PIA High Yield Fund
Schedule of Investments
as of February 29, 2024 (Unaudited)
COMMON STOCKS - 0.2%	Shares		Value
Building Materials - 0.2%
Northwest Hardwoods (c)(d)		2,996	$	149,800
TOTAL COMMON STOCKS (Cost $137,017)				149,800
CORPORATE BONDS - 92.9%	Principal Amount
Aerospace/Defense - 1.1%
F-Brasile SpA / F-Brasile US LLC, 7.38%, 08/15/2026 (a)	$	700,000		695,646
Agriculture - 1.1%
Vector Group Ltd., 5.75%, 02/01/2029 (a)		750,000		687,855
Airlines - 1.1%
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 (a)		943,000		689,861
Auto Manufacturers - 1.3%
PM General Purchaser LLC, 9.50%, 10/01/2028 (a)		800,000		808,825
Building Materials - 3.5%
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (a)		775,000		774,074
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a)		725,000		662,608
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028  (a)		650,000		631,152
8.88%, 11/15/2031 (a)		150,000		158,967
				2,226,801
Chemicals - 10.9%
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 (a)		932,000		592,464
Consolidated Energy Finance SA
5.63%, 10/15/2028 (a)		725,000		589,203
12.00%, 02/15/2031 (a)		250,000		255,833
GPD Cos., Inc., 10.13%, 04/01/2026 (a)		910,000		837,901
Herens Holdco Sarl, 4.75%, 05/15/2028 (a)		750,000		655,959
Iris Holdings, Inc., 8.75% (9.50% PIK), 02/15/2026 (a)(f)		762,000		655,328
Mativ Holdings, Inc., 6.88%, 10/01/2026 (a)		780,000		756,221
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 05/15/2026 (a)		1,124,000		259,903
Rain Carbon, Inc., 12.25%, 09/01/2029 (a)		755,000		756,041
SCIH Salt Holdings, Inc.
4.88%, 05/01/2028 (a)		300,000		274,505
6.63%, 05/01/2029 (a)		615,000		559,924
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a)		775,000		659,382
				6,852,664
Coal - 1.0%
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)		725,000		651,764
Commercial Services - 9.7%
Alta Equipment Group, Inc., 5.63%, 04/15/2026 (a)		650,000		630,199
Champions Financing, Inc., 8.75%, 02/15/2029 (a)		650,000		664,502
Cimpress PLC, 7.00%, 06/15/2026		785,000		782,084
CPI CG, Inc., 8.63%, 03/15/2026 (a)		700,000		687,578
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (a)		650,000		607,175
PROG Holdings, Inc., 6.00%, 11/15/2029 (a)		850,000		782,135
StoneMor, Inc., 8.50%, 05/15/2029 (a)		815,000		592,203
VT Topco, Inc., 8.50%, 08/15/2030 (a)		650,000		678,594
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (a)		750,000		728,122
				6,152,592
Computers - 1.1%
NCR Atleos Corp., 9.50%, 04/01/2029 (a)		660,000		698,775
Distribution/Wholesale - 2.7%
Verde Purchaser LLC, 10.50%, 11/30/2030 (a)		1,025,000		1,072,406
Windsor Holdings III LLC, 8.50%, 06/15/2030 (a)		625,000		647,440
				1,719,846
Diversified Financial Services - 2.2%
Burford Capital Global Finance LLC
6.25%, 04/15/2028 (a)		320,000		307,904
6.88%, 04/15/2030 (a)		350,000		336,015
9.25%, 07/01/2031 (a)		135,000		141,919
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029 (a)		600,000		624,336
				1,410,174
Engineering & Construction - 3.3%
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)		625,000		665,425
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (a)		650,000		639,226
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (a)		811,000		806,582
				2,111,233
Entertainment - 1.9%
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031 (a)		775,000		549,897
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (a)		717,000		672,654
				1,222,551
Food - 2.5%
B&G Foods, Inc., 5.25%, 04/01/2025		224,000		223,445
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)		647,000		651,017
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)		840,000		737,093
				1,611,555
Food Service - 1.5%
TKC Holdings, Inc.
6.88%, 05/15/2028 (a)		235,000		220,230
10.50%, 05/15/2029 (a)		785,000		713,300
				933,530
Forest Products & Paper - 1.5%
Mercer International, Inc.
12.88%, 10/01/2028 (a)		300,000		322,425
5.13%, 02/01/2029		700,000		604,139
				926,564
Healthcare-Services - 3.6%
Heartland Dental LLC / Heartland Dental Finance Corp.
8.50%, 05/01/2026 (a)		425,000		419,424
10.50%, 04/30/2028 (a)		375,000		394,219
Kedrion SpA, 6.50%, 09/01/2029 (a)		770,000		693,906
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (a)		1,000,000		738,605
				2,246,154
Household Products/Wares - 0.9%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026 (a)		575,000		553,193
Internet - 1.0%
ION Trading Technologies Sarl, 5.75%, 05/15/2028 (a)		700,000		628,624
Iron/Steel - 1.2%
TMS International Corp./DE, 6.25%, 04/15/2029 (a)		850,000		740,473
Leisure Time - 1.0%
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 (a)		600,000		633,549
Machinery-Diversified - 3.6%
GrafTech Finance, Inc., 4.63%, 12/15/2028 (a)		904,000		592,447
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028 (a)		150,000		120,188
Husky III Holding Ltd., 13.00% (13.75% PIK), 02/15/2025 (a)(f)		468,000		468,420
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)		300,000		307,484
OT Merger Corp., 7.88%, 10/15/2029 (a)		994,000		647,183
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/2026 (a)		132,000		132,106
				2,267,828
Media - 4.0%
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026 (a)		995,000		626,565
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 (a)		800,000		437,622
Univision Communications, Inc.
4.50%, 05/01/2029 (a)		570,000		500,342
7.38%, 06/30/2030 (a)		250,000		241,685
Urban One, Inc., 7.38%, 02/01/2028 (a)		875,000		751,485
				2,557,699
Metal Fabricate/Hardware - 1.1%
Park-Ohio Industries, Inc., 6.63%, 04/15/2027		785,000		719,025
Mining - 1.1%
Arsenal AIC Parent LLC, 8.00%, 10/01/2030 (a)		650,000		681,688
Miscellaneous Manufacturing - 1.1%
Calderys Financing LLC, 11.25%, 06/01/2028 (a)		665,000		712,776
Office-Business Equipment - 2.3%
Pitney Bowes, Inc., 6.88%, 03/15/2027 (a)		885,000		795,226
Xerox Holdings Corp., 5.50%, 08/15/2028 (a)		725,000		657,017
				1,452,243
Oil & Gas Services - 4.1%
Bristow Group, Inc., 6.88%, 03/01/2028 (a)		750,000		735,060
CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/2025 (a)		775,000		775,814
Enerflex Ltd., 9.00%, 10/15/2027 (a)		665,000		669,182
Welltec International ApS, 8.25%, 10/15/2026 (a)		400,000		407,818
				2,587,874
Packaging & Containers - 3.5%
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)		750,000		695,379
LABL, Inc.
9.50%, 11/01/2028 (a)		425,000		425,545
5.88%, 11/01/2028 (a)		450,000		403,643
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (a)		625,000		667,454
				2,192,021
Pipelines - 9.1%
Global Partners LP / GLP Finance Corp.
7.00%, 08/01/2027		275,000		275,303
6.88%, 01/15/2029		416,000		410,369
8.25%, 01/15/2032 (a)		165,000		169,325
ITT Holdings LLC, 6.50%, 08/01/2029 (a)		910,000		808,586
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)		750,000		788,295
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (a)		375,000		378,774
8.38%, 02/15/2032 (a)		342,000		347,676
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
9.00%, 10/15/2026 (a)(b)		765,000		757,717
12.00%, 10/15/2026 (a)		300,000		297,750
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/2026		905,000		839,910
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)		650,000		660,885
				5,734,590
Retail - 2.3%
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a)		750,000		713,351
Staples, Inc., 7.50%, 04/15/2026 (a)		775,000		745,827
				1,459,178
Software - 3.1%
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (a)		800,000		712,500
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.63%, 05/01/2028 (a)		625,000		558,188
Rocket Software, Inc., 6.50%, 02/15/2029 (a)		835,000		707,662
				1,978,350
Transportation - 2.2%
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (a)		750,000		653,539
Rand Parent LLC, 8.50%, 02/15/2030 (a)		735,000		714,830
				1,368,369
Water - 1.3%
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026 (a)		795,000		796,247
TOTAL CORPORATE BONDS (Cost $62,081,070)				58,710,117
SHORT-TERM INVESTMENTS - 5.0%
Money Market Funds - 5.0%	Shares
Fidelity Government Portfolio - Institutional Class, 5.20% (e)		3,157,744		3,157,744
TOTAL SHORT-TERM INVESTMENTS (Cost $3,157,744)				3,157,744
TOTAL INVESTMENTS - 98.1% (Cost $65,375,831)				62,017,661
Other Assets in Excess of Liabilities - 1.9%				1,204,677
TOTAL NET ASSETS - 100.0%			$	63,222,338
Percentages are stated as a percent of net assets.

(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 $54,855,842 or 86.8% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of February 29, 2024.
(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 $149,800 or 0.2% of net assets as of February 29, 2024.
(d)	Non-income producing security.
(e)	The rate shown represents the 7-day annualized yield as of February 29, 2024.
(f)	Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

PIA High Yield 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
Common Stocks	$	–	$	–	$	149,800	$	149,800
Fixed Income Securities
Corporate Bonds		–		58,710,117		–		58,710,117
Total Fixed Income Securities		–		58,710,117		–		58,710,117
Money Market Funds		3,157,744		–		–		3,157,744
Total Investments	$	3,157,744	$	58,710,117	$	149,800	$	62,017,661
Refer to the Schedule of Investments for industry classifications.

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value.

	Investments in Securities, at Value
	Common Stocks
Balance as of November 30, 2023	$	149,800
Accrued discounts/premiums		-
Realized gain/(loss)		-
Change in unrealized appreciation/(depreciation)		-
Purchases		-
Sales		-
Transfers in and/or out of Level 3		-
Balance as of February 29, 2024	$	149,800

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at February 29, 2024, and still classified as Level 3 was $0.