PIA BBB Bond Fund
Schedule of Investments
August 31, 2026 (Unaudited)
CORPORATE BONDS - 89.9%									Par						Value
Aerospace/Defense - 2.3%
Boeing Co.
5.15%, 05/01/2030									$        950,000						$        952,651
5.71%, 05/01/2040									1,400,000						1,376,621
L3Harris Technologies, Inc., 6.15%, 12/15/2040									500,000						516,839
Northrop Grumman Corp., 4.95%, 03/15/2053									500,000						428,195
RTX Corp., 4.35%, 04/15/2047									1,000,000						807,100
															4,081,406
Agriculture - 2.0%
Altria Group, Inc.
4.80%, 02/14/2029									148,000						147,990
3.40%, 05/06/2030									800,000						757,098
BAT Capital Corp.
2.26%, 03/25/2028									1,000,000						963,431
4.54%, 08/15/2047									400,000						316,374
5.65%, 03/16/2052									800,000						724,927
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027									600,000						595,369
															3,505,189
Airlines - 0.3%
Southwest Airlines Co., 5.13%, 06/15/2027									500,000						502,001
Auto Manufacturers - 3.3%
Ford Motor Credit Co. LLC
3.82%, 11/02/2027									500,000						493,313
6.80%, 11/07/2028									500,000						515,224
7.12%, 11/07/2033									1,000,000						1,052,375
6.13%, 03/08/2034									500,000						497,438
General Motors Co., 5.20%, 04/01/2045									400,000						343,223
General Motors Financial Co., Inc.
3.60%, 06/21/2030									1,300,000						1,230,146
2.35%, 01/08/2031									1,500,000						1,331,164
5.63%, 04/04/2032									500,000						504,985
															5,967,868
Banks - 6.2%
Barclays PLC
4.84%, 05/09/2028									1,000,000						998,183
5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033									1,000,000						1,012,283
3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042									700,000						503,550
Citigroup, Inc.
4.45%, 09/29/2027									700,000						698,733
5.30%, 05/06/2044									540,000						489,403
Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030									500,000						508,879
Deutsche Bank AG/New York NY, 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031									1,000,000						998,392
Fifth Third Bancorp
4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028									500,000						497,904
5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 (a)									500,000						510,431
8.25%, 03/01/2038									225,000						267,339
Goldman Sachs Group, Inc., 6.75%, 10/01/2037									950,000						1,002,158
HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034									1,100,000						1,198,866
M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032									500,000						515,636
Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036									900,000						772,999

---

Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035									1,000,000						1,032,504
Westpac Banking Corp., 3.13%, 11/18/2041									300,000						213,557
															11,220,817
Beverages - 1.1%
Constellation Brands, Inc., 2.88%, 05/01/2030									700,000						649,167
Keurig Dr Pepper, Inc.
3.20%, 05/01/2030									1,000,000						933,651
4.50%, 04/15/2052									500,000						386,574
															1,969,392
Biotechnology - 2.1%
Amgen, Inc.
5.25%, 03/02/2033									1,000,000						1,000,448
2.80%, 08/15/2041									500,000						349,838
4.66%, 06/15/2051									1,006,000						817,455
5.65%, 03/02/2053									500,000						465,578
Biogen, Inc., 2.25%, 05/01/2030									700,000						634,409
Royalty Pharma PLC, 2.15%, 09/02/2031									500,000						434,420
															3,702,148
Building Materials - 0.7%
Amrize Finance US LLC, 5.40%, 04/07/2035									500,000						494,554
Carrier Global Corp., 2.70%, 02/15/2031									240,000						217,758
Vulcan Materials Co., 3.90%, 04/01/2027									620,000						618,007
															1,330,319
Chemicals - 1.3%
Dow Chemical Co.
7.38%, 11/01/2029									170,000						183,391
6.90%, 05/15/2053									500,000						521,694
DuPont de Nemours, Inc., 4.73%, 11/15/2028 (a)									432,000						430,320
Nutrien Ltd., 2.95%, 05/13/2030									700,000						652,922
Sherwin-Williams Co., 2.20%, 03/15/2032									600,000						518,075
															2,306,402
Commercial Services - 0.7%
Equifax, Inc., 3.10%, 05/15/2030									500,000						466,302
Global Payments, Inc., 4.88%, 11/15/2030									500,000						486,686
Moody's Corp.
2.00%, 08/19/2031									250,000						218,120
3.10%, 11/29/2061									250,000						142,970
															1,314,078
Computers - 1.7%
Dell International LLC / EMC Corp.
6.20%, 07/15/2030									500,000						517,764
5.25%, 02/15/2037									1,000,000						960,518
3.45%, 12/15/2051									181,000						120,194
Hewlett Packard Enterprise Co., 4.85%, 10/15/2031									1,000,000						983,384
HP, Inc., 5.50%, 01/15/2033									500,000						502,122
															3,083,982
Diversified Financial Services - 2.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032									1,500,000						1,353,901
Ally Financial, Inc., 2.20%, 11/02/2028									500,000						472,095
Jefferies Financial Group, Inc., 6.20%, 04/14/2034									500,000						506,949
Nasdaq, Inc., 5.55%, 02/15/2034									500,000						505,147

---

Nomura Holdings, Inc., 2.17%, 07/14/2028									1,000,000						953,148
Sumisho Air Lease Corp., 5.30%, 02/01/2028									1,000,000						1,005,778
Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029									500,000						498,555
															5,295,573
Electric - 7.6%
AEP Texas, Inc., 5.45%, 05/15/2029									500,000						507,047
American Electric Power Co., Inc., 5.95%, 11/01/2032									500,000						516,682
Black Hills Corp., 6.00%, 01/15/2035									500,000						508,718
Constellation Energy Generation LLC, 5.75%, 03/15/2054									250,000						235,518
Dominion Energy, Inc.
2.25%, 08/15/2031									500,000						436,953
4.90%, 08/01/2041									470,000						416,010
Duke Energy Corp.
2.45%, 06/01/2030									950,000						866,216
3.30%, 06/15/2041									1,000,000						735,490
El Paso Electric Co., 6.00%, 05/15/2035									850,000						857,027
Eversource Energy, 2.55%, 03/15/2031									500,000						447,473
Exelon Corp., 5.45%, 03/15/2034									600,000						598,844
FirstEnergy Corp., 2.25%, 09/01/2030									700,000						625,507
Interstate Power and Light Co., 5.60%, 06/29/2035									500,000						502,559
National Grid PLC, 5.41%, 06/09/2036									500,000						486,906
NextEra Energy Capital Holdings, Inc.
2.25%, 06/01/2030									400,000						362,703
5.25%, 03/15/2034									600,000						592,470
Pacific Gas and Electric Co., 3.50%, 08/01/2050									5,000,000						3,182,125
Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052									600,000						595,836
Southwestern Electric Power Co., 3.25%, 11/01/2051									400,000						253,549
System Energy Resources, Inc., 5.30%, 12/15/2034									500,000						489,173
Xcel Energy, Inc., 2.35%, 11/15/2031									500,000						436,233
															13,653,039
Food - 2.7%
Conagra Brands, Inc., 7.00%, 10/01/2028									1,300,000						1,349,226
General Mills, Inc., 2.25%, 10/14/2031									700,000						611,140
Kraft Heinz Foods Co.
5.20%, 03/15/2032									500,000						498,845
4.88%, 10/01/2049									600,000						488,064
Kroger Co., 5.50%, 09/15/2054									500,000						448,400
Mondelez International, Inc., 1.50%, 02/04/2031									500,000						432,206
Sysco Corp.
5.95%, 04/01/2030									464,000						475,614
3.15%, 12/14/2051									400,000						243,419
Tyson Foods, Inc., 4.35%, 03/01/2029									340,000						336,252
															4,883,166
Forest Products & Paper - 0.4%
International Paper Co., 6.00%, 11/15/2041									700,000						695,067
Gas - 0.3%
NiSource, Inc.
5.35%, 04/01/2034									250,000						248,851
5.25%, 02/15/2043									400,000						366,161
															615,012
Hand/Machine Tools - 0.2%
Kennametal, Inc., 2.80%, 03/01/2031									330,000						296,537

---

Healthcare-Products - 1.0%
Agilent Technologies, Inc., 2.30%, 03/12/2031									215,000						191,317
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030									500,000						512,959
Solventum Corp., 5.60%, 03/23/2034									500,000						501,999
Stryker Corp., 1.95%, 06/15/2030									700,000						628,439
															1,834,714
Healthcare-Services - 3.2%
Cigna Group
5.25%, 01/15/2036									500,000						488,445
3.40%, 03/15/2050									600,000						395,826
Elevance Health, Inc.
5.50%, 10/15/2032									500,000						506,515
4.65%, 08/15/2044									600,000						502,389
5.13%, 02/15/2053									1,000,000						854,083
HCA, Inc.
4.13%, 06/15/2029									1,000,000						980,846
5.60%, 04/01/2034									1,000,000						1,003,872
4.38%, 03/15/2042									600,000						496,675
Humana, Inc., 4.88%, 04/01/2030									500,000						495,037
															5,723,688
Household Products/Wares - 0.3%
Church & Dwight Co., Inc., 3.15%, 08/01/2027									500,000						494,587
Insurance - 4.3%
American International Group, Inc., 5.45%, 05/07/2035									500,000						498,103
Aon Corp., 2.80%, 05/15/2030									600,000						554,303
Athene Holding Ltd., 6.15%, 08/15/2036									500,000						494,928
CNA Financial Corp., 5.13%, 02/15/2034									500,000						486,061
Corebridge Financial, Inc.
3.90%, 04/05/2032									500,000						462,912
6.05%, 09/15/2033									500,000						513,472
Fidelity National Financial, Inc., 2.45%, 03/15/2031									2,000,000						1,757,346
Lincoln National Corp.
3.80%, 03/01/2028									120,000						118,234
5.85%, 03/15/2034									500,000						502,801
MetLife, Inc., 6.40%, 12/15/2036									855,000						861,919
Old Republic International Corp., 5.75%, 03/28/2034									1,000,000						1,001,413
Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052									500,000						483,866
															7,735,358
Internet - 0.5%
eBay, Inc., 2.60%, 05/10/2031									500,000						447,143
Expedia Group, Inc., 5.40%, 02/15/2035									500,000						487,812
															934,955
Investment Companies - 1.6%
Ares Capital Corp., 5.80%, 03/08/2032									1,000,000						985,600
Ares Strategic Income Fund, 5.55%, 04/15/2031									500,000						482,814
Blackstone Private Credit Fund, 5.95%, 07/16/2029									500,000						499,630
Blue Owl Capital Corp., 6.20%, 07/15/2030									500,000						498,056
HPS Corporate Lending Fund, 6.30%, 08/19/2031 (a)									500,000						494,749
															2,960,849
Iron/Steel - 0.6%
Steel Dynamics, Inc., 5.25%, 05/15/2035									500,000						491,592
Vale Overseas Ltd., 6.13%, 06/12/2033									500,000						516,062

---

															1,007,654
Lodging - 1.1%
Hyatt Hotels Corp., 5.75%, 03/30/2032									500,000						508,029
Marriott International, Inc./MD, 4.90%, 04/15/2029									500,000						500,783
Sands China Ltd., 2.30%, 03/08/2027 (b)									1,000,000						988,513
															1,997,325
Machinery-Diversified - 1.1%
CNH Industrial Capital LLC, 5.10%, 04/20/2029									500,000						501,294
IDEX Corp., 3.00%, 05/01/2030									1,000,000						932,720
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034									500,000						504,738
															1,938,752
Media - 3.5%
Charter Communications Operating LLC / Charter Communications Operating Capital
7.09%, 09/01/2038 (a)									1,744,000						1,725,889
7.34%, 09/01/2041 (a)									620,000						615,274
Discovery Communications LLC, 3.63%, 05/15/2030									1,000,000						938,560
Discovery Global Holdings, Inc.
4.28%, 03/15/2032									581,000						531,937
5.14%, 03/15/2052									210,000						141,750
Paramount Global, 4.38%, 03/15/2043									610,000						386,168
Space Exploration Technologies Corp., 5.88%, 07/15/2036 (a)									1,200,000						1,128,275
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033									810,000						884,272
															6,352,125
Mining - 0.5%
Southern Copper Corp., 6.75%, 04/16/2040									750,000						807,805
Miscellaneous Manufacturing - 0.3%
Textron, Inc., 6.10%, 11/15/2033									500,000						519,551
Oil & Gas - 2.7%
Canadian Natural Resources Ltd., 4.95%, 06/01/2047									700,000						603,120
Devon Energy Corp., 5.20%, 09/15/2034									1,000,000						985,631
Diamondback Energy, Inc., 3.13%, 03/24/2031									500,000						461,445
Occidental Petroleum Corp., 5.55%, 10/01/2034									1,000,000						1,009,175
Suncor Energy, Inc., 3.75%, 03/04/2051									500,000						347,605
Valero Energy Corp.
2.80%, 12/01/2031									750,000						669,745
6.63%, 06/15/2037									655,000						705,935
															4,782,656
Oil & Gas Services - 0.5%
Halliburton Co., 2.92%, 03/01/2030									1,000,000						934,082
Packaging & Containers - 0.6%
Amcor Flexibles North America, Inc., 5.10%, 03/17/2030									500,000						501,141
WRKCo, Inc., 3.90%, 06/01/2028									500,000						492,204
															993,345
Pharmaceuticals - 2.9%
AbbVie, Inc., 4.75%, 03/15/2045									268,000						232,598
Cardinal Health, Inc., 3.41%, 06/15/2027									125,000						124,054
CVS Health Corp.
3.75%, 04/01/2030									2,150,000						2,060,476

---

5.13%, 07/20/2045									500,000						433,678
5.05%, 03/25/2048									1,000,000						845,963
6.05%, 06/01/2054									500,000						476,097
Viatris, Inc., 2.70%, 06/22/2030									600,000						545,704
Zoetis, Inc., 2.00%, 05/15/2030									600,000						539,919
															5,258,489
Pipelines - 7.1%
Boardwalk Pipelines LP, 3.60%, 09/01/2032									500,000						457,459
Enbridge, Inc.
4.50%, 02/15/2031									500,000						487,848
3.40%, 08/01/2051									250,000						162,075
5.95%, 04/05/2054									500,000						480,400
Energy Transfer LP
5.25%, 07/01/2029									1,200,000						1,211,804
5.00%, 05/15/2050									1,000,000						819,923
5.95%, 05/15/2054									500,000						464,140
Enterprise Products Operating LLC, 3.30%, 02/15/2053									500,000						321,253
Kinder Morgan Energy Partners LP, 5.80%, 03/15/2035									1,270,000						1,289,095
Kinder Morgan, Inc.
2.00%, 02/15/2031									600,000						526,734
5.55%, 06/01/2045									700,000						647,872
MPLX LP
4.25%, 12/01/2027									515,000						512,779
4.95%, 03/14/2052									600,000						491,600
ONEOK, Inc.
6.10%, 11/15/2032									500,000						518,112
5.70%, 11/01/2054									500,000						454,843
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030									546,000						520,366
South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054									1,000,000						926,942
Targa Resources Corp.
5.20%, 07/01/2027									500,000						503,011
4.90%, 09/15/2030									500,000						496,261
TransCanada PipeLines Ltd., 4.10%, 04/15/2030									1,100,000						1,065,741
Williams Cos., Inc., 5.10%, 09/15/2045									500,000						438,786
															12,797,044
REITS - 5.3%
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033									650,000						520,799
American Tower Corp., 1.88%, 10/15/2030									1,000,000						881,361
Boston Properties LP, 3.25%, 01/30/2031									675,000						622,176
COPT Defense Properties LP, 2.75%, 04/15/2031									500,000						448,755
Crown Castle, Inc.
3.65%, 09/01/2027									500,000						495,934
2.25%, 01/15/2031									600,000						528,791
Equinix, Inc.
1.55%, 03/15/2028									500,000						476,417
3.90%, 04/15/2032									100,000						92,629
Extra Space Storage LP, 5.90%, 01/15/2031									500,000						513,367
GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032									250,000						220,851
Healthpeak OP LLC, 2.13%, 12/01/2028									350,000						330,141
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033									1,000,000						868,834
Sabra Health Care LP, 3.90%, 10/15/2029									1,000,000						966,711
Store Capital LLC
4.50%, 03/15/2028									810,000						804,908
5.40%, 04/30/2030									1,000,000						1,001,075
Ventas Realty LP, 5.63%, 07/01/2034									600,000						605,048
Weyerhaeuser Co., 7.38%, 03/15/2032									226,000						248,533
															9,626,330

---

Retail - 2.6%
AutoZone, Inc., 4.75%, 08/01/2032									500,000						487,285
Genuine Parts Co., 1.88%, 11/01/2030									500,000						434,015
Lowe's Cos., Inc.
1.70%, 10/15/2030									500,000						439,128
5.63%, 04/15/2053									1,000,000						918,144
McDonald's Corp., 4.88%, 12/09/2045									550,000						476,042
O'Reilly Automotive, Inc., 5.05%, 08/14/2031									500,000						497,928
Starbucks Corp., 2.55%, 11/15/2030									1,000,000						908,306
Tractor Supply Co., 1.75%, 11/01/2030									500,000						436,215
															4,597,063
Semiconductors - 2.0%
Broadcom, Inc., 3.19%, 11/15/2036									55,000						43,441
Intel Corp.
5.20%, 02/10/2033									1,500,000						1,483,006
5.60%, 02/21/2054									1,000,000						877,070
Micron Technology, Inc., 2.70%, 04/15/2032									250,000						220,457
NXP BV / NXP Funding LLC / NXP USA, Inc.
4.40%, 06/01/2027									500,000						499,316
2.50%, 05/11/2031									500,000						443,183
															3,566,473
Software - 3.5%
Fidelity National Information Services, Inc., 5.10%, 07/15/2032									600,000						590,910
Fiserv, Inc.
5.63%, 08/21/2033									500,000						495,108
5.25%, 08/11/2035									500,000						476,882
Oracle Corp.
4.95%, 02/04/2031									1,000,000						957,593
5.50%, 08/03/2035									670,000						614,195
3.65%, 03/25/2041									1,400,000						946,090
3.95%, 03/25/2051									1,350,000						819,569
5.55%, 02/06/2053									1,000,000						755,977
Roper Technologies, Inc., 1.40%, 09/15/2027									650,000						630,844
															6,287,168
Telecommunications - 7.7%
AT&T, Inc.
2.55%, 12/01/2033									875,000						722,381
5.13%, 04/30/2036									1,000,000						952,171
3.50%, 09/15/2053									2,368,000						1,444,931
3.55%, 09/15/2055									1,196,000						724,509
3.80%, 12/01/2057									727,000						456,089
British Telecommunications Ltd., 9.63%, 12/15/2030 (b)									855,000						997,644
Deutsche Telekom International Finance BV, 8.25%, 06/15/2030 (b)									345,000						382,149
Motorola Solutions, Inc., 5.40%, 04/15/2034									500,000						494,856
Orange SA, 5.38%, 01/13/2042									575,000						538,739
Telefonica Emisiones SA, 7.05%, 06/20/2036									475,000						511,482
T-Mobile USA, Inc.
3.88%, 04/15/2030									1,600,000						1,538,420
2.25%, 11/15/2031									600,000						519,793
3.40%, 10/15/2052									1,100,000						677,569
5.65%, 01/15/2053									500,000						446,226
Verizon Communications, Inc.
2.55%, 03/21/2031									336,000						302,131
5.40%, 07/02/2037									523,000						505,506
4.86%, 08/21/2046									1,500,000						1,248,114
3.55%, 03/22/2051									1,000,000						658,741

---

2.99%, 10/30/2056									600,000						332,127
Vodafone Group PLC, 6.10%, 06/18/2056									500,000						474,463
															13,928,041
Transportation - 0.7%
Kirby Corp., 4.20%, 03/01/2028									450,000						445,877
Norfolk Southern Corp.
2.30%, 05/15/2031									250,000						222,005
2.90%, 08/25/2051									1,000,000						598,015
															1,265,897
Trucking & Leasing - 0.2%
GATX Corp., 1.90%, 06/01/2031									500,000						431,932
Water - 0.3%
American Water Capital Corp., 2.80%, 05/01/2030									650,000						603,770
TOTAL CORPORATE BONDS (Cost $178,653,199)															161,801,649
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 6.1%
Indonesia Government International Bond
3.85%, 10/15/2030									500,000						480,488
4.70%, 02/10/2034									500,000						480,928
5.15%, 09/10/2054									500,000						436,487
Mexico Government International Bond
4.50%, 04/22/2029									1,300,000						1,289,730
5.63%, 02/09/2034									200,000						194,260
6.88%, 05/13/2037									200,000						205,920
4.75%, 03/08/2044									2,490,000						1,947,180
Panama Government International Bond
2.25%, 09/29/2032									1,700,000						1,412,700
6.70%, 01/26/2036									750,000						790,125
Peruvian Government International Bond
3.00%, 01/15/2034									400,000						340,600
6.55%, 03/14/2037									1,050,000						1,116,990
Philippine Government International Bond, 5.00%, 01/13/2037									1,625,000						1,549,456
Uruguay Government International Bond, 4.38%, 01/23/2031									800,000						794,880
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $12,785,039)															11,039,744
U.S. TREASURY SECURITIES - 2.5%
United States Treasury Note/Bond
4.38%, 05/15/2036									1,100,000						1,068,117
4.75%, 08/15/2055									3,700,000						3,418,887
TOTAL U.S. TREASURY SECURITIES (Cost $4,681,316)															4,487,004
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.6%									Shares						Value
Fidelity Government Portfolio - Institutional Class, 3.56% (c)									1,138,431						1,138,431
TOTAL MONEY MARKET FUNDS (Cost $1,138,431)															1,138,431
TOTAL INVESTMENTS - 99.1% (Cost $197,257,985)															178,466,828
Other Assets in Excess of Liabilities - 0.9%												0.00880			1,584,383
TOTAL NET ASSETS - 100.0%															$        180,051,211
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

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(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, 2026, the value of these securities total $4,904,938 or 2.7% of the Fund’s net assets.
(b)						Step coupon bond. The rate disclosed is as of August 31, 2026.
(c)						The rate shown represents the 7-day annualized yield as of August 31, 2026.

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Summary of Fair Value Disclosure as of August 31, 2026 (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, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Corporate Bonds

$        –

$        161,801,649

$        –

$        161,801,649

Foreign Government Debt Obligations

–

11,039,744

–

11,039,744

U.S. Treasury Securities

–

4,487,004

–

4,487,004

Money Market Funds

1,138,431

–

–

1,138,431

Total Investments

$        1,138,431

$        177,328,397

$        –

$        178,466,828