
7.375%, due 9/18/37
            
1,185,925
  
     
Republic of Indonesia
                
 
500,000
  
3.85%, due 10/15/30
            
552,858
  
     
Republic of Italy
                
 
1,050,000
  
6.875%, due 9/27/23
            
1,211,899
  
     
Republic of Panama
                
 
1,700,000
  
2.252%, due 9/29/32
            
1,627,750
  
 
750,000
  
6.70%, due 1/26/36
            
1,011,041
  
     
Republic of Peru
                
 
1,050,000
  
6.55%, due 3/14/37
            
1,453,520
  
     
Republic of Philippines
                
 
1,625,000
  
5.00%, due 1/13/37
            
2,015,474
  
     
Republic of Uruguay
                
 
139,828
  
8.00%, due 11/18/22
            
152,063
  
 
800,000
  
4.375%, due 1/23/31
            
925,260
  
     
United Mexican States
                
 
1,300,000
  
4.50%, due 4/22/29
            
1,459,751
  
 
2,490,000
  
4.75%, due 3/8/44
            
2,643,894
  
     
Total Sovereign Bonds (cost $15,039,818)
            
15,486,727
  
                       
     
U.S. GOVERNMENT AGENCIES & INSTRUMENTALITIES
    
2.0
%
        
     
U.S. Treasury Bonds
                
 
5,020,000
  
1.25%, due 5/15/50
            
3,986,586
  
     
U.S. Treasury Notes
                
 
1,900,000
  
0.625%, due 5/15/30
            
1,770,600
  
     
Total U.S. Government Agencies & Instrumentalities (cost $6,467,320)
            
5,757,186
  
                       
     
MONEY MARKET FUND
    
1.0
%
        
 
2,914,922
  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (a)
            
2,914,922
  
     
Total Money Market Fund (cost $2,914,922)
            
2,914,922
  
                       
     
Total Investments (cost $273,951,567)
    
99.5
%
    
284,437,965
  
     
Other Assets less Liabilities
    
0.5
%
    
1,524,329
  
     
TOTAL NET ASSETS
    
100.0
%
  
$
285,962,294
  
                       
(a)
  
Rate shown is the 7-day annualized yield as of February 28, 2021.
                
(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 February 28, 2021, 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 February 28, 2021, the value of these investments was $17,442,093 or 6.10% 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 February 28, 2021, 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 February 28, 2021, 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.
                
(h)
  
Variable or floating rate security based on a reference index and spread. The rate reported
                
     
is the rate in effect as of February 28, 2021.
                
     
Basis point = 1/100th of a percent.
                
     
LIBOR = London Interbank Offered Rate
                
Country Allocation
    
Country
    
% of Net Assets
United States
    
84.5%
United Kingdom
    
3.3%
Canada
    
2.1%
Mexico
    
2.0%
Ireland
    
1.3%
Colombia
    
1.2%
Panama
    
0.9%
Netherlands
    
0.9%
Philippines
    
0.7%
France
    
0.5%
Peru
    
0.5%
Italy
    
0.4%
Guernsey
    
0.4%
Germany
    
0.4%
Uruguay
    
0.4%
Spain
    
0.2%
Indonesia
    
0.2%
Luxembourg
    
0.1%
     
100.0%
PIA BBB Bond Fund
                
Summary of Fair Value Disclosure at February 28, 2021 (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 February 28, 2021:
        

PIA BBB Bond Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Fixed Income
                        
Asset-Backed Securities
  
$
-
    
$
517,085
    
$
-
    
$
517,085
  
Corporate Bonds
    
-
      
259,762,045
      
-
      
259,762,045
  
Sovereign Bonds
    
-
      
15,486,727
      
-
      
15,486,727
  
U.S. Government Agencies and Instrumentalities
    
-
      
5,757,186
      
-
      
5,757,186
  
Total Fixed Income
    
-
      
281,523,043
      
-
      
281,523,043
  
Money Market Fund
    
2,914,922
      
-
      
-
      
2,914,922
  
Total Investments
  
$
2,914,922
    
$
281,523,043
    
$
-
    
$
284,437,965
  
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of securities.