PIA Short-Term Securities Fund |
Schedule of Investments - August 31, 2023 (Unaudited) |
Principal Amount | Value | ||||||
Asset-Backed Securities — 5.7% | |||||||
Other Asset Backed Securities — 5.7% | |||||||
American Credit Acceptance Receivables Trust | |||||||
$ | 1,180,462 | Series 2021-2, Class C, 0.970%, 07/13/2027 (a) | $ | 1,170,332 | |||
CarMax Auto Owner Trust | |||||||
1,000,000 | Series 2023-2, Class A3, 5.050%, 01/18/2028 | 993,531 | |||||
CPS Auto Trust | |||||||
283,769 | Series 2023-C, Class A, 6.130%, 09/15/2026 (a) | 284,391 | |||||
DT Auto Owner Trust | |||||||
949,407 | Series 2023-3A, Class A, 6.290%, 08/16/2027 (a) | 955,440 | |||||
FCI Funding | |||||||
157,326 | Series 2021-1A, Class A, 1.130%, 04/15/2033 (a) | 152,085 | |||||
General Motors | |||||||
1,000,000 | Series 2023-1, Class A1, 5.340%, 06/15/2028 (a) | 1,000,068 | |||||
PenFed Auto Receivables Owner Trust | |||||||
1,000,000 | Series 2022-A, Class A3, 3.960%, 04/15/2026 (a) | 985,478 | |||||
PVOne 2023-1 LLC | |||||||
944,306 | Series 2023-1A, Class A, 7.250%, 07/16/2035 (a) | 942,158 | |||||
Santander Drive Auto Receivables Trust | |||||||
18,055 | Series 2022-5, Class A2, 3.980%, 01/15/2025 | 18,044 | |||||
Tesla Auto Lease Trust | |||||||
1,000,000 | Series 2023-A, Class A3, 5.890%, 06/22/2026 (a) | 1,000,802 | |||||
Total Asset-Backed Securities (Cost $7,520,191) | 7,502,329 | ||||||
Corporate Bonds — 52.5% | |||||||
Banks — 7.1% | |||||||
Bank of Montreal | |||||||
1,515,000 | 5.232% (SOFRINDX + 0.350%), 12/08/2023 (b) | 1,515,061 | |||||
Canadian Imperial Bank of Commerce | |||||||
1,000,000 | 5.700% (SOFRINDX + 0.400%), 12/14/2023 (b) | 999,826 | |||||
Citizens Bank NA/Providence RI | |||||||
2,000,000 | 6.064% (SOFR + 1.450%), 10/24/2025 (b) | 1,937,058 | |||||
Goldman Sachs Group, Inc. | |||||||
1,000,000 | 5.974% (SOFR + 0.700%), 01/24/2025 (b) | 998,737 | |||||
Huntington National Bank | |||||||
1,000,000 | 5.699% (SOFR + 1.215%), 11/18/2025 (b) | 981,217 | |||||
JPMorgan Chase & Co. | |||||||
1,000,000 | 5.546% (SOFR + 1.070%), 12/15/2025 (b) | 996,875 | |||||
Mitsubishi UFJ Financial Group, Inc. | |||||||
1,000,000 | 5.541% (1 Year CMT Rate + 1.500%), 04/17/2026 (b) | 995,344 | |||||
Morgan Stanley | |||||||
1,000,000 | 5.686% (SOFR + 0.625%), 01/24/2025 (b) | 998,453 | |||||
9,422,571 | |||||||
Biotechnology — 1.7% | |||||||
Gilead Sciences, Inc. | |||||||
2,248,000 | 0.750%, 09/29/2023 | 2,240,250 | |||||
Chemicals — 3.0% | |||||||
Ecolab, Inc. | |||||||
1,000,000 | 0.900%, 12/15/2023 | 986,711 | |||||
FMC Corp. | |||||||
1,000,000 | 5.150%, 05/18/2026 | 990,917 | |||||
Nutrien Ltd. | |||||||
1,000,000 | 5.900%, 11/07/2024 | 1,000,125 | |||||
Sherwin-Williams Co. | |||||||
1,000,000 | 4.050%, 08/08/2024 | 984,208 | |||||
3,961,961 | |||||||
Commercial Services — 1.1% | |||||||
Quanta Services, Inc. | |||||||
1,000,000 | 0.950%, 10/01/2024 | 948,696 | |||||
Triton Container International Ltd. | |||||||
500,000 | 1.150%, 06/07/2024 (a) | 477,850 | |||||
1,426,546 | |||||||
Diversified Financial Services — 4.5% | |||||||
American Express Co. | |||||||
2,000,000 | 0.750%, 11/03/2023 | 1,984,532 | |||||
1,000,000 | 4.990% (SOFR + 0.999%), 05/01/2026 (b) | 985,955 | |||||
Capital One Financial Corp. | |||||||
1,000,000 | 5.879% (SOFR + 0.690%), 12/06/2024 (b) | 989,410 | |||||
Charles Schwab Corp. | |||||||
2,000,000 | 5.435% (SOFRINDX + 0.500%), 03/18/2024 (b) | 1,997,955 | |||||
5,957,852 | |||||||
Electric — 8.2% | |||||||
American Electric Power Co., Inc. | |||||||
1,000,000 | 5.699%, 08/15/2025 | 1,001,118 | |||||
CenterPoint Energy, Inc. | |||||||
1,000,000 | 5.776% (SOFRINDX + 0.650%), 05/13/2024 (b) | 999,849 | |||||
Consolidated Edison, Inc. | |||||||
950,000 | 0.650%, 12/01/2023 | 938,396 | |||||
DTE Energy Co. | |||||||
500,000 | 4.220%, 11/01/2024 | 490,524 | |||||
Eversource Energy | |||||||
1,000,000 | 4.750%, 05/15/2026 | 984,233 | |||||
NextEra Energy Capital Holdings, Inc. | |||||||
500,000 | 5.494% (SOFRINDX + 0.400%), 11/03/2023 (b) | 499,982 | |||||
2,000,000 | 6.051%, 03/01/2025 | 2,008,762 | |||||
Public Service Enterprise Group, Inc. | |||||||
2,000,000 | 0.841%, 11/08/2023 | 1,981,240 | |||||
Southern California Edison Co. | |||||||
1,000,000 | 6.130% (SOFRINDX + 0.830%), 04/01/2024 (b) | 1,000,054 | |||||
Tampa Electric Co. | |||||||
500,000 | 3.875%, 07/12/2024 | 492,206 | |||||
Xcel Energy, Inc. | |||||||
500,000 | 0.500%, 10/15/2023 | 496,997 | |||||
10,893,361 | |||||||
Food — 1.6% | |||||||
General Mills, Inc. | |||||||
250,000 | 5.241%, 11/18/2025 | 249,007 | |||||
Hormel Foods Corp. | |||||||
2,000,000 | 0.650%, 06/03/2024 | 1,927,379 | |||||
2,176,386 | |||||||
Healthcare-Products — 1.9% | |||||||
Baxter International, Inc. | |||||||
500,000 | 5.608% (SOFRINDX + 0.440%), 11/29/2024 (b) | 496,589 | |||||
GE HealthCare Technologies, Inc. | |||||||
1,000,000 | 5.550%, 11/15/2024 | 997,622 | |||||
Revvity, Inc. | |||||||
1,000,000 | 0.550%, 09/15/2023 | 998,510 | |||||
2,492,721 | |||||||
Household Products/Wares — 0.3% | |||||||
Avery Dennison Corp. | |||||||
500,000 | 0.850%, 08/15/2024 | 477,043 | |||||
Insurance — 3.7% | |||||||
Athene Global Funding | |||||||
2,000,000 | 5.859% (SOFRINDX + 0.700%), 05/24/2024 (a)(b) | 1,985,623 | |||||
Jackson National Life Global Funding | |||||||
1,000,000 | 5.500%, 01/09/2026 (a) | 982,164 | |||||
MassMutual Global Funding II | |||||||
500,000 | 4.150%, 08/26/2025 (a) | 488,017 | |||||
Mutual of Omaha Cos. Global Funding | |||||||
1,000,000 | 5.800%, 07/27/2026 (a) | 998,971 | |||||
Security Benefit Global Funding | |||||||
500,000 | 1.250%, 05/17/2024 (a) | 480,828 | |||||
4,935,603 | |||||||
Investment Companies — 3.7% | |||||||
Golub Capital BDC, Inc. | |||||||
5,000,000 | 3.375%, 04/15/2024 | 4,900,365 | |||||
Leisure Time — 0.7% | |||||||
Brunswick Corp | |||||||
1,000,000 | 0.850%, 08/18/2024 | 949,946 | |||||
Machinery-Construction & Mining — 1.5% | |||||||
Caterpillar Financial Services Corp. | |||||||
2,000,000 | 0.450%, 09/14/2023 | 1,997,388 | |||||
Miscellaneous Manufacturer — 0.8% | |||||||
Carlisle Cos., Inc. | |||||||
1,000,000 | 0.550%, 09/01/2023 | 1,000,000 | |||||
Oil & Gas — 1.5% | |||||||
Chevron USA, Inc. | |||||||
1,500,000 | 3.900%, 11/15/2024 | 1,475,905 | |||||
Pioneer Natural Resources Co. | |||||||
500,000 | 5.100%, 03/29/2026 | 496,229 | |||||
1,972,134 | |||||||
Packaging & Containers — 2.2% | |||||||
Graphic Packaging International LLC | |||||||
1,000,000 | 0.821%, 04/15/2024 (a) | 967,288 | |||||
Sonoco Products Co. | |||||||
2,000,000 | 1.800%, 02/01/2025 | 1,885,844 | |||||
2,853,132 | |||||||
Pharmaceuticals — 1.1% | |||||||
GlaxoSmithKline Capital PLC | |||||||
500,000 | 0.534%, 10/01/2023 | 498,164 | |||||
Pfizer Investment Enterprises Pte Ltd. | |||||||
1,000,000 | 4.450%, 05/19/2026 | 984,112 | |||||
1,482,276 | |||||||
Pipelines — 1.7% | |||||||
Enbridge, Inc. | |||||||
1,000,000 | 5.930% (SOFRINDX + 0.630%), 02/16/2024 (b) | 1,000,804 | |||||
Gray Oak Pipeline LLC | |||||||
700,000 | 2.000%, 09/15/2023 (a) | 699,240 | |||||
Williams Cos., Inc. | |||||||
500,000 | 5.400%, 03/02/2026 | 499,332 | |||||
2,199,376 | |||||||
REITs — 2.1% | |||||||
Public Storage Operating Co. | |||||||
1,000,000 | 5.770% (SOFR + 0.470%), 04/23/2024 (b) | 999,789 | |||||
Realty Income Corp. | |||||||
800,000 | 5.050%, 01/13/2026 | 796,513 | |||||
Weyerhaeuser Co. | |||||||
1,000,000 | 4.750%, 05/15/2026 | 984,925 | |||||
2,781,227 | |||||||
Retail — 3.0% | |||||||
7-Eleven, Inc. | |||||||
2,000,000 | 0.800%, 02/10/2024 (a) | 1,955,071 | |||||
Walgreens Boots Alliance, Inc. | |||||||
2,000,000 | 0.950%, 11/17/2023 | 1,979,830 | |||||
3,934,901 | |||||||
Semiconductors — 0.4% | |||||||
Analog Devices, Inc. | |||||||
500,000 | 5.242% (SOFR + 0.250%), 10/01/2024 (b) | 499,809 | |||||
Telecommunications — 0.7% | |||||||
AT&T, Inc. | |||||||
1,000,000 | 0.900%, 03/25/2024 | 973,170 | |||||
Total Corporate Bonds (Cost $70,479,285) | 69,528,018 | ||||||
Mortgage-Backed Securities — 8.6% | |||||||
Commercial Mortgage-Backed Securities — 7.6% | |||||||
BX Trust | |||||||
2,843,096 | Series 2021-RISE, Class A, 6.172% (CME Term SOFR 1 Month + 0.862%), 11/15/2036 (a)(b) | 2,790,064 | |||||
Cold Storage Trust | |||||||
6,389,438 | Series 2020-ICE5, Class A, 6.325% (CME Term SOFR 1 Month + 1.014%), 11/15/2037 (a)(b) | 6,337,850 | |||||
GS Mortgage Securities Trust | |||||||
1,000,000 | Series 2023-SHIP, Class B, 5.101%, 09/10/2038 (a)(c) | 961,622 | |||||
10,089,536 | |||||||
U.S. Government Securities — 1.0% | |||||||
FHLMC | |||||||
28,284 | Pool G04832, 5.000%, 10/01/2038 | 28,322 | |||||
276,641 | Pool SD8005, 3.500%, 08/01/2049 | 251,151 | |||||
FHLMC ARM | |||||||
13,772 | Pool 785726, 4.401% (1 Year CMT Rate + 2.276%), 01/01/2025 (b) | 13,578 | |||||
57,673 | Pool 782784, 4.375% (1 Year CMT Rate + 2.250%), 10/01/2034 (b) | 58,842 | |||||
14,137 | Pool 847671, 5.043% (12 Month LIBOR USD + 1.854%), 04/01/2036 (b) | 14,275 | |||||
FNMA | |||||||
72,301 | Pool AD5479, 5.000%, 06/01/2040 | 72,307 | |||||
8,931 | Pool AJ3797, 4.000%, 11/01/2041 | 8,494 | |||||
FNMA ARM | |||||||
3,007 | Pool 555206, 5.290% (RFUCCT 6 Month + 2.165%), 07/01/2025 (b) | 2,968 | |||||
20,950 | Pool 562912, 4.395% (1 Year CMT Rate + 2.096%), 04/01/2030 (b) | 20,285 | |||||
42,493 | Pool 743454, 3.763% (RFUCC 1 year CMT Rate + 1.513%), 10/01/2033 (b) | 41,816 | |||||
186,306 | Pool 755253, 4.000% (12 Month LIBOR USD + 1.750%), 11/01/2033 (b) | 183,138 | |||||
232,123 | Pool AC5719, 5.854% (1 Year CMT Rate + 2.295%), 05/01/2034 (b) | 230,923 | |||||
34,715 | Pool 779693, 5.756% (RFUCC 1 year CMT Rate + 1.506%), 07/01/2034 (b) | 34,172 | |||||
28,094 | Pool 795136, 3.651% (12 Month LIBOR USD + 1.401%), 10/01/2034 (b) | 28,298 | |||||
133,075 | Pool 849264, 3.984% (12 Month LIBOR USD + 1.688%), 01/01/2036 (b) | 130,538 | |||||
196,629 | Pool 953653, 4.265% (12 Month LIBOR USD + 2.015%), 11/01/2037 (b) | 194,309 | |||||
1,313,416 | |||||||
Total Mortgage-Backed Securities (Cost $11,526,062) | 11,402,952 | ||||||
U.S. Government Notes/Bonds — 13.3% | |||||||
U.S. Treasury Note | |||||||
4,500,000 | 4.125%, 01/31/2025 | 4,437,246 | |||||
3,000,000 | 4.250%, 05/31/2025 | 2,962,969 | |||||
10,500,000 | 3.625%, 05/15/2026 | 10,240,371 | |||||
Total U.S. Government Notes/Bonds (Cost $17,826,404) | 17,640,586 | ||||||
Shares/Principal Amount | |||||||
Short-Term Investments — 19.4% | |||||||
Money Market Fund — 0.5% | |||||||
751,411 | Fidelity Government Portfolio, Institutional Class, 5.201% (d) | 751,411 | |||||
U.S. Treasury Bills — 18.9% | |||||||
$ | 5,500,000 | 5.375%, 1/4/2024 (e) | 5,399,167 | ||||
13,500,000 | 5.431%, 6/13/2024 (e) | 12,949,486 | |||||
7,000,000 | 5.362%, 7/11/2024 (e) | 6,687,782 | |||||
25,036,435 | |||||||
Total Short-Term Investments (Cost $25,785,478) | 25,787,846 | ||||||
Total Investments (Cost 133,137,420) — 99.5% | 131,861,731 | ||||||
Other Assets in Excess of Liabilities — 0.5% | 679,508 | ||||||
Total Net Assets — 100.00% | $ | 132,541,239 | |||||
Percentages are stated as a percent of net assets. |
ARM - Adjustable Rate Mortgage |
CMT - Constant Maturity Treasury |
FHLMC - Federal Home Loan Mortgage Corporation |
FNMA - Federal National Mortgage Association |
LIBOR - London Interbank Offered Rate |
SOFR - Secured Overnight Financing Rate SOFRINDX - Secured Overnight Financing Rate Index |
(a) | 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, 2023, the value of these investments was $25,615,342 of 19.3% total 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 August 31, 2023. |
(c) | Variable rate security. The coupon is based on an underlying pool of loans and represents the rate in effect as of August 31, 2023. |
(d) | Rate shown represents the 7-day annualized yield as of August 31, 2023. |
(e) | Rate shown is the discount rate at August 31, 2023. |
PIA Short-Term Securities Fund
Summary of Fair Value Disclosure at August 31, 2023 (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 August 31, 2023:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Fixed Income Securities | ||||||||||||||||
Asset-Backed Securities | $ | – | $ | 7,502,329 | $ | – | $ | 7,502,329 | ||||||||
Corporate Bonds | – | 69,528,018 | – | 69,528,018 | ||||||||||||
Mortgage-Backed Securities | – | 11,402,952 | – | 11,402,952 | ||||||||||||
U.S. Government Note/Bond | – | 17,640,586 | – | 17,640,586 | ||||||||||||
Total Fixed Income Securities | – | 106,073,885 | – | 106,073,885 | ||||||||||||
Money Market Fund | 751,411 | – | – | 751,411 | ||||||||||||
U.S. Treasury Bills | – | 25,036,435 | – | 25,036,435 | ||||||||||||
Total Investments | $ | 751,411 | $ | 131,110,320 | $ | – | $ | 131,861,731 | ||||||||
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. |