PIA High Yield Fund
Schedule of Investments
August 31, 2026 (Unaudited)

CORPORATE BONDS - 92.3%
Par  

Value  
Advertising - 1.1%
Clear Channel Outdoor Holdings, Inc.
7.88%, 04/01/2030 (a)

         $    925,000

     $     960,338
7.13%, 02/15/2031 (a)

         175,000

         180,556


             1,140,894






Aerospace/Defense - 1.2%
Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 (a)

             1,235,000

             1,254,842






Airlines - 1.4%
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
6.38%, 02/01/2030 (a)

             1,193,000

             1,153,684
8.75%, 01/15/2032 (a)

             325,000

             329,999


             1,483,683






Auto Parts & Equipment - 2.3%
American Axle & Manufacturing, Inc., 6.38%, 10/15/2032 (a)

             1,198,000

             1,199,803
Cyprium Corp. / Cyprium Holdings Luxembourg Sarl, 6.38%, 04/15/2034 (a)

             1,200,000

             1,188,262


             2,388,065






Building Materials - 2.8%
CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (a)

             1,150,000

             1,011,795
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)

             250,000

             247,905
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a)

             725,000

             685,182
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028 (a)

             650,000

             651,066
8.88%, 11/15/2031 (a)

             300,000

             314,605


             2,910,553






Chemicals - 7.4%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 (a)(b)

             932,000

             6,990
Consolidated Energy Finance SA
5.63%, 10/15/2028 (a)

             875,000

             858,101
12.00%, 02/15/2031 (a)

             960,000

             1,023,618
GPD Cos., Inc., 12.50% (or 2.38% PIK), 12/31/2029 (a)

             1,701,632

             1,128,620
Herens Holdco Sarl, 4.75%, 05/15/2028 (a)

             1,000,000

             882,617
Innophos Holdings, Inc., 11.50%, 06/15/2029 (a)

             1,415,550

             1,342,745
Mativ Holdings, Inc., 8.00%, 10/01/2029 (a)

             1,175,000

             1,209,524
Rain Carbon, Inc., 12.25%, 09/01/2029 (a)

             1,130,000

             1,202,391


             7,654,606






Coal - 1.2%
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)

             1,250,000

             1,214,057






Commercial Services - 14.5%
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (a)

             1,341,000

             1,308,017
Carrix, Inc., 6.13%, 08/01/2033 (a)

             1,200,000

             1,201,883
Champions Financing, Inc., 8.75%, 02/15/2029 (a)

             1,250,000

             1,274,925
Cimpress PLC, 7.38%, 09/15/2032 (a)

             1,100,000

             1,111,399
CPI CG, Inc., 10.00%, 07/15/2029 (a)

             904,000

             947,473
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)

             1,125,000

             1,164,584
Deluxe Corp., 8.13%, 09/15/2029 (a)

             1,097,000

             1,141,390


NESCO Holdings II, Inc., 5.50%, 04/15/2029 (a)

             1,135,000

             1,130,571
PROG Holdings, Inc., 6.00%, 11/15/2029 (a)

             850,000

             836,415
RR Donnelley & Sons Co.
9.50%, 08/01/2029 (a)

             1,116,000

             1,163,733
11.00% (or 11.00% PIK), 06/01/2031 (a)

             370,000

             356,012
StoneMor, Inc., 8.50%, 05/15/2029 (a)

             1,165,000

             1,163,294
Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 (a)

             975,000

             1,026,517
Veritiv Operating Co., 10.50%, 11/30/2030 (a)

             1,108,000

             1,158,546


             14,984,759






Computers - 1.2%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a)

             1,445,000

             1,231,418






Distribution/Wholesale - 1.2%
Dealer Tire Financial LLC, 10.38%, 10/01/2031 (a)

             1,200,000

             1,195,098






Diversified Financial Services - 3.6%
Burford Capital Global Finance LLC
6.25%, 04/15/2028 (a)

             320,000

             315,955
6.88%, 04/15/2030 (a)

             550,000

             526,642
9.25%, 07/01/2031 (a)

             135,000

             134,641
7.50% (SOFR + 1.72%), 07/15/2033 (a)

             300,000

             265,179
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030 (a)

             1,171,000

             1,226,666
WS Escrow LLC, 7.75%, 06/01/2033 (a)

             1,200,000

             1,250,124


             3,719,207






Electrical Components & Equipment - 0.9%
WESCO Distribution, Inc., 5.50%, 04/15/2034 (a)

             1,000,000

             975,198






Engineering & Construction - 2.3%
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (a)

             1,175,000

             1,207,146
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (a)

             1,206,000

             1,201,982


             2,409,128






Entertainment - 3.2%
Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/2033 (a)

             1,196,000

             1,163,987
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (a)

             1,317,000

             898,724
Voyager Parent LLC, 9.25%, 07/01/2032 (a)

             1,117,000

             1,196,723


             3,259,434






Food - 2.1%
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 7.13%, 04/30/2033 (a)

             1,200,000

             1,227,909
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)

             940,000

             906,185


             2,134,094






Food Service - 1.3%
TKC Holdings, Inc.
8.50%, 08/15/2030 (a)

             600,000

             625,751
12.00%, 02/15/2031 (a)

             700,000

             752,837


             1,378,588






Forest Products & Paper - 1.9%
Magnera Corp.
4.75%, 11/15/2029 (a)

             1,017,000

             961,481
7.25%, 11/15/2031 (a)

             500,000

             492,030
Mercer International, Inc.
12.88%, 10/01/2028 (a)

             700,000

             245,000


5.13%, 02/01/2029

             850,000

             253,937


             1,952,448






Gas - 1.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 6.88%, 06/01/2031 (a)

             1,200,000

             1,199,881






Insurance - 1.9%
Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 (a)

             1,050,000

             897,265
Asurion LLC/ Asurion Co.-Issuer, Inc., 8.38%, 02/01/2034 (a)

             1,125,000

             1,016,137


             1,913,402






Internet - 1.8%
ION Platform Finance US, Inc. / ION Platform Finance SARL
4.63%, 05/01/2028 (a)

             875,000

             813,009
5.75%, 05/15/2028 (a)

             495,000

             467,878
8.75%, 05/01/2029 (a)

             230,000

             211,094
9.50%, 05/30/2029 (a)

             337,000

             313,295


             1,805,276






Leisure Time - 1.2%
A&K Travel Group Holdings Ltd., 7.50%, 05/15/2033 (a)

             1,220,000

             1,241,789






Machinery-Diversified - 1.6%
Columbus McKinnon Corp./NY, 7.13%, 02/01/2033 (a)

             1,075,000

             1,088,421
OT Merger Corp., 7.88%, 10/15/2029 (a)

             1,769,000

             574,925


             1,663,346






Media - 3.7%
Beasley Mezzanine Holdings LLC
10.00% (or 10.00% PIK), 12/31/2027 (a)(c)

             536,634

             335,396
11.00%, 08/01/2028 (a)(c)

             59,000

             56,271
Spanish Broadcasting System, Inc., 9.75%, 03/01/2027 (a)(b)(c)

             1,535,000

             936,350
Univision Communications, Inc.
4.50%, 05/01/2029 (a)

             570,000

             542,961
7.38%, 06/30/2030 (a)

             350,000

             351,647
8.50%, 07/31/2031 (a)

             250,000

             252,041
9.38%, 08/01/2032 (a)

             275,000

             280,799
8.88%, 04/15/2033 (a)

             200,000

             197,787
Urban One, Inc., 7.38%, 02/01/2028 (a)

             1,650,000

             865,874


             3,819,126






Metal Fabricate/Hardware - 2.5%
Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (a)

             1,195,000

             1,259,957
TMS International Corp./DE, 6.25%, 04/15/2029 (a)

             1,280,000

             1,278,585


             2,538,542






Mining - 2.3%
Compass Minerals International, Inc., 8.00%, 07/01/2030 (a)

             1,100,000

             1,150,481
JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (a)

             1,150,000

             1,210,278


             2,360,759






Miscellaneous Manufacturing - 1.5%
Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028 (a)

             796,875

             813,758
Calderys Financing LLC, 11.25%, 06/01/2028 (a)

             665,000

             689,089


             1,502,847








Oil & Gas - 1.2%
Borr IHC Ltd. / Borr Finance LLC, 8.75%, 01/15/2032 (a)

             1,290,000

             1,254,174






Oil & Gas Services - 3.5%
Bristow Group, Inc., 6.75%, 02/01/2033 (a)

             1,210,000

             1,219,332
CHC Group LLC, 11.75%, 09/01/2030 (a)

             1,435,000

             1,226,925
Enerflex, Inc., 6.88%, 01/15/2031 (a)

             1,175,000

             1,198,555


             3,644,812






Packaging & Containers - 4.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031 (a)

             1,750,000

             1,758,150
Canpack Group, Inc. / CANPACK SA, 6.00%, 05/15/2031 (a)

             1,200,000

             1,202,306
Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 (a)

             1,175,000

             1,208,288


             4,168,744






Pharmaceuticals - 1.3%
Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (a)

             1,445,000

             1,345,656






Pipelines - 7.1%
Global Partners LP / GLP Finance Corp.
6.88%, 01/15/2029

             616,000

             620,574
8.25%, 01/15/2032 (a)

             165,000

             172,613
7.13%, 07/01/2033 (a)

             425,000

             437,233
ITT Holdings LLC, 6.50%, 08/01/2029 (a)

             1,255,000

             1,251,928
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)

             1,200,000

             1,225,856
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (a)

             590,000

             608,818
8.38%, 02/15/2032 (a)

             667,000

             699,466
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)

             1,200,000

             1,251,083
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)

             1,038,000

             1,062,692


             7,330,263






Retail - 3.1%
Ferrellgas LP / Ferrellgas Finance Corp.
5.88%, 04/01/2029 (a)

             1,300,000

             1,285,150
9.25%, 01/15/2031 (a)

             650,000

             688,695
Park River Holdings, Inc., 8.00%, 03/15/2031 (a)

             1,175,000

             1,182,177


             3,156,022






Transportation - 4.8%
PODS LLC, 8.75%, 05/15/2031 (a)

             1,400,000

             1,319,871
Rand Parent LLC, 8.50%, 02/15/2030 (a)

             1,085,000

             1,118,990
Star Leasing Co. LLC, 7.63%, 02/15/2030 (a)

             1,250,000

             1,238,422
Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 (a)

             1,180,000

             1,217,371


             4,894,654
TOTAL CORPORATE BONDS (Cost $99,483,556)

             95,125,365






COMMON STOCKS - 0.0% (d)

Shares  

Value  
Building Materials - 0.0% (d)

Northwest Hardwoods (c)(e)

            2,996

             4,494
TOTAL COMMON STOCKS (Cost $137,017)

             4,494






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 6.2%



Fidelity Government Portfolio - Institutional Class, 3.56% (f)

            6,388,422

             6,388,422
TOTAL MONEY MARKET FUNDS (Cost $6,388,422)

             6,388,422








TOTAL INVESTMENTS - 98.5% (Cost $106,008,995)

             101,518,281
Other Assets in Excess of Liabilities - 1.5%
0.01513
            1,559,393
TOTAL NET ASSETS - 100.0%




    $        103,077,674


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.



PIK - Payment in Kind



(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 $94,250,854 or 91.4% of the Fund’s net assets.
(b)

Issuer is currently in default.
(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,332,511 or 1.3% of net assets as of August 31, 2026.
(d)

Represents less than 0.05% of net assets.
(e)

Non-income producing security.
(f)

The rate shown represents the 7-day annualized yield as of August 31, 2026.
























Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

PIA High Yield 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
    $        –

    $        93,797,348

    $        1,328,017

    $        95,125,365
  Common Stocks
            –

            –

            4,494

            4,494
  Money Market Funds
            6,388,422

            –

            –

            6,388,422
Total Investments
    $        6,388,422

    $        93,797,348

    $        1,332,511

    $        101,518,281




Fair Value Measurement Using Significant Unobservable Inputs

Level 3


Common Stocks
Corporate Bonds
Beginning balance as of November 30, 2025

    $     37,450
     $ 0
Purchases

          -
          413,767
Sales

          -
          (62,000)
Change in unrealized appreciation/depreciation

          (32,956)
          (129,955)
Amortization/(Accretion)

          -
          (32,163)
Realized gain/loss

          -
          1,036
Transfers into Level 3 *

          -
          1,137,332
Ending balance as of August 31, 2026

    $     4,494
     $ 1,328,017


$0
$0
Change in unrealized appreciation/depreciation still held as of August 31, 2026

    $     (32,956)
           $ (129,955)



 0





* The amount transferred into Level 3 during the period was $1,137,332. The transfer was due to securities being fair valued by the Adviser.




Description

Fair Value as of August 31, 2026

Valuation Technique

Unobservable Inputs

Input Values (Ranges)
Corporate Bonds

    $        1,328,017

Market Transaction Method

Prior/Recent Transaction

    $     62.50 - 95.38
Common Stocks

             4,494

Market Transaction Method

Prior/Recent Transaction

          1.50


    $        1,332,511