# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-001473
**Filing Date:** 2026-2
**Character Count:** 311011
**Document Hash:** ff033376ac02b17a41383ad148b947fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001473.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001133228-26-001473

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26605746

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### PIA BBB Bond Fund (Series ID: S000005064)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013849 | Managed Account Completion Shares | PBBBX           |

### PIA Short-Term Securities Fund (Series ID: S000005065)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000013850 | Advisor Class | PIASX           |

### PIA MBS Bond Fund (Series ID: S000005067)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013852 | Managed Account Completion Shares | PMTGX           |

### PIA High Yield Fund (Series ID: S000029824)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091708 | Institutional Class | PHYSX           |

### PIA High Yield (MACS) Fund (Series ID: S000029825)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000091709 | Managed Account Completion Shares | PIAMX           |

?xml version='1.0' encoding='ASCII'? 2025-09-24196013_PIABBBBondFund_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-07959</u>**

**<u>Advisors Series Trust</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jeffrey T. Rauman, President/Principal Executive Officer**

**Advisors Series Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Avenue**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(626) 914-7363</u>**

(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>November 30, 2025</u>**

Date of reporting period: **<u>November 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img319154_s20250725135644.jpg) | **PIA BBB Bond Fund**  | ![image](img11897_202506271434816.jpg) |
| ![image](img319154_s20250725135644.jpg) | PBBBX  | ![image](img11897_202506271434816.jpg) |
| ![image](img319154_s20250725135644.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img11897_202506271434816.jpg) |

---

This annual shareholder report contains important information about the PIA BBB Bond Fund for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://www.pacificincome.com/mutualfund/bbb-bond-fund/. You can also request this information by contacting us at 1-800-251-1970.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| PIA BBB Bond Fund | $20 | 0.19% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended November 30, 2025, the Fund outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index and outperformed its secondary benchmark, the Bloomberg U.S. Credit Baa Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are pleased to provide you with this annual report for the twelve-month period from December 1, 2024, through November 30, 2025, regarding the PIA BBB Bond Fund for which Pacific Income Advisers, Inc. ("PIA") is the investment adviser.

The PIA BBB Bond Fund returned 6.30% for the twelve-month period ended November 30, 2025, versus the Bloomberg U.S. Credit Baa Bond Index return of 6.24%. The Fund has a strategy of using a broad diversification of BBB-rated issuers, industry sectors and range of maturities. The Fund is structured so as to approximate the returns of its benchmark, while holding a smaller number of issuers. In order to achieve this objective, the overall duration, the partial durations, as well as the sector allocations of the Fund approximate those of its benchmark. While the top 20 issuers in the Bloomberg U.S. Credit Baa Bond Index are represented in the Fund, for the remaining issuers in the benchmark, only a subset is represented in the Fund, based on market conditions. This will cause some variability in the returns of the Fund relative to those of the benchmark.

The Bloomberg U.S. Aggregate Index returned 5.70% during the reporting period. The Fund's weighting in primarily Baa rated credit securities is the primary factor attributable to the difference in returns between the Fund and the Bloomberg U.S. Aggregate Index during the reporting period.

Bond Market in Review - The yields on 2-year, 5-year and 10-year Treasuries decreased by 66, 45 and 16 basis points, respectively, while the yields on 30-year Treasuries increased by 30 basis points during the reporting period. The average credit spread on investment grade corporate bonds increased from 78 to 80 basis points. The average option-adjusted spread on fixed rate agency MBS decreased from 41 to 30 basis points, and the average life decreased from 7.4 to 7.2 years.

We believe that the PIA BBB Bond Fund provides our clients with a means of efficiently investing in a broadly diversified portfolio of BBB-rated bonds.

Please take a moment to review the Fund's statements of assets and liabilities and the results of operations for the twelve-month period ended November 30, 2025. We look forward to reporting to you again with the semi-annual report dated May 31, 2026.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

PIA BBB Bond Fund PAGE 1 TSR-AR-007989577

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6167img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF**  | 6.30 | 0.21 | 3.48 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.70 | -0.31 | 1.99 |
| **Bloomberg U.S. Credit Baa**  | 6.24 | 0.53 | 3.72 |

---

Visit https://www.pacificincome.com/mutualfund/bbb-bond-fund/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $185198677 |
| **Number of Holdings** | 278 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 12% |
| **Average Credit Quality** | BBB |
| **Effective Duration** | 6.78 years |
| **Weighted Average Maturity** | 11.00 years |
| **Weighted Average Life** | 10.65 years |
| **30-Day SEC Yield** | 4.81% |
| **30-Day SEC Yield Unsubsidized** | 4.80% |

---

PIA BBB Bond Fund PAGE 2 TSR-AR-007989577

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

**Sector Breakdown (%)**

![image](ts6167img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AT&T, Inc.  | 2.2% |
|  CVS Health Corp.  | 2.1% |
|  Mexico Government International Bond  | 1.9% |
|  Oracle Corp.  | 1.9% |
|  Pacific Gas and Electric Co.  | 1.9% |
|  T-Mobile USA, Inc.  | 1.8% |
|  Verizon Communications, Inc.  | 1.8% |
|  General Motors Financial Co., Inc.  | 1.7% |
|  Amgen, Inc.  | 1.5% |
|  Barclays PLC  | 1.4% |

---

**Credit Rating Breakdown (%)<sup>1</sup>**

![image](ts6167img005.jpg)

\* Expressed as a percent of net assets.

---

| | |
|:---|:---|
| 1 | Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer's financial condition and profit potential. Bond rating services are provided by credit rating agencies currently registered as Nationally Recognized Statistical Rating Organizations ("NRSROs"). Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). Securities not covered by any agency will receive a non-rated (NR) rating. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pacificincome.com/mutualfund/bbb-bond-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacific Income Advisers, Inc. documents not be householded, please contact Pacific Income Advisers, Inc. at 1-800-251-1970, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacific Income Advisers, Inc. or your financial intermediary.

PIA BBB Bond Fund PAGE 3 TSR-AR-007989577

10000105181125310877127371393113846116311214613245140791000010217105461040411527123661222410654107801152112178100001054811334109611284614038140741189312402135641441122.116.910.610.38.47.47.46.56.44.02.63.492.81.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img319156_202507251316767.jpg) | **PIA High Yield (MACS) Fund**  | ![image](img11897_202506271434816.jpg) |
| ![image](img319156_202507251316767.jpg) | PIAMX  | ![image](img11897_202506271434816.jpg) |
| ![image](img319156_202507251316767.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img11897_202506271434816.jpg) |

---

This annual shareholder report contains important information about the PIA High Yield (MACS) Fund for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://www.pacificincome.com/mutualfund/pia-high-yield-macs/. You can also request this information by contacting us at 1-800-251-1970.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| PIA High Yield (MACS) Fund | $17 | 0.17% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended November 30, 2025, the Fund underperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index and underperformed its secondary benchmark, the Bloomberg U.S. High Yield Corporate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are pleased to provide you with this report for the period from December 1, 2024 through November 30, 2025, regarding the PIA High Yield (MACS) Fund (the "Fund") for which Pacific Income Advisers, Inc. ("PIA"), is the investment adviser.

The Fund underperformed its benchmark, the Bloomberg U.S. Corporate High-Yield Index (the "Index"), returning 2.03%, after fees and expenses, for the twelve months ended November 30, 2025, versus 7.55% for the Index.

The Bloomberg U.S. Aggregate Index returned 5.70% during the reporting period. The Fund's weighting in primarily high yield rated credit securities is the primary factor attributable to the difference in returns between the Fund and the Bloomberg U.S. Aggregate Index during the reporting period.

The primary factors contributing to the underperformance of the Fund were the distribution of returns by credit rating and individual credit selection. With regards to ratings, during the period, the Fund was significantly underweight Ba(s), the best performing ratings cohort, while overweight B(s) and Caa(s), the lessor performing ratings cohorts.

The Fund's primary objective is to seek a high level of current income. The Fund's secondary objective is to seek capital growth when that is consistent with its primary objective.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | VistaJet Malta Finance PLC / Vista Management Holding, Inc. 6.38% 02/01/2030 |
| ↑ | StoneMor, Inc. 8.50% 05/15/2029 |
| ↑ | Veritiv Operating Co. 10.50% 11/30/2030 |
| ↑ | Spanish Broadcasting System, Inc. 9.75% 03/01/2026 |
| ↑ | ITT Holdings LLC 6.50% 8/1/2029I |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ModivCare, Inc. 5.00% 10/1/2029 |
| ↓ | Brightline East LLC 11.00% 1/31/2030 |
| ↓ | Polar US Borrower T/L B-2 First Lien 10.19% 10/16/2028 |
| ↓ | ASP Unifrax Holdings, Inc. 5.25% 12/23/2029 |
| ↓ | GPD Cos., Inc. 12.50% 12/31/2029 |

---

PIA High Yield (MACS) Fund PAGE 1 TSR-AR-00770X378

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6168img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/26/2017)** |
| **TF**  | 2.03 | 5.42 | 5.46 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.70 | -0.31 | 1.82 |
| **Bloomberg U.S. High Yield Corporate Bond Index**  | 7.55 | 4.78 | 5.14 |

---

Visit https://www.pacificincome.com/mutualfund/pia-high-yield-macs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $184645053 |
| **Number of Holdings** | 109 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | B |
| **Effective Duration** | 2.35 years |
| **Weighted Average Maturity** | 3.60 years |
| **Weighted Average Life** | 3.63 years |
| **30-Day SEC Yield** | 12.34% |
| **30-Day SEC Yield Unsubsidized** | 12.34% |

---

PIA High Yield (MACS) Fund PAGE 2 TSR-AR-00770X378

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

**Sector Breakdown (%)**

![image](ts6168img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Government Portfolio  | 8.2% |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL  | 2.3% |
|  Ferrellgas LP / Ferrellgas Finance Corp.  | 1.9% |
|  Veritiv Operating Co.  | 1.7% |
|  TKC Holdings, Inc.  | 1.6% |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc.  | 1.5% |
|  Rocket Software, Inc.  | 1.5% |
|  CHC Group LLC  | 1.5% |
|  Compass Minerals International, Inc.  | 1.5% |
|  Innophos Holdings, Inc.  | 1.5% |

---

**Credit Rating Breakdown (%)<sup>1</sup>**

![image](ts6168img005.jpg)

\* Expressed as a percent of net assets.

---

| | |
|:---|:---|
| 1 | Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer's financial condition and profit potential. Bond rating services are provided by credit rating agencies currently registered as Nationally Recognized Statistical Rating Organizations ("NRSROs"). Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). Securities not covered by any agency will receive a non-rated (NR) rating. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pacificincome.com/mutualfund/pia-high-yield-macs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacific Income Advisers, Inc. documents not be householded, please contact Pacific Income Advisers, Inc. at 1-800-251-1970, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacific Income Advisers, Inc. or your financial intermediary.

PIA High Yield (MACS) Fund PAGE 3 TSR-AR-00770X378

100009993107141170512677115991304914934152381000098581092211717115821009510214109161153910000100201099011786124091129712278138391488425.017.314.211.38.87.43.82.59.73.00.08.065.019.01.04.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img319157_202507242234248.jpg) | **PIA MBS Bond Fund**  | ![image](img11897_202506271434816.jpg) |
| ![image](img319157_202507242234248.jpg) | PMTGX  | ![image](img11897_202506271434816.jpg) |
| ![image](img319157_202507242234248.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img11897_202506271434816.jpg) |

---

This annual shareholder report contains important information about the PIA MBS Bond Fund for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://www.pacificincome.com/mutualfund/mbs-bond-fund/. You can also request this information by contacting us at 1-800-251-1970.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| PIA MBS Bond Fund | $29 | 0.28% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended November 30, 2025, the Fund outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index and underperformed its secondary benchmark Bloomberg U.S. MBS Fixed Rate Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are pleased to provide you with this annual report for the fiscal year from December 1, 2024 through November 30, 2025, regarding the PIA MBS Bond Fund for which Pacific Income Advisers, Inc. ("PIA") is the investment adviser.

The PIA MBS Bond Fund returned 5.95% for the twelve-month period ended November 30, 2025, while the Bloomberg U.S. MBS Fixed Rate Index returned 6.57%. The Fund's underweight in production coupons (30-year 6% and 6.5%) was the main detractor for performance. Our underweight reflected concern regarding prepayment risk for these coupons, but rates remained elevated, and the higher production coupons greatly outperformed lower coupons. Security specific risk was also a detractor for the period, given the performance of one of the Fund's ABS holdings (~1.3% of the Fund). The security's anticipated repayment date was extended, and the security had a subsequent price decline. However, we believe it is prudent to hold the security. The Fund's longer duration position was a positive as was the Fund's underweight to Ginnie Mae mortgages, as Ginnie Mae 30-year MBS underperformed conventional 30-year MBS.

The Bloomberg U.S. Aggregate Index returned 5.70% during the reporting period. The Fund's weighting in primarily securitized bonds is the primary factor attributable to the difference in returns between the Fund and the Bloomberg U.S. Aggregate Index during the reporting period.

Bond Market in Review - The yields on 2-year, 5-year and 10-year Treasuries decreased by 66, 45 and 16 basis points, respectively, while the yields on 30-year Treasuries increased by 30 basis points during the reporting period. The average credit spread on investment grade corporate bonds increased from 78 to 80 basis points. The average option-adjusted spread on fixed rate agency MBS decreased from 41 to 30 basis points, and the average life decreased from 7.4 to 7.2 years.

We believe that the PIA MBS Bond Fund provides our clients with a means of efficiently investing in a broadly diversified portfolio of agency mortgage-backed securities.

Please take a moment to review the Fund's statements of assets and liabilities and the results of operations for the fiscal ended November 30, 2025. We look forward to reporting to you again with the semi-annual report dated May 31, 2026.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | FNMA 5.5% 30yr pools |
| ↑ | FNMA 5.0% 30yr pools |
| ↑ | FNMA 4.5% 30yr pools |

---

PIA MBS Bond Fund PAGE 1 TSR-AR-007989494

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ABS & CMBS |
| ↓ | Treasury Bills |
| ↓ | GNMAII 2.0% 30yr pools |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6170img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF**  | 5.95 | 0.07 | 1.42 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.70 | -0.31 | 1.99 |
| **Bloomberg U.S. Mortgage-Backed Securities Index**  | 6.57 | 0.15 | 1.57 |

---

Visit https://www.pacificincome.com/mutualfund/mbs-bond-fund/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107518149 |
| **Number of Holdings** | 86 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 12% |
| **Average Credit Quality** | AA |
| **Effective Duration** | 5.40 years |
| **Weighted Average Maturity** | 22.80 years |
| **Weighted Average Life** | 6.97 years |
| **30-Day SEC Yield** | 3.81% |
| **30-Day SEC Yield Unsubsidized** | 3.79% |

---

PIA MBS Bond Fund PAGE 2 TSR-AR-007989494

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

**Sector Breakdown (%)**

![image](ts6170img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  FHLMC  | 36.5% |
|  FNMA  | 32.3% |
|  GNMA  | 16.7% |
|  United States Treasury Bill  | 10.2% |
|  Invitation Homes Trust  | 1.4% |
|  CF Hippolyta Issuer LLC  | 1.1% |
|  Fidelity Government Portfolio  | 1.0% |
|  SAFCO Auto Receivables Trust  | 0.5% |
|  BX Trust  | 0.3% |

---

**Credit Rating Breakdown (%)<sup>1</sup>**

![image](ts6170img005.jpg)

\* Expressed as a percent of net assets.

---

| | |
|:---|:---|
| 1 | Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer's financial condition and profit potential. Bond rating services are provided by credit rating agencies currently registered as Nationally Recognized Statistical Rating Organizations ("NRSROs"). Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). Securities not covered by any agency will receive a non-rated (NR) rating. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pacificincome.com/mutualfund/mbs-bond-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacific Income Advisers, Inc. documents not be householded, please contact Pacific Income Advisers, Inc. at 1-800-251-1970, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacific Income Advisers, Inc. or your financial intermediary.

PIA MBS Bond Fund PAGE 3 TSR-AR-007989494

10000101481035910285110601147711393101261015610871115181000010217105461040411527123661222410654107801152112178100001016410382103311115611595115091018610212109611168085.72.911.498.71.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img319155_202507242218209.jpg) | **PIA High Yield Fund**  | ![image](img11897_202506271434816.jpg) |
| ![image](img319155_202507242218209.jpg) | PHYSX  | ![image](img11897_202506271434816.jpg) |
| ![image](img319155_202507242218209.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img11897_202506271434816.jpg) |

---

This annual shareholder report contains important information about the PIA High Yield Fund for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://www.pacificincome.com/mutualfund/high-yield-fund/. You can also request this information by contacting us at 1-800-251-1970.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional | $65 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended November 30, 2025, the Fund underperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index and underperformed its secondary benchmark, the Bloomberg U.S. High Yield Corporate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are pleased to provide you with this report for the period from December 1, 2024 through November 30, 2025, regarding the PIA High Yield Fund (the "Fund") for which Pacific Income Advisers, Inc. ("PIA"), is the investment adviser.

The Fund underperformed its benchmark, the Bloomberg U.S. Corporate High-Yield Index (the "Index"), returning 1.27%, after fees and expenses, for the twelve months ended November 30, 2025, versus 7.55% for the Index.

The Bloomberg U.S. Aggregate Index returned 5.70% during the reporting period. The Fund's weighting in primarily high yield rated credit securities is the primary factor attributable to the difference in returns between the Fund and the Bloomberg U.S. Aggregate Index during the reporting period.

The primary factors contributing to the underperformance of the Fund were the distribution of returns by credit rating and individual credit selection. With regards to ratings, during the period, the Fund was underweight Ba(s), the best performing ratings cohort, while overweight B(s) and Caa(s), the lesser performing ratings cohorts.

The Fund's primary objective is to seek a high level of current income. The Fund's secondary objective is to seek capital growth when that is consistent with its primary objective.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | StoneMor, Inc. 8.50% 5/15/2029 |
| ↑ | VistaJet Malta Finance PLC / Vista Management Holding, Inc. 6.375% 2/1/2030 |
| ↑ | Spanish Broadcasting System, Inc. 9.75% 3/1/2026 |
| ↑ | ITT Holdings LLC 6.50% 8/1/2029 |
| ↑ | Husky Injection Molding System 9.00% 2/15/2029 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ModivCare, Inc. 5.00% 10/1/2029 |
| ↓ | Brightline East LLC 11.00% 1/31/2030 |
| ↓ | Xerox Holdings Corp. 5.50% 8/15/2028 |
| ↓ | GPD Cos., Inc. 12.50% 12/31/2029 |
| ↓ | Oscar Acquisition Co. LLC 9.50% 4/15/2030 |

---

PIA High Yield Fund PAGE 1 TSR-AR-007989163

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6169img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional**  | 1.27 | 4.90 | 5.83 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.70 | -0.31 | 1.99 |
| **Bloomberg U.S. High Yield Corporate Bond Index**  | 7.55 | 4.78 | 6.20 |

---

Visit https://www.pacificincome.com/mutualfund/high-yield-fund/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $95074992 |
| **Number of Holdings** | 110 |
| **Net Advisory Fee** | $222462 |
| **Portfolio Turnover** | 34% |
| **Average Credit Quality** | B |
| **Effective Duration** | 2.44 years |
| **Weighted Average Maturity** | 3.80 years |
| **Weighted Average Life** | 3.76 years |
| **30-Day SEC Yield** | 11.87% |
| **30-Day SEC Yield Unsubsidized** | 11.53% |

---

PIA High Yield Fund PAGE 2 TSR-AR-007989163

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

**Sector Breakdown (%)**

![image](ts6169img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Government Portfolio  | 6.5% |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL  | 2.4% |
|  Ferrellgas LP / Ferrellgas Finance Corp.  | 2.0% |
|  Univision Communications, Inc.  | 1.5% |
|  Compass Minerals International, Inc.  | 1.5% |
|  Magnera Corp.  | 1.5% |
|  CHC Group LLC  | 1.4% |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc.  | 1.4% |
|  TKC Holdings, Inc.  | 1.4% |
|  Innophos Holdings, Inc.  | 1.3% |

---

**Credit Rating Breakdown (%)<sup>1</sup>**

![image](ts6169img005.jpg)

\* Expressed as a percent of net assets.

---

| | |
|:---|:---|
| 1 | Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer's financial condition and profit potential. Bond rating services are provided by credit rating agencies currently registered as Nationally Recognized Statistical Rating Organizations ("NRSROs"). Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). Securities not covered by any agency will receive a non-rated (NR) rating. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pacificincome.com/mutualfund/high-yield-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacific Income Advisers, Inc. documents not be householded, please contact Pacific Income Advisers, Inc. at 1-800-251-1970, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacific Income Advisers, Inc. or your financial intermediary.

PIA High Yield Fund PAGE 3 TSR-AR-007989163

10000110701214112064128051387614966135801530417405176261000010217105461040411527123661222410654107801152112178100001121112238122821347114446152091384715050169621824326.617.614.711.28.77.63.32.47.95.00.07.064.019.01.04.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img319158_202507251436164.jpg) | **PIA Short-Term Securities Fund**  | ![image](img11897_202506271434816.jpg) |
| ![image](img319158_202507251436164.jpg) | PIASX  | ![image](img11897_202506271434816.jpg) |
| ![image](img319158_202507251436164.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img11897_202506271434816.jpg) |

---

This annual shareholder report contains important information about the PIA Short-Term Securities Fund for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://www.pacificincome.com/mutualfund/short-term-securities-fund/. You can also request this information by contacting us at 1-800-251-1970.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| PIA Short-Term Securities Fund | $40 | 0.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended November 30, 2025, the Fund underperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index and outperformed its secondary benchmark, the ICE BofA 1-Year US Treasury Note Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are pleased to provide you with this annual report for the twelve-month period from December 1, 2024 through November 30, 2025, regarding the PIA Short-Term Securities Fund (the "Fund") for which Pacific Income Advisers, Inc. ("PIA"), is the investment adviser.

For the twelve months ended November 30, 2025, the Fund generated a total return, including the reinvestment of dividends and capital gains, of 4.89%, versus a total return of 4.23% for the Fund's secondary benchmark, the ICE BofA 1-Year U.S. Treasury Note Index.

The Fund's outperformance versus the secondary benchmark during the reporting period can be primarily attributed to an overweight in investment grade corporate debt securities, with financial, utility and industrial credits all outperforming equivalent duration U.S. Treasuries based on excess returns. The Fund also benefited from its weighting in asset-backed securities and commercial mortgage-backed securities.

The Bloomberg U.S. Aggregate Index returned 5.70% during the reporting period. The Fund's substantially shorter duration is the primary factor attributable to the difference in returns between the Fund and the Bloomberg U.S. Aggregate Index during the reporting period.

The Fund's investment objective is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities.

Bond Market in Review - The yields on 1-year, 2-year, 3-year, 5-year and 10-year Treasuries decreased by 69, 66, 61, 45 and 16 basis points, respectively, while the yields on 30-year Treasuries increased by 30 basis points during the reporting period. The average credit spread on investment grade corporate bonds increased from 78 to 80 basis points and the average option-adjusted spread on fixed rate agency mortgage-backed securities decreased from 41 to 30 basis points.

Please take a moment to review the Fund's statements of assets and liabilities and the results of operations for the twelve-month period ended November 30, 2025. We look forward to reporting to you again with the semi-annual report dated May 31, 2026.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Financial credits |
| ↑ | Industrial credits |
| ↑ | Utility credits |
| ↑ | Longer duration |

---

PIA Short-Term Securities Fund PAGE 1 TSR-AR-007989551

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Adjustable-rate agency MBS |
| ↓ | Adjustable-rate CMBS |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6171img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF**  | 4.89 | 2.87 | 2.27 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.70 | -0.31 | 1.99 |
| **ICE BofA 1-Year US Treasury Note Total Return Index**  | 4.23 | 2.40 | 1.99 |

---

Visit https://www.pacificincome.com/mutualfund/short-term-securities-fund/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $184137271 |
| **Number of Holdings** | 122 |
| **Net Advisory Fee** | $288067 |
| **Portfolio Turnover** | 43% |
| **Average Credit Quality** | Aa |
| **Effective Duration** | 1.20 years |
| **Weighted Average Maturity** | 2.70 years |
| **Weighted Average Life** | 1.40 years |
| **30-Day SEC Yield** | 3.95% |
| **30-Day SEC Yield Unsubsidized** | 3.96% |

---

PIA Short-Term Securities Fund PAGE 2 TSR-AR-007989551

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

**Sector Breakdown (%)**

![image](ts6171img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.5% |
|  United States Treasury Bill  | 8.8% |
|  BX Trust  | 6.4% |
|  AEGON Funding Co. LLC  | 1.7% |
|  Quanta Services, Inc.  | 1.6% |
|  CONE Trust 2024-DFW1  | 1.6% |
|  PVOne LLC  | 1.3% |
|  Amur Equipment Finance Receivables LLC  | 1.3% |
|  Ares Capital Corp.  | 1.1% |
|  Camden Property Trust  | 1.1% |

---

**Credit Rating Breakdown (%)<sup>1</sup>**

![image](ts6171img005.jpg)

\* Expressed as a percent of net assets.

---

| | |
|:---|:---|
| 1 | Bond ratings provide the probability of an issuer defaulting based on the analysis of the issuer's financial condition and profit potential. Bond rating services are provided by credit rating agencies currently registered as Nationally Recognized Statistical Rating Organizations ("NRSROs"). Bond ratings start at AAA (denoting the highest investment quality) and usually end at D (meaning payment is in default). Securities not covered by any agency will receive a non-rated (NR) rating. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pacificincome.com/mutualfund/short-term-securities-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacific Income Advisers, Inc. documents not be householded, please contact Pacific Income Advisers, Inc. at 1-800-251-1970, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacific Income Advisers, Inc. or your financial intermediary.

PIA Short-Term Securities Fund PAGE 3 TSR-AR-007989551

10000101321021910345106601086810880107181126411935125181000010217105461040411527123661222410654107801152112178100001007010130102851060510818108221065811128116861218021.720.118.58.74.74.74.03.91.712.018.733.020.727.6 ------

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine, Ms. Michele Rackey, Ms. Anne Kritzmire and Mr. Craig Wainscott are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2025 | FYE 11/30/2024 |
| (a) Audit Fees | $97500 | $97500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $18000 | 18000 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2025 | FYE 11/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) During the audit of the registrant's financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 11/30/2025</u> <u>FYE 11/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](pia_logo.jpg)

**PIA FUNDS**

**PIA BBB Bond Fund**

**PIA High Yield (MACS) Fund**

**PIA MBS Bond Fund**

Core Financial Statements

November 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi20) |  |
| &nbsp;&nbsp;&nbsp; [PIA BBB Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [PIA High Yield (MACS) Fund](#soi2) | [12](#soi2) |
| &nbsp;&nbsp;&nbsp; [PIA MBS Bond Fund](#soi3) | [17](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [20](#sal) |
| [Statements of Operations](#sop) | [21](#sop) |
| [Statements of Changes in Net Assets](#scna) | [22](#scna) |
| [Financial Highlights](#fihi) | [24](#fihi) |
| [Notes to Financial Statements](#notes) | [27](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [38](#report) |
| [Additional Information](#ai1) | [39](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 92.7%**<br>|  |  |
| **Aerospace/Defense - 2.9%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | $950000 | $979457  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 | 1400000 | 1439414  |
| L3Harris Technologies, Inc., 6.15%, 12/15/2040 | 500000 | 552006  |
| Northrop Grumman Corp., 4.95%, 03/15/2053 | 500000 | 460035  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2027 | 1000000 | 994541  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/2047 | 1000000 | 864917  |
|  |  | 5290370  |
| **Agriculture - 1.9%**<br>|  |  |
| Altria Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/14/2029 | 148000 | 150553  |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 | 800000 | 771744  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.26%, 03/25/2028 | 1000000 | 960061  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 | 400000 | 337758  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/16/2052 | 800000 | 770135  |
| Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 600000 | 597859  |
|  |  | 3588110  |
| **Airlines - 0.3%**<br>|  |  |
| Southwest Airlines Co., 5.13%, 06/15/2027 | 500000 | 505706  |
| United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026 | 114563 | 114580  |
|  |  | 620286  |
| **Auto Manufacturers - 3.3%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 | 500000 | 490932  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 | 500000 | 523588  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 | 1000000 | 1078172  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/08/2034 | 500000 | 508870  |
| General Motors Co., 5.20%, 04/01/2045 | 400000 | 363934  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/21/2030 | 1300000 | 1251573  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/08/2031 | 1500000 | 1347097  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2032 | 500000 | 521820  |
|  |  | 6085986  |
| **Banks - 6.7%**<br>|  |  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.84%, 05/09/2028 | 1000000 | 1006487  |
| &nbsp;&nbsp;&nbsp; 5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033 | 1000000 | 1057191  |
| &nbsp;&nbsp;&nbsp; 3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 700000 | 548561  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027 | 700000 | 703586  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/06/2044 | 540000 | 527830  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, <br>01/23/2030 | $500000 | $521072  |
| Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 | 500000 | 521323  |
|  Deutsche Bank AG/New York NY, 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031 | 1000000 | 1028518  |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028 | 500000 | 498947  |
| &nbsp;&nbsp;&nbsp; 8.25%, 03/01/2038 | 225000 | 278893  |
| Goldman Sachs Group, Inc., 6.75%, 10/01/2037 | 950000 | 1070493  |
| HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034 | 1100000 | 1259106  |
| Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 800000 | 800476  |
| M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032 | 500000 | 532172  |
| Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 900000 | 792598  |
| Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035 | 1000000 | 1075215  |
| Westpac Banking Corp., 3.13%, 11/18/2041 | 300000 | 230440  |
|  |  | 12452908  |
| **Beverages - 1.1%**<br>|  |  |
| Constellation Brands, Inc., 2.88%, 05/01/2030 | 700000 | 659586  |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2030 | 1000000 | 949279  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2052 | 500000 | 410902  |
|  |  | 2019767  |
| **Biotechnology - 2.1%**<br>|  |  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 | 1000000 | 1042561  |
| &nbsp;&nbsp;&nbsp; 2.80%, 08/15/2041 | 500000 | 371279  |
| &nbsp;&nbsp;&nbsp; 4.66%, 06/15/2051 | 1006000 | 882532  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 | 500000 | 502735  |
| Biogen, Inc., 2.25%, 05/01/2030 | 700000 | 644449  |
| Royalty Pharma PLC, 2.15%, 09/02/2031 | 500000 | 439841  |
|  |  | 3883397  |
| **Building Materials - 0.7%**<br>|  |  |
| Amrize Finance US LLC, 5.40%, 04/07/2035<sup>(a)</sup> | 500000 | 519333  |
| Carrier Global Corp., 2.70%, 02/15/2031 | 240000 | 222562  |
| Vulcan Materials Co., 3.90%, 04/01/2027 | 620000 | 619269  |
|  |  | 1361164  |
| **Chemicals - 1.3%**<br>|  |  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 11/01/2029 | 170000 | 188137  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 | 500000 | 525150  |
| DuPont de Nemours, Inc., 4.73%, 11/15/2028<sup>(a)</sup> | 432000 | 437768  |
| Nutrien Ltd., 2.95%, 05/13/2030 | 700000 | 663045  |
| Sherwin-Williams Co., 2.20%, 03/15/2032 | 600000 | 529492  |
|  |  | 2343592  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Commercial Services - 1.0%**<br>|  |  |
| Equifax, Inc., 3.10%, 05/15/2030 | $500000 | $473698  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 03/01/2026 | 500000 | 496096  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2030 | 500000 | 501433  |
| Moody's Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/19/2031 | 250000 | 222086  |
| &nbsp;&nbsp;&nbsp; 3.10%, 11/29/2061 | 250000 | 158578  |
|  |  | 1851891  |
| **Computers - 1.3%**<br>|  |  |
| Dell International LLC / EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 124000 | 124754  |
| &nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 500000 | 535791  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/2051 | 181000 | 126111  |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/2031 | 1000000 | 1013099  |
| HP, Inc., 5.50%, 01/15/2033 | 500000 | 518646  |
|  |  | 2318401  |
| **Diversified Financial Services - 4.5%**<br>|  |  |
| Acadian Asset Management, Inc., 4.80%, 07/27/2026 | 1000000 | 998760  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1500000 | 1389883  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 | 450000 | 449162  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028 | 1000000 | 1017987  |
| Ally Financial, Inc., 2.20%, 11/02/2028 | 500000 | 469936  |
| Capital One Financial Corp., 3.65%, 05/11/2027 | 1400000 | 1392581  |
| Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 500000 | 529992  |
| Nasdaq, Inc., 5.55%, 02/15/2034 | 500000 | 528584  |
| Nomura Holdings, Inc., 2.17%, 07/14/2028 | 1000000 | 951314  |
| Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029 | 500000 | 505345  |
|  |  | 8233544  |
| **Electric - 7.7%**<br>|  |  |
| AEP Texas, Inc., 5.45%, 05/15/2029 | 500000 | 520178  |
| American Electric Power Co., Inc., 5.95%, 11/01/2032 | 500000 | 540397  |
| Black Hills Corp., 6.00%, 01/15/2035 | 500000 | 536577  |
| Constellation Energy Generation LLC, 5.75%, 03/15/2054 | 250000 | 251310  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2031 | 500000 | 446600  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/01/2041 | 470000 | 439580  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 | 950000 | 881481  |
| &nbsp;&nbsp;&nbsp; 3.30%, 06/15/2041 | 1000000 | 781084  |
| El Paso Electric Co., 6.00%, 05/15/2035 | 850000 | 894441  |
| Eversource Energy, 2.55%, 03/15/2031 | 500000 | 452082  |
| Exelon Corp., 5.45%, 03/15/2034 | 600000 | 628560  |
| FirstEnergy Corp., 2.25%, 09/01/2030 | 700000 | 635559  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Electric - (Continued)** | **Electric - (Continued)** | **Electric - (Continued)** |
| Interstate Power and Light Co., 5.60%, 06/29/2035 | $500000 | $524424  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 | 500000 | 505175  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 | 400000 | 368058  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 | 600000 | 618870  |
| Pacific Gas and Electric Co., 3.50%, 08/01/2050 | 5000000 | 3446178  |
| Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 600000 | 585060  |
| Southwestern Electric Power Co., 3.25%, 11/01/2051 | 400000 | 268707  |
| System Energy Resources, Inc., 5.30%, 12/15/2034 | 500000 | 508459  |
| Xcel Energy, Inc., 2.35%, 11/15/2031 | 500000 | 446203  |
|  |  | 14278983  |
| **Electronics - 0.4%**<br>|  |  |
| Fortive Corp., 3.15%, 06/15/2026 | 750000 | 745749  |
| **Entertainment - 0.4%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 | 581000 | 531615  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 | 210000 | 157605  |
|  |  | 689220  |
| **Food - 2.9%**<br>|  |  |
| Conagra Brands, Inc., 7.00%, 10/01/2028 | 1300000 | 1388617  |
| General Mills, Inc., 2.25%, 10/14/2031 | 700000 | 623298  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2032 | 500000 | 516459  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 600000 | 527454  |
| Kroger Co., 5.50%, 09/15/2054 | 500000 | 487937  |
| Mondelez International, Inc., 1.50%, 02/04/2031 | 500000 | 435443  |
| Sysco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2030 | 464000 | 492298  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/14/2051 | 400000 | 270961  |
| Tyson Foods, Inc., 4.35%, 03/01/2029 | 600000 | 601813  |
|  |  | 5344280  |
| **Forest Products & Paper - 0.4%**<br>|  |  |
| International Paper Co., 6.00%, 11/15/2041 | 700000 | 731183  |
| **Gas - 0.4%**<br>|  |  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 | 250000 | 259225  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2043 | 400000 | 388363  |
|  |  | 647588  |
| **Hand/Machine Tools - 0.2%**<br>|  |  |
| Kennametal, Inc., 2.80%, 03/01/2031 | 330000 | 304126  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Healthcare-Products - 1.0%**<br>|  |  |
| Agilent Technologies, Inc., 2.30%, 03/12/2031 | $215000 | $194867  |
| GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 | 500000 | 529749  |
| Solventum Corp., 5.60%, 03/23/2034 | 500000 | 522713  |
| Stryker Corp., 1.95%, 06/15/2030 | 700000 | 637176  |
|  |  | 1884505  |
| **Healthcare-Services - 3.4%**<br>|  |  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/25/2026 | 327000 | 327008  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2036 | 500000 | 512892  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050 | 600000 | 427220  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 | 500000 | 529324  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/2044 | 600000 | 534237  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2053 | 1000000 | 917117  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 1000000 | 998018  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 1000000 | 1049578  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2042 | 600000 | 521871  |
| Humana, Inc., 4.88%, 04/01/2030 | 500000 | 507308  |
|  |  | 6324573  |
| **Household Products/Wares - 0.3%**<br>|  |  |
| Church & Dwight Co., Inc., 3.15%, 08/01/2027 | 500000 | 494242  |
| **Insurance - 4.0%**<br>|  |  |
| American International Group, Inc., 5.45%, 05/07/2035 | 500000 | 524620  |
| Aon Corp., 2.80%, 05/15/2030 | 600000 | 565596  |
| CNA Financial Corp., 5.13%, 02/15/2034 | 500000 | 505437  |
| Corebridge Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/05/2032 | 500000 | 475580  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/15/2033 | 500000 | 532626  |
| Fidelity National Financial, Inc., 2.45%, 03/15/2031 | 2000000 | 1787623  |
| Lincoln National Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/01/2028 | 120000 | 119255  |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/15/2034 | 500000 | 527167  |
| MetLife, Inc., 6.40%, 12/15/2036 | 855000 | 898966  |
| Old Republic International Corp., 5.75%, 03/28/2034 | 1000000 | 1048764  |
|  Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052 | 500000 | 497082  |
|  |  | 7482716  |
| **Internet - 0.5%**<br>|  |  |
| eBay, Inc., 2.60%, 05/10/2031 | 500000 | 458123  |
| Expedia Group, Inc., 5.40%, 02/15/2035 | 500000 | 516660  |
|  |  | 974783  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Investment Companies - 1.6%**<br>|  |  |
| Ares Capital Corp., 5.80%, 03/08/2032 | $1000000 | $1011687  |
| Blackstone Private Credit Fund, 5.95%, 07/16/2029 | 500000 | 511505  |
| Blackstone Secured Lending Fund, 3.63%, 01/15/2026 | 1000000 | 998561  |
| Blue Owl Capital Corp., 6.20%, 07/15/2030 | 500000 | 510411  |
|  |  | 3032164  |
| **Iron/Steel - 0.6%**<br>|  |  |
| Steel Dynamics, Inc., 5.25%, 05/15/2035 | 500000 | 513859  |
| Vale Overseas Ltd., 6.13%, 06/12/2033 | 500000 | 537952  |
|  |  | 1051811  |
| **Lodging - 1.1%**<br>|  |  |
| Hyatt Hotels Corp., 5.75%, 03/30/2032 | 500000 | 524959  |
| Marriott International, Inc., 4.90%, 04/15/2029 | 500000 | 511919  |
| Sands China Ltd., 2.30%, 03/08/2027<sup>(b)</sup> | 1000000 | 975184  |
|  |  | 2012062  |
| **Machinery-Diversified - 1.1%**<br>|  |  |
| CNH Industrial Capital LLC, 5.10%, 04/20/2029 | 500000 | 512426  |
| IDEX Corp., 3.00%, 05/01/2030 | 1000000 | 948967  |
| Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 | 500000 | 530949  |
|  |  | 1992342  |
| **Media - 2.6%**<br>|  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2031 | 1000000 | 898736  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/01/2032 | 1000000 | 859676  |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/2052 | 1000000 | 657053  |
| Discovery Communications LLC, 3.63%, 05/15/2030 | 1000000 | 928750  |
| Paramount Global, 4.38%, 03/15/2043 | 610000 | 459400  |
| Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033 | 810000 | 938847  |
|  |  | 4742462  |
| **Mining - 0.5%**<br>|  |  |
| Southern Copper Corp., 6.75%, 04/16/2040 | 750000 | 853978  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| Textron, Inc., 6.10%, 11/15/2033 | 500000 | 544297  |
| **Oil & Gas - 2.6%**<br>|  |  |
| Canadian Natural Resources Ltd., 4.95%, 06/01/2047 | 700000 | 621790  |
| Devon Energy Corp., 5.20%, 09/15/2034 | 1000000 | 1004689  |
| Diamondback Energy, Inc., 3.13%, 03/24/2031 | 500000 | 467608  |
| Occidental Petroleum Corp., 5.55%, 10/01/2034 | 1000000 | 1019238  |
| Suncor Energy, Inc., 3.75%, 03/04/2051 | 500000 | 363013  |
| Valero Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 12/01/2031 | 750000 | 688033  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2037 | 655000 | 731711  |
|  |  | 4896082  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Oil & Gas Services - 0.5%**<br>|  |  |
| Halliburton Co., 2.92%, 03/01/2030 | $1000000 | $949305  |
| **Packaging & Containers - 0.5%**<br>|  |  |
| Amcor Flexibles North America, Inc., 5.10%, 03/17/2030 | 500000 | 513354  |
| WRKCo, Inc., 3.90%, 06/01/2028 | 500000 | 497070  |
|  |  | 1010424  |
| **Pharmaceuticals - 3.2%**<br>|  |  |
| AbbVie, Inc., 4.75%, 03/15/2045 | 268000 | 249335  |
| Becton Dickinson & Co., 4.69%, 12/15/2044 | 550000 | 493423  |
| Cardinal Health, Inc., 3.41%, 06/15/2027 | 125000 | 123880  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 | 2150000 | 2100293  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 500000 | 458320  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 | 1000000 | 897821  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/2054 | 500000 | 507207  |
| Viatris, Inc., 2.70%, 06/22/2030 | 600000 | 546827  |
| Zoetis, Inc., 2.00%, 05/15/2030 | 600000 | 550234  |
|  |  | 5927340  |
| **Pipelines - 7.2%**<br>|  |  |
| Boardwalk Pipelines LP, 3.60%, 09/01/2032 | 500000 | 463951  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 | 500000 | 501655  |
| &nbsp;&nbsp;&nbsp; 3.40%, 08/01/2051 | 250000 | 173381  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/05/2054 | 500000 | 515765  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 | 1200000 | 1238812  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 | 1000000 | 851165  |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 | 500000 | 482649  |
| Enterprise Products Operating LLC, 3.30%, 02/15/2053 | 500000 | 343672  |
| Kinder Morgan Energy Partners LP, 5.80%, 03/15/2035 | 1270000 | 1344802  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2031 | 600000 | 535684  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2045 | 700000 | 684507  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2027 | 515000 | 516386  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 600000 | 512181  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 | 500000 | 537409  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 | 500000 | 471924  |
| Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030 | 546000 | 529718  |
| South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054 | 1000000 | 974133  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 | 500000 | 508128  |
| &nbsp;&nbsp;&nbsp; 4.90%, 09/15/2030 | 500000 | 510370  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Pipelines - (Continued)** | **Pipelines - (Continued)** | **Pipelines - (Continued)** |
| TransCanada PipeLines Ltd., 4.10%, 04/15/2030 | $1100000 | $1089872  |
| Williams Cos., Inc., 5.10%, 09/15/2045 | 500000 | 465410  |
|  |  | 13251574  |
| **REITs - 5.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 650000 | 534919  |
| American Tower Corp., 1.88%, 10/15/2030 | 1000000 | 891842  |
| Boston Properties LP, 3.25%, 01/30/2031 | 675000 | 632988  |
| COPT Defense Properties LP, 2.75%, 04/15/2031 | 500000 | 455159  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027 | 500000 | 495555  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2031 | 600000 | 537223  |
| Equinix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/2028 | 500000 | 472705  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2032 | 100000 | 96457  |
| Extra Space Storage LP, 5.90%, 01/15/2031 | 500000 | 532138  |
| GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032 | 250000 | 226041  |
| Healthpeak OP LLC, 2.13%, 12/01/2028 | 350000 | 329860  |
| Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 | 1000000 | 893159  |
| Sabra Health Care LP, 3.90%, 10/15/2029 | 1000000 | 978536  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 | 810000 | 811365  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/30/2030<sup>(a)</sup> | 1000000 | 1021859  |
| Ventas Realty LP, 5.63%, 07/01/2034 | 600000 | 629736  |
| Weyerhaeuser Co., 7.38%, 03/15/2032 | 226000 | 258416  |
|  |  | 9797958  |
| **Retail - 2.3%**<br>|  |  |
| AutoZone, Inc., 4.75%, 08/01/2032 | 500000 | 506324  |
| Genuine Parts Co., 1.88%, 11/01/2030 | 500000 | 438164  |
| Lowe's Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/15/2030 | 500000 | 444261  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053 | 1000000 | 990135  |
| McDonald's Corp., 4.88%, 12/09/2045 | 550000 | 511766  |
| Starbucks Corp., 2.55%, 11/15/2030 | 1000000 | 925780  |
| Tractor Supply Co., 1.75%, 11/01/2030 | 500000 | 443683  |
|  |  | 4260113  |
| **Semiconductors - 2.0%**<br>|  |  |
| Broadcom, Inc., 3.19%, 11/15/2036<sup>(a)</sup> | 55000 | 47522  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2033 | 1500000 | 1539543  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054 | 1000000 | 954161  |
| Micron Technology, Inc., 2.70%, 04/15/2032 | 250000 | 224236  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Semiconductors - (Continued)** | **Semiconductors - (Continued)** | **Semiconductors - (Continued)** |
| NXP BV / NXP Funding LLC / NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/01/2027 | $500000 | $502094  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/11/2031 | 500000 | 452875  |
|  |  | 3720431  |
| **Software - 3.1%**<br>|  |  |
| Fidelity National Information Services, Inc., 5.10%, 07/15/2032 | 600000 | 615206  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 | 500000 | 517125  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/11/2035 | 500000 | 501850  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 670000 | 671648  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 | 1400000 | 1065879  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 | 1350000 | 940252  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 | 1000000 | 876403  |
| Roper Technologies, Inc., 1.40%, 09/15/2027 | 650000 | 621124  |
|  |  | 5809487  |
| **Sovereign - 0.4%**<br>|  |  |
| Panama Government International Bond, 6.70%, 01/26/2036 | 750000 | 798263  |
| **Telecommunications - 7.5%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | 400000 | 389921  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 | 875000 | 751007  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | 2368000 | 1630750  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 | 1196000 | 820384  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 | 727000 | 516954  |
| British Telecommunications PLC, 9.63%, 12/15/2030<sup>(b)</sup> | 855000 | 1051830  |
| Deutsche Telekom International Finance BV, 8.75%, 06/15/2030<sup>(b)</sup> | 345000 | 405435  |
| Motorola Solutions, Inc., 5.40%, 04/15/2034 | 500000 | 517515  |
| Orange SA, 5.38%, 01/13/2042 | 575000 | 570968  |
| Telefonica Emisiones SA, 7.05%, 06/20/2036 | 475000 | 535616  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 1600000 | 1576423  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2031 | 600000 | 533386  |
| &nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 | 1100000 | 757125  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 | 500000 | 496399  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 | 336000 | 307498  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/2037<sup>(a)</sup> | 523000 | 535274  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046 | 1500000 | 1357939  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/22/2051 | 1000000 | 726662  |
| &nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 600000 | 366937  |
|  |  | 13848023 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Transportation - 1.1%**<br>|  |  |
| FedEx Corp., 3.25%, 05/15/2041 | $1000000 | $753594  |
| Kirby Corp., 4.20%, 03/01/2028 | 450000 | 450383  |
| Norfolk Southern Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/15/2031 | 250000 | 227037  |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/25/2051 | 1000000 | 647121  |
|  |  | 2078135  |
| **Trucking & Leasing - 0.2%**<br>|  |  |
| GATX Corp., 1.90%, 06/01/2031 | 500000 | 440411  |
| **Water - 0.3%**<br>|  |  |
| American Water Capital Corp., 2.80%, 05/01/2030 | 650000 | 617231  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $183,040,518)** |  | 171585257  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.6%**<br>|  |  |
| Indonesia Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 10/15/2030 | 500000 | 491492  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/10/2034 | 500000 | 500805  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/10/2054 | 500000 | 490014  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/22/2029 | 1300000 | 1306370  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 | 200000 | 215180  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/08/2044 | 2490000 | 2064957  |
| Panama Government International Bond, 2.25%, 09/29/2032 | 1700000 | 1391620  |
| Peruvian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 | 400000 | 349400  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/14/2037 | 1050000 | 1174845  |
| Philippine Government International Bond, 5.00%, 01/13/2037 | 1625000 | 1650774  |
| Uruguay Government International Bond, 4.38%, 01/23/2031 | 800000 | 811960  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $11,764,486)** |  | 10447417  |
| **U.S. TREASURY SECURITIES - 0.5%**<br>|  |  |
| United States Treasury Note/Bond, 4.75%, 08/15/2055 | 900000 | 911531  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $913,515)** |  | 911531 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
| Fidelity Government Portfolio - Institutional Class, 3.84%<sup>(c)</sup> | 371955 | $371955  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $371,955)** |  | 371955  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $196,090,474)** |  | $183316160  |
| Other Assets in Excess of Liabilities - 1.0% |  | 1882517  |
| **TOTAL NET ASSETS - 100.0%** |  | $185198677 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $2,561,756 or 1.4% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of November 30, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 90.3%**<br>|  |  |
| **Advertising - 1.2%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030<sup>(a)</sup> | $1800000 | $1898114  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 225000 | 234365  |
|  |  | 2132479  |
| **Aerospace/Defense - 0.6%**<br>|  |  |
| Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032<sup>(a)</sup> | 1000000 | 1019160  |
| **Airlines - 1.5%**<br>|  |  |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030<sup>(a)</sup> | 2945000 | 2838252  |
| **Building Materials - 4.1%**<br>|  |  |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(a)</sup> | 1850000 | 1873138  |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(a)</sup> | 750000 | 766633  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 1775000 | 1680614  |
| Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030<sup>(a)</sup> | 2625000 | 1318299  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028<sup>(a)</sup> | 1650000 | 1655110  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031<sup>(a)</sup> | 350000 | 371777  |
|  |  | 7665571  |
| **Chemicals - 9.4%**<br>|  |  |
| ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | 2597000 | 285670  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 1975000 | 2048529  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 1725000 | 1199306  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 1586000 | 1080463  |
| GPD Cos., Inc., 12.50% (or 2.38% PIK), 12/31/2029<sup>(a)</sup> | 3187790 | 1747666  |
| Herens Holdco Sarl, 4.75%, 05/15/2028<sup>(a)</sup> | 2084000 | 1815040  |
| Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(a)</sup> | 2985500 | 2694119  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 2100000 | 2106376  |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(a)</sup> | 2010000 | 2076603  |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029<sup>(a)</sup> | 2250000 | 2216458  |
|  |  | 17270230  |
| **Coal - 1.0%**<br>|  |  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 2065000 | 1891119  |
| **Commercial Services - 13.8%**<br>|  |  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(a)</sup> | 2410000 | 2138757  |
| AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(a)</sup> | 1875000 | 1881820  |
| Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 2350000 | 2350861  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 2100000 | 2144797  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | 930000 | 978179  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 1455000 | 1433660  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(a)</sup> | 2050000 | 2161944  |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 2350000 | 2322665  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | $1990000 | $1960001  |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | 2125000 | 2186285  |
| StoneMor, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 2130000 | 2082048  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(a)</sup> | 650000 | 671310  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 2875000 | 3093451  |
|  |  | 25405778  |
| **Computers - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC / Conduent State & Local Solutions, Inc., <br>6.00%, 11/01/2029<sup>(a)</sup> | 2175000 | 1904712  |
| **Diversified Financial Services - 1.4%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 700000 | 698460  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | 1255000 | 1235363  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 300000 | 312112  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)</sup> | 300000 | 293667  |
|  |  | 2539602  |
| **Engineering & Construction - 4.6%**<br>|  |  |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(a)</sup> | 2285000 | 2243657  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 2100000 | 2129425  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 2250000 | 2193116  |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 1885000 | 1899458  |
|  |  | 8465656  |
| **Entertainment - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo, Inc., <br>6.63%, 03/01/2030<sup>(a)</sup> | 2075000 | 1833719  |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(a)</sup> | 1950000 | 2067643  |
|  |  | 3901362  |
| **Food - 2.3%**<br>|  |  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 2040000 | 2133795  |
| &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./<br>Simmons Feed, 4.63%, 03/01/2029<sup>(a)</sup> | 2250000 | 2166098  |
|  |  | 4299893  |
| **Food Service - 1.6%**<br>|  |  |
| TKC Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2028<sup>(a)</sup> | 835000 | 844638  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2029<sup>(a)</sup> | 2065000 | 2120309  |
|  |  | 2964947  |
| **Forest Products & Paper - 2.4%**<br>|  |  |
| Magnera Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029<sup>(a)</sup> | 2165000 | 1960185  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2031<sup>(a)</sup> | 500000 | 477660  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Forest Products & Paper - (Continued)**  | **Forest Products & Paper - (Continued)**  | **Forest Products & Paper - (Continued)**  |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | $1237000 | $893418  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 1725000 | 1025091  |
|  |  | 4356354  |
| **Insurance - 1.1%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(a)</sup> | 1950000 | 1998953  |
| **Internet - 2.3%**<br>|  |  |
| ION Platform Finance US, Inc. / ION Platform Finance SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028<sup>(a)</sup> | 1625000 | 1494475  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028<sup>(a)</sup> | 1780000 | 1673328  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029<sup>(a)</sup> | 370000 | 366747  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029<sup>(a)</sup> | 750000 | 762945  |
|  |  | 4297495  |
| **Machinery-Diversified - 3.0%**<br>|  |  |
| GrafTech Finance, Inc., 4.63%, 12/23/2029<sup>(a)</sup> | 2370000 | 1756763  |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(a)</sup> | 800000 | 703205  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 1900000 | 2002125  |
| OT Merger Corp., 7.88%, 10/15/2029<sup>(a)</sup> | 3231000 | 1158023  |
|  |  | 5620116  |
| **Media - 3.9%**<br>|  |  |
| Beasley Mezzanine Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 08/01/2028<sup>(a)</sup> | 293000 | 291535  |
| &nbsp;&nbsp;&nbsp; 9.20%, 08/01/2028<sup>(a)</sup> | 2403000 | 931162  |
| Spanish Broadcasting System, Inc., 9.75%, 03/01/2026<sup>(a)</sup> | 3100000 | 2053750  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 1375000 | 1312266  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030<sup>(a)</sup> | 400000 | 406138  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 250000 | 258811  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(a)</sup> | 525000 | 557772  |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(a)</sup> | 2712000 | 1431055  |
|  |  | 7242489  |
| **Metal Fabricate/Hardware - 2.6%**<br>|  |  |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030<sup>(a)</sup> | 2210000 | 2255205  |
| TMS International Corp., 6.25%, 04/15/2029<sup>(a)</sup> | 2600000 | 2514163  |
|  |  | 4769368  |
| **Mining - 2.4%**<br>|  |  |
| Compass Minerals International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/01/2027<sup>(a)</sup> | 691000 | 691423  |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/01/2030<sup>(a)</sup> | 2000000 | 2084010  |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(a)</sup> | 1700000 | 1751817  |
|  |  | 4527250  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Miscellaneous Manufacturing - 1.5%**<br>|  |  |
| Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028<sup>(a)</sup> | $745000 | $779392  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 1950000 | 2075270  |
|  |  | 2854662  |
| **Office-Business Equipment - 1.3%**<br>|  |  |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(a)</sup> | 2400000 | 2410133  |
| **Oil & Gas Services - 3.6%**<br>|  |  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | 2000000 | 2022120  |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(a)</sup> | 2915000 | 2797165  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 1697000 | 1739406  |
|  |  | 6558691  |
| **Packaging & Containers - 3.7%**<br>|  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031<sup>(a)</sup> | 1300000 | 1323417  |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup> | 2075000 | 2162492  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(a)</sup> | 1700000 | 1585531  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 1350000 | 921269  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 950000 | 663792  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 375000 | 229358  |
|  |  | 6885859  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(a)</sup> | 2305000 | 2186016  |
| **Pipelines - 6.7%**<br>|  |  |
| Global Partners LP / GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1175000 | 1190459  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032<sup>(a)</sup> | 390000 | 409218  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 2699000 | 2618185  |
| &nbsp;&nbsp;&nbsp; Martin Midstream Partners LP / Martin Midstream Finance Corp., <br>11.50%, 02/15/2028<sup>(a)</sup> | 2070000 | 2139904  |
| NGL Energy Operating LLC / NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029<sup>(a)</sup> | 1000000 | 1029487  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(a)</sup> | 1080000 | 1120539  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | 2200000 | 2271900  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 1555000 | 1591291  |
|  |  | 12370983  |
| **Retail - 3.6%**<br>|  |  |
| Ferrellgas LP / Ferrellgas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(a)</sup> | 2325000 | 2222742  |
| &nbsp;&nbsp;&nbsp; 9.25%, 01/15/2031<sup>(a)</sup> | 1200000 | 1212908  |
| Park River Holdings, Inc., 8.00%, 03/15/2031<sup>(a)</sup> | 2050000 | 2119489  |
| White Cap Supply Holdings LLC, 7.38%, 11/15/2030<sup>(a)</sup> | 1000000 | 1020663  |
|  |  | 6575802  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Software - 1.5%**<br>|  |  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | $1090000 | $1124179  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 1735000 | 1691081  |
|  |  | 2815260  |
| **Transportation - 4.9%**<br>|  |  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 1300000 | 1361568  |
| Brightline East LLC, 11.00%, 01/31/2030<sup>(a)</sup> | 2320000 | 814383  |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(a)</sup> | 2180000 | 2251757  |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 2100000 | 2008072  |
| Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032<sup>(a)</sup> | 2425000 | 2541858  |
|  |  | 8977638  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $176,861,768)** |  | 166745830 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Building Materials - 0.0%<sup>(b)</sup>**<br>|  |  |
| Northwest Hardwoods<sup>(c)(d)</sup> | 2996 | 37450  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $137,017)** |  | 37450  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 8.2%**<br>|  |  |
| Fidelity Government Portfolio - Institutional Class, 3.84%<sup>(e)</sup> | 15132715 | 15132715  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $15,132,715)** |  | 15132715  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $192,131,500)** |  | $181915995  |
| Other Assets in Excess of Liabilities - 1.5% |  | 2729058  |
| **TOTAL NET ASSETS - 100.0%** |  | $184645053 |

---

Percentages are stated as a percent of net assets.

PIK - Payment in Kind

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $164,530,280 or 89.1% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> 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 $37,450 or 0.0% of net assets as of November 30, 2025.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA MBS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 85.7%**<br>|  |  |
| **Commercial Mortgage-Backed Securities - 0.3%**<br>|  |  |
|  BX Trust, Series 2021-RISE, Class B, 5.32% (1 mo. Term SOFR + 1.36%), 11/15/2036<sup>(a)</sup> | $371945 | $371502  |
| **U.S. Government Securities - 85.4%<sup>(b)</sup>**<br>|  |  |
| FHLMC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool G04832, 5.00%, 10/01/2038 | 43418 | 44806  |
| &nbsp;&nbsp;&nbsp; Pool G08741, 3.00%, 01/01/2047 | 249802 | 227698  |
| &nbsp;&nbsp;&nbsp; Pool QD0505, 2.50%, 11/01/2051 | 1378007 | 1173906  |
| &nbsp;&nbsp;&nbsp; Pool QD2700, 2.50%, 12/01/2051 | 1219379 | 1044047  |
| &nbsp;&nbsp;&nbsp; Pool QD3120, 3.00%, 12/01/2051 | 1360679 | 1212016  |
| &nbsp;&nbsp;&nbsp; Pool QD7063, 2.50%, 02/01/2052 | 675115 | 578461  |
| &nbsp;&nbsp;&nbsp; Pool QD7338, 2.00%, 02/01/2052 | 1194350 | 978633  |
| &nbsp;&nbsp;&nbsp; Pool QF6264, 2.50%, 01/01/2053 | 285780 | 243916  |
| &nbsp;&nbsp;&nbsp; Pool RA5559, 2.50%, 07/01/2051 | 1739277 | 1481693  |
| &nbsp;&nbsp;&nbsp; Pool RA6012, 3.00%, 10/01/2051 | 1359147 | 1208567  |
| &nbsp;&nbsp;&nbsp; Pool RA6528, 2.50%, 02/01/2052 | 1704430 | 1460056  |
| &nbsp;&nbsp;&nbsp; Pool SD1285, 3.50%, 06/01/2052 | 1381597 | 1279171  |
| &nbsp;&nbsp;&nbsp; Pool SD1287, 3.50%, 06/01/2052 | 1362514 | 1261503  |
| &nbsp;&nbsp;&nbsp; Pool SD3275, 5.50%, 07/01/2053 | 1516043 | 1540758  |
| &nbsp;&nbsp;&nbsp; Pool SD6764, 5.00%, 11/01/2054 | 1934506 | 1938778  |
| &nbsp;&nbsp;&nbsp; Pool SD7191, 5.00%, 12/01/2054 | 1917286 | 1915198  |
| &nbsp;&nbsp;&nbsp; Pool SD8172, 2.00%, 10/01/2051 | 1702261 | 1395606  |
| &nbsp;&nbsp;&nbsp; Pool SD8193, 2.00%, 02/01/2052 | 1598232 | 1309555  |
| &nbsp;&nbsp;&nbsp; Pool SD8194, 2.50%, 02/01/2052 | 1161613 | 992867  |
| &nbsp;&nbsp;&nbsp; Pool SD8199, 2.00%, 03/01/2052 | 1213680 | 994081  |
| &nbsp;&nbsp;&nbsp; Pool SD8204, 2.00%, 04/01/2052 | 1638386 | 1341432  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052 | 1567035 | 1452784  |
| &nbsp;&nbsp;&nbsp; Pool SD8275, 4.50%, 12/01/2052 | 1218815 | 1199130  |
| &nbsp;&nbsp;&nbsp; Pool SD8284, 3.00%, 01/01/2053 | 2262925 | 2013253  |
| &nbsp;&nbsp;&nbsp; Pool SD8312, 2.50%, 01/01/2053 | 1004208 | 858773  |
| &nbsp;&nbsp;&nbsp; Pool SD8336, 3.50%, 04/01/2053 | 1757535 | 1628746  |
| &nbsp;&nbsp;&nbsp; Pool SD8341, 5.00%, 07/01/2053 | 1731896 | 1736345  |
| &nbsp;&nbsp;&nbsp; Pool SD8383, 5.50%, 12/01/2053 | 1658885 | 1685123  |
| &nbsp;&nbsp;&nbsp; Pool SD8406, 4.00%, 01/01/2054 | 1898152 | 1810222  |
| &nbsp;&nbsp;&nbsp; Pool SD8428, 4.00%, 05/01/2054 | 1384183 | 1319487  |
| &nbsp;&nbsp;&nbsp; Pool SD8513, 4.50%, 03/01/2055 | 1912167 | 1873380  |
| FNMA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool AU3363, 3.00%, 08/01/2043 | 341082 | 316867  |
| &nbsp;&nbsp;&nbsp; Pool AZ0504, 3.00%, 06/01/2045 | 448211 | 412446  |
| &nbsp;&nbsp;&nbsp; Pool BM4135, 4.50%, 05/01/2048 | 317081 | 316104  |
| &nbsp;&nbsp;&nbsp; Pool BU7884, 2.50%, 01/01/2052 | 1375954 | 1177831  |
| &nbsp;&nbsp;&nbsp; Pool BV2451, 3.00%, 06/01/2052 | 1794718 | 1597469  |
| &nbsp;&nbsp;&nbsp; Pool BV5577, 2.50%, 05/01/2052 | 1750326 | 1498658  |
| &nbsp;&nbsp;&nbsp; Pool BW1298, 5.50%, 11/01/2052 | 1470956 | 1497374  |
| &nbsp;&nbsp;&nbsp; Pool BW9886, 4.50%, 10/01/2052 | 1638491 | 1610561  |
| &nbsp;&nbsp;&nbsp; Pool CB0381, 2.00%, 05/01/2051 | 1786414 | 1455503  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA MBS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES (Continued)**  | **MORTGAGE-BACKED SECURITIES (Continued)**  | **MORTGAGE-BACKED SECURITIES (Continued)**  |
| **U.S. Government Securities - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool FM7827, 3.00%, 12/01/2050 | $939380 | $845503  |
| &nbsp;&nbsp;&nbsp; Pool FM8407, 3.00%, 08/01/2051 | 1051196 | 940788  |
| &nbsp;&nbsp;&nbsp; Pool FM9646, 2.00%, 11/01/2051 | 1118233 | 911074  |
| &nbsp;&nbsp;&nbsp; Pool FS5387, 2.50%, 05/01/2052 | 1810666 | 1542468  |
| &nbsp;&nbsp;&nbsp; Pool MA2670, 3.00%, 07/01/2046 | 297343 | 270990  |
| &nbsp;&nbsp;&nbsp; Pool MA3415, 4.00%, 07/01/2048 | 112196 | 108977  |
| &nbsp;&nbsp;&nbsp; Pool MA4547, 2.00%, 02/01/2052 | 1619653 | 1326604  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 1543397 | 1322749  |
| &nbsp;&nbsp;&nbsp; Pool MA4563, 2.50%, 03/01/2052 | 1492673 | 1278039  |
| &nbsp;&nbsp;&nbsp; Pool MA4577, 2.00%, 04/01/2052 | 1420770 | 1162133  |
| &nbsp;&nbsp;&nbsp; Pool MA4578, 2.50%, 04/01/2052 | 1593421 | 1363965  |
| &nbsp;&nbsp;&nbsp; Pool MA4579, 3.00%, 04/01/2052 | 1563916 | 1394492  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, 3.50%, 07/01/2052 | 1340451 | 1242720  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052 | 1231720 | 1181026  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 1221346 | 1171440  |
| &nbsp;&nbsp;&nbsp; Pool MA4867, 4.50%, 01/01/2053 | 1715752 | 1687865  |
| &nbsp;&nbsp;&nbsp; Pool MA4940, 5.00%, 03/01/2053 | 1628165 | 1632870  |
| &nbsp;&nbsp;&nbsp; Pool MA5037, 4.50%, 06/01/2053 | 1704650 | 1673520  |
| &nbsp;&nbsp;&nbsp; Pool MA5441, 4.00%, 08/01/2054 | 1927615 | 1837519  |
| &nbsp;&nbsp;&nbsp; Pool MA5645, 5.00%, 03/01/2055 | 1916787 | 1914695  |
| GNMA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 726311, 5.00%, 09/15/2039 | 102667 | 104841  |
| &nbsp;&nbsp;&nbsp; Pool AW1730, 3.00%, 05/15/2047 | 733479 | 664318  |
| &nbsp;&nbsp;&nbsp; Pool AZ5554, 3.00%, 08/15/2047 | 310084 | 280846  |
| &nbsp;&nbsp;&nbsp; Pool MA6089, 3.00%, 08/20/2049 | 123352 | 112092  |
| &nbsp;&nbsp;&nbsp; Pool MA6153, 3.00%, 09/20/2049 | 323683 | 293459  |
| &nbsp;&nbsp;&nbsp; Pool MA6338, 3.00%, 12/20/2049 | 341851 | 309805  |
| &nbsp;&nbsp;&nbsp; Pool MA7826, 2.00%, 01/20/2052 | 1487631 | 1239801  |
| &nbsp;&nbsp;&nbsp; Pool MA7827, 2.50%, 01/20/2052 | 1456906 | 1265839  |
| &nbsp;&nbsp;&nbsp; Pool MA7880, 2.00%, 02/20/2052 | 1625850 | 1356479  |
| &nbsp;&nbsp;&nbsp; Pool MA7936, 2.50%, 03/20/2052 | 1096972 | 953106  |
| &nbsp;&nbsp;&nbsp; Pool MA7987, 2.50%, 04/20/2052 | 1584179 | 1376416  |
| &nbsp;&nbsp;&nbsp; Pool MA8044, 3.50%, 05/20/2052 | 1334554 | 1238767  |
| &nbsp;&nbsp;&nbsp; Pool MA8099, 3.50%, 06/20/2052 | 1511762 | 1400926  |
| &nbsp;&nbsp;&nbsp; Pool MA8147, 2.50%, 07/20/2052 | 1542092 | 1341359  |
| &nbsp;&nbsp;&nbsp; Pool MA8266, 3.50%, 09/20/2052 | 1287578 | 1198349  |
| &nbsp;&nbsp;&nbsp; Pool MA8267, 4.00%, 09/20/2052 | 1603801 | 1534145  |
| &nbsp;&nbsp;&nbsp; Pool MA9538, 4.00%, 03/20/2054 | 1916953 | 1826448  |
| &nbsp;&nbsp;&nbsp; Pool MA9723, 4.50%, 06/20/2054 | 1437160 | 1408223  |
|  |  | 91797460  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $95,972,013)** |  | 92168962  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA MBS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 2.9%**<br>|  |  |
| CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 07/15/2060<sup>(a)</sup> | $1336748 | $1148880  |
| Invitation Homes Trust, Series 2024-SFR1, Class B, 4.00%, 09/17/2041<sup>(a)</sup> | 1500000 | 1465359  |
| SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/2028<sup>(a)</sup> | 494381 | 495481  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $3,257,973)** |  | 3109720  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 10.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89%, 12/18/2025<sup>(c)</sup> | 4500000 | 4491705  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/08/2026<sup>(c)</sup> | 4500000 | 4481969  |
| &nbsp;&nbsp;&nbsp; 3.79%, 03/24/2026<sup>(c)</sup> | 2000000 | 1976691  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $10,950,060)** |  | 10950365 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| Fidelity Government Portfolio - Institutional Class, 3.84%<sup>(d)</sup> | 1092680 | 1092680  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,092,680)** |  | 1092680  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $111,272,726)** |  | $107321727  |
| Other Assets in Excess of Liabilities - 0.2% |  | 196422  |
| **TOTAL NET ASSETS - 100.0%** |  | $107518149 |

---

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $3,481,222 or 3.2% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown is the annualized yield as of November 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PIA BBB** <br>**Bond Fund** | **PIA High Yield** <br>(MACS) Fund | **PIA MBS** <br>**Bond Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $183316160 | $181915995 | $107321727  |
| Interest receivable | 2040571 | 4064340 | 295060  |
| Receivable for fund shares sold | 39458 | 26920 | 34215  |
| Receivable from Adviser | 4811 |  | 6321  |
| Receivable for investments sold |  | 16192 | —  |
| Prepaid expenses and other assets | 17631 | 29393 | 1302  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 185418631 | 186052840 | 107658625  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for capital shares redeemed | 105794 | 6882 | 43589  |
| Payable for fund administration and accounting fees | 39759 | 33772 | 29672  |
| Payable for audit fees | 23350 | 23350 | 23350  |
| Payable for transfer agent fees and expenses | 14119 | 12130 | 10223  |
| Payable for distribution and shareholder servicing fees | 9523 | 107 | 7174  |
| Payable for directors fees | 8395 | 8395 | 8395  |
| Payable for custodian fees | 3503 | 2400 | 2692  |
| Payable for compliance fees | 2750 | 2750 | 2750  |
| Payable for investments purchased |  | 1305687 | —  |
| Payable for expenses and other liabilities | 12761 | 12314 | 12631  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 219954 | 1407787 | 140476  |
| **NET ASSETS** | $185198677 | $184645053 | $107518149  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $213651670 | $206168250 | $113769452  |
| Total accumulated losses | (28452993) | (21523197) | (6251303)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $185198677 | $184645053 | $107518149  |
| Net assets | $185198677 | $184645053 | $107518149  |
| Shares issued and outstanding<sup>(a)</sup> | 21192671 | 22608268 | 12723913  |
| Net asset value per share | $8.74 | $8.17 | $8.45  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $196090474 | $192131500 | $111272726 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PIA BBB** <br>**Bond Fund** | **PIA High Yield** <br>(MACS) Fund | **PIA MBS** <br>**Bond Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Interest income | $8686824 | $16157933 | $4604231  |
| Other income | 29700 | 10193 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 8716524 | 16168126 | 4604231  |
| **EXPENSES:**<br>|  |  |  |
| Fund administration and accounting fees | 159023 | 134007 | 118030  |
| Transfer agent fees | 103173 | 48164 | 77540  |
| Federal and state registration fees | 26135 | 26193 | 21594  |
| Audit fees | 24227 | 24227 | 24227  |
| Trustees' fees | 23593 | 23597 | 23593  |
| Custodian fees | 17242 | 14412 | 12353  |
| Compliance fees | 11060 | 11060 | 11060  |
| Reports to shareholders | 10805 | 8254 | 10619  |
| Legal fees | 7152 | 7152 | 7158  |
| Other expenses and fees | 18958 | 18122 | 17960  |
| &nbsp;&nbsp;&nbsp; Total expenses | 401368 | 315188 | 324134  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (4812) |  | (33530)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 396556 | 315188 | 290604  |
| **Net investment income (loss)** | 8319968 | 15852938 | 4313627  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3698665) | (5453138) | 15308  |
| Net realized gain (loss) | (3698665) | (5453138) | 15308  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 7890735 | (6877942) | 1763628  |
| Net change in unrealized appreciation (depreciation) | 7890735 | (6877942) | 1763628  |
| **Net realized and unrealized gain (loss)** | 4192070 | (12331080) | 1778936  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12512038 | $3521858 | $6092563 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIA BBB Bond Fund** | **PIA BBB Bond Fund** | **PIA High Yield (MACS) Fund**  | **PIA High Yield (MACS) Fund**  |
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8319968 | $7791466 | $15852938 | $14157888  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3698665) | (240586) | (5453138) | (1490106)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7890735 | 10141696 | (6877942) | 9575158  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 12512038 | 17692576 | 3521858 | 22242940  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (8310321) | (7735461) | (15785857) | (14050667)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8310321) | (7735461) | (15785857) | (14050667)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 42030582 | 49330689 | 8960670 | 34716910  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 7506039 | 7091713 | 15051971 | 13535278  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (86515066) | (39533527) | (4958595) | (27222853)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (36978445) | 16888875 | 19054046 | 21029335  |
| **Net increase (decrease) in net assets** | (32776728) | 26845990 | 6790047 | 29221608  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 217975405 | 191129415 | 177855006 | 148633398  |
| &nbsp;&nbsp;&nbsp; End of the year | $185198677 | $217975405 | $184645053 | $177855006  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4940856 | 5868299 | 1061582 | 4060689  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 881219 | 843748 | 1789710 | 1576343  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10087274) | (4698600) | (584130) | (3172556)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4265199) | 2013447 | 2267162 | 2464476 |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **PIA MBS Bond Fund**  | **PIA MBS Bond Fund**  |
|  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4313627 | $3763492  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15308 | (371479)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1763628 | 2786301  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6092563 | 6178314  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (4248908) | (3566652)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4248908) | (3566652)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 22888028 | 19956296  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3552586 | 3028607  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (19064138) | (13050517)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7376476 | 9934386  |
| **Net increase (decrease) in net assets** | 9220131 | 12546048  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 98298018 | 85751970  |
| &nbsp;&nbsp;&nbsp; End of the year | $107518149 | $98298018  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2787055 | 2419517  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 431434 | 368023  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2317261) | (1588794)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 901228 | 1198746 |

---

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA BBB BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.56 | $8.15 | $8.10 | $9.97 | $10.32  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.34 | 0.32 | 0.30 | 0.29 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.18 | 0.41 | 0.05 | (1.87) | (0.35)  |
| **Total from investment operations** | 0.52 | 0.73 | 0.35 | (1.58) | (0.07)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.34) | (0.32) | (0.30) | (0.29) | (0.28)  |
| **Total distributions** | (0.34) | (0.32) | (0.30) | (0.29) | (0.28)  |
| **Net asset value, end of year** | $8.74 | $8.56 | $8.15 | $8.10 | $9.97  |
| Total return | 6.30% | 9.04% | 4.43% | -16.00% | -0.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $185199 | $217975 | $191129 | $222337 | $296682  |
| Ratio of expenses to average net assets | 0.19% | 0.17% | 0.17% | 0.15% | 0.15%  |
|  Ratio of net investment income (loss) to average net assets | 3.99% | 3.79% | 3.67% | 3.26% | 2.83%  |
| Portfolio turnover rate | 12% | 9% | 8% | 10% | 20% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA HIGH YIELD (MACS) FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.74 | $8.31 | $8.03 | $9.67 | $9.57  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.74 | 0.73 | 0.69 | 0.69 | 0.68  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.57) | 0.43 | 0.28 | (1.48) | 0.10  |
| **Total from investment operations** | 0.17 | 1.16 | 0.97 | (0.79) | 0.78  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.74) | (0.73) | (0.69) | (0.70) | (0.68)  |
| Net realized gains |  |  |  | (0.15) | —  |
| **Total distributions** | (0.74) | (0.73) | (0.69) | (0.85) | (0.68)  |
| **Net asset value, end of year** | $8.17 | $8.74 | $8.31 | $8.03 | $9.67  |
| Total return | 2.03% | 14.45% | 12.50% | -8.50% | 8.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $184645 | $177855 | $148633 | $124216 | $131815  |
| Ratio of expenses to average net assets | 0.17% | 0.17% | 0.20% | 0.20% | 0.20%  |
|  Ratio of net investment income (loss) to average net assets | 8.79% | 8.55% | 8.37% | 7.98% | 6.91%  |
| Portfolio turnover rate | 30% | 29% | 33% | 24% | 70% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA MBS Bond Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.31 | $8.07 | $8.32 | $9.56 | $9.71  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.34 | 0.33 | 0.28 | 0.17 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.14 | 0.23 | (0.26) | (1.23) | (0.15)  |
| **Total from investment operations** | 0.48 | 0.56 | 0.02 | (1.06) | (0.07)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.34) | (0.32) | (0.27) | (0.18) | (0.08)  |
| **Total distributions** | (0.34) | (0.32) | (0.27) | (0.18) | (0.08)  |
| **Net asset value, end of year** | $8.45 | $8.31 | $8.07 | $8.32 | $9.56  |
| Total return | 5.95% | 7.04% | 0.29% | -11.12% | -0.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $107518 | $98298 | $85752 | $54313 | $60396  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.31% | 0.31% | 0.38% | 0.43% | 0.31%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.28% | 0.26%<sup>(c)</sup> | 0.23% | 0.23% | 0.23%  |
|  Ratio of net investment income (loss) to average net assets | 4.16% | 4.09% | 3.58% | 1.97% | 0.56%  |
| Portfolio turnover rate | 12% | 17% | 13% | 146% | 680% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Effective April 1, 2024, the Adviser agreed to increase annual expense cap to 0.28% of average daily net assets. Prior to April 1, 2024, the expense cap was 0.23% of average daily net assets. 

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025** 

**NOTE 1 – ORGANIZATION** 

The PIA BBB Bond Fund, the PIA High Yield (MACS) Fund and the PIA MBS Bond Fund (the "Funds") are each a series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

Currently, the Funds offer the Managed Account Completion Shares (MACS) class. Each of the Funds is diversified and has separate assets and liabilities and differing investment objectives. The investment objective of the PIA BBB Bond Fund (the "BBB Bond Fund") is to seek to provide a total rate of return that approximates that of bonds rated within the BBB category by credit rating agencies currently registered as nationally recognized statistical rating organizations ("NRSROs"). The investment objective of the PIA High Yield (MACS) Fund (the "High Yield (MACS) Fund") is to seek a high level of current income. The Fund's secondary objective is to seek capital growth when that is consistent with its primary objective. The investment objective of the PIA MBS Bond Fund (the "MBS Bond Fund") is to seek to provide a total rate of return that exceeds the Bloomberg Barclays U.S. MBS Fixed Rate Index. The BBB Bond Fund and the MBS Bond Fund commenced operations on September 25, 2003 and February 28, 2006, respectively. The High Yield (MACS) Fund commenced operations on December 26, 2017. Only authorized investment advisory clients of Pacific Income Advisers, Inc. are eligible to invest in the BBB Bond Fund and the High Yield (MACS) Fund.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

**Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Funds on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The Funds are required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Funds' net asset values if the Funds make such purchases while remaining substantially fully invested. In connection with the ability to purchase securities on a when-issued basis, the Funds may also enter into dollar rolls in which the Funds sell securities purchased on a forward-commitment basis and simultaneously contract with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the Funds to "rollover" their purchase commitments, the Funds receive negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.** 

**Federal Income Taxes – It is the Funds' policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income or excise tax provision is required.** 

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Funds' prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds' net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. federal and the state of Wisconsin; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses – Each Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.** 

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on a first in, first out basis. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method, except for premiums on certain callable debt securities that are amortized to the earliest call date. Paydown gains and losses on mortgage-related and other asset-based securities are recorded as components of interest income on the Statement of Operations.** 

**Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Funds distribute substantially all net investment income, if any, monthly and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.** 

The amount and character of income and net realized gains to be distributed are determined in accordance with federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

**Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended November 30, 2025, there were no reclassifications between paid-in capital and distributable earnings.** 

**Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.** 

**Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period. Actual results could differ from those estimates.** 

**Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments on the Funds' financial statements.** 

In December 2022, FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2022-06 is an amendment to ASU 2020-04, which extends the effective period through December 31, 2024. Management has worked with financial institutions and counterparties to modify contracts as required by applicable regulation and within regulatory deadlines.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Pacific Income Advisers, Inc. ("PIA" or the "Adviser") Management Committee, consisting of the firm's Chief Executive Office and Chief Investment Officer, who serve as the Chief Operating Decision Maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management does not expect this guidance to materially impact the Funds' financial statements.

The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds are considered limited derivatives users under the Trust Policy and therefore, are required to limit derivatives exposure to no more than 10% of the Funds' net assets. During the year ended November 30, 2025, the MBS Bond Fund held a limited number of TBA securities. The BBB Bond Fund and the High Yield MACS Fund did not enter into derivatives transactions.

**Events Subsequent to the Fiscal Year End – In preparing the financial statements as of November 30, 2025, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds' financial statements.** 

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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.  |

---

Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis. The Funds' investments are carried at fair value.

Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

**Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.** 

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most corporate bonds are categorized in Level 2 of the fair value hierarchy.** 

**Bank Loan Obligations – Bank loan obligations are valued at market on the basis of valuations furnished by an independent pricing service which utilizes quotations obtained from dealers in bank loans. These securities will generally be classified in Level 2 of the fair value hierarchy.** 

**Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.** 

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. There is frequently less government regulation of broker-dealers and issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

All foreign securities owned by the Funds are U.S. dollar denominated.

**Mortgage- and Asset-Backed Securities – Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal. These securities are normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.** 

**U.S. Government Securities – U.S. Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. Government securities are typically categorized in Level 2 of the fair value hierarchy.** 

**U.S. Government Agency Securities – U.S. Government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to-be-announced ("TBAs") securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. These securities are typically categorized in Level 2 of the fair value hierarchy.** 

**Equity Securities – Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter ("OTC") securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

**Short-Term Securities – Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.** 

The Board of Trustees (the "Board") has adopted a valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

Act, the Board has designated the Funds' Adviser as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs and whether or not they are observable in the marketplace, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**Restricted Securities – The Funds may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At November 30, 2025, the Funds held securities issued pursuant to Rule 144A under the Securities Act of 1933. There were no other restricted investments held by the Funds at November, 2025.** 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' securities as of November 30, 2025:

**BBB Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $171585257 | $— | $171585257  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 10447417 |  | 10447417  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 911531 |  | 911531  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 371955 |  |  | 371955  |
| **Total Investments** | $371955 | $182944205 | $— | $183316160 |

---

**High Yield (MACS) Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $166745830 | $— | $166745830  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  | 37450 | 37450  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15132715 |  |  | 15132715  |
| **Total Investments** | $15132715 | $166745830 | $37450 | $181915995 |

---

**MBS Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $92168962 | $— | $92168962  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3109720 |  | 3109720  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1092680 |  |  | 1092680  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 10950365 |  | 10950365  |
| **Total Investments** | $1092680 | $106229047 | $— | $107321727 |

---

Refer to each Fund's schedule of investments for a detailed break-out of securities by industry classification.

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

The following is a reconciliation of the High Yield (MACS) Fund's Level 3 investments for which significant unobservable inputs were used in determining value.

---

| | |
|:---|:---|
|  | **Investments in** <br>**Securities, at Value** <br>**Common Stocks**  |
| Balance as of November 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $104860  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Realized gain/(loss) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Change in unrealized appreciation/(depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (67410)  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Transfers in and/or out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Balance as of November 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37450 |

---

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at November 30, 2025, and still classified as Level 3 was $(67,410).

The following is a summary of quantitative information about level 3 valued measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **11/30/25**  | **Valuation Technique(s)**  | **Unobservable Input**  | **Input/Range**  |
| Common Stocks  | 37450  | Market Transaction Method  | Prior/Recent Transaction  | &nbsp;&nbsp;&nbsp; $12.50 |

---

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Funds have investment advisory agreements with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Funds. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Funds. Under the agreement, the Funds do not pay the Adviser an investment advisory fee. However, investors in the Funds will be charged investment advisory fees by the Adviser and persons other than the Adviser. Clients of PIA pay PIA an investment advisory fee to manage their assets, including assets invested in the Funds. Participants in "wrap-fee" programs pay fees to the program sponsor, who in turn pays fees to the Adviser.

The Funds are responsible for their own operating expenses. The Adviser has temporarily agreed to reduce fees payable to it by the BBB Bond Fund and High Yield (MACS) Fund and to pay the BBB Bond Fund and High Yield (MACS) Fund operating expenses (excluding acquired fund fees and expenses) to the extent necessary to limit each Fund's aggregate annual operating expenses as a percent of average daily net assets as follows:

---

| | |
|:---|:---|
| BBB Bond Fund | 0.19%  |
| High Yield (MACS) Fund | 0.25% |

---

The Adviser may not recoup amounts subject to the temporary expense limitation in future periods. For the year ended November 30, 2025, the Adviser absorbed Fund expenses in the amount of $4,812 and $0 for the BBB Bond Fund and the High Yield (MACS) Fund, respectively.

Prior to March 31, 2025, the Adviser had temporarily agreed to reduce fees payable to the MBS Bond Fund. As of March 31, 2025, the Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay the Fund operating expenses (excluding acquired fund fees and expenses) to the extent necessary to limit the Fund's aggregate annual operating expenses as a percent of average daily net assets as follows:

---

| | |
|:---|:---|
| MBS Bond Fund | 0.28% |

---

Any such reduction made by the Adviser in its fees or payment of expenses which are the MBS Bond Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

amount actually paid by the MBS Bond Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the MBS Bond Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the MBS Bond Fund's payment of current ordinary operating expenses. For the year ended November 30, 2025, the Adviser absorbed MBS Bond Fund expenses in the amount of $33,530; no amounts were reimbursed to the Adviser. Beginning April 1, 2025, and effective with the contractual agreement, the Adviser is eligible to recapture portions, up to $19,345, of the absorbed amount of $33,530. The remaining $14,185 prior to March 31, 2025, was under the temporary agreement and is not subject to recapture.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended November 30, 2025, are disclosed in the Statements of Operations.

The BBB Bond Fund, the High Yield (MACS) Fund and the MBS Bond Fund have entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The BBB Bond Fund, the High Yield (MACS) Fund, and the MBS Bond Fund expensed $48,823, $275, and $37,077, respectively, of sub-transfer agent fees during the year ended November 30, 2025. These fees are included in the transfer agent fees and expenses amount disclosed in the Statements of Operations.

Quasar Distributors, LLC ("Quasar") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

For the year ended November 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Government** | **Non-Government** | **Government**  | **Government**  |
|  | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| BBB Bond Fund | $15778524 | $47804952 | $8394827 | $11874245  |
| High Yield (MACS) Fund | 57102631 | 50758133 |  | —  |
| MBS Bond Fund |  | 18049 | 13510985 | 11584914 |

---

**NOTE 6 – LINE OF CREDIT** 

The BBB Bond Fund, the High Yield (MACS) Fund and the MBS Bond Fund have a secured line of credit in the amount of $15,000,000 with a limit of 33.33% of market value of assets, $15,000,000 with a limit of 15% of market value of assets, and $8,000,000 with a limit of 33.33% of market value of assets, respectively. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds' custodian, U.S. Bank N.A. The Funds did not draw upon their respective lines of credit during the year ended November 30, 2025.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**NOTE 7 – FEDERAL INCOME TAX INFORMATION** 

The tax character of distributions paid during the year ended November 30, 2025 and year ended November 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **BBB Bond Fund** | **BBB Bond Fund** | **High Yield (MACS) Fund**  | **High Yield (MACS) Fund**  | **MBS Bond Fund** | **MBS Bond Fund** |
|  | **November 30,** | **November 30,** | **November 30,**  | **November 30,**  | **November 30,** | **November 30,** |
|  | **2025** | **2024**  | **2025** | **2024**  | **2025** | **2024** |
| Ordinary income | $8310321 | $7735461 | $15785857 | $14050667 | $4248908 | $3566652 |

---

As of November 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **BBB Bond Fund** | **High Yield** <br>(MACS) Fund  | **MBS Bond Fund** |
| Cost of investments<sup>(a)</sup> | $196106991 | $192131500  | $111272726 |
| Gross unrealized appreciation | 2906046 | 4126875  | 1036075 |
| Gross unrealized depreciation | (15696877) | (14342380)  | (4987074) |
| Net unrealized appreciation/(depreciation)<sup>(a)</sup> | (12790831) | (10215505)  | (3950999) |
| Undistributed ordinary income | 125548 | 276302  | 451991 |
| Undistributed long-term capital gain |  | —  |  |
| Total distributable earnings | 125548 | 276302  | 451991 |
| Other accumulated gains/(losses) | (15787710) | (11583994)  | (2752295) |
| Total accumulated earnings/(losses) | $(28452993) | $(21523197) | $(6251303) |

---

<sup>(a)</sup> The difference between book-basis and tax-basis cost and net unrealized appreciation in the BBB Bond Fund is attributable primarily to wash sales.

The BBB Bond Fund, the High Yield (MACS) Fund and the MBS Bond Fund had tax capital losses, which may be carried over indefinitely to offset future gains, as follows:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** <br>**Capital Losses** | **Long-Term** <br>**Capital Losses**  |
| BBB Bond Fund | $1974791 | $13812919  |
| High Yield (MACS) Fund | $361875 | $11222119  |
| MBS Bond Fund | $1514720 | $1237575 |

---

**NOTE 8 – PRINCIPAL RISKS** 

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect the Funds' net asset value and total return. The Funds' most recent prospectus provides further descriptions of each Fund's investment objective, principal investment strategies and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **General Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
 that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market
 or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for
 deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions
 and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition,
 the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental
 disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. Conflict, loss of life and
 disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe
 adverse effects on the region,

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk.** The value of a Fund's investments in fixed-income securities will change based on changes in interest rates. If interest
 rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities
 generally are subject to greater fluctuations in value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** The issuers of the bonds and other debt securities held by the Funds may not be able to make interest or principal payments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill
 its obligation to the Funds. Counterparty risk may arise because of the counterparty's financial condition (*i.e.*,
 financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's
 inability to fulfill its obligation may result in significant financial loss to the Funds.

**BBB Bond Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk.** The BBB Bond Fund may hold high yield securities as a result of credit rating downgrades. Securities with ratings
 lower than BBB or Baa are known as "high yield" securities (commonly known as "junk bonds"). High yield securities
 typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater
 market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and
 bankruptcy of the issuer of such instruments than more highly rated bonds and loans.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign and Emerging Market Securities Risk.** Investments in foreign currencies and foreign issuers are subject to additional risks, including
 political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments,
 liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation
 and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions
 in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived
 as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets."
 Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic,
 regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns
 due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public
 information on issuers.

**MBS Bond Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• **ETF and Mutual Fund Risk.** When the MBS Bond Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share
 of the ETF's or mutual fund's operating expenses, including the potential duplication of management fees. The risk of owning
 an ETF or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. The Fund also
 will incur brokerage costs when it purchases ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk.** An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than
 expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Mortgage-Backed Securities.** These risks include General Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and
 Extension Risk (each described above). During periods of difficult or frozen credit markets, significant changes in interest rates, or
 deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become
 illiquid.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks associated with Real Estate and Regulatory Actions.** Although some of the securities in the Fund are expected to either have a U.S. government
 sponsored entity guarantee or be AAA rated by any NSRSO, if real estate experiences a significant price decline, this could adversely
 affect the prices of the securities the Fund owns. In addition, any adverse regulatory action could impact the prices of the securities
 the Fund owns.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory,
 and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's
 ability to sell a holding at a suitable price.

&nbsp;&nbsp;&nbsp;&nbsp;• **TBA Securities Risk.** In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security
 to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that
 the securities received may have less favorable characteristics than what was anticipated when the Adviser entered into the transaction.
 Adviser accounts with TBA securities are also subject to counterparty risk and will be exposed to changes in the value of the underlying
 investments during the term of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;• **Dollar Roll Risk.** Dollar rolls involve the risk that the MBS Bond Fund's counterparty will be unable to deliver the mortgage-backed securities
 underlying the dollar roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative
 may ask for and receive an extension of time to decide whether to enforce the Fund's repurchase obligation. In addition, the Fund
 earns interest by investing the transaction proceeds during the roll period. Dollar roll transactions may have the effect of creating
 leverage in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Inflation and Deflation.** Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment
 over time. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Government-Sponsored Entities Risk.** Securities issued or guaranteed by government-sponsored entities, including GNMA, FNMA, and FHLMC, may not be guaranteed
 or insured by the U.S. government and may only be supported by the credit of the issuing agency.

&nbsp;&nbsp;&nbsp;&nbsp;• **Asset-Backed Securities Risks.** These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension
 Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit
 additional volatility in periods of changing interest rates.

**High Yield (MACS) Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk.** High yield securities (or "junk bonds") entail greater risk of loss of principal because of their
 greater exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also
 are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income
 or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and
 loans.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory,
 and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's
 ability to sell a holding at a suitable price.

&nbsp;&nbsp;&nbsp;&nbsp;• **Convertible Securities Risk.** Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible
 securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value
 of the underlying common or preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign and Emerging Market Securities Risk.** Investments in foreign currencies and foreign issuers are subject to additional risks, including
 political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments,
 liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation
 and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions
 in certain economies or markets may alter the risks associated with

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Participation and Assignment Risk.** Loan participations and assignments involve special types of risk, including credit risk, interest rate risk,
 liquidity risk, and the risks of being a lender. Bank loans (i.e., loan participations and assignments), like other high yield corporate
 debt obligations, have a higher risk of default and may be less liquid and/or become illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;• **Rule 144A Securities Risk.** The market for Rule 144A securities typically is less active than the market for publicly-traded securities.
 Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the
 Fund to sell these securities.

**NOTE 9 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. The following table reflects shareholders that maintain accounts of more than 25% of the voting securities of a Fund as of November 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| BBB Bond Fund | Wells Fargo LLC | &nbsp;&nbsp;&nbsp; 43.78%  |
| High Yield (MACS) Fund | First Hawaiian Bank | &nbsp;&nbsp;&nbsp; 88.88%  |
| MBS Bond Fund | Morgan Stanley LLC | &nbsp;&nbsp;&nbsp; 36.89% |

---

37<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of** 

**PIA BBB Bond Fund** 

**PIA High Yield (MACS) Fund** 

**PIA MBS Bond Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the PIA BBB Bond Fund, PIA High Yield (MACS) Fund, and PIA MBS Bond Fund, a series of Advisors Series Trust (the "Trust"), including the schedules of investments, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](efp_22063-sign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**January 29, 2026**

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PIA FUNDS** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable as the investment advisory agreement was not approved during the past six months.

39<br>

![](pia_logo.jpg)

**PIA HIGH YIELD FUND**

Core Financial Statements

November 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [6](#tsal) |
| [Statement of Operations](#tsop) | [7](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [8](#tscna) |
| [Financial Highlights](#tfihi) | [9](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [10](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#treport) | [18](#treport) |
| [Additional Information](#addinf) | [19](#addinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 92.1%**<br>|  |  |
| **Advertising - 1.2%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030<sup>(a)</sup> | $925000 | $975420  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 175000 | 182284  |
|  |  | 1157704  |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032<sup>(a)</sup> | 1000000 | 1019160  |
| **Airlines - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC / Vista Management Holding, Inc., <br>6.38%, 02/01/2030<sup>(a)</sup> | 1193000 | 1149757  |
| **Building Materials - 4.1%**<br>|  |  |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(a)</sup> | 1150000 | 1164383  |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, <br>6.75%, 04/01/2032<sup>(a)</sup> | 250000 | 255545  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 725000 | 686448  |
| Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030<sup>(a)</sup> | 1575000 | 790979  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028<sup>(a)</sup> | 650000 | 652013  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031<sup>(a)</sup> | 300000 | 318666  |
|  |  | 3868034  |
| **Chemicals - 9.6%**<br>|  |  |
| ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | 932000 | 102520  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 1225000 | 1270607  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 875000 | 608344  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 960000 | 654000  |
| GPD Cos., Inc., 12.50% (or 2.38% PIK), 12/31/2029<sup>(a)</sup> | 1660520 | 910359  |
| Herens Holdco Sarl, 4.75%, 05/15/2028<sup>(a)</sup> | 1000000 | 870940  |
| Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(a)</sup> | 1415550 | 1277394  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 1175000 | 1178567  |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(a)</sup> | 1130000 | 1167444  |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029<sup>(a)</sup> | 860000 | 847180  |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033<sup>(a)</sup> | 250000 | 251560  |
|  |  | 9138915  |
| **Coal - 1.2%**<br>|  |  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 1250000 | 1144745  |
| **Commercial Services - 14.1%**<br>|  |  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(a)</sup> | 1341000 | 1190072  |
| AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(a)</sup> | 1125000 | 1129092  |
| Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 1250000 | 1250458  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 1100000 | 1123465  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | 838000 | 881413  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 975000 | 960700  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(a)</sup> | 1000000 | 1054607  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | $1135000 | $1121798  |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | 850000 | 837186  |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | 1116000 | 1148185  |
| StoneMor, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 1165000 | 1138773  |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(a)</sup> | 350000 | 361474  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 1108000 | 1192189  |
|  |  | 13389412  |
| **Computers - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC / Conduent State & Local Solutions, Inc., <br>6.00%, 11/01/2029<sup>(a)</sup> | 1245000 | 1090284  |
| **Diversified Financial Services - 1.3%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 320000 | 319296  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | 550000 | 541394  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 135000 | 140450  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)</sup> | 200000 | 195778  |
|  |  | 1196918  |
| **Engineering & Construction - 4.8%**<br>|  |  |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(a)</sup> | 1300000 | 1276479  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 1175000 | 1191464  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 1165000 | 1135547  |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 981000 | 988524  |
|  |  | 4592014  |
| **Entertainment - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo, Inc., <br>6.63%, 03/01/2030<sup>(a)</sup> | 1167000 | 1031301  |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(a)</sup> | 1050000 | 1113347  |
|  |  | 2144648  |
| **Food - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., <br>9.00%, 02/15/2029<sup>(a)</sup> | 1017000 | 1063759  |
| &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./<br>Simmons Feed, 4.63%, 03/01/2029<sup>(a)</sup> | 940000 | 904948  |
|  |  | 1968707  |
| **Food Service - 1.4%**<br>|  |  |
| TKC Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2028<sup>(a)</sup> | 485000 | 490598  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2029<sup>(a)</sup> | 785000 | 806026  |
|  |  | 1296624  |
| **Forest Products & Paper - 2.5%**<br>|  |  |
| Magnera Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029<sup>(a)</sup> | 1017000 | 920789  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2031<sup>(a)</sup> | 500000 | 477660  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Forest Products & Paper - (Continued)** | **Forest Products & Paper - (Continued)** | **Forest Products & Paper - (Continued)** |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | $700000 | $505572  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 850000 | 505117  |
|  |  | 2409138  |
| **Insurance - 1.1%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(a)</sup> | 1050000 | 1076359  |
| **Internet - 2.4%**<br>|  |  |
| ION Platform Finance US, Inc. / ION Platform Finance SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028<sup>(a)</sup> | 875000 | 804717  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028<sup>(a)</sup> | 720000 | 676852  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029<sup>(a)</sup> | 330000 | 327099  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029<sup>(a)</sup> | 450000 | 457767  |
|  |  | 2266435  |
| **Machinery-Diversified - 3.2%**<br>|  |  |
| GrafTech Finance, Inc., 4.63%, 12/23/2029<sup>(a)</sup> | 1161000 | 860591  |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(a)</sup> | 400000 | 351603  |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, <br>9.00%, 02/15/2029<sup>(a)</sup> | 1125000 | 1185469  |
| OT Merger Corp., 7.88%, 10/15/2029<sup>(a)</sup> | 1769000 | 634027  |
|  |  | 3031690  |
| **Media - 4.0%**<br>|  |  |
| Beasley Mezzanine Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 08/01/2028<sup>(a)</sup> | 121000 | 120395  |
| &nbsp;&nbsp;&nbsp; 9.20%, 08/01/2028<sup>(a)</sup> | 1003000 | 388662  |
| Spanish Broadcasting System, Inc., 9.75%, 03/01/2026<sup>(a)</sup> | 1535000 | 1016938  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 570000 | 543994  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030<sup>(a)</sup> | 350000 | 355371  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 250000 | 258811  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(a)</sup> | 275000 | 292166  |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(a)</sup> | 1650000 | 870664  |
|  |  | 3847001  |
| **Metal Fabricate/Hardware - 2.6%**<br>|  |  |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030<sup>(a)</sup> | 1195000 | 1219444  |
| TMS International Corp., 6.25%, 04/15/2029<sup>(a)</sup> | 1280000 | 1237741  |
|  |  | 2457185  |
| **Mining - 2.6%**<br>|  |  |
| Compass Minerals International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/01/2027<sup>(a)</sup> | 296000 | 296181  |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/01/2030<sup>(a)</sup> | 1100000 | 1146205  |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(a)</sup> | 1000000 | 1030481  |
|  |  | 2472867  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Miscellaneous Manufacturing - 1.6%**<br>|  |  |
| Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028<sup>(a)</sup> | $750000 | $784623  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 665000 | 707720  |
|  |  | 1492343  |
| **Office-Business Equipment - 1.0%**<br>|  |  |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(a)</sup> | 985000 | 989159  |
| **Oil & Gas Services - 3.4%**<br>|  |  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | 1000000 | 1011060  |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(a)</sup> | 1435000 | 1376992  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 825000 | 845616  |
|  |  | 3233668  |
| **Packaging & Containers - 4.3%**<br>|  |  |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031<sup>(a)</sup> | 700000 | 712609  |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup> | 1175000 | 1224544  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(a)</sup> | 1150000 | 1072565  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 650000 | 443574  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 525000 | 366832  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 375000 | 229358  |
|  |  | 4049482  |
| **Pharmaceuticals - 1.4%**<br>|  |  |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(a)</sup> | 1445000 | 1370409  |
| **Pipelines - 6.6%**<br>|  |  |
| Global Partners LP / GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 616000 | 624105  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032<sup>(a)</sup> | 165000 | 173131  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 1255000 | 1217422  |
| &nbsp;&nbsp;&nbsp; Martin Midstream Partners LP / Martin Midstream Finance Corp., <br>11.50%, 02/15/2028<sup>(a)</sup> | 1200000 | 1240524  |
| NGL Energy Operating LLC / NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029<sup>(a)</sup> | 590000 | 607397  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(a)</sup> | 667000 | 692037  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | 1200000 | 1239218  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 498000 | 509622  |
|  |  | 6303456  |
| **Retail - 3.8%**<br>|  |  |
| Ferrellgas LP / Ferrellgas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029<sup>(a)</sup> | 1300000 | 1242824  |
| &nbsp;&nbsp;&nbsp; 9.25%, 01/15/2031<sup>(a)</sup> | 650000 | 656992  |
| Park River Holdings, Inc., 8.00%, 03/15/2031<sup>(a)</sup> | 1175000 | 1214829  |
| White Cap Supply Holdings LLC, 7.38%, 11/15/2030<sup>(a)</sup> | 500000 | 510331  |
|  |  | 3624976  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Software - 1.1%**<br>|  |  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | $250000 | $257839  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 835000 | 813863  |
|  |  | 1071702  |
| **Transportation - 4.9%**<br>|  |  |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 700000 | 733152  |
| Brightline East LLC, 11.00%, 01/31/2030<sup>(a)</sup> | 1191000 | 418073  |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(a)</sup> | 1085000 | 1120714  |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 1200000 | 1147470  |
| Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032<sup>(a)</sup> | 1180000 | 1236863  |
|  |  | 4656272  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $92,905,354)** |  | 87509064 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **COMMON STOCKS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Building Materials - 0.0%<sup>(b)</sup>**<br>|  |  |
| Northwest Hardwoods<sup>(c)(d)</sup> | 2996 | 37450  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $137,016)** |  | 37450  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 6.5%**<br>|  |  |
| Fidelity Government Portfolio - Institutional Class, 3.84%<sup>(e)</sup> | 6198446 | 6198446  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,198,446)** |  | 6198446  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $99,240,816)** |  | $93744960 |
| Other Assets in Excess of Liabilities - 1.4% |  | 1330032  |
| **TOTAL NET ASSETS - 100.0%** |  | $95074992 |

---

Percentages are stated as a percent of net assets.

PIK - Payment in Kind

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $86,379,842 or 90.9% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> 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 $37,450 or 0.0% of net assets as of November 30, 2025.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Statement of Assets and Liabilities** 

**November 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $93744960  |
| Interest receivable | 2123774  |
| Receivable for investments sold | 8812  |
| Receivable for fund shares sold | 147  |
| Prepaid expenses and other assets | 22893  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 95900586  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 703063  |
| Payable for fund administration and accounting fees | 31921  |
| Payable to adviser | 16988  |
| Payable for transfer agent fees and expenses | 15163  |
| Payable for distribution and shareholder servicing fees | 11749  |
| Payable for compliance fees | 2750  |
| Payable for directors fees | 8395  |
| Payable for custodian fees | 1276  |
| Payable for capital shares redeemed | 30  |
| Payable for expenses and other liabilities | 34259  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 825594  |
| **NET ASSETS** | $95074992  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $106708691  |
| Total accumulated losses | (11633699)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $95074992  |
| **Institutional**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $95074992  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 11175449  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $8.51  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $99240816 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Statement of Operations** 

**For the Year Ended November 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $28455  |
| Interest income | 8218867  |
| Other income | 5158  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 8252480  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 516144  |
| Transfer agent fees | 128377  |
| Fund administration and accounting fees | 128246  |
| Federal and state registration fees | 26074  |
| Audit fees | 24227  |
| Trustees' fees | 23593  |
| Reports to shareholders | 12964  |
| Compliance fees | 11060  |
| Custodian fees | 8467  |
| Legal fees | 7923  |
| Other expenses and fees | 16597  |
| &nbsp;&nbsp;&nbsp; Total expenses | 903672  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (293682)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 609990  |
| **NET INVESTMENT INCOME (loss)** | 7642490  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (2454332)  |
| Net realized gain (loss) | (2454332)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (4148238)  |
| Net change in unrealized appreciation (depreciation) | (4148238)  |
| **Net realized and unrealized gain (loss)** | (6602570)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1039920 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7642490 | $5255551  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2454332) | (741148)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4148238) | 4062932  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1039920 | 8577335  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional | (7605120) | (5193992)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7605120) | (5193992)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 39570899 | 57064170  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional | 2901150 | 2064524  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (34320495) | (28033974)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8151554 | 31094720  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1586354 | 34478063  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 93488638 | 59010575  |
| &nbsp;&nbsp;&nbsp; End of the year | $95074992 | $93488638  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 4482378 | 6350331  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional | 331214 | 230952  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (3904967) | (3144689)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 908625 | 3436594 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA High Yield Fund** 

**Financial Highlights** 

**Institutional** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.11 | $8.64 | $8.28 | $9.85 | $9.71  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.72 | 0.68 | 0.65 | 0.68 | 0.61  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.61) | 0.47 | 0.36 | (1.57) | 0.14  |
| **Total from investment operations** | 0.11 | 1.15 | 1.01 | (0.89) | 0.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.71) | (0.68) | (0.65) | (0.68) | (0.61)  |
| **Total distributions** | (0.71) | (0.68) | (0.65) | (0.68) | (0.61)  |
| **Net asset value, end of year** | $8.51 | $9.11 | $8.64 | $8.28 | $9.85  |
| TOTAL RETURN | 1.27% | 13.73% | 12.70% | -9.26% | 7.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $95075 | $93489 | $59011 | $50004 | $60396  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 0.96% | 0.98% | 1.06% | 1.06% | 0.97%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 0.65% | 0.80%<sup>(c)</sup> | 0.86% | 0.86% | 0.86%  |
|  Ratio of net investment income (loss) to average net assets | 8.14% | 7.78% | 7.69% | 7.50% | 6.13%  |
| Portfolio turnover rate | 34% | 43% | 35% | 23% | 72% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Effective September 1, 2024, the Adviser agreed to limit annual operating expenses to 0.65% of average daily net assets. Prior to September 1, 2024, the expense cap was 0.86% of average daily net assets. 

The accompanying notes are an integral part of these financial statements.

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025** 

**NOTE 1 – ORGANIZATION** 

The PIA High Yield Fund (the "Fund") is a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

Currently, the Fund offers the Institutional Class. The primary investment objective of the Fund is to seek a high level of current income. The Fund commenced operations on December 31, 2010.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

**Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Federal Income Taxes – It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income or excise tax provision is required.** 

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Fund's prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as administration and custodian fees. Expenses that are not directly attributable to a Fund are typically allocated among the other PIA Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.** 

**Securities Transactions and Investment Income – Security transactions are accounted for on the trade date. Realized gains and losses on sales of securities are calculated on a first-in, first-out basis. Dividend income and capital gain distributions from underlying funds are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method, except for premiums on certain callable debt securities that are amortized to the earliest call date. Non-cash interest income included in interest income, if any, is recorded at fair market value of additional par received.** 

**Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.** 

The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

**Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended November 30, 2025, there were no reclassifications between paid-in capital and distributable earnings.** 

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.** 

**Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period. Actual results could differ from those estimates.** 

**Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments on the Fund's financial statements.** 

In December 2022, FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2022-06 is an amendment to ASU 2020-04, which extends the effective period through December 31, 2024. Management has worked with financial institutions and counterparties to modify contracts as required by applicable regulation and within regulatory deadlines.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Pacific Income Advisers, Inc. ("PIA" or the "Adviser") Management Committee, consisting of the firm's Chief Executive Office and Chief Investment Officer, who serve as the Chief Operating Decision Maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management does not expect this guidance to materially impact the financial statements.

The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Fund. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of the Fund's net assets. For the year ended November 30, 2025, the Fund did not enter into derivatives transactions.

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Events Subsequent to the Fiscal Year End – In preparing the financial statements as of November 30, 2025, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund's financial statements.** 

**NOTE 3 – SECURITIES VALUATION** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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. |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis. The Fund's investments are carried at fair value.

The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

**Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most corporate bonds are categorized in Level 2 of the fair value hierarchy.** 

**Bank Loan Obligations – Bank loan obligations are valued at market on the basis of valuations furnished by an independent pricing service which utilizes quotations obtained from dealers in bank loans. These securities will generally be classified in Level 2 of the fair value hierarchy.** 

**Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.** 

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. There is frequently less government regulation of broker-dealers and issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

**Equity Securities – Equity securities, including common stocks, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices.** 

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

Over-the-counter ("OTC") securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

**Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.** 

**Short-Term Securities – Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.** 

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's Adviser as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs and whether or not they are observable in the marketplace, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**Restricted Securities – The Fund may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At November 30, 2025, the Fund held securities issued pursuant to Rule 144A under the Securities Act of 1933. There were no other restricted investments held by the Fund at November 30, 2025.** 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $87509064 | $— | $87509064  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  | 37450 | 37450  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6198446 |  |  | 6198446  |
| **Total Investments** | $6198446 | $87509064 | $37450 | $93744960 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

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

---

| | |
|:---|:---|
|  | **Investments in** <br>**Securities, at Value** <br>**Common Stocks**  |
| Balance as of November 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $104860  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Realized gain/(loss) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Change in unrealized appreciation/(depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (67410)  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Transfers in and/or out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Balance as of November 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37450 |

---

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at November 30, 2025, and still classified as Level 3 was $(67,410).

The following is a summary of quantitative information about level 3 valued measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **11/30/25**  | **Valuation Technique(s)**  | **Unobservable Input**  | **Input/Range**  |
| Common Stocks  | 37450  | Market Transaction Method  | Prior/Recent Transaction  | &nbsp;&nbsp;&nbsp; $12.50 |

---

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Fund has an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Fund. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly calculated at an annual rate of 0.55% based upon the Fund's average daily net assets. For the year ended November 30, 2025, the Fund incurred $516,144 in advisory fees.

The Fund is responsible for its own operating expenses. Prior to March 31, 2025 the Adviser had temporarily agreed to reduce fees payable to the Fund. As of March 31, 2025 the Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund's aggregate annual operating expenses (excluding acquired fund fees and expenses) to 0.65% of the average daily net assets. The Adviser reduced its temporary expense cap to 0.65% as of September 1, 2024. Prior to September 1, 2024, the expense cap was 0.86% of average daily net assets. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the year ended November 30, 2025, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $293,682; no amounts were reimbursed to the Adviser.

Beginning April 1, 2025, and effective with the contractual agreement, the Adviser is eligible to recapture portions, up to $205,063, of the absorbed amount of $293,682. The remaining $88,619 prior to March 31, 2025, was under the temporary agreement and is not subject to recapture.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Fund's administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust,

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended November 30, 2025, are disclosed in the Statement of Operations.

The Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder accountrecords, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The Fund expensed $66,010 of sub-transfer agent fees during the year ended November 30, 2025. These fees are included in the transfer agent fees and expenses amount disclosed in the Statement of Operations.

Quasar Distributors, LLC ("Quasar") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

For the year ended November 30, 2025, the cost of purchases and the proceeds from sales of securities (excluding short-term securities and U.S. Government securities) were $40,760,111 and $29,407,728, respectively. There were no purchases and sales of U.S. Government securities during the year ended November 30, 2025.

**NOTE 6 – LINE OF CREDIT** 

The Fund has a secured line of credit in the amount of $15,000,000, with a limit of 15% of market value of assets. This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund's custodian, U.S. Bank N.A. The Fund did not draw upon its line of credit during the year ended November 30, 2025.

**NOTE 7 – FEDERAL INCOME TAX INFORMATION** 

The tax character of distributions paid during the year ended November 30, 2025 and year ended November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025**  | **2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7605120 | $5193992 |

---

As of November 30, 2025 the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments<sup>(a)</sup> | $99240816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 1649632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (7145488)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation/(depreciation)<sup>(a)</sup> | (5495856)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | 136255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 136255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gains/(losses) | (6274098)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated earnings/(losses) | $(11633699) |

---

<sup>(a)</sup> The book-basis and tax-basis net unrealized depreciation are the same.

The Fund had tax capital losses which may be carried over to offset future gains. Such losses expire as follows:

---

| | |
|:---|:---|
| **Short-Term** <br>**Indefinite** | **Long-Term** <br>**Indefinite**  |
| $663552 | $5610546 |

---

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**NOTE 8 – PRINCIPAL RISKS** 

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund's net asset value and total return. The Fund's most recent prospectus provides further descriptions of the Fund's investment objective, principal investment strategies and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk.** High yield securities (or "junk bonds") entail greater risk of loss ofprincipal because of their greater
 exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also are considered
 as speculative and may besubject to greater market price fluctuations, less liquidity and greater risk of loss of income orprincipal including
 greater possibility of default and bankruptcy of the issuer of such instruments thanmore highly rated bonds and loans.

&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill
 its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties,
 bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability
 to fulfill its obligation may result in significant financial loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** The issuers of the bonds and other instruments held by the Fund may not be able to make interest or principal payments.

&nbsp;&nbsp;&nbsp;&nbsp;• **General Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
 that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market
 or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for
 deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions
 and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition,
 the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental
 disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. Conflict, loss of life and
 disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe
 adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities.
 The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions,
 and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue
 to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk.** The value of the Fund's investments in fixed-income securities will change based on changes in interest rates. If interest
 rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities
 generally are subject to greater fluctuations in value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory,
 and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's
 ability to sell a holding at a suitable price.

&nbsp;&nbsp;&nbsp;&nbsp;• **ETF and Mutual Fund Risk.** When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the
 ETF's or mutual fund's operating expenses, including the potential duplication of management fees. The risk of owning an ETF
 or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. The Fund also will
 incur brokerage costs when it purchases ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;• **Rule 144A Securities Risk.** The market for Rule 144A securities typically is less active than the market for publicly traded securities.
 Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the
 Fund to sell these securities.

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**NOTE 9 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, National Financial Services, LLC, for the benefit of their customers, owned 48.43% of the outstanding shares of the Fund.

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**PIA HIGH YIELD FUND** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of** 

**PIA High Yield Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of the PIA High Yield Fund, a series of Advisors Series Trust (the "Trust"), including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers; when replies from brokers were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](efp_22063-sign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**January 29, 2026**

18<br>

------

**[**TABLE OF CONTENTS**](#tochy)**

**PIA HIGH YIELD FUND** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from Form N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable as the investment advisory agreement was not approved during the past six months.

19<br>

![](pia_logo.jpg)

**PIA Short-Term Securities Fund**

Core Financial Statements

November 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soist) | [1](#soist) |
| [Statement of Assets and Liabilities](#salst) | [7](#salst) |
| [Statement of Operations](#sopst) | [8](#sopst) |
| [Statements of Changes in Net Assets](#scnast) | [9](#scnast) |
| [Financial Highlights](#fihist) | [10](#fihist) |
| [Notes to Financial Statements](#Notesst) | [11](#Notesst) |
| [Report of Independent Registered Public Accounting Firm](#reportst) | [19](#reportst) |
| [Additional Information](#addst) | [20](#addst) |

---

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 42.1%**<br>|  |  |
| **Agriculture - 0.5%**<br>|  |  |
| Philip Morris International, Inc., 4.75%, 02/12/2027 | $1000000 | $1009662  |
| **Banks - 10.0%**<br>|  |  |
| Bank of Montreal, 5.27%, 12/11/2026 | 1800000 | 1824603  |
| Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 2000000 | 2004000  |
| Bank of Nova Scotia, 5.40%, 06/04/2027 | 800000 | 817426  |
| Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026 | 800000 | 812846  |
| Citibank NA, 5.49%, 12/04/2026 | 1000000 | 1014000  |
| Fifth Third Bank NA, 4.97% to 01/28/2027 then SOFR + 0.81%, 01/28/2028 | 2000000 | 2018333  |
| Goldman Sachs Bank USA, 5.28% to 03/18/2026 then SOFR + 0.78%, 03/18/2027 | 1800000 | 1805813  |
| Morgan Stanley Bank NA, 4.45% to 10/15/2026 then SOFR + 0.68%, 10/15/2027 | 2000000 | 2006844  |
| PNC Bank NA, 4.78% to 01/15/2026 then SOFR + 0.50%, 01/15/2027 | 2000000 | 2001115  |
| Royal Bank of Canada, 4.88%, 01/19/2027 | 2000000 | 2021873  |
| Sumitomo Mitsui Trust Bank Ltd., 5.65%, 09/14/2026<sup>(a)</sup> | 1000000 | 1013032  |
| Wells Fargo Bank NA, 5.25%, 12/11/2026 | 1000000 | 1013111  |
|  |  | 18352996  |
| **Building Materials - 0.5%**<br>|  |  |
| Amrize Finance US LLC, 4.70%, 04/07/2028<sup>(a)</sup> | 1000000 | 1012628  |
| **Chemicals - 0.6%**<br>|  |  |
| Nutrien Ltd., 5.20%, 06/21/2027 | 1000000 | 1016914  |
| **Commercial Services - 1.9%**<br>|  |  |
| Cintas Corp. No 2, 4.20%, 05/01/2028 | 500000 | 502934  |
| Quanta Services, Inc., 4.75%, 08/09/2027 | 3000000 | 3031635  |
|  |  | 3534569  |
| **Diversified Financial Services - 0.6%**<br>|  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 04/01/2028 | 1000000 | 1016549  |
| **Electric - 3.9%**<br>|  |  |
| Ameren Corp., 5.70%, 12/01/2026 | 1000000 | 1015203  |
| DTE Energy Co., 4.95%, 07/01/2027 | 500000 | 506186  |
| Duke Energy Corp., 4.85%, 01/05/2027 | 1000000 | 1008214  |
| Eversource Energy, 4.75%, 05/15/2026 | 1000000 | 1002933  |
| Georgia Power Co., 5.00%, 02/23/2027 | 1500000 | 1519608  |
| NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/2027 | 500000 | 505426  |
| Southern California Edison Co., 4.40%, 09/06/2026 | 700000 | 701085  |
| Xcel Energy, Inc., 4.75%, 03/21/2028 | 1000000 | 1014498  |
|  |  | 7273153  |
| **Environmental Control - 0.5%**<br>|  |  |
| Veralto Corp., 5.50%, 09/18/2026 | 1000000 | 1009473  |
| **Food - 0.3%**<br>|  |  |
| Campbell's Co., 5.30%, 03/20/2026 | 500000 | 501641  |
| **Forest Products & Paper - 0.5%**<br>|  |  |
| Georgia-Pacific LLC, 4.40%, 06/30/2028<sup>(a)</sup> | 1000000 | 1011257  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS -(Continued)** <br>|  |  |
| **Gas - 0.3%**<br>|  |  |
| Spire, Inc., 5.30%, 03/01/2026 | $500000 | $501270  |
| **Healthcare-Products - 0.3%**<br>|  |  |
| Smith & Nephew PLC, 5.15%, 03/20/2027 | 500000 | 505702  |
| **Healthcare-Services - 0.1%**<br>|  |  |
| Elevance Health, Inc., 4.50%, 10/30/2026 | 250000 | 251094  |
| **Insurance - 6.0%**<br>|  |  |
| AEGON Funding Co. LLC, 5.50%, 04/16/2027<sup>(a)</sup> | 3000000 | 3048985  |
| Aon North America, Inc., 5.13%, 03/01/2027 | 500000 | 506085  |
| Arthur J Gallagher & Co., 4.60%, 12/15/2027 | 500000 | 505135  |
| Athene Global Funding, 5.62%, 05/08/2026<sup>(a)</sup> | 2000000 | 2011659  |
| Corebridge Global Funding, 5.35%, 06/24/2026<sup>(a)</sup> | 500000 | 503679  |
| Jackson National Life Global Funding, 5.50%, 01/09/2026<sup>(a)</sup> | 1000000 | 1001191  |
| Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026<sup>(a)</sup> | 1000000 | 1011808  |
| Principal Life Global Funding II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/16/2027<sup>(a)</sup> | 500000 | 505465  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/19/2027<sup>(a)</sup> | 1000000 | 1008577  |
| Protective Life Global Funding, 4.99%, 01/12/2027<sup>(a)</sup> | 1000000 | 1009934  |
|  |  | 11112518  |
| **Investment Companies - 2.8%**<br>|  |  |
| Ares Capital Corp., 7.00%, 01/15/2027 | 2000000 | 2052505  |
| HPS Corporate Lending Fund, 5.45%, 01/14/2028 | 2000000 | 2016105  |
| Main Street Capital Corp., 6.50%, 06/04/2027 | 1000000 | 1021237  |
|  |  | 5089847  |
| **Lodging - 0.3%**<br>|  |  |
| Marriott International, Inc., 5.45%, 09/15/2026 | 500000 | 504699  |
| **Machinery-Diversified - 0.3%**<br>|  |  |
| AGCO Corp., 5.45%, 03/21/2027 | 500000 | 506506  |
| **Mining - 0.6%**<br>|  |  |
| Glencore Funding LLC, 5.34%, 04/04/2027<sup>(a)</sup> | 1000000 | 1016268  |
| **Oil & Gas - 0.6%**<br>|  |  |
| Occidental Petroleum Corp., 5.00%, 08/01/2027 | 1000000 | 1018905  |
| **Oil & Gas Services - 0.3%**<br>|  |  |
| Schlumberger Holdings Corp., 5.00%, 05/29/2027<sup>(a)</sup> | 500000 | 506612  |
| **Packaging & Containers - 1.6%**<br>|  |  |
| Amcor Flexibles North America, Inc., 4.80%, 03/17/2028 | 1000000 | 1014216  |
| Sonoco Products Co., 4.45%, 09/01/2026 | 2000000 | 2001700  |
|  |  | 3015916  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS -(Continued)**<br>|  |  |
| **Pharmaceuticals - 1.6%**<br>|  |  |
| Cencora, Inc., 4.63%, 12/15/2027 | $2000000 | $2025881  |
| Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026 | 1000000 | 1001629  |
|  |  | 3027510  |
| **Pipelines - 3.0%**<br>|  |  |
| Enbridge, Inc., 5.25%, 04/05/2027 | 2000000 | 2027076  |
| Energy Transfer LP, 6.05%, 12/01/2026 | 1000000 | 1017521  |
| ONEOK, Inc., 4.25%, 09/24/2027 | 1000000 | 1003051  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 1000000 | 1007953  |
| Williams Cos., Inc., 5.40%, 03/02/2026 | 500000 | 501764  |
|  |  | 5557365  |
| **REITS - 2.3%**<br>|  |  |
| Camden Property Trust, 5.85%, 11/03/2026 | 2000000 | 2030678  |
| Public Storage Operating Co., 4.82% (SOFR + 0.70%), 04/16/2027 | 1000000 | 1002990  |
| Realty Income Corp., 5.05%, 01/13/2026 | 800000 | 800079  |
| Weyerhaeuser Co., 4.75%, 05/15/2026 | 328000 | 328868  |
|  |  | 4162615  |
| **Software - 1.1%**<br>|  |  |
| Fiserv, Inc., 5.15%, 03/15/2027 | 2000000 | 2018912  |
| **Transportation - 1.1%**<br>|  |  |
| TTX Co., 5.50%, 09/25/2026<sup>(a)</sup> | 2000000 | 2020354  |
| **Water - 0.5%**<br>|  |  |
| Essential Utilities, Inc., 4.80%, 08/15/2027 | 1000000 | 1010963  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $76,704,430)** |  | 77565898  |
| **ASSET-BACKED SECURITIES - 21.0%**<br>|  |  |
| Acacia 2025-1 LLC, Series 2025-1, Class A, 5.24%, 11/15/2037<sup>(a)</sup> | 2000000 | 2002884  |
| Alliance Funding Group, Series 2023-1, Class B, 7.51%, 09/16/2030<sup>(a)</sup> | 999990 | 1012453  |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, Series 2022-1A, Class D, <br>2.91%, 08/21/2028<sup>(a)</sup> | 2390000 | 2372381  |
| Ansley Park Capital LLC, Series 2025-A, Class A2, 4.43%, 04/20/2035<sup>(a)</sup> | 2000000 | 2008356  |
| Arivo Acceptance Auto Loan Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.46%, 04/17/2028<sup>(a)</sup> | 464509 | 467515  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.92%, 05/15/2029<sup>(a)</sup> | 1000000 | 998974  |
| Bankers Healthcare Group, Inc., Series 2025-2CON, Class A, 4.84%, 09/17/2036<sup>(a)</sup> | 921229 | 932176  |
| CarMax Auto Owner Trust, Series 2023-2, Class A3, 5.05%, 01/18/2028 | 513422 | 515661  |
| CPS Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A, 4.91%, 06/15/2028<sup>(a)</sup> | 132396 | 132557  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.02%, 07/16/2029<sup>(a)</sup> | 1000000 | 1006475  |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030<sup>(a)</sup> | 626060 | 627290  |
| Dext ABS Funding LLC, Series 2025-1, Class A2, 4.59%, 08/16/2027<sup>(a)</sup> | 837029 | 838937  |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027<sup>(a)</sup> | 812687 | 815394  |
| DT Auto Owner Trust, Series 2022-3A, Class C, 7.69%, 07/17/2028<sup>(a)</sup> | 1749601 | 1753489  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES -(Continued)**<br>|  |  |
| FCI Funding, Series 2024-1A, Class A, 5.44%, 08/15/2036<sup>(a)</sup> | $1567471 | $1569565  |
| &nbsp;&nbsp;&nbsp; Foursight Capital Automobile Receivables Trust, Series 2024-1, Class A2, <br>5.49%, 01/16/2029<sup>(a)</sup> | 247607 | 248458  |
| General Motors Co., Series 2023-1, Class A1, 5.34%, 06/15/2028<sup>(a)</sup> | 1000000 | 1006660  |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3, <br>5.80%, 12/15/2026<sup>(a)</sup> | 218090 | 218390  |
| Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/2027<sup>(a)</sup> | 876632 | 878193  |
| NYCTL 2025-A Trust, Series 2025-A, Class A, 4.84%, 11/10/2038<sup>(a)</sup> | 1688492 | 1689087  |
| Octane Receivables Trust, Series 2025-RVM1, Class A, 4.48%, 12/20/2046<sup>(a)</sup> | 2000000 | 2006026  |
| Pagaya AI Debt Selection Trust, Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 1499697 | 1512563  |
| Purchasing Power Funding, Series 2024-A, Class A, 5.89%, 08/15/2028<sup>(a)</sup> | 1500000 | 1504830  |
| PVOne LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.25%, 07/16/2035<sup>(a)</sup> | 115456 | 115571  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.40%, 03/15/2039<sup>(a)</sup> | 2327558 | 2342404  |
| RCKT Mortgage Trust, Series 2025-2A, Class A, 4.48%, 11/27/2034<sup>(a)</sup> | 1500000 | 1500694  |
| Reach Financial LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 591494 | 593156  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 4.93%, 08/18/2032<sup>(a)</sup> | 788811 | 792021  |
| &nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust, Series 2025-5A, Class A3, <br>4.84%, 06/26/2034<sup>(a)</sup> | 1500000 | 1503477  |
| SAFCO Auto Receivables Trust, Series 2025-1A, Class A, 5.46%, 09/10/2029<sup>(a)</sup> | 1317647 | 1314564  |
| &nbsp;&nbsp;&nbsp; Santander Consumer USA Holdings, Inc., Series 2024-5, Class A2, <br>4.88%, 09/15/2027 | 105106 | 105150  |
| SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027<sup>(a)</sup> | 221294 | 221878  |
| Tesla Auto Lease Trust, Series 2024-B, Class A3, 4.82%, 10/20/2027<sup>(a)</sup> | 2000000 | 2008703  |
| Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035<sup>(a)</sup> | 1000000 | 1007777  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2025-1A, Class A3, <br>4.75%, 08/15/2028<sup>(a)</sup> | 1000000 | 1005937  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $38,508,210)** |  | 38629646  |
| **U.S. TREASURY SECURITIES - 18.5%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 10000000 | 9998047  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 2500000 | 2524756  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 3200000 | 3227625  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 6200000 | 6238508  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 5000000 | 5048242  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 7000000 | 6978945  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $33,874,962)** |  | 34016123  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 8.7%**<br>|  |  |
| **Commercial Mortgage-Backed Securities - 8.6%**<br>|  |  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class A, 4.82% (1 mo. Term SOFR + 0.86%), 11/15/2036<sup>(a)</sup> | $2535987 | $2532399  |
| &nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, 5.40% (1 mo. Term SOFR + 1.44%), 04/15/2041<sup>(a)</sup> | 1442422 | 1444036  |
| &nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, 5.40% (1 mo. Term SOFR + 1.44%), 02/15/2039<sup>(a)</sup> | 885455 | 886401  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class B, 5.90% (1 mo. Term SOFR + 1.94%), 06/15/2041<sup>(a)</sup> | 4000000 | 3987919  |
| &nbsp;&nbsp;&nbsp; Series 2025-DIME, Class B, 5.46% (1 mo. Term SOFR + 1.50%), 02/15/2035<sup>(a)</sup> | 3000000 | 2998785  |
|  CONE Trust 2024-DFW1, Series 2024-DFW1, Class B, 6.25% (1 mo. Term SOFR + 2.29%), 08/15/2041<sup>(a)</sup> | 3000000 | 3006649  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, Series 2023-SHIP, Class B, <br>5.10%, 09/10/2038<sup>(a)(b)</sup> | 1000000 | 999684  |
|  |  | 15855873  |
| **U.S. Government Securities - 0.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 782784, 6.14% (1 yr. CMT Rate + 2.25%), 10/01/2034 | 33925 | 35150  |
| &nbsp;&nbsp;&nbsp; Pool 847671, 6.79% (RFUCCT1Y + 1.84%), 04/01/2036 | 8538 | 8852  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 562912, 6.25% (1 yr. CMT Rate + 2.13%), 04/01/2030 | 5181 | 5188  |
| &nbsp;&nbsp;&nbsp; Pool 755253, 6.38% (RFUCCT1Y + 1.75%), 11/01/2033 | 49636 | 50704  |
|  |  | 99894  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $15,891,494)** |  | 15955767  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 8.7%**<br>|  |  |
| 3.90%, 01/15/2026<sup>(c)</sup> | 1000000 | 995276  |
| 3.83%, 03/03/2026<sup>(c)</sup> | 5500000 | 5448121  |
| 3.68%, 10/29/2026<sup>(c)</sup> | 10000000 | 9679943  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $16,114,414)** |  | 16123340 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
| Fidelity Government Portfolio - Institutional Class, 3.84%<sup>(d)</sup> | 488875 | 488875  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $488,875)** |  | 488875  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $181,582,385)** |  | $182779649  |
| Other Assets in Excess of Liabilities - 0.7% |  | 1357622  |
| **TOTAL NET ASSETS - 100.0%** |  | $184137271 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**November 30, 2025(Continued)** 

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $70,546,157 or 38.3% of the Fund's net assets.

<sup>(b)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of November 30, 2025.

<sup>(c)</sup> The rate shown is the annualized yield as of November 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Statement of Assets and Liabilities** 

**November 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $182779649  |
| Interest receivable | 1465549  |
| Receivable for investments sold | 294  |
| Prepaid expenses and other assets | 18629  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 184264121  |
| **LIABILITIES:**<br>|  |
| Payable for fund administration and accounting fees | 32048  |
| Payable to adviser | 32022  |
| Payable for audit fees | 21250  |
| Payable for transfer agent fees and expenses | 11210  |
| Payable for directors fees | 8395  |
| Payable for distribution and shareholder servicing fees | 4561  |
| Payable for compliance fees | 2750  |
| Payable for custodian fees | 2178  |
| Payable for expenses and other liabilities | 12436  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 126850  |
| **NET ASSETS** | $184137271  |
| **NET ASSETS CONSISTS OF:**<br>|  |
| Paid-in capital | $183587591  |
| Total distributable earnings | 549680  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $184137271  |
| Net assets | $184137271  |
| Shares issued and outstanding<sup>(a)</sup> | 18294973  |
| Net asset value per share | $10.06  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $181582385 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Statement of Operations** 

**For the Year Ended November 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Interest income | $7781555  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7781555  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 312958  |
| Fund administration and accounting fees | 128256  |
| Transfer agent fees | 66559  |
| Audit fees | 24227  |
| Federal and state registration fees | 24136  |
| Trustees' fees | 23594  |
| Custodian fees | 13393  |
| Compliance fees | 11060  |
| Reports to shareholders | 8052  |
| Legal fees | 7157  |
| Other expenses and fees | 15766  |
| &nbsp;&nbsp;&nbsp; Total expenses | 635158  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (24891)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 610267  |
| **NET INVESTMENT INCOME (loss)** | 7171288  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 66988  |
| Net realized gain (loss) | 66988  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 369886  |
| Net change in unrealized appreciation (depreciation) | 369886  |
| **Net realized and unrealized gain (loss)** | 436874  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7608162 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025**  | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7171288 | $6984594  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66988 | 17929  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 369886 | 1520292  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7608162 | 8522815  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (7145443) | (6977261)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7145443) | (6977261)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 29243660 | 20472344  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6924418 | 6741458  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12273297) | (8296131)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 23894781 | 18917671  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 24357500 | 20463225  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 159779771 | 139316546  |
| &nbsp;&nbsp;&nbsp; End of the year | $184137271 | $159779771  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2907144 | 2042130  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 689791 | 674844  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1223301) | (830579)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2373634 | 1886395 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.04 | $9.93 | $9.78 | $10.05 | $10.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.46 | 0.47 | 0.35 | 0.12 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.02 | 0.11 | 0.14 | (0.27) | (0.05)  |
| **Total from investment operations** | 0.48 | 0.58 | 0.49 | (0.15) | 0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.47) | (0.34) | (0.12) | (0.08)  |
| **Total distributions** | (0.46) | (0.47) | (0.34) | (0.12) | (0.08)  |
| **Net asset value, end of year** | $10.06 | $10.04 | $9.93 | $9.78 | $10.05  |
| TOTAL RETURN | 4.89% | 5.95% | 5.10% | -1.49% | 0.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $184137 | $159780 | $139316 | $130493 | $141947  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 0.41% | 0.40% | 0.44% | 0.43% | 0.43%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%  |
|  Ratio of net investment income (loss) to average net assets | 4.58% | 4.71% | 3.54% | 1.20% | 0.66%  |
| Portfolio turnover rate | 43% | 64% | 65% | 25% | 44% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025** 

**Note 1 – Organization** 

The PIA Short-Term Securities Fund (the "Fund") is a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

The investment objective of the Fund is to seek a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities. The Fund commenced operations on April 22, 1994.

**Note 2 – Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

**Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Securities Purchased on a When-Issued Basis – Delivery and payment for securities that have been purchased by the Fund on a forward-commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The Fund is required to hold and maintain until the settlement date, cash or other liquid assets in an amount sufficient to meet the purchase price. The purchase of securities on a when-issued or forward-commitment basis may increase the volatility of the Fund's net asset value if the Fund makes such purchases while remaining substantially fully invested. In connection with the ability to purchase securities on a when-issued basis, the Fund may also enter into dollar rolls in which the Fund sells securities purchased on a forward-commitment basis and simultaneously contracts with a counterparty to repurchase similar (same type, coupon, and maturity), but not identical securities on a specified future date. As an inducement for the Fund to "rollover" its purchase commitments, the Fund receives negotiated amounts in the form of reductions of the purchase price of the commitment. Dollar rolls are considered a form of leverage.** 

**Federal Income Taxes – It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income or excise tax provision is required.** 

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Fund's prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. federal and the state of Wisconsin; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses – The Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory and custodian fees. Expenses that are not directly attributable to the Fund are typically allocated among the PIA Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.** 

**Securities Transactions and Investment Income – Security transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are amortized over the life of the respective security using the effective interest method, except for premiums on certain callable debt securities that are amortized to the earliest call date. Paydown gains and losses on mortgage-related and other asset-based securities are recorded as components of interest income on the Statement of Operations.** 

11<br>

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes substantially all net investment income, if any, monthly and net realized gains, if any, annually. All short-term capital gains are included in ordinary income for tax purposes.** 

**Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended November 30, 2025, there were no reclassifications between paid-in capital and distributable earnings.** 

**Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.** 

**Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period. Actual results could differ from those estimates.** 

**Accounting Pronouncements – In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments on the Fund's financial statements.** 

In December 2022, FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2022-06 is an amendment to ASU 2020-04, which extends the effective period through December 31, 2024. Management has worked with financial institutions and counterparties to modify contracts as required by applicable regulation and within regulatory deadlines.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Pacific Income Advisers, Inc. ("PIA" or the "Adviser") Management Committee, consisting of the firm's Chief Executive Office and Chief Investment Officer, who serve as the Chief Operating Decision Maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management does not expect this guidance to materially impact the financial statements.

The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Fund. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework

12<br>

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of the Fund's net assets. For the year ended November 30, 2025, the Fund did not enter into derivatives transactions.

**Events Subsequent to the Fiscal Year End – In preparing the financial statements as of November 30, 2025, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund's financial statements.** 

**Note 3 – Securities Valuation** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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.  |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis. The Fund's investments are carried at fair value.

The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

**Corporate Bonds – Corporate bonds, including listed issues, are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most corporate bonds are categorized in Level 2 of the fair value hierarchy.** 

**Foreign Securities – Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the same industry.** 

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers. Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. There is frequently less government regulation of broker-dealers and issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

**Mortgage- and Asset-Backed Securities – Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal. These securities are normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each** 

13<br>

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

tranche, current market data and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

**U.S. Government Securities – U.S. Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. Government securities are typically categorized in Level 2 of the fair value hierarchy.** 

**U.S. Government Agency Securities – U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to-be-announced ("TBAs") securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. These securities are typically categorized in Level 2 of the fair value hierarchy.** 

**Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.** 

**Short-Term Securities – Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.** 

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's Adviser as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee, is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs and whether or not they are observable in the marketplace, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**Restricted Securities – The Fund may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At November 30, 2025, the Fund held securities issued pursuant to Rule 144A under the Securities Act of 1933. There were no other restricted investments held by the Fund at November 30, 2025.** 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $77565898 | $— | $77565898  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 38629646 |  | 38629646  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 15955767 |  | 15955767  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 34016123 |  | 34016123  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 488875 |  |  | 488875  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 16123340 |  | 16123340  |
| **Total Investments** | $488875 | $182290774 | $— | $182779649 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Note 4 – Investment Advisory Fee and other Transactions with Affiliates** 

The Fund has an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Fund. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, PIA is entitled to a fee, computed daily and payable monthly. The Fund pays fees calculated at an annual rate of 0.20% based upon the average daily net assets of the Fund. For the year ended November 30, 2025, the Fund incurred $312,958 in advisory fees.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund's aggregate annual operating expenses (excluding acquired fund fees and expenses) to 0.39% of the average daily net assets. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the year ended November 30, 2025, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $27,488; $2,597 was reimbursed to the Adviser. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | |
|:---|:---|
| **Date**  | **Amount**  |
| 11/30/26 | $56209  |
| 11/30/27 | 14643  |
| 11/30/28 | 27488  |
|  | $98340 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Fund's administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended November 30, 2025, are disclosed in the Statement of Operations.

The Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The Fund expensed $23,216 of sub-transfer agent fees during the year ended November 30, 2025. These fees are included in the transfer agent fees and expenses amount disclosed in the Statement of Operations.

Quasar Distributors, LLC ("Quasar") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

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**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

**Note 5 – Purchases and Sales of Securities** 

For the year ended November 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Non-Government** | **Non-Government** | **Government**  | **Government**  |
| **Purchases** | **Sales** | **Purchases** | **Sales**  |
| $51614313 | $28738021 | $39848040 | $30521520 |

---

**Note 6 – Line of Credit** 

The Fund has a secured line of credit in the amount of $15,000,000 with a limit of 33.33% of market value. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund's custodian, U.S. Bank N.A. The Fund did not draw upon its line of credit during the year ended November 30, 2025.

**Note 7 – Federal Income Tax Information** 

The tax character of distributions paid during the year ended November 30, 2025 and year ended November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30,**  | **November 30,**  |
|  | **2025** | **2024**  |
| Ordinary income | $7145443 | $6977261 |

---

As of November 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $181582385  |
| Gross unrealized appreciation | 1205700  |
| Gross unrealized depreciation | (8436)  |
| Net unrealized appreciation/(depreciation)<sup>(a)</sup> | 1197264  |
| Undistributed ordinary income | 134379  |
| Undistributed long-term capital gains | —  |
| Total distributable earnings | 134379  |
| Other accumulated gains/(losses) | (781963)  |
| Total accumulated earnings/(losses) | $549680 |

---

<sup>(a)</sup> The book-basis and tax-basis net unrealized depreciation are the same.

The Fund had tax capital losses which may be carried over to offset future gains. Such losses expire as follows:

---

| | |
|:---|:---|
| **Short-Term** <br>**Indefinite** | **Long-Term** <br>**Indefinite**  |
| $408836 | $373127 |

---

**Note 8 – Principal Risks** 

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund's net asset value and total return. The Fund's most recent prospectus provides further descriptions of the Fund's investment objective, principal investment strategies and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **General Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
 that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market
 or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or

16<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• **U.S. Government Securities Risk.** Some U.S. government securities, such as Treasury bills, notes, and bonds and mortgage-backed securities guaranteed
 by the Government National Mortgage Association (Ginnie Mae), are supported by the full faith and credit of the United States; others
 are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the
 U.S. government to purchase the agency's obligations; still others are supported only by the credit of the issuing agency, instrumentality,
 or enterprise. Although U.S. government-sponsored enterprises may be chartered or sponsored by Congress, they are not funded by Congressional
 appropriations, and their securities are not issued by the U.S. Treasury, their obligations are not supported by the full faith and credit
 of the U.S. government, and so investments in their securities or obligations issued by them involve greater risk than investments in
 other types of U.S. government securities. In addition, certain governmental entities have been subject to regulatory scrutiny regarding
 their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other
 consequences that could adversely affect the credit quality, availability or investment character of securities issued or guaranteed by
 these entities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** The Fund is an actively managed portfolio. The Adviser's management practices and investment strategies might not work
 to produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk.** Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill
 its obligation to the Fund. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties,
 bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability
 to fulfill its obligation may result in significant financial loss to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** The issuers of the bonds and other debt securities held by the Fund may not be able to make interest or principal payments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk.** The value of the Fund's investments in fixed-income securities will change based on changes in interest rates. If interest
 rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities
 generally are subject to greater fluctuations in value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Prepayment Risk.** Issuers of securities held by the Fund may be able to prepay principal due on these securities, particularly during periods
 of declining interest rates. Securities subject to prepayment risk generally offer less potential for gains when interest rates decline
 and may offer a greater potential for loss when interest rates rise. When debt obligations are prepaid or when securities are called,
 the Fund may have to reinvest in securities with a lower yield. Prepayment risk is a major risk of mortgage-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Extension Risk.** An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected.
 This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease.

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Asset-Backed Securities.** These include General Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension
 Risk (each described above). During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating
 economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

17<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Risks Associated with Mortgage-Backed Securities.** These include General Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension
 Risk (each described above) as well as the risk that the structure of certain mortgage-backed securities may make their reaction to interest
 rates and other factors difficult to predict, making their prices very volatile.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory,
 and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's
 ability to sell a holding at a suitable price.

&nbsp;&nbsp;&nbsp;&nbsp;• **Rule 144A Securities Risk.** The market for Rule 144A securities typically is less active than the market for publicly-traded securities.
 Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the
 Fund to sell these securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Adjustable Rate and Floating Rate Securities Risks.** Although the fluctuations in value of adjustable and floating rate instruments should
 be minimized as a result of changes in market interest rates compared to fixed-rate debt instruments, because such floating rates only
 reset periodically, changes in prevailing interest rates can still be expected to cause some fluctuation in the value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk.** Securities with ratings lower than BBB- or Baa3 are known as "high yield" securities (commonly known
 as "junk bonds"). High yield securities typically carry higher coupon rates than investment grade securities, but also are
 considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or
 principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans.

**NOTE 9 – Control Ownership** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, Capinco C/O U.S. Bank NA, for the benefit of their customers, and Teamsters & Food Employers Security Trust Fund owned 39.84% and 38.39%, respectively, of the outstanding shares of the Fund.

18<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of** 

**PIA Short-Term Securities Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of the PIA Short-Term Securities Fund, a series of Advisors Series Trust (the "Trust"), including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

![](efp_22063-sign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**January 29, 2026**

19<br>

------

**[**TABLE OF CONTENTS**](#tocst)**

**PIA Short-Term Securities Fund** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable as the investment advisory agreement was not approved during the past six months.

20<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable as the investment advisory contract was not approved during the past six months.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the "Act")) as of a date
 within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
 Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in
 ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made
 known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](fa-efp22063_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](fa-efp22063_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable to open-end investment companies*.*

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fa-efp22063_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Advisors Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>2/5/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>2/5/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin J. Hayden |
|  | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |

---

Date <u>2/5/26</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**<u>Exhibit A</u>**

**ADVISORS SERIES TRUST**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Advisors Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**Adopted by the Board of Trustees on March 18, 2010**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/5/26 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/5/26 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the year ended November 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jeffrey T. Rauman | /s/ Kevin J. Hayden |
| Jeffrey T. Rauman | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer | Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust |
| Advisors Series Trust |  |

---

Dated: <u>2/5/26</u> Dated: <u>2/5/26</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.