NPORT-EX 2 mbs3.htm NPORT-EX

PIA MBS Bond Fund
        
Schedule of Investments
        
as of February 29, 2024 (Unaudited)
        
         
         
ASSET-BACKED SECURITIES - 2.0%
  
Principal Amount
    
Value
  
Other Asset-Backed Securities 2.0%
            
CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 07/15/2060 (a)
  
$
1,349,178
    
$
1,255,439
  
SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/2028 (a)
    
500,000
      
499,205
  
TOTAL ASSET-BACKED SECURITIES (Cost $1,848,933)
            
1,754,644
  
                 
MORTGAGE-BACKED SECURITIES - 92.1%
                
Commercial Mortgage-Backed Securities 2.1%
                
BX Trust, Series 2021-RISE, Class B, 6.68% (1 mo. Term SOFR + 1.36%), 11/15/2036 (a)(b)
    
403,495
      
399,648
  
Cold Storage Trust, Series 2020-ICE5, Class A, 6.34% (1 mo. Term SOFR + 1.01%), 11/15/2037 (a)(b)
    
1,474,486
      
1,470,591
  
             
1,870,239
  
U.S. Government Securities 90.0%
                
FHLMC
          
Pool G18622, 2.50%, 12/01/2031
    
219,132
      
204,449
  
Pool G04832, 5.00%, 10/01/2038
    
53,636
      
53,300
  
Pool G08741, 3.00%, 01/01/2047
    
291,156
      
254,774
  
Pool ZT1710, 4.00%, 02/01/2049
    
62,904
      
58,770
  
Pool RA5559, 2.50%, 07/01/2051
    
1,918,891
      
1,578,064
  
Pool SD8172, 2.00%, 10/01/2051
    
1,914,281
      
1,508,011
  
Pool QD0505, 2.50%, 11/01/2051
    
1,496,709
      
1,230,846
  
Pool QD2700, 2.50%, 12/01/2051
    
1,330,527
      
1,096,741
  
Pool QD3120, 3.00%, 12/01/2051
    
1,415,293
      
1,212,942
  
Pool QD7338, 2.00%, 02/01/2052
    
1,365,732
      
1,076,671
  
Pool SD8193, 2.00%, 02/01/2052
    
1,785,334
      
1,404,263
  
Pool QD7063, 2.50%, 02/01/2052
    
771,402
      
635,996
  
Pool RA6528, 2.50%, 02/01/2052
    
1,932,130
      
1,591,316
  
Pool SD8194, 2.50%, 02/01/2052
    
1,328,470
      
1,094,513
  
Pool SD8199, 2.00%, 03/01/2052
    
1,360,459
      
1,072,253
  
Pool SD8204, 2.00%, 04/01/2052
    
1,829,269
      
1,440,843
  
Pool SD8214, 3.50%, 05/01/2052
    
1,807,760
      
1,609,642
  
Pool SD8275, 4.50%, 12/01/2052
    
1,407,299
      
1,331,620
  
Pool QF6264, 2.50%, 01/01/2053
    
297,748
      
244,903
  
Pool SD8312, 2.50%, 01/01/2053
    
1,131,988
      
931,409
  
Pool SD8336, 3.50%, 04/01/2053
    
1,959,149
      
1,743,961
  
Pool SD8341, 5.00%, 07/01/2053
    
1,975,267
      
1,915,971
  
Pool SD3275, 5.50%, 07/01/2053
    
1,938,880
      
1,925,434
  
Pool SD8383, 5.50%, 12/01/2053
    
1,979,189
      
1,957,826
  
FNMA
          
Pool AH8174, 4.00%, 05/01/2026
    
24,328
      
23,929
  
Pool BC9305, 2.50%, 10/01/2031
    
314,024
      
293,256
  
Pool BD9466, 2.50%, 11/01/2031
    
197,786
      
184,989
  
Pool BK5720, 3.50%, 05/01/2033
    
75,352
      
72,205
  
Pool MA3364, 3.50%, 05/01/2033
    
66,844
      
64,135
  
Pool AU3363, 3.00%, 08/01/2043
    
406,858
      
361,566
  
Pool AS3392, 4.00%, 09/01/2044
    
135,119
      
127,247
  
Pool AZ0504, 3.00%, 06/01/2045
    
517,565
      
457,005
  
Pool MA2670, 3.00%, 07/01/2046
    
349,558
      
304,147
  
Pool BM4135, 4.50%, 05/01/2048
    
355,189
      
342,122
  
Pool MA3415, 4.00%, 07/01/2048
    
133,632
      
125,347
  
Pool BK5416, 4.00%, 08/01/2048
    
112,368
      
104,983
  
Pool FM7827, 3.00%, 12/01/2050
    
1,102,015
      
955,232
  
Pool CB0381, 2.00%, 05/01/2051
    
1,932,403
      
1,520,230
  
Pool FM8407, 3.00%, 08/01/2051
    
1,235,173
      
1,069,759
  
Pool FM9646, 2.00%, 11/01/2051
    
1,207,960
      
950,283
  
Pool BU7884, 2.50%, 01/01/2052
    
1,639,591
      
1,351,272
  
Pool MA4547, 2.00%, 02/01/2052
    
1,802,611
      
1,419,211
  
Pool MA4548, 2.50%, 02/01/2052
    
1,763,027
      
1,451,186
  
Pool MA4563, 2.50%, 03/01/2052
    
1,703,725
      
1,404,254
  
Pool MA4577, 2.00%, 04/01/2052
    
1,580,485
      
1,244,355
  
Pool MA4578, 2.50%, 04/01/2052
    
1,810,876
      
1,491,698
  
Pool MA4579, 3.00%, 04/01/2052
    
1,798,004
      
1,541,436
  
Pool BV5577, 2.50%, 05/01/2052
    
1,955,111
      
1,609,853
  
Pool FS5387, 2.50%, 05/01/2052
    
2,000,000
      
1,644,969
  
Pool BV2451, 3.00%, 06/01/2052
    
1,996,241
      
1,710,203
  
Pool MA4654, 3.50%, 07/01/2052
    
1,522,925
      
1,356,159
  
Pool MA4732, 4.00%, 09/01/2052
    
1,412,034
      
1,300,218
  
Pool MA4783, 4.00%, 10/01/2052
    
1,401,031
      
1,290,020
  
Pool BW9886, 4.50%, 10/01/2052
    
1,918,535
      
1,815,367
  
Pool BW1298, 5.50%, 11/01/2052
    
1,799,054
      
1,784,994
  
Pool MA4867, 4.50%, 01/01/2053
    
1,945,692
      
1,841,059
  
Pool MA4940, 5.00%, 03/01/2053
    
1,920,575
      
1,863,891
  
Pool MA5037, 4.50%, 06/01/2053
    
1,930,528
      
1,826,453
  
FNMA TBA
          
3.50%, 03/15/2041 (c)
    
1,500,000
      
1,334,051
  
3.00%, 03/15/2043 (c)
    
2,500,000
      
2,139,042
  
GNMA
          
Pool 726311, 5.00%, 09/15/2039
    
125,054
      
123,707
  
Pool AM8608, 4.00%, 06/15/2045
    
101,127
      
95,662
  
Pool AR3772, 4.00%, 02/15/2046
    
81,987
      
77,084
  
Pool AQ0545, 4.00%, 10/15/2046
    
60,896
      
57,401
  
Pool AQ0562, 4.00%, 12/15/2046
    
64,530
      
60,867
  
Pool AW1730, 3.00%, 05/15/2047
    
772,547
      
679,992
  
Pool AZ5554, 3.00%, 08/15/2047
    
328,448
      
289,969
  
Pool MA6089, 3.00%, 08/20/2049
    
147,770
      
130,907
  
Pool MA6153, 3.00%, 09/20/2049
    
385,271
      
341,225
  
Pool MA6338, 3.00%, 12/20/2049
    
404,956
      
358,534
  
Pool MA7826, 2.00%, 01/20/2052
    
1,730,322
      
1,409,803
  
Pool MA7827, 2.50%, 01/20/2052
    
1,712,561
      
1,451,583
  
Pool MA7880, 2.00%, 02/20/2052
    
1,890,163
      
1,540,129
  
Pool MA7936, 2.50%, 03/20/2052
    
1,303,029
      
1,104,455
  
Pool MA7987, 2.50%, 04/20/2052
    
1,880,578
      
1,593,987
  
Pool MA8099, 3.50%, 06/20/2052
    
1,801,947
      
1,630,561
  
Pool MA8147, 2.50%, 07/20/2052
    
1,865,084
      
1,580,051
  
Pool MA8267, 4.00%, 09/20/2052
    
1,902,147
      
1,773,036
  
TOTAL MORTGAGE-BACKED SECURITIES (Cost $89,011,537)
             81,719,836
  
                 
SHORT-TERM INVESTMENTS - 9.1%
                
Money Market Funds - 1.5%
  
Shares
          
Fidelity Government Portfolio - Institutional Class, 5.20% (d)
    
1,297,884
      
1,297,884
  
                 
U.S. Treasury Bills - 7.6%
  
Principal Amount
          
5.29%, 05/16/2024 (e)
  
$
6,800,000
      
6,724,899
  
TOTAL SHORT-TERM INVESTMENTS (Cost $8,022,876)
             8,022,783
  
                 
TOTAL INVESTMENTS - 103.2% (Cost $98,883,346)
          
91,497,263  
Liabilities in Excess of Other Assets - (3.2)%
             (2,867,561 )
TOTAL NET ASSETS - 100.0%
          
$
88,629,702
  
                 
Percentages are stated as a percent of net assets.
          
FHLMC – Federal Home Loan Mortgage Corporation
          
FNMA – Federal National Mortgage Association
          
GNMA – Government National Mortgage Association
          

SOFR – Secured Overnight Financing Rate
TBA – To be Announced

(a)
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 $3,624,883 or 4.1% of the Fund’s net assets.
(b)
Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of February 29, 2024.
(c)
Security purchased on a when-issued basis. As of February 29, 2024 the total cost of investments purchased on a when-issued basis was $3,473,093 or 3.9% of total net assets.
(d)
The rate shown represents the 7-day annualized yield as of February 29, 2024.
(e)
The rate shown is the discount rate at February 29, 2024.
PIA MBS 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
                        
Asset-Backed Securities
   $ –
    $ 1,754,644
    $ –
    $ 1,754,644
 
Mortgage-Backed Securities
  

–
    

81,719,836
    

–
    

81,719,836
  
Total Fixed Income Securities
    
–
      
83,474,480
      
–
      
83,474,480
  
Money Market Funds
    
1,297,884
      
–
      
–
      
1,297,884
  
U.S. Treasury Bills
    
–
      
6,724,899
      
–
      
6,724,899
  
Total Investments
  
$
1,297,884
    
$
90,199,379
    
$
–
    
$
91,497,263