NPORT-EX 2 bbb2.htm NPORT-EX

PIA BBB Bond Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
CORPORATE BONDS - 90.6%
  
Par
    
Value
 
Aerospace/Defense - 3.1%
  
Boeing Co.
  
5.15%, 05/01/2030
  
$
950,000
    
$
974,587
  
5.71%, 05/01/2040
    
1,400,000
      
1,401,998
  
L3Harris Technologies, Inc., 6.15%, 12/15/2040
    
500,000
      
532,614
  
Northrop Grumman Corp.
  
4.40%, 05/01/2030
    
1,000,000
      
1,009,140
  
4.95%, 03/15/2053
    
500,000
      
445,589
  
RTX Corp.
  
3.50%, 03/15/2027
    
1,000,000
      
991,427
  
4.35%, 04/15/2047
    
1,000,000
      
834,443
  
             
6,189,798
  
                 
Agriculture - 2.1%
  
Altria Group, Inc.
  
4.80%, 02/14/2029
    
148,000
      
150,364
  
3.40%, 05/06/2030
    
1,600,000
      
1,533,953
  
BAT Capital Corp.
  
2.26%, 03/25/2028
    
1,000,000
      
952,671
  
4.54%, 08/15/2047
    
400,000
      
324,423
  
5.65%, 03/16/2052
    
800,000
      
743,396
  
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027
    
600,000
      
595,920
  
             
4,300,727
  
                 
Airlines - 0.3%
  
Southwest Airlines Co., 5.13%, 06/15/2027
    
500,000
      
505,799
  
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026
    
140,375
      
140,343
  
             
646,142
  
                 
Auto Manufacturers - 2.9%
  
Ford Motor Credit Co. LLC
  
3.82%, 11/02/2027
    
500,000
      
486,769
  
6.80%, 11/07/2028
    
500,000
      
520,429
  
7.12%, 11/07/2033
    
1,000,000
      
1,045,726
  
6.13%, 03/08/2034
    
500,000
      
491,886
  
General Motors Co., 5.20%, 04/01/2045
    
400,000
      
348,283
  
General Motors Financial Co., Inc.
  
3.60%, 06/21/2030
    
1,300,000
      
1,235,424
  
2.35%, 01/08/2031
    
1,500,000
      
1,321,961
  
5.63%, 04/04/2032
    
500,000
      
511,793
  
             
5,962,271
  
                 
Banks - 7.1%
  
Barclays PLC
  
4.84%, 05/09/2028
    
1,000,000
      
1,004,985
  
5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033
    
1,000,000
      
1,045,823
  
3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042
    
700,000
      
523,212
  
Citigroup, Inc.
  
4.45%, 09/29/2027
    
1,700,000
      
1,704,972
  
5.30%, 05/06/2044
    
540,000
      
512,859
  
Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030
    
500,000
      
519,985
  
Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030
    
500,000
      
518,781
  
Cooperatieve Rabobank UA, 3.75%, 07/21/2026
    
1,000,000
      
993,699
  
Deutsche Bank AG/New York NY, 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031
    
1,000,000
      
1,024,553
  
Fifth Third Bancorp
  
4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028
    
500,000
      
498,636
  
8.25%, 03/01/2038
    
225,000
      
275,699
  
Goldman Sachs Group, Inc., 6.75%, 10/01/2037
    
950,000
      
1,056,545
  
HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034
    
1,100,000
      
1,239,969
  
Lloyds Banking Group PLC, 4.65%, 03/24/2026
    
800,000
      
799,956
  
M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032
    
500,000
      
530,882
  
Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036
    
900,000
      
780,113
  
Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035
    
1,000,000
      
1,063,335
  
Westpac Banking Corp., 3.13%, 11/18/2041
    
300,000
      
221,799
  
             
14,315,803
  
                 
Beverages - 1.0%
  
Constellation Brands, Inc., 2.88%, 05/01/2030
    
700,000
      
654,852
  
Keurig Dr Pepper, Inc.
  
3.20%, 05/01/2030
    
1,000,000
      
942,431
  
4.50%, 04/15/2052
    
500,000
      
393,738
  
             
1,991,021
  
                 
Biotechnology - 2.0%
  
Amgen, Inc.
  
5.25%, 03/02/2033
    
1,000,000
      
1,026,640
  
2.80%, 08/15/2041
    
500,000
      
360,893
  
4.66%, 06/15/2051
    
1,006,000
      
855,543
  
5.65%, 03/02/2053
    
500,000
      
484,382
  
Biogen, Inc., 2.25%, 05/01/2030
    
700,000
      
637,226
  
Gilead Sciences, Inc., 2.60%, 10/01/2040
    
500,000
      
360,380
  
Royalty Pharma PLC, 2.15%, 09/02/2031
    
500,000
      
435,023
  
             
4,160,087
  
                 
Building Materials - 0.7%
  
Amrize Finance US LLC, 5.40%, 04/07/2035 (a)
    
500,000
      
507,611
  
Carrier Global Corp., 2.70%, 02/15/2031
    
240,000
      
220,667
  
Vulcan Materials Co., 3.90%, 04/01/2027
    
620,000
      
618,349
  
             
1,346,627
  
                 
Chemicals - 1.4%
  
Dow Chemical Co.
  
7.38%, 11/01/2029
    
170,000
      
188,594
  
6.90%, 05/15/2053
    
500,000
      
526,118
  
DuPont de Nemours, Inc., 4.73%, 11/15/2028
    
1,000,000
      
1,020,270
  
Nutrien Ltd., 2.95%, 05/13/2030
    
700,000
      
659,056
  
Sherwin-Williams Co., 2.20%, 03/15/2032
    
600,000
      
519,769
  
             
2,913,807
  
                 
Commercial Services - 0.7%
  
Equifax, Inc., 3.10%, 05/15/2030
    
500,000
      
472,546
  
Global Payments, Inc., 1.20%, 03/01/2026
    
500,000
      
491,998
  
Moody's Corp.
  
2.00%, 08/19/2031
    
250,000
      
219,656
  
3.10%, 11/29/2061
    
250,000
      
153,766
  
             
1,337,966
  
                 
Computers - 1.4%
  
Dell International LLC / EMC Corp.
  
6.02%, 06/15/2026
    
642,000
      
647,685
  
6.20%, 07/15/2030
    
500,000
      
537,624
  
3.45%, 12/15/2051
    
181,000
      
123,634
  
Hewlett Packard Enterprise Co., 4.85%, 10/15/2031
    
1,000,000
      
1,008,409
  
HP, Inc., 5.50%, 01/15/2033
    
500,000
      
513,702
  
             
2,831,054
  
                 
Diversified Financial Services - 4.0%
  
Acadian Asset Management, Inc., 4.80%, 07/27/2026
    
1,000,000
      
987,775
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032
    
1,500,000
      
1,373,086
  
Air Lease Corp.
  
2.88%, 01/15/2026
    
450,000
      
447,009
  
5.30%, 02/01/2028
    
1,000,000
      
1,023,925
  
Ally Financial, Inc., 2.20%, 11/02/2028
    
500,000
      
467,210
  
Capital One Financial Corp., 3.65%, 05/11/2027
    
1,400,000
      
1,387,807
  
Jefferies Financial Group, Inc., 6.20%, 04/14/2034
    
500,000
      
527,712
  
Nasdaq, Inc., 5.55%, 02/15/2034
    
500,000
      
521,553
  
Nomura Holdings, Inc., 2.17%, 07/14/2028
    
1,000,000
      
944,785
  
Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029
    
500,000
      
503,529
  
             
8,184,391
  
                 
Electric - 7.4%
  
AEP Texas, Inc., 5.45%, 05/15/2029
    
500,000
      
519,179
  
American Electric Power Co., Inc., 5.95%, 11/01/2032
    
500,000
      
533,932
  
Black Hills Corp., 6.00%, 01/15/2035
    
500,000
      
526,060
  
Constellation Energy Generation LLC, 5.75%, 03/15/2054
    
250,000
      
244,948
  
Dominion Energy, Inc.
  
2.25%, 08/15/2031
    
500,000
      
440,760
  
4.90%, 08/01/2041
    
470,000
      
423,643
  
Duke Energy Corp.
  
2.45%, 06/01/2030
    
950,000
      
873,740
  
3.30%, 06/15/2041
    
1,000,000
      
755,217
  
El Paso Electric Co., 6.00%, 05/15/2035
    
850,000
      
881,623
  
Eversource Energy, 2.55%, 03/15/2031
    
500,000
      
451,315
  
Exelon Corp., 5.45%, 03/15/2034
    
600,000
      
619,024
  
FirstEnergy Corp., 2.25%, 09/01/2030
    
700,000
      
628,718
  
Interstate Power and Light Co., 5.60%, 06/29/2035
    
500,000
      
517,585
  
NextEra Energy Capital Holdings, Inc.
  
4.63%, 07/15/2027
    
500,000
      
504,471
  
2.25%, 06/01/2030
    
400,000
      
364,217
  
5.25%, 03/15/2034
    
600,000
      
610,765
  
Pacific Gas and Electric Co., 3.50%, 08/01/2050
    
5,000,000
      
3,285,969
  
Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052
    
600,000
      
582,853
  
Southern Co., 3.25%, 07/01/2026
    
1,000,000
      
991,096
  
Southwestern Electric Power Co., 3.25%, 11/01/2051
    
400,000
      
258,563
  
System Energy Resources, Inc., 5.30%, 12/15/2034
    
500,000
      
498,464
  
Xcel Energy, Inc., 2.35%, 11/15/2031
    
500,000
      
440,137
  
             
14,952,279
  
                 
Electronics - 0.4%
  
Fortive Corp., 3.15%, 06/15/2026
    
750,000
      
742,923
  
                 
Entertainment - 0.3%
  
Warnermedia Holdings, Inc.
  
4.28%, 03/15/2032
    
581,000
      
501,766
  
5.14%, 03/15/2052
    
210,000
      
130,948
  
             
632,714
  
                 
Food - 3.0%
  
Conagra Brands, Inc., 7.00%, 10/01/2028
    
1,300,000
      
1,389,571
  
General Mills, Inc., 2.25%, 10/14/2031
    
700,000
      
615,610
  
Kraft Heinz Foods Co.
  
5.20%, 03/15/2032
    
500,000
      
510,281
  
4.88%, 10/01/2049
    
600,000
      
502,151
  
Kroger Co.
  
2.20%, 05/01/2030
    
1,000,000
      
915,125
  
5.50%, 09/15/2054
    
500,000
      
468,779
  
Mondelez International, Inc., 1.50%, 02/04/2031
    
500,000
      
432,246
  
Sysco Corp.
  
5.95%, 04/01/2030
    
464,000
      
493,592
  
3.15%, 12/14/2051
    
400,000
      
257,091
  
Tyson Foods, Inc., 4.35%, 03/01/2029
    
600,000
      
600,324
  
             
6,184,770
  
                 
Forest Products & Paper - 0.3%
  
International Paper Co., 6.00%, 11/15/2041
    
700,000
      
713,449
  
                 
Gas - 0.3%
  
NiSource, Inc.
  
5.35%, 04/01/2034
    
250,000
      
255,838
  
5.25%, 02/15/2043
    
400,000
      
376,661
  
             
632,499
  
                 
Hand/Machine Tools - 0.1%
  
Kennametal, Inc., 2.80%, 03/01/2031
    
330,000
      
301,239
  
                 
Healthcare-Products - 1.2%
  
Agilent Technologies, Inc., 2.30%, 03/12/2031
    
215,000
      
192,943
  
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030
    
500,000
      
531,030
  
Solventum Corp., 5.60%, 03/23/2034
    
500,000
      
518,978
  
Stryker Corp., 1.95%, 06/15/2030
    
700,000
      
631,896
  
Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026
    
500,000
      
497,350
  
             
2,372,197
  
                 
Healthcare-Services - 2.8%
  
Cigna Group
  
4.50%, 02/25/2026
    
327,000
      
327,159
  
3.40%, 03/15/2050
    
600,000
      
403,159
  
Elevance Health, Inc.
  
5.50%, 10/15/2032
    
500,000
      
520,355
  
4.65%, 08/15/2044
    
600,000
      
515,449
  
5.13%, 02/15/2053
    
1,000,000
      
885,076
  
HCA, Inc.
  
4.13%, 06/15/2029
    
1,000,000
      
990,394
  
5.60%, 04/01/2034
    
1,000,000
      
1,027,885
  
4.38%, 03/15/2042
    
600,000
      
502,416
  
Humana, Inc., 4.88%, 04/01/2030
    
500,000
      
506,641
  
             
5,678,534
  
                 
Household Products/Wares - 0.2%
  
Church & Dwight Co., Inc., 3.15%, 08/01/2027
    
500,000
      
492,530
  
                 
Insurance - 3.6%
  
American International Group, Inc., 5.45%, 05/07/2035
    
500,000
      
516,032
  
Aon Corp., 2.80%, 05/15/2030
    
600,000
      
562,975
  
CNA Financial Corp., 5.13%, 02/15/2034
    
500,000
      
500,536
  
Corebridge Financial, Inc.
  
3.90%, 04/05/2032
    
500,000
      
473,197
  
6.05%, 09/15/2033
    
500,000
      
530,660
  
Fidelity National Financial, Inc., 2.45%, 03/15/2031
    
2,000,000
      
1,762,954
  
Lincoln National Corp.
  
3.80%, 03/01/2028
    
120,000
      
118,645
  
5.85%, 03/15/2034
    
500,000
      
519,201
  
MetLife, Inc., 6.40%, 12/15/2036
    
855,000
      
896,528
  
Old Republic International Corp., 5.75%, 03/28/2034
    
1,000,000
      
1,028,234
  
Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052
    
500,000
      
491,371
  
             
7,400,333
  
                 
Internet - 0.5%
  
eBay, Inc., 2.60%, 05/10/2031
    
500,000
      
454,643
  
Expedia Group, Inc., 5.40%, 02/15/2035
    
500,000
      
508,313
  
             
962,956
  
                 
Investment Companies - 1.5%
  
Ares Capital Corp., 5.80%, 03/08/2032
    
1,000,000
      
1,016,849
  
Blackstone Private Credit Fund, 5.95%, 07/16/2029
    
500,000
      
516,305
  
Blackstone Secured Lending Fund, 3.63%, 01/15/2026
    
1,000,000
      
995,619
  
Blue Owl Capital Corp., 6.20%, 07/15/2030
    
500,000
      
512,798
  
             
3,041,571
  
                 
Iron/Steel - 0.5%
  
Steel Dynamics, Inc., 5.25%, 05/15/2035
    
500,000
      
506,479
  
Vale Overseas Ltd., 6.13%, 06/12/2033
    
500,000
      
528,416
  
             
1,034,895
  
                 
Lodging - 1.0%
  
Hyatt Hotels Corp., 5.75%, 03/30/2032
    
500,000
      
518,117
  
Marriott International, Inc./MD, 4.90%, 04/15/2029
    
500,000
      
510,118
  
Sands China Ltd., 2.30%, 03/08/2027 (b)
    
1,000,000
      
968,841
  
             
1,997,076
  
                 
Machinery-Diversified - 1.0%
  
CNH Industrial Capital LLC, 5.10%, 04/20/2029
    
500,000
      
513,024
  
IDEX Corp., 3.00%, 05/01/2030
    
1,000,000
      
940,863
  
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034
    
500,000
      
519,453
  
             
1,973,340
  
                 
Media - 2.3%
  
Charter Communications Operating LLC / Charter Communications Operating Capital
  
2.80%, 04/01/2031
    
1,000,000
      
899,850
  
2.30%, 02/01/2032
    
1,000,000
      
847,334
  
3.90%, 06/01/2052
    
1,000,000
      
663,607
  
Discovery Communications LLC, 3.63%, 05/15/2030
    
1,000,000
      
902,770
  
Paramount Global, 4.38%, 03/15/2043
    
610,000
      
464,030
  
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033
    
810,000
      
944,847
  
             
4,722,438
  
                 
Mining - 0.4%
  
Southern Copper Corp., 6.75%, 04/16/2040
    
750,000
      
828,133
  
                 
Miscellaneous Manufacturing - 0.3%
  
Textron, Inc., 6.10%, 11/15/2033
    
500,000
      
535,629
  
                 
Oil & Gas - 2.8%
  
Canadian Natural Resources Ltd., 4.95%, 06/01/2047
    
700,000
      
606,080
  
Devon Energy Corp., 5.20%, 09/15/2034
    
1,000,000
      
980,300
  
Diamondback Energy, Inc., 3.13%, 03/24/2031
    
500,000
      
462,375
  
Hess Corp., 5.60%, 02/15/2041
    
800,000
      
811,995
  
Occidental Petroleum Corp., 5.55%, 10/01/2034
    
1,000,000
      
995,844
  
Suncor Energy, Inc., 3.75%, 03/04/2051
    
500,000
      
348,537
  
Valero Energy Corp.
  
2.80%, 12/01/2031
    
750,000
      
677,709
  
6.63%, 06/15/2037
    
655,000
      
714,764
  
             
5,597,604
  
                 
Oil & Gas Services - 0.5%
  
Halliburton Co.
  
3.80%, 11/15/2025
    
24,000
      
23,955
  
2.92%, 03/01/2030
    
1,000,000
      
940,666
  
             
964,621
  
                 
Packaging & Containers - 0.5%
  
Amcor Flexibles North America, Inc., 5.10%, 03/17/2030
    
500,000
      
512,136
  
WRKCo, Inc., 3.90%, 06/01/2028
    
500,000
      
496,515
  
             
1,008,651
  
                 
Pharmaceuticals - 2.9%
  
AbbVie, Inc., 4.75%, 03/15/2045
    
268,000
      
242,122
  
Becton Dickinson & Co., 4.69%, 12/15/2044
    
550,000
      
481,294
  
Cardinal Health, Inc., 3.41%, 06/15/2027
    
125,000
      
123,467
  
CVS Health Corp.
  
3.75%, 04/01/2030
    
2,150,000
      
2,076,919
  
5.13%, 07/20/2045
    
500,000
      
440,960
  
5.05%, 03/25/2048
    
1,000,000
      
859,291
  
6.05%, 06/01/2054
    
500,000
      
486,384
  
Viatris, Inc., 2.70%, 06/22/2030
    
600,000
      
539,522
  
Zoetis, Inc., 2.00%, 05/15/2030
    
600,000
      
543,778
  
             
5,793,737
  
                 
Pipelines - 7.0%
  
Boardwalk Pipelines LP, 3.60%, 09/01/2032
    
500,000
      
458,433
  
Enbridge, Inc.
  
3.40%, 08/01/2051
    
250,000
      
165,558
  
5.95%, 04/05/2054
    
500,000
      
494,271
  
Energy Transfer LP
  
5.25%, 07/01/2029
    
1,200,000
      
1,238,446
  
5.00%, 05/15/2050
    
1,000,000
      
832,179
  
5.95%, 05/15/2054
    
500,000
      
469,282
  
Enterprise Products Operating LLC
  
4.85%, 08/15/2042
    
850,000
      
773,643
  
3.30%, 02/15/2053
    
500,000
      
328,590
  
Kinder Morgan Energy Partners LP, 5.80%, 03/15/2035
    
1,270,000
      
1,313,364
  
Kinder Morgan, Inc.
  
2.00%, 02/15/2031
    
600,000
      
529,315
  
5.55%, 06/01/2045
    
700,000
      
661,695
  
MPLX LP
  
4.25%, 12/01/2027
    
1,315,000
      
1,315,279
  
4.95%, 03/14/2052
    
600,000
      
494,938
  
ONEOK, Inc.
  
6.10%, 11/15/2032
    
500,000
      
530,911
  
5.70%, 11/01/2054
    
500,000
      
456,709
  
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030
    
546,000
      
526,905
  
South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054
    
1,000,000
      
950,750
  
Targa Resources Corp.
  
5.20%, 07/01/2027
    
500,000
      
508,528
  
4.90%, 09/15/2030
    
500,000
      
507,659
  
TransCanada PipeLines Ltd., 4.10%, 04/15/2030
    
1,100,000
      
1,082,689
  
Williams Cos., Inc., 5.10%, 09/15/2045
    
500,000
      
451,870
  
             
14,091,014
  
                 
REITS - 5.3%
  
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033
    
650,000
      
527,516
  
American Tower Corp.
  
2.75%, 01/15/2027
    
500,000
      
490,143
  
1.88%, 10/15/2030
    
1,000,000
      
881,819
  
Boston Properties LP, 3.25%, 01/30/2031
    
675,000
      
627,360
  
COPT Defense Properties LP, 2.75%, 04/15/2031
    
500,000
      
451,185
  
Crown Castle, Inc.
  
3.65%, 09/01/2027
    
500,000
      
493,887
  
2.25%, 01/15/2031
    
600,000
      
531,531
  
Equinix, Inc.
  
1.55%, 03/15/2028
    
500,000
      
469,177
  
3.90%, 04/15/2032
    
100,000
      
95,224
  
Extra Space Storage LP, 5.90%, 01/15/2031
    
500,000
      
530,885
  
GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032
    
250,000
      
223,290
  
Healthpeak OP LLC, 2.13%, 12/01/2028
    
350,000
      
327,574
  
Kimco Realty OP LLC, 6.40%, 03/01/2034
    
500,000
      
547,266
  
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033
    
1,000,000
      
870,749
  
Sabra Health Care LP, 3.90%, 10/15/2029
    
1,000,000
      
967,335
  
Store Capital LLC
  
4.50%, 03/15/2028
    
810,000
      
805,775
  
5.40%, 04/30/2030 (a)
    
1,000,000
      
1,018,997
  
Ventas Realty LP, 5.63%, 07/01/2034
    
600,000
      
621,598
  
Weyerhaeuser Co., 7.38%, 03/15/2032
    
226,000
      
257,976
  
             
10,739,287
  
                 
Retail - 2.6%
  
AutoZone, Inc., 4.75%, 08/01/2032
    
500,000
      
501,031
  
Genuine Parts Co., 1.88%, 11/01/2030
    
500,000
      
439,723
  
Lowe's Cos., Inc.
  
1.70%, 10/15/2030
    
500,000
      
439,644
  
5.63%, 04/15/2053
    
1,000,000
      
955,947
  
McDonald's Corp.
  
3.50%, 07/01/2027
    
1,100,000
      
1,090,629
  
4.88%, 12/09/2045
    
550,000
      
498,252
  
Starbucks Corp., 2.55%, 11/15/2030
    
1,000,000
      
917,342
  
Tractor Supply Co., 1.75%, 11/01/2030
    
500,000
      
438,307
  
             
5,280,875
  
                 
Semiconductors - 3.0%
  
Broadcom, Inc.
  
4.15%, 11/15/2030
    
431,000
      
426,750
  
3.42%, 04/15/2033 (a)
    
1,500,000
      
1,367,408
  
3.19%, 11/15/2036 (a)
    
55,000
      
45,948
  
4.93%, 05/15/2037 (a)
    
583,000
      
567,108
  
Intel Corp.
  
5.20%, 02/10/2033
    
1,500,000
      
1,510,973
  
5.60%, 02/21/2054
    
1,000,000
      
910,712
  
Micron Technology, Inc., 2.70%, 04/15/2032
    
250,000
      
220,097
  
NXP BV / NXP Funding LLC / NXP USA, Inc.
  
4.40%, 06/01/2027
    
500,000
      
501,749
  
2.50%, 05/11/2031
    
500,000
      
448,167
  
             
5,998,912
  
                 
Software - 3.2%
  
Fidelity National Information Services, Inc., 5.10%, 07/15/2032
    
600,000
      
612,971
  
Fiserv, Inc.
  
5.63%, 08/21/2033
    
500,000
      
519,187
  
5.25%, 08/11/2035
    
500,000
      
498,254
  
Oracle Corp.
  
5.50%, 08/03/2035
    
670,000
      
682,525
  
3.65%, 03/25/2041
    
1,400,000
      
1,096,522
  
3.95%, 03/25/2051
    
1,350,000
      
976,276
  
5.55%, 02/06/2053
    
1,000,000
      
918,942
  
Roper Technologies, Inc., 1.40%, 09/15/2027
    
650,000
      
616,050
  
VMware LLC, 4.65%, 05/15/2027
    
550,000
      
553,695
  
             
6,474,422
  
                 
Telecommunications - 7.1%
  
AT&T, Inc.
  
2.30%, 06/01/2027
    
400,000
      
387,558
  
2.55%, 12/01/2033
    
875,000
      
736,602
  
3.50%, 09/15/2053
    
2,368,000
      
1,585,931
  
3.55%, 09/15/2055
    
1,196,000
      
796,991
  
3.80%, 12/01/2057
    
727,000
      
501,081
  
British Telecommunications PLC, 9.63%, 12/15/2030 (b)
    
855,000
      
1,052,624
  
Deutsche Telekom International Finance BV, 8.75%, 06/15/2030 (b)
    
345,000
      
407,769
  
Motorola Solutions, Inc., 5.40%, 04/15/2034
    
500,000
      
513,625
  
Orange SA, 5.38%, 01/13/2042
    
575,000
      
566,945
  
Telefonica Emisiones SA, 7.05%, 06/20/2036
    
475,000
      
528,848
  
T-Mobile USA, Inc.
  
3.88%, 04/15/2030
    
1,600,000
      
1,567,057
  
2.25%, 11/15/2031
    
600,000
      
525,085
  
3.40%, 10/15/2052
    
1,100,000
      
729,029
  
5.65%, 01/15/2053
    
500,000
      
479,412
  
Verizon Communications, Inc.
  
2.55%, 03/21/2031
    
336,000
      
304,683
  
5.40%, 07/02/2037 (a)
    
523,000
      
525,043
  
4.86%, 08/21/2046
    
1,500,000
      
1,336,405
  
3.55%, 03/22/2051
    
2,000,000
      
1,424,116
  
2.99%, 10/30/2056
    
600,000
      
358,572
  
             
14,327,376
  
                 
Transportation - 1.0%
  
FedEx Corp., 3.25%, 05/15/2041 (a)
    
1,000,000
      
719,138
  
Kirby Corp., 4.20%, 03/01/2028
    
450,000
      
448,545
  
Norfolk Southern Corp.
  
2.30%, 05/15/2031
    
250,000
      
225,046
  
2.90%, 08/25/2051
    
1,000,000
      
625,507
  
             
2,018,236
  
                 
Trucking & Leasing - 0.6%
  
GATX Corp., 1.90%, 06/01/2031
    
1,300,000
      
1,127,344
  
                 
Water - 0.3%
  
American Water Capital Corp., 2.80%, 05/01/2030
    
650,000
      
610,516
  
TOTAL CORPORATE BONDS (Cost $198,648,026)
      
183,411,794
  
                 
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.7%
                
Colombia Government International Bond, 3.88%, 04/25/2027
    
600,000
      
595,716
  
Indonesia Government International Bond
  
3.85%, 10/15/2030
    
500,000
      
490,515
  
4.70%, 02/10/2034
    
500,000
      
496,909
  
5.15%, 09/10/2054
    
500,000
      
471,448
  
Mexico Government International Bond
  
4.50%, 04/22/2029
    
1,300,000
      
1,296,555
  
6.88%, 05/13/2037
    
200,000
      
210,830
  
4.75%, 03/08/2044
    
2,490,000
      
1,982,662
  
Panama Government International Bond
  
2.25%, 09/29/2032
    
1,700,000
      
1,349,851
  
6.70%, 01/26/2036
    
750,000
      
771,233
  
Peruvian Government International Bond
  
3.00%, 01/15/2034
    
400,000
      
343,996
  
6.55%, 03/14/2037
    
1,050,000
      
1,158,339
  
Philippine Government International Bond, 5.00%, 01/13/2037
    
1,625,000
      
1,642,308
  
Uruguay Government International Bond, 4.38%, 01/23/2031
    
800,000
      
804,200
  
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $13,272,202)
      
11,614,562
  
                 
U.S. TREASURY SECURITIES - 2.4%
                
U.S. Treasury Note/Bond
  
4.25%, 05/15/2035
    
2,500,000
      
2,508,008
  
4.25%, 02/15/2054
    
2,500,000
      
2,238,867
  
TOTAL U.S. TREASURY SECURITIES (Cost $4,814,173)
      
4,746,875
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 0.8%
  
Shares
          
Fidelity Government Portfolio - Institutional Class, 4.21%(c)
    
1,657,862
      
1,657,862
  
TOTAL MONEY MARKET FUNDS (Cost $1,657,862)
      
1,657,862
  
                 
TOTAL INVESTMENTS - 99.5% (Cost $218,392,263)
      
201,431,093
  
Other Assets in Excess of Liabilities - 0.5%
      
1,038,394
  
TOTAL NET ASSETS - 100.0%
          
$
202,469,487
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

REIT - Real Estate Investment Trust

(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 August 31, 2025, the value of these securities total $4,751,253 or 2.3% of the Fund’s net assets.
(b)
Step coupon bond. The rate disclosed is as of August 31, 2025.
(c)
The rate shown represents the 7-day annualized yield as of August 31, 2025.
Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
 
PIA BBB Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Corporate Bonds
  
$
–
    
$
183,411,794
    
$
–
    
$
183,411,794
  
  Foreign Government Debt Obligations
    
–
      
11,614,562
      
–
      
11,614,562
  
  U.S. Treasury Securities
    
–
      
4,746,875
      
–
      
4,746,875
  
  Money Market Funds
    
1,657,862
      
–
      
–
      
1,657,862
  
Total Investments
  
$
1,657,862
    
$
199,773,231
    
$
–
    
$
201,431,093