PIA High Yield Fund

Schedule of Investments - August 31, 2023 (Unaudited)

	Shares/ Principal Amount			Value
		Common Stocks —0.3%
		Building Materials — 0.3%
	2,996	Northwest Hardwoods (c)(d)	$	179,760
		Total Common Stocks (Cost $137,017)		179,760
		Corporate Bonds — 96.4%
		Aerospace/Defense — 2.1%
		F-Brasile SpA / F-Brasile US LLC
$	700,000	7.375%, 08/15/2026 (a)		643,374
		Triumph Group, Inc.
	550,000	9.000%, 03/15/2028 (a)		552,217
				1,195,591
		Agriculture — 1.1%
		Vector Group Ltd.
	750,000	5.750%, 02/01/2029 (a)		653,263
		Airlines — 1.1%
		VistaJet Malta Finance PLC / Vista Management Holding, Inc.
	725,000	6.375%, 02/01/2030 (a)		595,005
		Auto Manufacturers — 1.3%
		PM General Purchaser LLC
	800,000	9.500%, 10/01/2028 (a)		769,760
		Auto Parts & Equipment — 1.0%
		Dornoch Debt Merger Sub, Inc.
	650,000	6.625%, 10/15/2029 (a)		561,434
		Building Materials — 4.3%
		Eco Material Technologies, Inc.
	625,000	7.875%, 01/31/2027 (a)		610,013
		Knife River Corp.
	625,000	7.750%, 05/01/2031 (a)		639,781
		MIWD Holdco II LLC / MIWD Finance Corp.
	525,000	5.500%, 02/01/2030 (a)		441,431
		New Enterprise Stone & Lime Co., Inc.
	100,000	5.250%, 07/15/2028 (a)		92,372
		Smyrna Ready Mix Concrete LLC
	650,000	6.000%, 11/01/2028 (a)		624,784
				2,408,381
		Chemicals — 10.6%
		ASP Unifrax Holdings, Inc.
	867,000	5.250%, 09/30/2028 (a)		591,216
		GPD Cos., Inc.
	650,000	10.125%, 04/01/2026 (a)		610,775
		Herens Holdco Sarl
	750,000	4.750%, 05/15/2028 (a)		576,824
		Iris Holdings, Inc.
	697,000	9.500% PIK, 8.750%, 02/15/2026 (a)(b)		654,312
		Mativ Holdings, Inc.
	725,000	6.875%, 10/01/2026 (a)		657,332
		Polar US Borrower LLC / Schenectady International Group, Inc.
	724,000	6.750%, 05/15/2026 (a)		397,901
		Rain Carbon, Inc.
	650,000	12.250%, 09/01/2029 (a)		670,346
		SCIH Salt Holdings, Inc.
	300,000	4.875%, 05/01/2028 (a)		269,980
	415,000	6.625%, 05/01/2029 (a)		366,615
		SCIL IV LLC / SCIL USA Holdings LLC
	650,000	5.375%, 11/01/2026 (a)		609,185
		SK Invictus Intermediate II Sarl
	775,000	5.000%, 10/30/2029 (a)		631,373
				6,035,859
		Coal — 1.1%
		SunCoke Energy, Inc.
	725,000	4.875%, 06/30/2029 (a)		617,570
		Commercial Services — 9.0%
		Alta Equipment Group, Inc.
	650,000	5.625%, 04/15/2026 (a)		602,167
		APi Group DE, Inc.
	325,000	4.125%, 07/15/2029 (a)		280,894
		Cimpress PLC
	785,000	7.000%, 06/15/2026		736,644
		CPI CG, Inc.
	600,000	8.625%, 03/15/2026 (a)		582,540
		NESCO Holdings II, Inc.
	650,000	5.500%, 04/15/2029 (a)		588,228
		PROG Holdings, Inc.
	700,000	6.000%, 11/15/2029 (a)		629,006
		StoneMor, Inc.
	700,000	8.500%, 05/15/2029 (a)		584,790
		VT Topco, Inc.
	383,000	8.500%, 08/15/2030 (a)		389,130
		WASH Multifamily Acquisition, Inc.
	750,000	5.750%, 04/15/2026 (a)		696,219
				5,089,618
		Distribution/Wholesale — 1.1%
		Windsor Holdings III LLC
	625,000	8.500%, 06/15/2030 (a)		628,508
		Diversified Financial Services — 1.1%
		Burford Capital Global Finance LLC
	320,000	6.250%, 04/15/2028 (a)		294,850
	350,000	6.875%, 04/15/2030 (a)		318,005
				612,855
		Engineering & Construction — 3.6%
		Brand Industrial Services, Inc.
	625,000	10.375%, 08/01/2030 (a)		645,331
		Brundage-Bone Concrete Pumping Holdings, Inc.
	650,000	6.000%, 02/01/2026 (a)		624,637
		Railworks Holdings LP / Railworks Rally, Inc.
	811,000	8.250%, 11/15/2028 (a)		776,695
				2,046,663
		Entertainment — 2.2%
		Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
	775,000	5.875%, 09/01/2031 (a)		599,928
		Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
	717,000	6.625%, 03/01/2030 (a)		632,680
				1,232,608
		Food — 2.1%
		B&G Foods, Inc.
	648,000	5.250%, 04/01/2025		633,098
		Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
	675,000	4.625%, 03/01/2029 (a)		562,063
				1,195,161
		Food Service — 1.3%
		TKC Holdings, Inc.
	150,000	6.875%, 05/15/2028 (a)		135,755
	700,000	10.500%, 05/15/2029 (a)		581,630
				717,385
		Forest Products & Paper — 1.0%
		Mercer International, Inc.
	700,000	5.125%, 02/01/2029		573,263
		Healthcare-Services — 4.5%
		Fortrea Holdings, Inc.
	615,000	7.500%, 07/01/2030 (a)		603,469
		Heartland Dental LLC / Heartland Dental Finance Corp.
	425,000	8.500%, 05/01/2026 (a)		400,004
	325,000	10.500%, 04/30/2028 (a)		328,656
		Kedrion SpA
	660,000	6.500%, 09/01/2029 (a)		564,300
		ModivCare Escrow Issuer, Inc.
	900,000	5.000%, 10/01/2029 (a)		664,560
				2,560,989
		Household Products/Wares — 1.0%
		Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
	575,000	5.000%, 12/31/2026 (a)		536,843
		Internet — 0.8%
		ION Trading Technologies Sarl
	500,000	5.750%, 05/15/2028 (a)		439,522
		Iron/Steel — 1.1%
		TMS International Corp./DE
	750,000	6.250%, 04/15/2029 (a)		626,915
		Leisure Time — 1.1%
		Lindblad Expeditions Holdings, Inc.
	600,000	9.000%, 05/15/2028 (a)		617,076
		Machinery-Diversified — 4.2%
		GrafTech Finance, Inc.
	750,000	4.625%, 12/15/2028 (a)		589,425
		Husky III Holding Ltd.
	468,000	13.750% PIK, 13.000%, 02/15/2025 (a)(b)		468,000
		JPW Industries Holding Corp.
	790,000	9.000%, 10/01/2024 (a)		747,423
		OT Merger Corp.
	665,000	7.875%, 10/15/2029 (a)		437,096
		Titan Acquisition Ltd. / Titan Co.-Borrower LLC
	132,000	7.750%, 04/15/2026 (a)		128,431
				2,370,375
		Media — 4.3%
		Audacy Capital Corp.
	700,000	6.750%, 03/31/2029 (a)		7,000
		Beasley Mezzanine Holdings LLC
	915,000	8.625%, 02/01/2026 (a)		605,614
		Spanish Broadcasting System, Inc.
	800,000	9.750%, 03/01/2026 (a)		556,547
		Univision Communications, Inc.
	570,000	4.500%, 05/01/2029 (a)		491,193
	150,000	7.375%, 06/30/2030 (a)		145,287
		Urban One, Inc.
	725,000	7.375%, 02/01/2028 (a)		631,079
				2,436,720
		Metal Fabricate/Hardware — 1.2%
		Park-Ohio Industries, Inc.
	785,000	6.625%, 04/15/2027		687,177
		Mining — 1.2%
		Arsenal AIC Parent LLC
	650,000	8.000%, 10/01/2030 (a)		663,943
		Miscellaneous Manufacturer — 2.2%
		Calderys Financing LLC
	600,000	11.250%, 06/01/2028 (a)		615,727
		FXI Holdings, Inc.
	720,000	12.250%, 11/15/2026 (a)		646,120
				1,261,847
		Office/Business Equipment — 2.1%
		Pitney Bowes, Inc.
	885,000	6.875%, 03/15/2027 (a)		669,016
		Xerox Holdings Corp.
	575,000	5.500%, 08/15/2028 (a)		500,591
				1,169,607
		Oil & Gas — 0.6%
		Ensign Drilling, Inc.
	335,000	9.250%, 04/15/2024 (a)		333,668
		Oil & Gas Services — 4.7%
		Bristow Group, Inc.
	750,000	6.875%, 03/01/2028 (a)		702,233
		CSI Compressco LP / CSI Compressco Finance, Inc.
	775,000	7.500%, 04/01/2025 (a)		753,555
		Enerflex Ltd.
	595,000	9.000%, 10/15/2027 (a)		592,590
		Welltec International ApS
	600,000	8.250%, 10/15/2026 (a)		607,863
				2,656,241
		Packaging & Containers — 4.5%
		Clearwater Paper Corp.
	750,000	4.750%, 08/15/2028 (a)		654,629
		LABL, Inc.
	450,000	5.875%, 11/01/2028 (a)		407,726
	275,000	9.500%, 11/01/2028 (a)		283,393
		Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.
	600,000	4.375%, 10/15/2028 (a)		533,045
		Trident TPI Holdings, Inc.
	625,000	12.750%, 12/31/2028 (a)		650,845
				2,529,638
		Pipelines — 10.3%
		Genesis Energy LP / Genesis Energy Finance Corp.
	75,000	8.000%, 01/15/2027		74,006
	675,000	7.750%, 02/01/2028		657,228
		Global Partners LP / GLP Finance Corp.
	150,000	7.000%, 08/01/2027		147,885
	416,000	6.875%, 01/15/2029		393,499
		ITT Holdings LLC
	810,000	6.500%, 08/01/2029 (a)		731,785
		Martin Midstream Partners LP / Martin Midstream Finance Corp.
	700,000	11.500%, 02/15/2028 (a)		708,866
		NGL Energy Operating LLC / NGL Energy Finance Corp.
	700,000	7.500%, 02/01/2026 (a)		696,273
		Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
	600,000	5.750%, 04/15/2025		552,642
	625,000	9.000%, 10/15/2026 (a)		603,688
		TransMontaigne Partners LP/TLP Finance Corp.
	750,000	6.125%, 02/15/2026		644,873
		Venture Global LNG, Inc.
	650,000	8.125%, 06/01/2028 (a)		656,252
				5,866,997
		REITs — 1.1%
		Iron Mountain, Inc.
	550,000	5.000%, 07/15/2028 (a)		509,935
	136,000	5.250%, 07/15/2030 (a)		122,684
				632,619
		Retail — 2.1%
		Ferrellgas LP / Ferrellgas Finance Corp.
	750,000	5.875%, 04/01/2029 (a)		662,731
		Staples, Inc.
	650,000	7.500%, 04/15/2026 (a)		538,441
				1,201,172
		Software — 2.0%
		Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl
	625,000	4.625%, 05/01/2028 (a)		539,704
		Rocket Software, Inc.
	750,000	6.500%, 02/15/2029 (a)		623,175
				1,162,879
		Transportation — 2.1%
		First Student Bidco, Inc. / First Transit Parent, Inc.
	750,000	4.000%, 07/31/2029 (a)		638,566
		Rand Parent LLC
	600,000	8.500%, 02/15/2030 (a)		572,039
				1,210,605
		Water — 1.3%
		Solaris Midstream Holdings LLC
	750,000	7.625%, 04/01/2026 (a)		737,894
		Total Corporate Bonds (Cost $59,898,884)		54,635,651
		Money Market Fund — 1.3%
	738,463	Fidelity Government Portfolio, Institutional Class, 5.201% (e)		738,463
		Total Money Market Fund (Cost $738,463)		738,463
		Total Investments (Cost 60,774,364) — 98.0%		55,553,874
		Other Assets in Excess of Liabilities — 2.0%		1,137,161
		Total Net Assets — 100.00%	$	56,691,035
		Percentages are stated as a percent of net assets.

(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 $49,535,338 of 87.4% total net assets.
(b)	Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
(c)	Non-income producing security.
(d)	Security valued at fair value using methods determined in good faith by or at the direction of Fund's valuation designee. Value determined using significant unobservable inputs. As of August 31, 2023, the total value of fair valued securities was $179,760 or 0.3% of total net assets.
(e)	Rate shown represents the 7-day annualized yield as of August 31, 2023.

PIA High Yield 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
Common Stocks
Common Stocks	$	–	$	–	$	179,760	$	179,760
Total Common Stocks		–		–		179,760		179,760
Fixed Income Securities
Corporate Bonds		–		54,635,651		–		54,635,651
Total Fixed Income Securities		–		54,635,651		–		54,635,651
Money Market Fund		738,463		–		–		738,463
Total Investments	$	738,463	$	54,635,651	$	179,760	$	55,553,874
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.

Level 3 Reconciliation Disclosure
	Investments in Securities, at Value
	Common Stock			Corporate Bonds
Balance as of November 30, 2022	$	239,680		$	171,000
Accrued discounts/premiums		-			2,189
Realized gain/(loss)		-			-
Change in unrealized appreciation/(depreciation)		(59,920	)		426,811
Purchases		-			-
Sales		-			(600,000	)
Transfers in and/or out of Level 3		-			-
Balance as of August 31, 2023	$	179,760		$	-

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at August 31, 2023, and still classified as Level 3 was $366,891.