PIA Short-Term Securities Fund | ||||||||
Schedule of Investments | ||||||||
as of February 29, 2024 (Unaudited) | ||||||||
ASSET-BACKED SECURITIES - 8.3% | Principal Amount | Value | ||||||
Automobile Asset-Backed Securities - 7.7% | ||||||||
CarMax Auto Owner Trust, Series 2023-2, Class A3, 5.05%, 01/18/2028 | $ | 1,000,000 | $ | 997,412 | ||||
CPS Auto Trust, Series 2023-C, Class A, 6.13%, 09/15/2026 (a) | 193,706 | 193,642 | ||||||
DT Auto Owner Trust, Series 2023-3A, Class A, 6.29%, 08/16/2027 (a) | 647,099 | 649,217 | ||||||
Foursight Capital Automobile Receivables Trust, Series 2024-1, Class A2, 5.49%, 01/16/2029 (a) | 1,000,000 | 998,175 | ||||||
General Motors Co., Series 2023-1, Class A1, 5.34%, 06/15/2028 (a) | 1,000,000 | 1,004,857 | ||||||
Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3, 5.80%, 12/15/2026 (a) | 1,000,000 | 1,008,649 | ||||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A3, 3.96%, 04/15/2026 (a) | 808,479 | 802,218 | ||||||
SAFCO Auto Receivables Trust, Series 2024-1A, Class A, 6.51%, 03/20/2028 (a) | 1,875,420 | 1,875,997 | ||||||
SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027 (a) | 1,000,000 | 1,017,270 | ||||||
Tesla Auto Lease Trust, Series 2023-A, Class A3, 5.89%, 06/22/2026 (a) | 1,000,000 | 1,006,052 | ||||||
9,553,489 | ||||||||
Other Asset-Backed Securities - 0.6% | ||||||||
FCI Funding, Series 2021-1A, Class A, 1.13%, 04/15/2033 (a) | 82,140 | 81,128 | ||||||
Purchasing Power Funding, Series 2024-A, Class A, 5.89%, 08/15/2028 (a) | 1,500,000 | 1,500,118 | ||||||
PVOne 2023-1 LLC, Series 2023-1A, Class A, 7.25%, 07/16/2035 (a) | 732,715 | 734,147 | ||||||
2,315,393 | ||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $11,837,920) | 11,868,882 | |||||||
CORPORATE BONDS - 50.0% | ||||||||
Agriculture - 0.7% | ||||||||
Philip Morris International, Inc., 4.75%, 02/12/2027 | 1,000,000 | 988,391 | ||||||
Banks - 8.9% | ||||||||
Bank of Montreal, 5.27%, 12/11/2026 | 1,800,000 | 1,804,476 | ||||||
Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026 | 800,000 | 814,906 | ||||||
Citibank NA, 5.49%, 12/04/2026 | 1,000,000 | 1,009,259 | ||||||
Citizens Bank NA/Providence RI, 6.06% (SOFR + 1.45%), 10/24/2025 | 2,000,000 | 1,988,713 | ||||||
Huntington National Bank, 5.70% (SOFR + 1.22%), 11/18/2025 | 1,000,000 | 991,713 | ||||||
JPMorgan Chase & Co., 5.55% (SOFR + 1.07%), 12/15/2025 | 1,000,000 | 1,000,001 | ||||||
Mitsubishi UFJ Financial Group, Inc., 5.54% (1 yr. CMT Rate + 1.50%), 04/17/2026 | 1,000,000 | 999,400 | ||||||
Royal Bank of Canada, 4.88%, 01/19/2027 | 2,000,000 | 1,990,806 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 09/14/2026 (a) | 1,000,000 | 1,008,368 | ||||||
Wells Fargo Bank NA, 5.25%, 12/11/2026 | 1,000,000 | 1,003,600 | ||||||
12,611,242 | ||||||||
Building Materials - 1.4% | ||||||||
Carrier Global Corp., 5.80%, 11/30/2025 | 2,000,000 | 2,014,449 | ||||||
Chemicals - 2.1% | ||||||||
FMC Corp., 5.15%, 05/18/2026 | 1,000,000 | 986,306 | ||||||
Nutrien Ltd., 5.90%, 11/07/2024 | 1,000,000 | 1,001,509 | ||||||
Sherwin-Williams Co., 4.05%, 08/08/2024 | 1,000,000 | 992,543 | ||||||
2,980,358 | ||||||||
Commercial Services - 1.0% | ||||||||
Quanta Services, Inc., 0.95%, 10/01/2024 | 1,000,000 | 972,218 | ||||||
Triton Container International Ltd., 1.15%, 06/07/2024 (a) | 500,000 | 492,918 | ||||||
1,465,136 | ||||||||
Diversified Financial Services - 0.7% | ||||||||
American Express Co., 4.99% (SOFR + 1.00%), 05/01/2026 (b) | 1,000,000 | 994,297 | ||||||
Electric - 8.0% | ||||||||
Ameren Corp., 5.70%, 12/01/2026 | 1,000,000 | 1,011,518 | ||||||
American Electric Power Co., Inc., 5.70%, 08/15/2025 | 1,000,000 | 1,001,659 | ||||||
CenterPoint Energy, Inc., 5.99% (SOFRINDX + 0.65%), 05/13/2024 (b) | 496,000 | 496,081 | ||||||
DTE Energy Co., 4.22%, 11/01/2024 (f) | 500,000 | 494,704 | ||||||
Duke Energy Corp., 4.85%, 01/05/2027 | 1,000,000 | 993,108 | ||||||
Eversource Energy, 4.75%, 05/15/2026 | 1,000,000 | 988,626 | ||||||
Georgia Power Co., 5.00%, 02/23/2027 | 3,000,000 | 2,993,801 | ||||||
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025 | 2,000,000 | 2,007,813 | ||||||
Southern California Edison Co., 6.18% (SOFRINDX + 0.83%), 04/01/2024 (b) | 1,000,000 | 1,000,530 | ||||||
Tampa Electric Co., 3.88%, 07/12/2024 | 500,000 | 496,797 | ||||||
11,484,637 | ||||||||
Environmental Control - 0.7% | ||||||||
Veralto Corp., 5.50%, 09/18/2026 (a) | 1,000,000 | 1,004,327 | ||||||
Food - 1.6% | ||||||||
General Mills, Inc., 5.24%, 11/18/2025 | 250,000 | 249,767 | ||||||
Hormel Foods Corp., 0.65%, 06/03/2024 | 2,000,000 | 1,976,197 | ||||||
2,225,964 | ||||||||
Gas - 0.3% | ||||||||
Spire, Inc., 5.30%, 03/01/2026 | 500,000 | 499,286 | ||||||
Healthcare-Products - 1.0% | ||||||||
Baxter International, Inc., 5.78% (SOFRINDX + 0.44%), 11/29/2024 (b) | 500,000 | 500,096 | ||||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024 | 1,000,000 | 998,608 | ||||||
1,498,704 | ||||||||
Household Products/Wares - 0.3% | ||||||||
Avery Dennison Corp., 0.85%, 08/15/2024 | 500,000 | 488,876 | ||||||
Insurance - 4.9% | ||||||||
Aon North America, Inc., 5.13%, 03/01/2027 | 500,000 | 499,666 | ||||||
Athene Global Funding, 6.04% (SOFRINDX + 0.70%), 05/24/2024 (a)(b) | 2,000,000 | 2,001,545 | ||||||
Jackson National Life Global Funding, 5.50%, 01/09/2026 (a) | 1,000,000 | 995,670 | ||||||
MassMutual Global Funding II, 4.15%, 08/26/2025 (a) | 500,000 | 492,810 | ||||||
Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026 (a) | 1,000,000 | 1,008,248 | ||||||
Principal Life Global Funding II, 5.00%, 01/16/2027 (a) | 500,000 | 501,092 | ||||||
Protective Life Global Funding, 4.99%, 01/12/2027 (a) | 1,000,000 | 997,505 | ||||||
Security Benefit Global Funding, 1.25%, 05/17/2024 (a) | 500,000 | 494,703 | ||||||
6,991,239 | ||||||||
Investment Companies - 4.9% | ||||||||
Ares Capital Corp., 7.00%, 01/15/2027 | 2,000,000 | 2,039,040 | ||||||
Golub Capital BDC, Inc., 3.38%, 04/15/2024 | 5,000,000 | 4,983,476 | ||||||
7,022,516 | ||||||||
Leisure Time - 0.7% | ||||||||
Brunswick Corp./DE, 0.85%, 08/18/2024 | 1,000,000 | 976,533 | ||||||
Lodging - 0.4% | ||||||||
Marriott International, Inc./MD, 5.45%, 09/15/2026 | 500,000 | 502,264 | ||||||
Oil & Gas - 1.4% | ||||||||
Chevron USA, Inc., 3.90%, 11/15/2024 | 1,500,000 | 1,485,787 | ||||||
Pioneer Natural Resources Co., 5.10%, 03/29/2026 | 500,000 | 499,523 | ||||||
1,985,310 | ||||||||
Packaging & Containers - 2.0% | ||||||||
Graphic Packaging International LLC, 0.82%, 04/15/2024 (a) | 1,000,000 | 993,910 | ||||||
Sonoco Products Co., 1.80%, 02/01/2025 | 2,000,000 | 1,930,163 | ||||||
2,924,073 | ||||||||
Pharmaceuticals - 0.7% | ||||||||
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026 | 1,000,000 | 987,796 | ||||||
Pipelines - 1.1% | ||||||||
Energy Transfer LP, 6.05%, 12/01/2026 | 1,000,000 | 1,018,593 | ||||||
Williams Cos., Inc., 5.40%, 03/02/2026 | 500,000 | 501,205 | ||||||
1,519,798 | ||||||||
REITs - 3.4% | ||||||||
Camden Property Trust, 5.85%, 11/03/2026 | 2,000,000 | 2,039,712 | ||||||
Public Storage Operating Co., 5.82% (SOFR + 0.47%), 04/23/2024 (b) | 1,000,000 | 1,000,046 | ||||||
Realty Income Corp., 5.05%, 01/13/2026 | 800,000 | 796,703 | ||||||
Weyerhaeuser Co., 4.75%, 05/15/2026 | 1,000,000 | 990,167 | ||||||
4,826,628 | ||||||||
Semiconductors - 0.3% | ||||||||
Analog Devices, Inc., 5.60% (SOFR + 0.25%), 10/01/2024 (b) | 500,000 | 500,017 | ||||||
Software - 1.4% | ||||||||
Fiserv, Inc., 5.15%, 03/15/2027 | 2,000,000 | 1,997,651 | ||||||
Telecommunications - 0.7% | ||||||||
AT&T, Inc., 0.90%, 03/25/2024 | 1,000,000 | 997,088 | ||||||
Transportation - 1.4% | ||||||||
TTX Co., 5.50%, 09/25/2026 (a) | 2,000,000 | 2,005,518 | ||||||
TOTAL CORPORATE BONDS (Cost $71,633,789) | 71,492,098 | |||||||
MORTGAGE-BACKED SECURITIES – 8.5% | ||||||||
Commercial Mortgage-Backed Securities 7.7% | ||||||||
BX Trust, Series 2021-RISE, Class A, 6.18% (1 mo. Term SOFR + 0.86%), 11/15/2036 (a)(b) | 2,751,100 | 2,725,721 | ||||||
BX Trust, Series 2024-MF, Class A, 6.74% (1 mo. Term SOFR + 1.44%), 02/15/2039 (a)(b) | 1,000,000 | 999,708 | ||||||
Cold Storage Trust, Series 2020-ICE5, Class A, 6.34% (1 mo. Term SOFR + 1.01%), 11/15/2037 (a)(b) | 6,389,438 | 6,372,558 | ||||||
GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.94%, 09/10/2038 (a)(c) | 1,000,000 | 973,134 | ||||||
11,071,121 | ||||||||
U.S. Government Securities 0.8% | ||||||||
FHLMC | ||||||||
Pool G04832, 5.00%, 10/01/2038 | 26,818 | 26,650 | ||||||
Pool SD8005, 3.50%, 08/01/2049 | 264,642 | 238,776 | ||||||
FHLMC ARM | ||||||||
Pool 785726, 6.40% (1 yr. CMT Rate + 2.28%), 01/01/2025 (b) | 6,680 | 6,631 | ||||||
Pool 782784, 6.38% (1 yr. CMT Rate + 2.25%), 10/01/2034 (b) | 47,313 | 48,542 | ||||||
Pool 847671, 5.36% (1 Year RFUCC + 1.85%), 04/01/2036 (b) | 12,835 | 13,137 | ||||||
FNMA | ||||||||
Pool AD5479, 5.00%, 06/01/2040 | 70,561 | 70,017 | ||||||
Pool AJ3797, 4.00%, 11/01/2041 | 8,583 | 8,083 | ||||||
FNMA ARM | ||||||||
Pool 555206, 6.29% (6 Month RFUCC + 2.17%), 07/01/2025 (b) | 1,723 | 1,712 | ||||||
Pool 562912, 4.40% (1 yr. CMT Rate + 2.10%), 04/01/2030 (b) | 17,709 | 17,350 | ||||||
Pool 743454, 5.76% (1 Year RFUCC + 1.51%), 10/01/2033 (b) | 40,143 | 39,904 | ||||||
Pool 755253, 6.00% (1 Year RFUCC + 1.75%), 11/01/2033 (b) | 179,480 | 178,783 | ||||||
Pool AC5719, 5.65% (1 yr. CMT Rate + 2.30%), 05/01/2034 (b) | 153,896 | 154,379 | ||||||
Pool 779693, 5.77% (1 Year RFUCC + 1.52%), 07/01/2034 (b) | 26,654 | 26,456 | ||||||
Pool 795136, 5.67% (1 Year RFUCC + 1.42%), 10/01/2034 (b) | 25,098 | 25,564 | ||||||
Pool 849264, 6.00% (1 Year RFUCC + 1.71%), 01/01/2036 (b) | 124,722 | 124,272 | ||||||
Pool 953653, 6.27% (1 Year RFUCC + 2.02%), 11/01/2037 (b) | 191,991 | 192,312 | ||||||
1,172,568 | ||||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $12,283,858) | 12,243,689 | |||||||
U.S. TREASURY OBLIGATIONS - 15.9% | ||||||||
U.S. Treasury Note/Bond | ||||||||
4.13%, 01/31/2025 | 4,500,000 | 4,460,999 | ||||||
4.25%, 05/31/2025 | 3,000,000 | 2,975,566 | ||||||
5.00%, 08/31/2025 | 8,000,000 | 8,019,688 | ||||||
3.63%, 05/15/2026 | 5,500,000 | 5,390,859 | ||||||
4.38%, 12/15/2026 | 2,000,000 | 1,995,547 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $22,942,205) | 22,842,659 | |||||||
SHORT-TERM INVESTMENTS - 18.5% | ||||||||
Money Market Funds - 2.4% | Shares | |||||||
Fidelity Government Portfolio - Institutional Class, 5.20% (d) | 3,459,171 | 3,459,171 | ||||||
U.S. Treasury Bills - 16.1% | Principal Amount | |||||||
5.39%, 05/02/2024 (e) | $ | 3,000,000 | 2,972,798 | |||||
5.43%, 06/13/2024 (e) | 13,500,000 | 13,296,614 | ||||||
5.36%, 07/11/2024 (e) | 7,000,000 | 6,867,958 | ||||||
23,137,370 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $26,599,577) | 26,596,541 | |||||||
TOTAL INVESTMENTS - 101.2% (Cost $145,297,349) | 145,043,869 | |||||||
Liabilities in Excess of Other Assets - (1.2)% | (1,765,286 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 143,278,583 | ||||||
Percentages are stated as a percent of net assets. |
ARM – Adjustable Rate Mortgage |
CMT– Constant Maturity Treasury Rate |
FHLMC – Federal Home Loan Mortgage Corporation |
FNMA – Federal National Mortgage Association |
RFUCC – Refinitiv USD IBOR Consumer Cash Fallbacks |
SOFR – Secured Overnight Financing Rate |
SOFRINDX – Secured Overnight Financing Rate Index |
(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 $33,939,205 or 23.7% 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) | Variable rate security. The coupon is based on an underlying pool of loans and represents the rate in effect as of as of February 29, 2024. |
(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. |
(f) | Step coupon bond. The rate disclosed is as of February 29, 2024. |
PIA Short-Term Securities 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 | $ | – | $ | 11,868,882 | $ | – | $ | 11,868,882 | ||||||||
Corporate Bonds | – | 71,492,098 | – | 71,492,098 | ||||||||||||
Mortgage-Backed Securities | – | 12,243,689 | – | 12,243,689 | ||||||||||||
U.S.Treasury Note/Bond | – | 22,842,659 | – | 22,842,659 | ||||||||||||
Total Fixed Income Securities | – | 118,447,328 | – | 118,447,328 | ||||||||||||
Money Market Funds | 3,459,171 | – | – | 3,459,171 | ||||||||||||
U.S. Treasury Bills | – | 23,137,370 | – | 23,137,370 | ||||||||||||
Total Investments | $ | 3,459,171 | $ | 141,584,698 | $ | – | $ | 145,043,869 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||