# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-008060
**Filing Date:** 2025-8
**Character Count:** 312946
**Document Hash:** 702dc7c047a0c6d7b92075a80847ec76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008060.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001133228-25-008060

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251189878

**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'? 2025-06-20196013_PacificIncomeAdvisorsBBBBondFund_TF_TSRSemiAnnual

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)

**<u>615 East Michigan Street</u>**

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

(Address of principal executive offices) (Zip code)

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

**Advisors Series Trust**

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

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<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>May 31, 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) | Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img11897_202506271434816.jpg) |

---

This semi-annual shareholder report contains important information about the PIA BBB Bond Fund for the period of December 1, 2024, to May 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $9 | 0.18% |

---

\* Annualized

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $220881449 |
| **Number of Holdings** | 311 |
| **Portfolio Turnover** | 3% |
| **Average Credit Quality** | BBB |
| **Effective Duration** | 6.69 years |
| **Weighted Average Maturity** | 11.00 years |
| **Weighted Average Life** | 10.69 years |
| **Distribution Yield** | 3.92% |
| **30-Day SEC Yield** | 5.28% |
| **30-Day SEC Yield Unsubsidized** | 5.28% |

---

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

PIA BBB Bond Fund PAGE 1 TSR-SAR-007989577

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)\*

**Sector Breakdown (%)**

![image](ts4536img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  U.S. Treasury Note/Bond  | 2.5% |
|  Oracle Corp.  | 2.4% |
|  AT&T, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.2% |
|  CVS Health Corp.  | 1.7% |
|  Amgen, Inc.  | 1.6% |
|  Mexico Government International Bond  | 1.5% |
|  Boeing Co.  | 1.5% |
|  T-Mobile USA, Inc.  | 1.5% |
|  Pacific Gas and Electric Co.  | 1.4% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>1</sup>**  |
|  AA  | 2.6% |
|  A  | 3.4% |
|  BBB  | 92.8% |
|  BB  | 1.2% |

---

\* 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 2 TSR-SAR-007989577

20.916.610.19.48.27.87.77.77.64.0 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img11897_202506271434816.jpg) |

---

This semi-annual shareholder report contains important information about the PIA MBS Bond Fund for the period of December 1, 2024, to May 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $14 | 0.28% |

---

\* Annualized

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $104759675 |
| **Number of Holdings** | 86 |
| **Portfolio Turnover** | 4% |
| **Average Credit Quality** | AA |
| **Effective Duration** | 6.07 years |
| **Weighted Average Maturity** | 24.40 years |
| **Weighted Average Life** | 8.04 years |
| **Distribution Yield** | 4.20% |
| **30-Day SEC Yield** | 3.96% |
| **30-Day SEC Yield Unsubsidized** | 3.93% |

---

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

PIA MBS Bond Fund PAGE 1 TSR-SAR-007989494

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)\*

**Sector Breakdown (%)**

![image](ts4539img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  FHLMC  | 37.3% |
|  FNMA  | 33.1% |
|  GNMA  | 17.2% |
|  United States Treasury Bill  | 6.2% |
|  Fidelity Government Portfolio  | 2.4% |
|  UMBS TBA  | 1.9% |
|  Invitation Homes Trust  | 1.4% |
|  CF Hippolyta Issuer LLC  | 1.3% |
|  SAFCO Auto Receivables Trust  | 0.5% |
|  BX Trust  | 0.4% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>1</sup>**  |
|  AA  | 98.7% |
|  A  | 1.3% |

---

\* 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 2 TSR-SAR-007989494

88.03.18.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img11897_202506271434816.jpg) |

---

This semi-annual shareholder report contains important information about the PIA High Yield (MACS) Fund for the period of December 1, 2024, to May 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $9 | 0.18% |

---

\* Annualized

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $178238381 |
| **Number of Holdings** | 115 |
| **Portfolio Turnover** | 9% |
| **Average Credit Quality** | B |
| **Effective Duration** | 2.67 years |
| **Weighted Average Maturity** | 3.90 years |
| **Weighted Average Life** | 3.88 years |
| **Distribution Yield** | 8.76% |
| **30-Day SEC Yield** | 10.34% |
| **30-Day SEC Yield Unsubsidized** | 10.34% |

---

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

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

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)\*

**Sector Breakdown (%)**

![image](ts4537img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Government Portfolio  | 3.2% |
|  Veritiv Operating Co.  | 1.7% |
|  Innophos Holdings, Inc.  | 1.7% |
|  TKC Holdings, Inc.  | 1.7% |
|  Rocket Software, Inc.  | 1.6% |
|  Consolidated Energy Finance SA  | 1.5% |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc.  | 1.5% |
|  Mercer International, Inc.  | 1.5% |
|  ITT Holdings LLC  | 1.4% |
|  ION Trading Technologies Sarl  | 1.4% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>1</sup>**  |
|  Aaa  | 3.0% |
|  Baa  | 0.0% |
|  Ba  | 8.0% |
|  B  | 65.0% |
|  Caa  | 19.0% |
|  Ca  | 1.0% |
|  NR  | 4.0% |

---

\* 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 2 TSR-SAR-00770X378

21.820.417.611.58.77.96.11.34.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img11897_202506271434816.jpg) |

---

This semi-annual shareholder report contains important information about the PIA High Yield Fund for the period of December 1, 2024, to May 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Fund | $32 | 0.65% |

---

\* Annualized

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2024, Pacific Income Advisors, Inc. (the "Adviser") agreed to modify the PIA High Yield Fund's (the "Fund") Expense Limitation Agreement. The Board of Trustees (the "Trust") approved a revised Expense Limitation Agreement between the Fund and the Trust, which decreases the Fund's expense cap from 0.86% to 0.65%. This means that the Adviser will be required to reimburse the Fund if expenses exceed 0.65%.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $90530440 |
| **Number of Holdings** | 114 |
| **Portfolio Turnover** | 8% |
| **Average Credit Quality** | B |
| **Effective Duration** | 2.62 years |
| **Weighted Average Maturity** | 3.80 years |
| **Weighted Average Life** | 3.80 years |
| **Distribution Yield** | 8.16% |
| **30-Day SEC Yield** | 9.71% |
| **30-Day SEC Yield Unsubsidized** | 9.38% |

---

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

PIA High Yield Fund PAGE 1 TSR-SAR-007989163

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)\*

**Sector Breakdown (%)**

![image](ts4538img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Fidelity Government Portfolio  | 6.1% |
|  Consolidated Energy Finance SA  | 1.7% |
|  Innophos Holdings, Inc.  | 1.5% |
|  TKC Holdings, Inc.  | 1.4% |
|  Mercer International, Inc.  | 1.4% |
|  LABL, Inc.  | 1.4% |
|  TMS International Corp./DE  | 1.3% |
|  Veritiv Operating Co.  | 1.3% |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl  | 1.3% |
|  NGL Energy Operating LLC / NGL Energy Finance Corp.  | 1.3% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>1</sup>**  |
|  AAA  | 5.0% |
|  Baa  | 0.0% |
|  Ba  | 7.0% |
|  B  | 64.0% |
|  Caa  | 19.0% |
|  Ca  | 1.0% |
|  NR  | 4.0% |

---

\* 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 2 TSR-SAR-007989163

23.019.416.610.28.18.06.21.17.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img11897_202506271434816.jpg) |

---

This semi-annual shareholder report contains important information about the PIA Short-Term Securities Fund for the period of December 1, 2024, to May 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $20 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153987242 |
| **Number of Holdings** | 115 |
| **Portfolio Turnover** | 31% |
| **Average Credit Quality** | A |
| **Effective Duration** | 1.15 years |
| **Weighted Average Maturity** | 3.00 years |
| **Weighted Average Life** | 1.36 years |
| **Distribution Yield** | 4.55% |
| **30-Day SEC Yield** | 4.50% |
| **30-Day SEC Yield Unsubsidized** | 4.47% |

---

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

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

------

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)\*

**Sector Breakdown (%)**

![image](ts4535img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 8.4% |
|  BX Trust  | 7.8% |
|  U.S. Treasury Note/Bond  | 7.6% |
|  PVOne LLC  | 2.0% |
|  AEGON Funding Co. LLC  | 2.0% |
|  CONE Trust 2024-DFW1  | 2.0% |
|  Quanta Services, Inc.  | 2.0% |
|  FCI Funding  | 1.5% |
|  SAFCO Auto Receivables Trust  | 1.5% |
|  Tesla Auto Lease Trust  | 1.5% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>1</sup>**  |
|  AAA  | 18.7% |
|  AA  | 33.0% |
|  A  | 20.7% |
|  BBB  | 27.6% |

---

\* 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 2 TSR-SAR-007989551

26.517.710.57.66.05.84.94.92.613.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

May 31, 2025

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [PIA BBB Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [PIA High Yield (MACS) Fund](#soi2) | [13](#soi2) |
| &nbsp;&nbsp;&nbsp; [PIA MBS Bond Fund](#soi3) | [19](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [22](#sal) |
| [Statements of Operations](#sop) | [23](#sop) |
| [Statements of Changes in Net Assets](#scna) | [24](#scna) |
| [Financial Highlights](#fihi) | [26](#fihi) |
| [Notes to Financial Statements](#notes) | [29](#notes) |
| [Additional Information](#ai1) | [40](#ai1) |

---

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 91.2%**<br>|  |  |
| **Aerospace/Defense - 3.2%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | $1950000 | $1966604  |
| &nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 | 1400000 | 1348462  |
| L3Harris Technologies, Inc., 6.15%, 12/15/2040 | 500000 | 518110  |
| Northrop Grumman Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2030 | 1000000 | 991326  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2053 | 500000 | 437981  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2027 | 1000000 | 983890  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/2047 | 1000000 | 813163  |
|  |  | 7059536  |
| **Agriculture - 2.1%**<br>|  |  |
| Altria Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/14/2029 | 148000 | 148495  |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 | 1600000 | 1501657  |
| BAT Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.26%, 03/25/2028 | 1000000 | 939998  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 | 400000 | 315206  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/16/2052 | 800000 | 723274  |
| Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 600000 | 591071  |
| Reynolds American, Inc., 4.45%, 06/12/2025 | 372000 | 371974  |
|  |  | 4591675  |
| **Airlines - 0.3%**<br>|  |  |
| Southwest Airlines Co., 5.13%, 06/15/2027 | 500000 | 503052  |
| United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026 | 166188 | 165419  |
|  |  | 668471  |
| **Auto Manufacturers - 2.6%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 | 500000 | 477348  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 | 500000 | 510733  |
| &nbsp;&nbsp;&nbsp; 7.12%, 11/07/2033 | 1000000 | 1014678  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/08/2034 | 500000 | 474701  |
| General Motors Co., 5.20%, 04/01/2045 | 400000 | 332044  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/21/2030 | 1300000 | 1197327  |
| &nbsp;&nbsp;&nbsp; 2.35%, 01/08/2031 | 1500000 | 1278866  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/04/2032 | 500000 | 496489  |
|  |  | 5782186  |
| **Banks - 7.1%**<br>|  |  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.84%, 05/09/2028 | 1000000 | 1001833  |
| &nbsp;&nbsp;&nbsp; 5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033 | 1000000 | 1019355  |
| &nbsp;&nbsp;&nbsp; 3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 700000 | 501397  |

---

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

1<br>

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027 | $1700000 | $1692094  |
| &nbsp;&nbsp;&nbsp; 5.30%, 05/06/2044 | 540000 | 493695  |
|  Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 | 500000 | 512653  |
| Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 | 500000 | 508066  |
| Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 1000000 | 989724  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/13/2026 | 1000000 | 994904  |
| &nbsp;&nbsp;&nbsp; 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031 | 1000000 | 1000953  |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028 | 500000 | 494497  |
| &nbsp;&nbsp;&nbsp; 8.25%, 03/01/2038 | 225000 | 262374  |
| Goldman Sachs Group, Inc., 6.75%, 10/01/2037 | 950000 | 1019952  |
| HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034 | 1100000 | 1210334  |
| Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 800000 | 797797  |
| M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032 | 500000 | 520258  |
| Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 900000 | 751663  |
| Santander Holdings USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/02/2025 | 700000 | 700000  |
| &nbsp;&nbsp;&nbsp; 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035 | 1000000 | 1022949  |
| Westpac Banking Corp., 3.13%, 11/18/2041 | 300000 | 211034  |
|  |  | 15705532  |
| **Beverages - 0.9%**<br>|  |  |
| Constellation Brands, Inc., 2.88%, 05/01/2030 | 700000 | 640866  |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2030 | 1000000 | 933072  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2052 | 500000 | 401121  |
|  |  | 1975059  |
| **Biotechnology - 2.3%**<br>|  |  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/21/2027 | 1000000 | 963450  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/02/2033 | 1000000 | 1008001  |
| &nbsp;&nbsp;&nbsp; 2.80%, 08/15/2041 | 500000 | 352246  |
| &nbsp;&nbsp;&nbsp; 4.66%, 06/15/2051 | 1006000 | 833110  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 | 500000 | 475375  |
| Biogen, Inc., 2.25%, 05/01/2030 | 700000 | 620516  |
| Gilead Sciences, Inc., 2.60%, 10/01/2040 | 500000 | 349207  |
| Royalty Pharma PLC, 2.15%, 09/02/2031 | 500000 | 422477  |
|  |  | 5024382 |

---

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

2<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Building Materials - 0.6%**<br>|  |  |
| Carrier Global Corp., 2.70%, 02/15/2031 | $240000 | $215665  |
| Holcim Finance US LLC, 5.40%, 04/07/2035<sup>(a)</sup> | 500000 | 497601  |
| Vulcan Materials Co., 3.90%, 04/01/2027 | 620000 | 614374  |
|  |  | 1327640  |
| **Chemicals - 1.3%**<br>|  |  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 11/01/2029 | 170000 | 187135  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 | 500000 | 521046  |
| DuPont de Nemours, Inc., 4.73%, 11/15/2028 | 1000000 | 1011943  |
| Nutrien Ltd., 2.95%, 05/13/2030 | 700000 | 642417  |
| Sherwin-Williams Co., 2.20%, 03/15/2032 | 600000 | 508747  |
|  |  | 2871288  |
| **Commercial Services - 0.6%**<br>|  |  |
| Equifax, Inc., 3.10%, 05/15/2030 | 500000 | 461300  |
| Global Payments, Inc., 1.20%, 03/01/2026 | 500000 | 486442  |
| Moody's Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/19/2031 | 250000 | 213584  |
| &nbsp;&nbsp;&nbsp; 3.10%, 11/29/2061 | 250000 | 149037  |
|  |  | 1310363  |
| **Computers - 1.6%**<br>|  |  |
| Dell International LLC / EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 642000 | 648007  |
| &nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 500000 | 529354  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/2051 | 181000 | 119496  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2025<sup>(b)</sup> | 700000 | 700164  |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/15/2031 | 1000000 | 991289  |
| HP, Inc., 5.50%, 01/15/2033 | 500000 | 498274  |
|  |  | 3486584  |
| **Diversified Financial Services - 3.7%**<br>|  |  |
| Acadian Asset Management, Inc., 4.80%, 07/27/2026 | 1000000 | 995392  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1500000 | 1331712  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 | 450000 | 444698  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028 | 1000000 | 1018944  |
| Ally Financial, Inc., 2.20%, 11/02/2028 | 500000 | 456274  |
| Capital One Financial Corp., 3.65%, 05/11/2027 | 1400000 | 1377760  |
| Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 500000 | 509472  |
| Nasdaq, Inc., 5.55%, 02/15/2034 | 500000 | 512580  |
| Nomura Holdings, Inc., 2.17%, 07/14/2028 | 1000000 | 926641  |
| Synchrony Financial, 4.50%, 07/23/2025 | 500000 | 499657  |
|  |  | 8073130 |

---

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

3<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Electric - 7.1%**<br>|  |  |
| AEP Texas, Inc., 5.45%, 05/15/2029 | $500000 | $511763  |
| American Electric Power Co., Inc., 5.95%, 11/01/2032 | 500000 | 521160  |
| Black Hills Corp., 6.00%, 01/15/2035 | 500000 | 509621  |
| Constellation Energy Generation LLC, 5.75%, 03/15/2054 | 250000 | 238082  |
| Dominion Energy, Inc., 2.25%, 08/15/2031 | 500000 | 428326  |
| Dominion Resources, Inc., 4.90%, 08/01/2041 | 470000 | 411805  |
| DTE Energy Co., 5.20%, 04/01/2030 | 1000000 | 1016310  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 | 950000 | 853257  |
| &nbsp;&nbsp;&nbsp; 3.30%, 06/15/2041 | 1000000 | 727597  |
| El Paso Electric Co., 6.00%, 05/15/2035 | 850000 | 863824  |
| Eversource Energy, 2.55%, 03/15/2031 | 500000 | 438760  |
| Exelon Corp., 5.45%, 03/15/2034 | 600000 | 605822  |
| FirstEnergy Corp., 2.25%, 09/01/2030 | 700000 | 613654  |
| Interstate Power and Light Co., 5.60%, 06/29/2035 | 500000 | 502110  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 | 500000 | 501472  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 | 400000 | 355679  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 | 600000 | 595451  |
| Pacific Gas and Electric Co., 3.50%, 08/01/2050 | 5000000 | 3160229  |
| Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 600000 | 567893  |
| Southern Co., 3.25%, 07/01/2026 | 1000000 | 988045  |
| Southwestern Electric Power Co., 3.25%, 11/01/2051 | 400000 | 247435  |
| System Energy Resources, Inc., 5.30%, 12/15/2034 | 500000 | 488840  |
| Xcel Energy, Inc., 2.35%, 11/15/2031 | 500000 | 426963  |
|  |  | 15574098  |
| **Electronics - 0.3%**<br>|  |  |
| Fortive Corp., 3.15%, 06/15/2026 | 750000 | 738551  |
| **Entertainment - 0.8%**<br>|  |  |
| WarnermediaHoldings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 | 1000000 | 848980  |
| &nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 | 1500000 | 972039  |
|  |  | 1821019  |
| **Environmental Control - 0.2%**<br>|  |  |
| Waste Connections, Inc., 4.20%, 01/15/2033 | 500000 | 476757  |
| **Food - 3.3%**<br>|  |  |
| ConAgra Brands, Inc., 7.00%, 10/01/2028 | 1300000 | 1386584  |
| General Mills, Inc., 2.25%, 10/14/2031 | 700000 | 600052  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2032 | 500000 | 501296  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 600000 | 501022  |

---

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

4<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food - (Continued)**  | **Food - (Continued)**  | **Food - (Continued)**  |
| Kroger Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 05/01/2030 | $1000000 | $891884  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/2054 | 500000 | 462429  |
| Mondelez International, Inc., 1.50%, 02/04/2031 | 2000000 | 1685904  |
| Sysco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2030 | 464000 | 488149  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/14/2051 | 400000 | 247422  |
| Tyson Foods, Inc., 4.35%, 03/01/2029 | 600000 | 593231  |
|  |  | 7357973  |
| **Forest Products & Paper - 0.3%**<br>|  |  |
| International Paper Co., 6.00%, 11/15/2041 | 700000 | 689643  |
| **Gas - 0.3%**<br>|  |  |
| NiSource Finance Corp., 5.25%, 02/15/2043 | 400000 | 366510  |
| NiSource, Inc., 5.35%, 04/01/2034 | 250000 | 250512  |
|  |  | 617022  |
| **Hand/Machine Tools - 0.1%**<br>|  |  |
| Kennametal, Inc., 2.80%, 03/01/2031 | 330000 | 291083  |
| **Healthcare-Products - 1.3%**<br>|  |  |
| Agilent Technologies, Inc., 2.30%, 03/12/2031 | 215000 | 187874  |
| Boston Scientific Corp., 2.65%, 06/01/2030 | 560000 | 513036  |
| GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 | 500000 | 523396  |
| Solventum Corp., 5.60%, 03/23/2034 | 500000 | 503884  |
| Stryker Corp., 1.95%, 06/15/2030 | 700000 | 617023  |
| Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026 | 500000 | 495416  |
|  |  | 2840629  |
| **Healthcare-Services - 3.3%**<br>|  |  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/25/2026 | 327000 | 326939  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 | 1391000 | 1253863  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050 | 600000 | 391426  |
| CommonSpirit Health, 2.78%, 10/01/2030 | 600000 | 541337  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2032 | 500000 | 513277  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/15/2044 | 600000 | 507072  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2053 | 1000000 | 868278  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 1000000 | 973347  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 1000000 | 1003909  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2042 | 600000 | 482967  |
| Humana, Inc., 4.88%, 04/01/2030 | 500000 | 497590  |
|  |  | 7360005  |
| **Household Products/Wares - 0.2%**<br>|  |  |
| Church & Dwight Co., Inc., 3.15%, 08/01/2027 | 500000 | 487562  |

---

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

5<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Insurance - 3.3%**<br>|  |  |
| American International Group, Inc., 5.45%, 05/07/2035 | $500000 | $502011  |
| Aon Corp., 2.80%, 05/15/2030 | 600000 | 549483  |
| CNA Financial Corp., 5.13%, 02/15/2034 | 500000 | 491728  |
| CorebridgeFinancial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/05/2032 | 500000 | 459839  |
| &nbsp;&nbsp;&nbsp; 6.05%, 09/15/2033 | 500000 | 518140  |
| Fidelity National Financial, Inc., 2.45%, 03/15/2031 | 2000000 | 1706732  |
| Lincoln National Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/01/2028 | 120000 | 117327  |
| &nbsp;&nbsp;&nbsp; 5.85%, 03/15/2034 | 500000 | 506187  |
| Metlife, Inc., 6.40%, 12/15/2036 | 855000 | 866773  |
| Old Republic International Corp., 5.75%, 03/28/2034 | 1000000 | 1015108  |
|  Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052 | 500000 | 480722  |
|  |  | 7214050  |
| **Internet - 0.4%**<br>|  |  |
| eBay, Inc., 2.60%, 05/10/2031 | 500000 | 442492  |
| Expedia Group, Inc., 5.40%, 02/15/2035 | 500000 | 493195  |
|  |  | 935687  |
| **Investment Companies - 1.3%**<br>|  |  |
| Ares Capital Corp., 5.80%, 03/08/2032 | 1000000 | 985102  |
| Blackstone Private Credit Fund, 5.95%, 07/16/2029 | 500000 | 504425  |
| Blackstone Secured Lending Fund, 3.63%, 01/15/2026 | 1000000 | 990218  |
| Blue Owl Capital Corp., 6.20%, 07/15/2030 | 500000 | 502567  |
|  |  | 2982312  |
| **Iron/Steel - 0.5%**<br>|  |  |
| Steel Dynamics, Inc., 5.25%, 05/15/2035 | 500000 | 491623  |
| Vale Overseas Ltd., 6.13%, 06/12/2033 | 500000 | 516634  |
|  |  | 1008257  |
| **Lodging - 0.9%**<br>|  |  |
| Hyatt Hotels Corp., 5.75%, 03/30/2032 | 500000 | 504325  |
| Marriott International, Inc./MD, 4.90%, 04/15/2029 | 500000 | 504237  |
| Sands China Ltd., 2.30%, 03/08/2027<sup>(b)</sup> | 1000000 | 952884  |
|  |  | 1961446  |
| **Machinery-Diversified - 0.9%**<br>|  |  |
| CNH Industrial Capital LLC, 5.10%, 04/20/2029 | 500000 | 506224  |
| IDEX Corp., 3.00%, 05/01/2030 | 1000000 | 919892  |
| Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 | 500000 | 509479  |
|  |  | 1935595  |

---

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

6<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Media - 2.1%**<br>|  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2031 | $1000000 | $877030  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/01/2032 | 1000000 | 823926  |
| &nbsp;&nbsp;&nbsp; 3.90%, 06/01/2052 | 1000000 | 660661  |
| Discovery Communications LLC, 3.63%, 05/15/2030 | 1000000 | 883470  |
| Paramount Global, 4.38%, 03/15/2043 | 610000 | 444050  |
| Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033 | 810000 | 930798  |
|  |  | 4619935  |
| **Mining - 0.7%**<br>|  |  |
| Newmont Corp., 4.88%, 03/15/2042 | 800000 | 723483  |
| Southern Copper Corp., 6.75%, 04/16/2040 | 750000 | 795323  |
|  |  | 1518806  |
| **Miscellaneous Manufacturing - 0.5%**<br>|  |  |
| Parker-Hannifin Corp., 3.25%, 06/14/2029 | 550000 | 526057  |
| Textron, Inc., 6.10%, 11/15/2033 | 500000 | 522193  |
|  |  | 1048250  |
| **Oil & Gas - 2.8%**<br>|  |  |
| Canadian Natural Resources Ltd., 4.95%, 06/01/2047 | 700000 | 569778  |
| Devon Energy Corp., 5.20%, 09/15/2034 | 1000000 | 946386  |
| Diamondback Energy, Inc., 3.13%, 03/24/2031 | 500000 | 451359  |
| Hess Corp., 5.60%, 02/15/2041 | 800000 | 774651  |
| Occidental Petroleum Corp., 5.55%, 10/01/2034 | 1000000 | 945239  |
| Phillips 66, 1.30%, 02/15/2026 | 950000 | 927875  |
| Suncor Energy, Inc., 3.75%, 03/04/2051 | 500000 | 335394  |
| Valero Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 12/01/2031 | 750000 | 653841  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2037 | 655000 | 686344  |
|  |  | 6290867  |
| **Oil & Gas Services - 0.4%**<br>|  |  |
| Halliburton Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2025 | 24000 | 23878  |
| &nbsp;&nbsp;&nbsp; 2.92%, 03/01/2030 | 1000000 | 917483  |
|  |  | 941361  |
| **Packaging & Containers - 0.4%**<br>|  |  |
| Amcor Flexibles North America, Inc., 5.10%, 03/17/2030<sup>(a)</sup> | 500000 | 503122  |
| WRKCo, Inc., 3.90%, 06/01/2028 | 500000 | 489500  |
|  |  | 992622  |
| **Pharmaceuticals - 2.6%**<br>|  |  |
| AbbVie, Inc., 4.75%, 03/15/2045 | 268000 | 235380  |
| Becton Dickinson & Co., 4.69%, 12/15/2044 | 550000 | 463999  |
| Cardinal Health, Inc., 3.41%, 06/15/2027 | 125000 | 122523  |

---

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

7<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 | $2150000 | $2033881  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 500000 | 428078  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 | 1000000 | 832093  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/2054 | 500000 | 470974  |
| Viatris, Inc., 2.70%, 06/22/2030 | 600000 | 524055  |
| Zoetis, Inc., 2.00%, 05/15/2030 | 600000 | 532408  |
|  |  | 5643391  |
| **Pipelines - 6.2%**<br>|  |  |
| Boardwalk Pipelines LP, 3.60%, 09/01/2032 | 500000 | 443368  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2029 | 1000000 | 934176  |
| &nbsp;&nbsp;&nbsp; 3.40%, 08/01/2051 | 250000 | 159284  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 | 1200000 | 1218778  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 | 1000000 | 808427  |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 | 500000 | 455928  |
| Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/15/2042 | 850000 | 752965  |
| &nbsp;&nbsp;&nbsp; 3.30%, 02/15/2053 | 500000 | 318949  |
| Kinder Morgan Energy Partners, 5.80%, 03/15/2035 | 1270000 | 1281903  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2031 | 600000 | 515135  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2045 | 700000 | 641958  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2027 | 1315000 | 1304873  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 600000 | 483629  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 | 500000 | 519589  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 | 500000 | 447578  |
| Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030 | 546000 | 515219  |
| South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054<sup>(a)</sup> | 1000000 | 909142  |
| Targa Resources Corp., 5.20%, 07/01/2027 | 500000 | 504725  |
| TransCanada PipeLines Ltd., 4.10%, 04/15/2030 | 1100000 | 1065223  |
| Williams Cos., Inc., 5.10%, 09/15/2045 | 500000 | 436722  |
|  |  | 13717571  |
| **REITs - 5.5%**<br>|  |  |
| Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 650000 | 505457  |
| American Tower Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/15/2027 | 500000 | 485282  |
| &nbsp;&nbsp;&nbsp; 1.88%, 10/15/2030 | 1000000 | 858248  |
| Boston Properties LP, 3.25%, 01/30/2031 | 675000 | 608170  |
| COPT Defense Properties LP, 2.75%, 04/15/2031 | 500000 | 433685  |

---

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

8<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **REITs - (Continued)**  | **REITs - (Continued)**  | **REITs - (Continued)**  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027 | $500000 | $488577  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2031 | 600000 | 516296  |
| Equinix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.55%, 03/15/2028 | 500000 | 463139  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2032 | 100000 | 93849  |
| Essex Portfolio LP, 3.38%, 04/15/2026 | 1000000 | 989100  |
| Extra Space Storage LP, 5.90%, 01/15/2031 | 500000 | 521397  |
| GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032 | 250000 | 216445  |
| Healthpeak OP LLC, 2.13%, 12/01/2028 | 350000 | 321571  |
| Kimco Realty OP LLC, 6.40%, 03/01/2034 | 500000 | 534250  |
| Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 | 1000000 | 845024  |
| Sabra Health Care LP, 3.90%, 10/15/2029 | 1000000 | 938405  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 | 810000 | 795581  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/30/2030<sup>(a)</sup> | 1000000 | 995595  |
| Ventas Realty LP, 5.63%, 07/01/2034 | 600000 | 606953  |
| Welltower OP LLC, 2.75%, 01/15/2031 | 700000 | 631207  |
| Weyerhaeuser Co., 7.38%, 03/15/2032 | 226000 | 253124  |
|  |  | 12101355  |
| **Retail - 3.2%**<br>|  |  |
| AutoZone, Inc., 4.75%, 08/01/2032 | 500000 | 489731  |
| Genuine Parts Co., 1.88%, 11/01/2030 | 500000 | 426675  |
| Lowe's Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2030 | 1000000 | 998212  |
| &nbsp;&nbsp;&nbsp; 1.70%, 10/15/2030 | 500000 | 430192  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053 | 1000000 | 938037  |
| McDonald's Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 | 1100000 | 1083382  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/09/2045 | 550000 | 485892  |
| Starbucks Corp., 2.55%, 11/15/2030 | 1000000 | 893709  |
| Tractor Supply Co., 1.75%, 11/01/2030 | 500000 | 426595  |
| Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030 | 1000000 | 952919  |
|  |  | 7125344  |
| **Semiconductors - 2.7%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 | 431000 | 420014  |
| &nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033<sup>(a)</sup> | 1500000 | 1336632  |
| &nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036<sup>(a)</sup> | 55000 | 44616  |
| &nbsp;&nbsp;&nbsp; 4.93%, 05/15/2037<sup>(a)</sup> | 583000 | 555128  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2033 | 1500000 | 1482202  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/21/2054 | 1000000 | 888008  |
| Micron Technology, Inc., 2.70%, 04/15/2032 | 250000 | 212841  |

---

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

9<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Semiconductors - (Continued)**<br>|  |  |
| NXP BV / NXP Funding LLC / NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/01/2027 | $500000 | $499269  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/11/2031 | 500000 | 432469  |
|  |  | 5871179  |
| **Software - 3.4%**<br>|  |  |
| Fidelity National Information Services, Inc., 5.10%, 07/15/2032 | 600000 | 600808  |
| Fiserv, Inc., 5.63%, 08/21/2033 | 500000 | 508351  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/25/2026 | 1685000 | 1644134  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 670000 | 672376  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 | 1400000 | 1073035  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 | 1350000 | 965112  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/06/2053 | 1000000 | 915841  |
| Roper Technologies, Inc., 1.40%, 09/15/2027 | 650000 | 607755  |
| VMware LLC, 4.65%, 05/15/2027 | 550000 | 550880  |
|  |  | 7538292  |
| **Telecommunications - 7.6%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | 1400000 | 1343811  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 | 875000 | 718528  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | 2368000 | 1571203  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 | 1196000 | 789446  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 | 727000 | 497562  |
| British Telecommunications PLC, 9.63%, 12/15/2030<sup>(b)</sup> | 855000 | 1042227  |
| Deutsche Telekom International Finance, 8.75%, 06/15/2030<sup>(b)</sup> | 345000 | 404191  |
| France Telecom SA, 5.38%, 01/13/2042 | 575000 | 545979  |
| Motorola Solutions, Inc., 5.40%, 04/15/2034 | 500000 | 501709  |
| Rogers Communications, Inc., 5.00%, 03/15/2044 | 989000 | 859158  |
| Telefonica Emisiones SA, 7.05%, 06/20/2036 | 475000 | 519177  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 1600000 | 1542708  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2031 | 600000 | 514100  |
| &nbsp;&nbsp;&nbsp; 3.40%, 10/15/2052 | 1100000 | 718013  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 | 500000 | 472324  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 03/22/2030 | 550000 | 515436  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 | 336000 | 297429  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 | 974000 | 937018  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046 | 1500000 | 1306681  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/22/2051 | 2000000 | 1395829  |
| &nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 600000 | 350483  |
|  |  | 16843012  |

---

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

10<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Transportation - 1.5%**<br>|  |  |
| CSX Corp., 6.22%, 04/30/2040 | $1390000 | $1464919  |
| FedEx Corp., 3.25%, 05/15/2041<sup>(a)</sup> | 1000000 | 689542  |
| Kirby Corp., 4.20%, 03/01/2028 | 450000 | 442726  |
| Norfolk Southern Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 05/15/2031 | 250000 | 219000  |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/25/2051 | 1000000 | 609215  |
|  |  | 3425402  |
| **Trucking & Leasing - 0.5%**<br>|  |  |
| GATX Corp., 1.90%, 06/01/2031 | 1300000 | 1088360  |
| **Water - 0.3%**<br>|  |  |
| American Water Capital Corp., 2.80%, 05/01/2030 | 650000 | 595974  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $223,235,770)** |  | 201529256  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.1%**<br>|  |  |
| Columbia Government International Bond, 3.88%, 04/25/2027 | 600000 | 588090  |
| Indonesia Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 10/15/2030 | 500000 | 482602  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/10/2034 | 500000 | 483258  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/10/2054 | 500000 | 458318  |
| Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/22/2029 | 1300000 | 1271595  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/13/2037 | 200000 | 202991  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/08/2044 | 2490000 | 1885615  |
| Panama Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/29/2032 | 1700000 | 1255025  |
| &nbsp;&nbsp;&nbsp; 6.70%, 01/26/2036 | 750000 | 725063  |
| Peruvian Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 | 400000 | 334180  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/14/2037 | 1050000 | 1115441  |
| Philippine Government International Bond, 5.00%, 01/13/2037 | 1625000 | 1590399  |
| Uruguay Government International Bond, 4.38%, 01/23/2031 | 800000 | 791360  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $13,293,356)** |  | 11183937  |
| **U.S. TREASURY SECURITIES - 2.5%**<br>|  |  |
| U.S. Treasury Note/Bond, 4.25%, 02/15/2054 | 6200000 | 5524902  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $6,014,361)** |  | 5524902 |

---

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

11<br>

------

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

**PIA BBB Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** <br>| **Value** |
| **SHORT-TERM INVESTMENTS - 0.1%**<br>|  |  |
| **Money Market Funds - 0.1%**<br>|  |  |
| Fidelity Government Portfolio - Class Institutional, 4.19%<sup>(c)</sup> | 149583 | $149583  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $149,583)** |  | 149583  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $242,693,070)** |  | $218387678  |
| Other Assets in Excess of Liabilities - 1.1% |  | 2493771  |
| **TOTAL NET ASSETS - 100.0%** |  | $220881449 |

---

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 May 31, 2025, the value of these securities total $5,531,378 or 2.5% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of May 31, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

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** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 95.3%**<br>|  |  |
| **Advertising - 1.0%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030<sup>(a)</sup> | $1800000 | $1825009  |
| **Aerospace/Defense - 0.9%**<br>|  |  |
| Efesto Bidco S.p.A Efesto US LLC, 7.50%, 02/15/2032<sup>(a)</sup> | 1000000 | 1007375  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(a)</sup> | 525000 | 523359  |
|  |  | 1530734  |
| **Agriculture - 0.5%**<br>|  |  |
| Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(a)</sup> | 905000 | 954244  |
| **Airlines - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC / Vista Management Holding, Inc., <br>6.38%, 02/01/2030<sup>(a)</sup> | 2945000 | 2648241  |
| **Auto Manufacturers - 0.6%**<br>|  |  |
| PM General Purchaser LLC, 9.50%, 10/01/2028<sup>(a)</sup> | 1750000 | 1133562  |
| **Building Materials - 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, <br>6.75%, 04/01/2032<sup>(a)</sup> | 750000 | 756114  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 1775000 | 1636343  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028<sup>(a)</sup> | 1650000 | 1627339  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031<sup>(a)</sup> | 350000 | 359595  |
|  |  | 4379391  |
| **Chemicals - 10.6%**<br>|  |  |
| ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | 2597000 | 941425  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 1975000 | 2034297  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 1725000 | 1400362  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 1425000 | 1307230  |
| GPD Cos., Inc., 10.13%, 04/01/2026<sup>(a)</sup> | 2570000 | 2473501  |
| Herens Holdco Sarl, 4.75%, 05/15/2028<sup>(a)</sup> | 2084000 | 1827712  |
| Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(a)</sup> | 2985500 | 3011265  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 2100000 | 1793317  |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(a)</sup> | 1910000 | 1992245  |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029<sup>(a)</sup> | 2250000 | 2138205  |
|  |  | 18919559  |
| **Coal - 1.1%**<br>|  |  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 2065000 | 1899398  |
| **Commercial Services - 14.6%**<br>|  |  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(a)</sup> | 2410000 | 2107936  |
| Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 2350000 | 2190718  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 2100000 | 1959909  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | 1000000 | 1062478  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 1455000 | 1467260  |

---

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** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(a)</sup> | $2050000 | $2078513  |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 2350000 | 2215404  |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(a)</sup> | 1990000 | 1891434  |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | 2125000 | 2132412  |
| StoneMor, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 2130000 | 1965415  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 2875000 | 3062243  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 1610000 | 1708197  |
| WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026<sup>(a)</sup> | 2224000 | 2221041  |
|  |  | 26062960  |
| **Computers - 1.1%**<br>|  |  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(a)</sup> | 2175000 | 2000885  |
| **Distribution/Wholesale - 1.0%**<br>|  |  |
| Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 1695000 | 1795607  |
| **Diversified Financial Services - 1.3%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 700000 | 697097  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | 1255000 | 1259217  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 300000 | 319874  |
|  |  | 2276188  |
| **Engineering & Construction - 3.8%**<br>|  |  |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(a)</sup> | 2285000 | 2051455  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 650000 | 649316  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 2250000 | 2110439  |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 1885000 | 1917374  |
|  |  | 6728584  |
| **Entertainment - 2.0%**<br>|  |  |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(a)</sup> | 1625000 | 1541643  |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(a)</sup> | 1950000 | 2015896  |
|  |  | 3557539  |
| **Food - 2.4%**<br>|  |  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 2040000 | 2129370  |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 03/01/2029<sup>(a)</sup> | 2250000 | 2098588  |
|  |  | 4227958  |
| **Food Service - 1.7%**<br>|  |  |
| TKC Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2028<sup>(a)</sup> | 835000 | 831461  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2029<sup>(a)</sup> | 2065000 | 2122046  |
|  |  | 2953507 |

---

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** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Forest Products & Paper - 2.5%**<br>|  |  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(a)</sup> | $2165000 | $1837730  |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | 1237000 | 1231741  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 1725000 | 1372915  |
|  |  | 4442386  |
| **Healthcare-Products - 1.1%**<br>|  |  |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(a)</sup> | 1900000 | 1976646  |
| **Healthcare-Services - 1.8%**<br>|  |  |
| Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(a)</sup> | 775000 | 819859  |
| Kedrion SpA, 6.50%, 09/01/2029<sup>(a)</sup> | 2265000 | 2184693  |
| ModivCare, Inc., 5.00%, 10/01/2029<sup>(a)</sup> | 2925000 | 160875  |
|  |  | 3165427  |
| **Internet - 1.4%**<br>|  |  |
| ION Trading Technologies Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028<sup>(a)</sup> | 1780000 | 1722828  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029<sup>(a)</sup> | 750000 | 777015  |
|  |  | 2499843  |
| **Iron/Steel - 1.4%**<br>|  |  |
| TMS International Corp./DE, 6.25%, 04/15/2029<sup>(a)</sup> | 2600000 | 2426484  |
| **Leisure Time - 0.9%**<br>|  |  |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028<sup>(a)</sup> | 1500000 | 1552876  |
| **Machinery-Diversified - 2.9%**<br>|  |  |
| GrafTech Finance, Inc., 4.63%, 12/23/2029<sup>(a)</sup> | 2370000 | 1490706  |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(a)</sup> | 550000 | 434500  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 1900000 | 1945596  |
| OT Merger Corp., 7.88%, 10/15/2029<sup>(a)</sup> | 3231000 | 1262852  |
|  |  | 5133654  |
| **Media - 3.7%**<br>|  |  |
| Beasley Mezzanine Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 08/01/2028<sup>(a)</sup> | 293000 | 293000  |
| &nbsp;&nbsp;&nbsp; 9.20%, 08/01/2028<sup>(a)</sup> | 2403000 | 865080  |
| Spanish Broadcasting System, Inc., 9.75%, 03/01/2026<sup>(a)</sup> | 3100000 | 2208099  |
| Univision Communications,Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 1375000 | 1225795  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030<sup>(a)</sup> | 400000 | 374224  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 250000 | 240208  |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(a)</sup> | 2712000 | 1358536  |
|  |  | 6564942  |
| **Metal Fabricate/Hardware - 1.1%**<br>|  |  |
| Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 2008000 | 1949165  |

---

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** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Mining - 3.1%**<br>|  |  |
| Arsenal AIC Parent LLC, 8.00%, 10/01/2030<sup>(a)</sup> | $1550000 | $1629637  |
| Compass Minerals International, Inc., 6.75%, 12/01/2027<sup>(a)</sup> | 2255000 | 2256347  |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(a)</sup> | 1700000 | 1681929  |
|  |  | 5567913  |
| **Miscellaneous Manufacturing - 1.6%**<br>|  |  |
| Calderys Financing II LLC, 11.75% (includes 12.50% PIK), 06/01/2028<sup>(a)</sup> | 745000 | 761024  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 1950000 | 2077869  |
|  |  | 2838893  |
| **Office-Business Equipment - 2.3%**<br>|  |  |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(a)</sup> | 2400000 | 2414184  |
| Xerox Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(a)</sup> | 1900000 | 1335791  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(a)</sup> | 425000 | 286842  |
|  |  | 4036817  |
| **Oil & Gas Services - 2.5%**<br>|  |  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(a)</sup> | 650000 | 653940  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | 2000000 | 1995938  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 1697000 | 1749991  |
|  |  | 4399869  |
| **Packaging & Containers - 3.8%**<br>|  |  |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup> | 1625000 | 1634428  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(a)</sup> | 1550000 | 1484218  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 1350000 | 1154572  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 950000 | 857243  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 375000 | 310836  |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027<sup>(a)</sup> | 1000000 | 986996  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 325000 | 341895  |
|  |  | 6770188  |
| **Pipelines - 7.9%**<br>|  |  |
| Global Partners LP / GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 | 625000 | 626948  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1175000 | 1180588  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032<sup>(a)</sup> | 390000 | 405519  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 2699000 | 2521650  |
| Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(a)</sup> | 1915000 | 2030197  |
| NGL Energy Operating LLC / NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029<sup>(a)</sup> | 1000000 | 974639  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(a)</sup> | 1080000 | 1023139  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | 1900000 | 1905823  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 1555000 | 1588691  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | 1875000 | 1920229  |
|  |  | 14177423  |

---

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

16<br>

------

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

**PIA High Yield (MACS) Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Retail - 1.0%**<br>|  |  |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029<sup>(a)</sup> | $2025000 | $1834752  |
| **Software - 4.5%**<br>|  |  |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(a)</sup> | 2365000 | 2350840  |
| Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 1000000 | 1012526  |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028<sup>(a)</sup> | 1625000 | 1547553  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029<sup>(a)</sup> | 370000 | 376021  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | 1090000 | 1125777  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 1735000 | 1686275  |
|  |  | 8098992  |
| **Transportation - 5.3%**<br>|  |  |
| Brightline East LLC, 11.00%, 01/31/2030<sup>(a)</sup> | 2320000 | 1686907  |
| First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 1900000 | 1777671  |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(a)</sup> | 2180000 | 2146471  |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 2100000 | 1977921  |
| Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032<sup>(a)</sup> | 1875000 | 1930837  |
|  |  | 9519807  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>**(Cost $179,847,852)** |  | 169849444  |
|  | **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  |
| **Media - 0.0%<sup>(b)</sup>**<br>|  |  |
| Beasley Broadcast Group, Inc.<sup>(d)</sup> | 1774 | 7877  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $158,855)** |  | 45327  |
| **SHORT-TERM INVESTMENTS - 3.2%**<br>|  |  |
| **Money Market Funds - 3.2%**<br>|  |  |
| Fidelity Government Portfolio - Class Institutional, 4.19%<sup>(e)</sup> | 5731314 | 5731314  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,731,314)** |  | 5731314  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%**<br>**(Cost $185,738,021)** |  | $175626085  |
| Other Assets in Excess of Liabilities - 1.5% |  | 2612296  |
| **TOTAL NET ASSETS - 100.0%** |  | $178238381 |

---

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

17<br>

------

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

**PIA High Yield (MACS) Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

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 May 31, 2025, the value of these securities total $164,719,827 or 92.4% 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 May 31, 2025. 

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

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

18<br>

------

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

**PIA MBS Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 89.9%**<br>|  |  |
| **Commercial Mortgage-Backed Securities - 0.4%**<br>|  |  |
|  BX Trust, Series 2021-RISE, Class B, 5.69% (1 mo. Term SOFR + 1.36%), 11/15/2036<sup>(a)</sup> | $371945 | $370533  |
| **U.S. Government Securities - 89.5%<sup>(b)</sup>**<br>|  |  |
| FHLMC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool G04832, 5.00%, 10/01/2038 | 46144 | 46316  |
| &nbsp;&nbsp;&nbsp; Pool G08741, 3.00%, 01/01/2047 | 262149 | 228917  |
| &nbsp;&nbsp;&nbsp; Pool QD0505, 2.50%, 11/01/2051 | 1417944 | 1156193  |
| &nbsp;&nbsp;&nbsp; Pool QD2700, 2.50%, 12/01/2051 | 1280156 | 1048968  |
| &nbsp;&nbsp;&nbsp; Pool QD3120, 3.00%, 12/01/2051 | 1376994 | 1174427  |
| &nbsp;&nbsp;&nbsp; Pool QD7063, 2.50%, 02/01/2052 | 696302 | 570671  |
| &nbsp;&nbsp;&nbsp; Pool QD7338, 2.00%, 02/01/2052 | 1247454 | 973766  |
| &nbsp;&nbsp;&nbsp; Pool QF6264, 2.50%, 01/01/2053 | 289416 | 236085  |
| &nbsp;&nbsp;&nbsp; Pool RA5559, 2.50%, 07/01/2051 | 1801038 | 1468597  |
| &nbsp;&nbsp;&nbsp; Pool RA6012, 3.00%, 10/01/2051 | 1404173 | 1195456  |
| &nbsp;&nbsp;&nbsp; Pool RA6528, 2.50%, 02/01/2052 | 1766817 | 1440659  |
| &nbsp;&nbsp;&nbsp; Pool SD1285, 3.50%, 06/01/2052 | 1417445 | 1258302  |
| &nbsp;&nbsp;&nbsp; Pool SD1287, 3.50%, 06/01/2052 | 1404093 | 1245837  |
| &nbsp;&nbsp;&nbsp; Pool SD3275, 5.50%, 07/01/2053 | 1702033 | 1688770  |
| &nbsp;&nbsp;&nbsp; Pool SD6764, 5.00%, 11/01/2054 | 1969247 | 1908848  |
| &nbsp;&nbsp;&nbsp; Pool SD7191, 5.00%, 12/01/2054 | 2000000 | 1937365  |
| &nbsp;&nbsp;&nbsp; Pool SD8172, 2.00%, 10/01/2051 | 1768324 | 1378239  |
| &nbsp;&nbsp;&nbsp; Pool SD8193, 2.00%, 02/01/2052 | 1656408 | 1291178  |
| &nbsp;&nbsp;&nbsp; Pool SD8194, 2.50%, 02/01/2052 | 1210679 | 988858  |
| &nbsp;&nbsp;&nbsp; Pool SD8199, 2.00%, 03/01/2052 | 1258340 | 980585  |
| &nbsp;&nbsp;&nbsp; Pool SD8204, 2.00%, 04/01/2052 | 1695597 | 1320150  |
| &nbsp;&nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052 | 1641750 | 1458729  |
| &nbsp;&nbsp;&nbsp; Pool SD8275, 4.50%, 12/01/2052 | 1283246 | 1213018  |
| &nbsp;&nbsp;&nbsp; Pool SD8284, 3.00%, 01/01/2053 | 2348413 | 1999241  |
| &nbsp;&nbsp;&nbsp; Pool SD8312, 2.50%, 01/01/2053 | 1018076 | 832276  |
| &nbsp;&nbsp;&nbsp; Pool SD8336, 3.50%, 04/01/2053 | 1823631 | 1618144  |
| &nbsp;&nbsp;&nbsp; Pool SD8341, 5.00%, 07/01/2053 | 1821228 | 1767133  |
| &nbsp;&nbsp;&nbsp; Pool SD8383, 5.50%, 12/01/2053 | 1779802 | 1763704  |
| &nbsp;&nbsp;&nbsp; Pool SD8406, 4.00%, 01/01/2054 | 1949953 | 1788077  |
| &nbsp;&nbsp;&nbsp; Pool SD8428, 4.00%, 05/01/2054 | 1402382 | 1285950  |
| &nbsp;&nbsp;&nbsp; Pool SD8513, 4.50%, 03/01/2055 | 1974092 | 1862496  |
| FNMA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool AU3363, 3.00%, 08/01/2043 | 360388 | 320022  |
| &nbsp;&nbsp;&nbsp; Pool AZ0504, 3.00%, 06/01/2045 | 470247 | 412618  |
| &nbsp;&nbsp;&nbsp; Pool BM4135, 4.50%, 05/01/2048 | 321257 | 308074  |
| &nbsp;&nbsp;&nbsp; Pool BU7884, 2.50%, 01/01/2052 | 1471450 | 1205265  |
| &nbsp;&nbsp;&nbsp; Pool BV2451, 3.00%, 06/01/2052 | 1855224 | 1579413  |
| &nbsp;&nbsp;&nbsp; Pool BV5577, 2.50%, 05/01/2052 | 1802937 | 1475129  |
| &nbsp;&nbsp;&nbsp; Pool BW1298, 5.50%, 11/01/2052 | 1526589 | 1517468  |
| &nbsp;&nbsp;&nbsp; Pool BW9886, 4.50%, 10/01/2052 | 1711385 | 1616436  |
| &nbsp;&nbsp;&nbsp; Pool CB0381, 2.00%, 05/01/2051 | 1845959 | 1435350  |

---

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

19<br>

------

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

**PIA MBS Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(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 | $988784 | $849957  |
| &nbsp;&nbsp;&nbsp; Pool FM8407, 3.00%, 08/01/2051 | 1108196 | 947117  |
| &nbsp;&nbsp;&nbsp; Pool FM9646, 2.00%, 11/01/2051 | 1147083 | 891906  |
| &nbsp;&nbsp;&nbsp; Pool FS5387, 2.50%, 05/01/2052 | 1863985 | 1519013  |
| &nbsp;&nbsp;&nbsp; Pool MA2670, 3.00%, 07/01/2046 | 311743 | 272598  |
| &nbsp;&nbsp;&nbsp; Pool MA3415, 4.00%, 07/01/2048 | 118752 | 110814  |
| &nbsp;&nbsp;&nbsp; Pool MA4547, 2.00%, 02/01/2052 | 1674555 | 1305160  |
| &nbsp;&nbsp;&nbsp; Pool MA4548, 2.50%, 02/01/2052 | 1608970 | 1315428  |
| &nbsp;&nbsp;&nbsp; Pool MA4563, 2.50%, 03/01/2052 | 1554237 | 1270524  |
| &nbsp;&nbsp;&nbsp; Pool MA4577, 2.00%, 04/01/2052 | 1472827 | 1146259  |
| &nbsp;&nbsp;&nbsp; Pool MA4578, 2.50%, 04/01/2052 | 1659419 | 1355983  |
| &nbsp;&nbsp;&nbsp; Pool MA4579, 3.00%, 04/01/2052 | 1633358 | 1392387  |
| &nbsp;&nbsp;&nbsp; Pool MA4654, 3.50%, 07/01/2052 | 1397341 | 1241566  |
| &nbsp;&nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052 | 1287796 | 1180487  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 1278550 | 1174253  |
| &nbsp;&nbsp;&nbsp; Pool MA4867, 4.50%, 01/01/2053 | 1801755 | 1702145  |
| &nbsp;&nbsp;&nbsp; Pool MA4940, 5.00%, 03/01/2053 | 1726268 | 1674247  |
| &nbsp;&nbsp;&nbsp; Pool MA5037, 4.50%, 06/01/2053 | 1782564 | 1684704  |
| &nbsp;&nbsp;&nbsp; Pool MA5441, 4.00%, 08/01/2054 | 1981301 | 1816803  |
| &nbsp;&nbsp;&nbsp; Pool MA5645, 5.00%, 03/01/2055 | 1979504 | 1917184  |
| UMBS, Pool TBA, 5.50%, 06/01/2037<sup>(c)</sup> | 2000000 | 1979592  |
| GNMA<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 726311, 5.00%, 09/15/2039 | 107212 | 105578  |
| &nbsp;&nbsp;&nbsp; Pool AW1730, 3.00%, 05/15/2047 | 744886 | 652533  |
| &nbsp;&nbsp;&nbsp; Pool AZ5554, 3.00%, 08/15/2047 | 315665 | 277295  |
| &nbsp;&nbsp;&nbsp; Pool MA6089, 3.00%, 08/20/2049 | 130430 | 114182  |
| &nbsp;&nbsp;&nbsp; Pool MA6153, 3.00%, 09/20/2049 | 341041 | 298451  |
| &nbsp;&nbsp;&nbsp; Pool MA6338, 3.00%, 12/20/2049 | 359915 | 314985  |
| &nbsp;&nbsp;&nbsp; Pool MA7826, 2.00%, 01/20/2052 | 1560487 | 1253947  |
| &nbsp;&nbsp;&nbsp; Pool MA7827, 2.50%, 01/20/2052 | 1531186 | 1283475  |
| &nbsp;&nbsp;&nbsp; Pool MA7880, 2.00%, 02/20/2052 | 1706576 | 1371338  |
| &nbsp;&nbsp;&nbsp; Pool MA7936, 2.50%, 03/20/2052 | 1156796 | 969653  |
| &nbsp;&nbsp;&nbsp; Pool MA7987, 2.50%, 04/20/2052 | 1671438 | 1401037  |
| &nbsp;&nbsp;&nbsp; Pool MA8044, 3.50%, 05/20/2052 | 1412854 | 1259712  |
| &nbsp;&nbsp;&nbsp; Pool MA8099, 3.50%, 06/20/2052 | 1595959 | 1423299  |
| &nbsp;&nbsp;&nbsp; Pool MA8147, 2.50%, 07/20/2052 | 1629498 | 1365925  |
| &nbsp;&nbsp;&nbsp; Pool MA8266, 3.50%, 09/20/2052 | 1354333 | 1206970  |
| &nbsp;&nbsp;&nbsp; Pool MA8267, 4.00%, 09/20/2052 | 1695832 | 1560260  |
| &nbsp;&nbsp;&nbsp; Pool MA9538, 4.00%, 03/20/2054 | 1958724 | 1799658  |
| &nbsp;&nbsp;&nbsp; Pool MA9723, 4.50%, 06/20/2054 | 1464353 | 1384490  |
|  |  | 93787645  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $101,751,766)** |  | 94158178 |

---

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

20<br>

------

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

**PIA MBS Bond Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 3.1%**<br>|  |  |
| CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 07/15/2060<sup>(a)</sup> | $1349178 | $1339317  |
| Invitation Homes Trust, Series 2024-SFR1, Class B, 4.00%, 09/17/2041<sup>(a)</sup> | 1500000 | 1430630  |
| SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/2028<sup>(a)</sup> | 500000 | 502981  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $3,272,358)** |  | 3272928 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **SHORT-TERM INVESTMENTS - 8.6%**<br>|  |
| **Money Market Funds - 2.4%**<br>|  |
| Fidelity Government Portfolio - Class Institutional, 4.19%<sup>(d)</sup> | 2518328 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. Treasury Bills - 6.2%**<br>|  |  |
| 4.20%, 07/10/2025<sup>(e)</sup> | $4000000 | 3982203  |
| 4.28%, 09/23/2025<sup>(e)</sup> | 2500000 | 2466929  |
|  |  | 6449132  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,966,886)** |  | 8967460  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $113,991,010)** |  | $106398566  |
| Liabilities in Excess of Other Assets - (1.6)% |  | (1638891)  |
| **TOTAL NET ASSETS - 100.0%** |  | $104759675 |

---

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage

<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 May 31, 2025, the value of these securities total $3,643,461 or 3.5% 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> To-be-announced security.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of May 31, 2025.

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

21<br>

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

**PIA FUNDS** 

**Statements of Assets and Liabilities** 

**May 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PIA BBB** <br>**Bond Fund** | **PIA High Yield** <br>(MACS) Fund | **PIA MBS** <br>**Bond Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $218387678 | $175626085 | $106398566  |
| Interest receivable | 2431689 | 3471625 | 304385  |
| Receivable for fund shares sold | 161231 | 31333 | 82586  |
| Receivable from Adviser |  |  | 5015  |
| Receivable for investments sold |  | 756401 | —  |
| Prepaid expenses and other assets | 17650 | 31593 | 12497  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 220998248 | 179917037 | 106803049  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for capital shares redeemed | 54105 |  | 21165  |
| Payable for fund administration and accounting fees | 23063 | 20032 | 18212  |
| Payable for audit fees | 11121 | 11121 | 11121  |
| Payable for transfer agent fees and expenses | 8410 | 7494 | 5798  |
| Payable for distribution and shareholder servicing fees | 5130 | 29 | 4086  |
| Payable for custodian fees | 3974 | 3179 | 2933  |
| Payable for directors fees | 3188 | 3186 | 3188 |
| Payable for compliance fees | 1778 | 1779 | 1779  |
| Payable for investments purchased |  | 1625000 | 1969297  |
| Payable for expenses and other liabilities | 6030 | 6836 | 5795  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 116799 | 1678656 | 2043374  |
| **NET ASSETS** | $220881449 | $178238381 | $104759675  |
| **Net Assets Consist of:**<br>|  |  |  |
| Paid-in capital | $257383275 | $196784330 | $114959105  |
| Total accumulated losses | (36501826) | (18545949) | (10199430)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $220881449 | $178238381 | $104759675  |
| Net assets | $220881449 | $178238381 | $104759675  |
| Shares issued and outstanding<sup>(a)</sup> | 26262280 | 21479179 | 12875180  |
| Net asset value per share | $8.41 | $8.30 | $8.14  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $242693070 | $185738021 | $113991010 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

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**PIA FUNDS** 

**Statements of Operations** 

**For the Period Ended May 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **PIA BBB** <br>**Bond Fund** | **PIA High Yield** <br>(MACS) Fund | **PIA MBS** <br>**Bond Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Interest income | $4486197 | $7925431 | $2276753  |
| Other income | 2500 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4488697 | 7925431 | 2276753  |
| **EXPENSES:**<br>|  |  |  |
| Fund administration and accounting fees | 77880 | 65284 | 58010  |
| Transfer agent fees | 50910 | 23410 | 37739  |
| Federal and state registration fees | 12902 | 12850 | 10769  |
| Trustees' fees | 12043 | 12045 | 12043  |
| Audit fees | 11997 | 11998 | 11997  |
| Custodian fees | 8160 | 7012 | 5750  |
| Reports to shareholders | 6670 | 5507 | 6465  |
| Compliance fees | 5506 | 5506 | 5506  |
| Legal fees | 3893 | 3893 | 3895  |
| Other expenses and fees | 10834 | 10447 | 10344  |
| &nbsp;&nbsp;&nbsp; Total expenses | 200795 | 157952 | 162518  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  |  | (19200)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 200795 | 157952 | 143318  |
| **Net investment income** | 4287902 | 7767479 | 2133435  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (161943) | (2440566) | 58  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (161943) | (2440566) | 58  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3640343) | (6774373) | (1877817)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3640343) | (6774373) | (1877817)  |
| **Net realized and unrealized gain (loss)** | (3802286) | (9214939) | (1877759)  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS** <br>**RESULTING FROM OPERATIONS** | $485616 | $(1447460) | $255676 |

---

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

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**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**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended** <br>**November 30, 2024** | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended** <br>**November 30, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4287902 | &nbsp;&nbsp; $7791466 | $7767479 | &nbsp;&nbsp; $14157888  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (161943) | &nbsp;&nbsp; (240586) | (2440566) | &nbsp;&nbsp; (1490106)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3640343) | &nbsp;&nbsp; 10141696 | (6774373) | &nbsp;&nbsp; 9575158  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 485616 | &nbsp;&nbsp; 17692576 | (1447460) | &nbsp;&nbsp; 22242940  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (4332732) | &nbsp;&nbsp; (7735461) | (7839291) | &nbsp;&nbsp; (14050667)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4332732) | &nbsp;&nbsp; (7735461) | (7839291) | &nbsp;&nbsp; (14050667)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 24436167 | &nbsp;&nbsp; 49330689 | 4546229 | &nbsp;&nbsp; 34716910  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3945709 | &nbsp;&nbsp; 7091713 | 7497191 | &nbsp;&nbsp; 13535278  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (21628716) | &nbsp;&nbsp; (39533527) | (2373294) | &nbsp;&nbsp; (27222853)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 6753160 | &nbsp;&nbsp; 16888875 | 9670126 | &nbsp;&nbsp; 21029335  |
| **Net increase (decrease) in net assets** | 2906044 | &nbsp;&nbsp; 26845990 | 383375 | &nbsp;&nbsp; 29221608  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 217975405 | &nbsp;&nbsp; 191129415 | 177855006 | &nbsp;&nbsp; 148633398  |
| &nbsp;&nbsp;&nbsp; End of the period | $220881449 | &nbsp;&nbsp; $217975405 | $178238381 | &nbsp;&nbsp; $177855006  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2902759 | &nbsp;&nbsp; 5868299 | 530578 | &nbsp;&nbsp; 4060689  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 469075 | &nbsp;&nbsp; 843748 | 883805 | &nbsp;&nbsp; 1576343  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2567423) | &nbsp;&nbsp; (4698600) | (276310) | &nbsp;&nbsp; (3172556)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 804411 | &nbsp;&nbsp; 2013447 | 1138073 | &nbsp;&nbsp; 2464476 |

---

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

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**PIA FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **PIA MBS Bond Fund**  | **PIA MBS Bond Fund**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended** <br>**November 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2133435 | &nbsp;&nbsp; $3763492  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 58 | &nbsp;&nbsp; (371479)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1877817) | &nbsp;&nbsp; 2786301  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 255676 | &nbsp;&nbsp; 6178314  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2360148) | &nbsp;&nbsp; (3566652)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2360148) | &nbsp;&nbsp; (3566652)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 15178111 | &nbsp;&nbsp; 19956296  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1982671 | &nbsp;&nbsp; 3028607  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8594653) | &nbsp;&nbsp; (13050517)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions | 8566129 | &nbsp;&nbsp; 9934386  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | 6461657 | &nbsp;&nbsp; 12546048  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 98298018 | &nbsp;&nbsp; 85751970  |
| &nbsp;&nbsp;&nbsp; End of the period | $104759675 | &nbsp;&nbsp; $98298018  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1859509 | &nbsp;&nbsp; 2419517  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 243106 | &nbsp;&nbsp; 368023  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1050121) | &nbsp;&nbsp; (1588794)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1052494 | &nbsp;&nbsp; 1198746 |

---

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

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**PIA BBB Bond Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.56 | $8.15 | $8.10 | $9.97 | $10.32 | $9.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.32 | 0.30 | 0.29 | 0.28 | 0.33  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.15) | 0.41 | 0.05 | (1.87) | (0.35) | 0.56  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.73 | 0.35 | (1.58) | (0.07) | 0.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.17) | (0.32) | (0.30) | (0.29) | (0.28) | (0.33)  |
| **Total distributions** | &nbsp;&nbsp; (0.17) | (0.32) | (0.30) | (0.29) | (0.28) | (0.33)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.41 | $8.56 | $8.15 | $8.10 | $9.97 | $10.32  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 0.22% | 9.04% | 4.43% | -16.00% | -0.61% | 9.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $220881 | $217975 | $191129 | $222337 | $296682 | $286106  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.18% | 0.17% | 0.17% | 0.15% | 0.15% | 0.17%  |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 3.95% | 3.79% | 3.67% | 3.26% | 2.83% | 3.41%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 3% | 9% | 8% | 10% | 20% | 36% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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**PIA High Yield (MACS) Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.74 | $8.31 | $8.03 | $9.67 | $9.57 | $9.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.73 | 0.69 | 0.69 | 0.68 | 0.64  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.43) | 0.43 | 0.28 | (1.48) | 0.10 | 0.15  |
| **Total from investment operations** | &nbsp;&nbsp; (0.06) | 1.16 | 0.97 | (0.79) | 0.78 | 0.79  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38) | (0.73) | (0.69) | (0.70) | (0.68) | (0.64)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.15) |  | (0.02)  |
| **Total distributions** | &nbsp;&nbsp; (0.38) | (0.73) | (0.69) | (0.85) | (0.68) | (0.66)  |
|  Increase from payment by affiliate and administrator due to operational error | &nbsp;&nbsp; — |  |  |  |  | 0.02 |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.30 | $8.74 | $8.31 | $8.03 | $9.67 | $9.57  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; -0.75% | 14.45% | 12.50% | -8.50% | 8.31% | 9.25%<sup>(e)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $178238 | $177855 | $148633 | $124216 | $131815 | $119796  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.18% | 0.17% | 0.20% | 0.20% | 0.20% | 0.24%  |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 8.77% | 8.55% | 8.37% | 7.98% | 6.91% | 7.11%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 9% | 29% | 33% | 24% | 70% | 51% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Includes increase from payment made by affiliate and administrator due to operational error. On September 18, 2020, the High Yield (MACS) Fund received a reimbursement of $199,712 from the Adviser and Administrator related to a corporate action instruction error during the year ended November 30, 2020. Due to a miscommunication, the tender offer for the Martin Midstream corporate action was not processed correctly. This resulted in the Fund's position being tendered rather than exchanged. Had the Fund not received the payment, total return would have been 9.02%. 

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

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**PIA MBS Bond Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.31 | $8.07 | $8.32 | $9.56 | $9.71 | $9.57  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.33 | 0.28 | 0.17 | 0.08 | 0.17  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.15) | 0.23 | (0.26) | (1.23) | (0.15) | 0.19  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.56 | 0.02 | (1.06) | (0.07) | 0.36  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19) | (0.32) | (0.27) | (0.18) | (0.08) | (0.22)  |
| **Total distributions** | &nbsp;&nbsp; (0.19) | (0.32) | (0.27) | (0.18) | (0.08) | (0.22)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.14 | $8.31 | $8.07 | $8.32 | $9.56 | $9.71  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 0.25% | 7.04% | 0.29% | -11.12% | -0.73% | 3.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $104760 | $98298 | $85752 | $54313 | $60396 | $74863  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.32% | 0.31% | 0.38% | 0.43% | 0.31% | 0.36%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.28% | 0.26%<sup>(e)</sup> | 0.23% | 0.23% | 0.23% | 0.23%  |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 4.17% | 4.09% | 3.58% | 1.97% | 0.56% | 1.74%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 4% | 17% | 13% | 146% | 680% | 171% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Effective April 1, 2024, the Advisor 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.

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The PIA BBB Bond Fund, the PIA MBS Bond Fund and the PIA High Yield (MACS) 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 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 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 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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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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.** 

**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"). This change 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 this guidance with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds are deemed to be an individual reporting segment and are not part of a consolidated reporting entity. The objective and

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

strategy of the Funds is used by Pacific Income Advisers, Inc. ("PIA" or the "Adviser") to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Funds are the information utilized for the day-to-day management of the Funds. The Funds are party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Funds based on performance measurements. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker.

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 six months ended May 31, 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 Period End: In preparing the financial statements as of May 31, 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.** 

**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.** 

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

**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 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 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 Act, the Board has designated the 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.

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

Depending on the relative significance of the valuation inputs, 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 May 31, 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 May 31, 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 May 31, 2025:

**BBB Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $201529256 | $— | $201529256  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 11183937 |  | 11183937  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 5524902 |  | 5524902  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 149583 |  |  | 149583  |
| **Total Investments** | $149583 | $218238095 | $— | $218387678 |

---

**MBS Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $94158178 | $— | $94158178  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3272928 |  | 3272928  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2518328 |  |  | 2518328  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 6449132 |  | 6449132  |
| **Total Investments** | $2518328 | $103880238 | $— | $106398566 |

---

**High Yield (MACS) Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $169849444 | $— | $169849444  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 7877 |  | 37450 | 45327  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5731314 |  |  | 5731314  |
| **Total Investments** | $5739191 | $169849444 | $37450 | $175626085 |

---

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** 

**May 31, 2025 (Unaudited)(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 May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37450 |

---

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at May 31, 2025, and still classified as Level 3 was $(67,410).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **5-31-25** | **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 six months ended May 31, 2025, the Adviser did not absorb any expenses 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

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**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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 six months ended May 31, 2025, the Adviser absorbed MBS Bond Fund expenses in the amount of $19,200; 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 $5,015, of the absorbed amount of $19,200. 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 six months ended May 31, 2025, are disclosed in the Statements of Operations.

The BBB Bond Fund, the MBS Bond Fund and the High Yield (MACS) 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 MBS Bond Fund, and the High Yield (MACS) Fund expensed $24,504, $18,461, and $77, respectively, of sub-transfer agent fees during the six months ended May 31, 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 six months ended May 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Government** | **Non-Government** | **Government**  | **Government**  |
|  | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| BBB Bond Fund | $12297159 | $6177141 | $2302689 | $996561  |
| MBS Bond Fund |  |  | 11511065 | 3431871  |
| High Yield (MACS) Fund | 22145845 | 15840377 |  |  |

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**NOTE 6 – LINE OF CREDIT** 

The BBB Bond Fund, the MBS Bond Fund and the High Yield (MACS) 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, $8,000,000 with a limit of 33.33% of market value of assets, and $15,000,000 with a limit of 15% 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 six months ended May 31, 2025.

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**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

**NOTE 7 – FEDERAL INCOME TAX INFORMATION** 

The tax character of distributions paid during the six month ended May 31, 2025 and year ended November 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **BBB Bond Fund** | **BBB Bond Fund** | **MBS Bond Fund** | **MBS Bond Fund** | **High Yield (MACS) Fund**  | **High Yield (MACS) Fund**  |
|  | **May 31, 2025** | **Nov. 30, 2024** | **May 31, 2025** | **Nov. 30, 2024** | **May 31, 2025** | **Nov. 30, 2024**  |
| Ordinary income | $4332732 | $7735461 | $2360148 | $3566652 | $7839291 | $14050667 |

---

As of November 30, 2024, the Funds' most recently completed fiscal year, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **BBB Bond Fund** | **MBS Bond Fund** | **High Yield** <br>(MACS) Fund  |
| Cost of investments<sup>(a)</sup> | $236356588 | $103782412 | $177826575  |
| Gross unrealized appreciation | 2008766 | 350568 | 5705410  |
| Gross unrealized depreciation | (22710082) | (6065195) | (9042973)  |
| Net unrealized appreciation/(depreciation)<sup>(a)</sup> | (20701316) | (5714627) | (3337563)  |
| Undistributed ordinary income | 115901 | 373123 | 209221  |
| Undistributed long-term capital gain |  |  | —  |
| Total distributable earnings | 115901 | 373123 | 209221  |
| Other accumulated gains/(losses) | (12069295) | (2753454) | (6130856)  |
| Total accumulated earnings/(losses) | $(32654710) | $(8094958) | $(9259198) |

---

<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 MBS Bond Fund and the High Yield (MACS) 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 | $1676573 | $10392722  |
| MBS Bond Fund | $1530028 | $1223426  |
| High Yield (MACS) Fund | $— | $6130856 |

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**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,

36<br>

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

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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.

37<br>

------

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

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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

38<br>

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

**PIA FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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 May 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| BBB Bond Fund | Wells Fargo LLC | &nbsp;&nbsp;&nbsp; 44.84%  |
| MBS Bond Fund | Morgan Stanley LLC | &nbsp;&nbsp;&nbsp; 37.77%  |
| High Yield (MACS) Fund | First Hawaiian Bank | &nbsp;&nbsp;&nbsp; 89.70% |

---

**NOTE 10 – OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

39<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.** 

**PIA BBB Bond Fund** 

**PIA MBS Bond Fund** 

**PIA High Yield (MACS) Fund**

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreements") between Advisors Series Trust (the "Trust") and Pacific Income Advisers, Inc. (the "Adviser") on behalf of the PIA BBB Bond Fund (the "BBB Fund"), the PIA MBS Bond Fund (the "MBS Fund"), and the PIA High Yield (MACS) Fund (the "High Yield (MACS) Fund") (collectively, the "Funds"). At both meetings, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreements. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreements:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreements . The Board
 considered the nature, extent and quality of the Adviser's overall services provided to the Funds, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities
 of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities
 of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance
 program, its chief compliance officer and the Adviser's compliance record, as well as the Adviser's cybersecurity program,
 liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board further considered
 the prior relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and
 noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss each Fund's performance
 and investment outlook as well as various compliance topics and fund marketing/distribution. The Board took into account that all shareholders
 of the Funds are advisory clients of the Adviser and that the Funds are used as investment options to fulfill investment mandates for
 such clients. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment processes and compliance
 policies and procedures essential to performing its duties under the Advisory Agreements and that they were satisfied with the nature,
 overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Funds' historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund as of June 30, 2024, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market
 benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by
 the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance,
 it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board
 took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly
 from

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

**PIA FUNDS** 

**ADDITIONAL INFORMATION(Continued)** 

funds in the peer universe. When reviewing a Fund's performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.

**BBB Fund: The Board noted that the BBB Fund outperformed the average of its Morningstar peer group for the one-, five-, and ten-year periods and underperformed for the three-year period ended June 30, 2024. The Board noted that the BBB Fund underperformed the average of its Cohort for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed the benchmark index for the one-, three-, five-, and ten-year periods ended June 30, 2024.** 

The Board considered that the Adviser does not manage any other accounts with a similar strategy to that of the BBB Fund.

**MBS Fund: The Board noted that the MBS Fund underperformed the average of its Morningstar peer group for the one-, and five-year periods and outperformed for the three-, and ten-year periods, all periods ended June 30, 2024. The Board also noted the Fund underperformed the average of its Cohort for the one-year period, and outperformed for the three-, five-, and ten-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed its benchmark index for the one-, and ten-year periods, outperformed for the three-year period, and performed in-line for the five- year period, all periods ended June 30, 2024.** 

The Board considered that the Adviser does not manage any other accounts with a similar strategy to that of the MBS Fund.

**High Yield (MACS) Fund: The Board noted that the High Yield (MACS) Fund outperformed the average of the Morningstar peer group and the Cohort for the one-, three- and five-year periods, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad- based securities market benchmark, noting that it had outperformed its benchmark index for the one-, three- and five-year periods ended June 30, 2024.** 

The Board also considered any differences in performance between the similarly managed accounts of the Adviser and the performance of the Fund, noting that the Fund had outperformed its similarly managed account composite for the one-, three-, and five-year periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreements .
 In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the applicable Morningstar
 peer group, the Cohort, and the Adviser's similarly managed accounts for other types of clients, as well as all expense waivers
 and reimbursements. The Board also considered that the Adviser does not manage any other accounts with strategies similar to that of the
 BBB Fund and MBS Fund.

**BBB Fund: The Board noted that the Fund's net expense ratio was below the median and average of its Cohort. The Board noted that the Adviser does not charge management fees to the BBB Fund. The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the BBB Fund.** 

**MBS Fund: The Board noted that the Fund's net expense ratio was below the median and average of its Cohort and below. The Board also noted that the Adviser does not charge management fees to the MBS Fund. The Board recognized that clients of the Adviser pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the MBS Fund.** 

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

**PIA FUNDS** 

**ADDITIONAL INFORMATION(Continued)** 

**High Yield (MACS) Fund: The Board noted that the Fund's net expense ratio was below the median and average of its Cohort. The Board also noted that the Adviser does not charge management fees to the High Yield (MACS) Fund. The Board recognized that clients of the Adviser will pay the Adviser an investment advisory fee to manage their assets as part of wrap programs or other investment advisory accounts, including on assets invested in the High Yield Fund.** 

The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Funds and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale . The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
 The Board noted that since the Adviser does not charge a management fee to the Funds, and has temporarily agreed to absorb all but 0.19%,
 0.28% and 0.25% of the BBB Fund's, MBS Fund's and High Yield (MACS) Fund's ordinary operating expenses through March 29,
 2025, respectively, it did not appear that there were any additional significant economies of scale being realized by the Adviser. The
 Board additionally noted that the expense ratios for BBB Fund and High Yield (MACS) Fund are currently running below the Expense Cap.
 The Board noted that at current asset levels, it did not appear that there were additional economies of scale being realized by the Adviser
 and concluded that it would continue to monitor in the future as circumstances changed.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Funds . The Board reviewed the Adviser's
 financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds.
 The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional material benefits
 derived by the Adviser from its relationship with the Funds, including the advisory fees it received from the wrap programs and other
 advisory accounts associated with assets invested in the Funds. The Board also considered that the Funds do not charge any Rule 12b-
 1 fees or utilize "soft dollars." After such review, the Board determined that the profitability to the Adviser with respect
 to the Advisory Agreements was not excessive, and that the Adviser had maintained adequate profit levels to support the services that
 it provides to the Funds.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreements for the BBB Fund, MBS Fund, and High Yield (MACS) Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable to the Funds. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreements for the BBB Fund, MBS Fund, and High Yield (MACS) Fund would be in the best interests of each Fund and its shareholders.

42<br>

![](pia_logo.jpg)

**PIA HIGH YIELD FUND**

Core Financial Statements

May 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoia) | [1](#tsoia) |
| [Statement of Assets and Liabilities](#tsala) | [7](#tsala) |
| [Statement of Operations](#tsopa) | [8](#tsopa) |
| [Statements of Changes in Net Assets](#tscnaa) | [9](#tscnaa) |
| [Financial Highlights](#tfihia) | [10](#tfihia) |
| [Notes to Financial Statements](#tnotesa) | [11](#tnotesa) |
| [Additional Information](#taddinfa) | [19](#taddinfa) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 92.6%**<br>|  |  |
| **Advertising - 1.0%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030<sup>(a)</sup> | $925000 | $937852  |
| **Aerospace/Defense - 1.6%**<br>|  |  |
| Efesto Bidco S.p.A Efesto US LLC, 7.50%, 02/15/2032<sup>(a)</sup> | 1000000 | 1007375  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(a)</sup> | 475000 | 473516  |
|  |  | 1480891  |
| **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 | 1072785  |
| **Auto Manufacturers - 0.8%**<br>|  |  |
| PM General Purchaser LLC, 9.50%, 10/01/2028<sup>(a)</sup> | 1051000 | 680785  |
| **Building Materials - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, <br>6.75%, 04/01/2032<sup>(a)</sup> | 250000 | 252038  |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | 725000 | 668365  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028<sup>(a)</sup> | 650000 | 641073  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031<sup>(a)</sup> | 300000 | 308224  |
|  |  | 1869700  |
| **Chemicals - 9.9%**<br>|  |  |
| ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | 932000 | 337855  |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 1125000 | 1158777  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 875000 | 710329  |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 860000 | 788925  |
| GPD Cos., Inc., 10.13%, 04/01/2026<sup>(a)</sup> | 1160000 | 1116444  |
| Herens Holdco Sarl, 4.75%, 05/15/2028<sup>(a)</sup> | 1000000 | 877021  |
| Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(a)</sup> | 1315550 | 1326903  |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 1075000 | 918008  |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(a)</sup> | 905000 | 943969  |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029<sup>(a)</sup> | 860000 | 817269  |
|  |  | 8995500  |
| **Coal - 1.1%**<br>|  |  |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 1100000 | 1011786  |
| **Commercial Services - 14.1%**<br>|  |  |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(a)</sup> | 1241000 | 1085456  |
| Champions Financing, Inc., 8.75%, 02/15/2029<sup>(a)</sup> | 1250000 | 1165276  |
| Cimpress PLC, 7.38%, 09/15/2032<sup>(a)</sup> | 950000 | 886625  |
| CPI CG, Inc., 10.00%, 07/15/2029<sup>(a)</sup> | 900000 | 956230  |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | 975000 | 983215  |
| Deluxe Corp., 8.13%, 09/15/2029<sup>(a)</sup> | 1000000 | 1013909  |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | 1135000 | 1069993  |

---

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

1<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(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> | $850000 | $807899  |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029<sup>(a)</sup> | 1016000 | 1019544  |
| StoneMor, Inc., 8.50%, 05/15/2029<sup>(a)</sup> | 1165000 | 1074980  |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 1108000 | 1180162  |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(a)</sup> | 650000 | 689645  |
| WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026<sup>(a)</sup> | 825000 | 823902  |
|  |  | 12756836  |
| **Computers - 1.2%**<br>|  |  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(a)</sup> | 1145000 | 1053339  |
| **Distribution/Wholesale - 0.4%**<br>|  |  |
| Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 375000 | 397258  |
| **Diversified Financial Services - 1.1%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 320000 | 318673  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030<sup>(a)</sup> | 550000 | 551848  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 135000 | 143943  |
|  |  | 1014464  |
| **Engineering & Construction - 4.0%**<br>|  |  |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(a)</sup> | 1300000 | 1167130  |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(a)</sup> | 350000 | 349632  |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(a)</sup> | 1165000 | 1092738  |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(a)</sup> | 981000 | 997848  |
|  |  | 3607348  |
| **Entertainment - 2.2%**<br>|  |  |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(a)</sup> | 967000 | 917396  |
| Voyager Parent LLC, 9.25%, 07/01/2032<sup>(a)</sup> | 1050000 | 1085482  |
|  |  | 2002878  |
| **Food - 2.1%**<br>|  |  |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(a)</sup> | 1017000 | 1061554  |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 03/01/2029<sup>(a)</sup> | 940000 | 876743  |
|  |  | 1938297  |
| **Food Service - 1.4%**<br>|  |  |
| TKC Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2028<sup>(a)</sup> | 485000 | 482945  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2029<sup>(a)</sup> | 785000 | 806686  |
|  |  | 1289631  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Forest Products & Paper - 2.4%**<br>|  |  |
| Magnera Corp., 4.75%, 11/15/2029<sup>(a)</sup> | $1017000 | $863266  |
| Mercer International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/2028<sup>(a)</sup> | 600000 | 597449  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | 850000 | 676509  |
|  |  | 2137224  |
| **Healthcare-Products - 1.0%**<br>|  |  |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(a)</sup> | 850000 | 884289  |
| **Healthcare-Services- 2.2%**<br>|  |  |
| Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(a)</sup> | 875000 | 925648  |
| Kedrion SpA, 6.50%, 09/01/2029<sup>(a)</sup> | 1020000 | 983835  |
| ModivCare, Inc., 5.00%, 10/01/2029<sup>(a)</sup> | 1625000 | 89375  |
|  |  | 1998858  |
| **Internet - 1.3%**<br>|  |  |
| ION Trading Technologies Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028<sup>(a)</sup> | 720000 | 696874  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029<sup>(a)</sup> | 450000 | 466209  |
|  |  | 1163083  |
| **Iron/Steel - 1.3%**<br>|  |  |
| TMS International Corp./DE, 6.25%, 04/15/2029<sup>(a)</sup> | 1280000 | 1194576  |
| **Leisure Time - 0.9%**<br>|  |  |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028<sup>(a)</sup> | 809000 | 837518  |
| **Machinery-Diversified - 2.9%**<br>|  |  |
| GrafTech Finance, Inc., 4.63%, 12/23/2029<sup>(a)</sup> | 1161000 | 730257  |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(a)</sup> | 150000 | 118500  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 1025000 | 1049598  |
| OT Merger Corp., 7.88%, 10/15/2029<sup>(a)</sup> | 1769000 | 691422  |
|  |  | 2589777  |
| **Media - 3.9%**<br>|  |  |
| Beasley Mezzanine Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.00%, 08/01/2028<sup>(a)</sup> | 121000 | 121000  |
| &nbsp;&nbsp;&nbsp; 9.20%, 08/01/2028<sup>(a)</sup> | 1003000 | 361080  |
| Spanish Broadcasting System, Inc., 9.75%, 03/01/2026<sup>(a)</sup> | 1535000 | 1093365  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029<sup>(a)</sup> | 570000 | 508148  |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030<sup>(a)</sup> | 350000 | 327446  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 250000 | 240208  |
| Urban One, Inc., 7.38%, 02/01/2028<sup>(a)</sup> | 1650000 | 826543  |
|  |  | 3477790  |
| **Metal Fabricate/Hardware - 0.9%**<br>|  |  |
| Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 855000 | 829948  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Mining - 3.0%**<br>|  |  |
| Arsenal AIC Parent LLC, 8.00%, 10/01/2030<sup>(a)</sup> | $650000 | $683396  |
| Compass Minerals International, Inc., 6.75%, 12/01/2027<sup>(a)</sup> | 1000000 | 1000597  |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(a)</sup> | 1000000 | 989370  |
|  |  | 2673363  |
| **Miscellaneous Manufacturing - 1.6%**<br>|  |  |
| Calderys Financing II LLC, 11.75% (includes 12.50% PIK), 06/01/2028<sup>(a)</sup> | 750000 | 766132  |
| Calderys Financing LLC, 11.25%, 06/01/2028<sup>(a)</sup> | 665000 | 708607  |
|  |  | 1474739  |
| **Office-Business Equipment - 2.2%**<br>|  |  |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(a)</sup> | 985000 | 990821  |
| Xerox Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028<sup>(a)</sup> | 1075000 | 755777  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(a)</sup> | 375000 | 253096  |
|  |  | 1999694  |
| **Oil & Gas Services - 2.4%**<br>|  |  |
| Aris Water Holdings LLC, 7.25%, 04/01/2030<sup>(a)</sup> | 350000 | 352121  |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(a)</sup> | 1000000 | 997969  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 825000 | 850761  |
|  |  | 2200851  |
| **Packaging & Containers - 4.9%**<br>|  |  |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030<sup>(a)</sup> | 875000 | 880077  |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(a)</sup> | 1050000 | 1005438  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 650000 | 555905  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 425000 | 383504  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 375000 | 310836  |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027<sup>(a)</sup> | 1150000 | 1135046  |
| Trivium Packaging Finance BV, 12.25%, 01/15/2031<sup>(a)</sup> | 175000 | 184097  |
|  |  | 4454903  |
| **Pipelines - 6.7%**<br>|  |  |
| Global Partners LP / GLP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 | 275000 | 275857  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 616000 | 618930  |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032<sup>(a)</sup> | 165000 | 171566  |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | 1155000 | 1079106  |
| Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(a)</sup> | 500000 | 530077  |
| NGL Energy Operating LLC / NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029<sup>(a)</sup> | 550000 | 536052  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032<sup>(a)</sup> | 667000 | 631883  |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | 950000 | 952912  |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 350000 | 357583  |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(a)</sup> | 850000 | 870504  |
|  |  | 6024470  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Retail - 1.1%**<br>|  |  |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029<sup>(a)</sup> | $1100000 | $996656  |
| **Software - 4.7%**<br>|  |  |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(a)</sup> | 1050000 | 1043713  |
| Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 975000 | 987213  |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028<sup>(a)</sup> | 875000 | 833298  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029<sup>(a)</sup> | 330000 | 335370  |
| Rocket Software, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028<sup>(a)</sup> | 250000 | 258206  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029<sup>(a)</sup> | 835000 | 811550  |
|  |  | 4269350  |
| **Transportation - 5.0%**<br>|  |  |
| Brightline East LLC, 11.00%, 01/31/2030<sup>(a)</sup> | 1191000 | 865994  |
| First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 750000 | 701712  |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(a)</sup> | 1085000 | 1068312  |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(a)</sup> | 1100000 | 1036054  |
| Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032<sup>(a)</sup> | 850000 | 875313  |
|  |  | 4547385  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>**(Cost $89,453,055)** |  | 83863824  |
|  | **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  |
| **Media - 0.0%<sup>(b)</sup>**<br>|  |  |
| Beasley Broadcast Group, Inc.<sup>(d)</sup> | 740 | 3286  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $146,126)** |  | 40736  |
| **SHORT-TERM INVESTMENTS - 6.1%**<br>|  |  |
| **Money Market Funds - 6.1%**<br>|  |  |
| Fidelity Government Portfolio - Class Institutional, 4.19%<sup>(e)</sup> | 5482344 | 5482344  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $5,482,344)** |  | 5482344  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%**<br>**(Cost $95,081,525)** |  | $89386904  |
| Other Assets in Excess of Liabilities - 1.3% |  | 1143536  |
| **TOTAL NET ASSETS - 100.0%** |  | $90530440 |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

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 May 31, 2025, the value of these securities total $81,462,580 or 90.0% 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 May 31, 2025.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Statement of Assets and Liabilities** 

**May 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $89386904  |
| Interest receivable | 1738396  |
| Receivable for investments sold | 344907  |
| Receivable for fund shares sold | 228  |
| Prepaid expenses and other assets | 21476  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 91491911  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 875000  |
| Payable for capital shares redeemed | 22392  |
| Payable for fund administration and accounting fees | 19071  |
| Payable to adviser | 17417  |
| Payable for audit fees | 11121  |
| Payable for transfer agent fees and expenses | 5240  |
| Payable for directors fees | 3188 |
| Payable for compliance fees | 1778  |
| Payable for custodian fees | 1465  |
| Payable for distribution and shareholder servicing fees | 163  |
| Payable for expenses and other liabilities | 4636  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 961471  |
| **NET ASSETS** | $90530440  |
| **NET ASSETS CONSISTS OF:**<br>|  |
| Paid-in capital | $100519493  |
| Total accumulated losses | (9989053)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $90530440  |
| Net assets | $90530440  |
| Shares issued and outstanding<sup>(a)</sup> | 10478321  |
| Net asset value per share | $8.64  |
| **COST:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $95081525 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Statement of Operations** 

**For the Period Ended May 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Interest income | $4009156  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4009156  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 252781  |
| Fund administration and accounting fees | 62972  |
| Transfer agent fees | 54686  |
| Trustees' fees | 12043  |
| Audit fees | 11997  |
| Federal and state registration fees | 11993  |
| Reports to shareholders | 7421  |
| Compliance fees | 5505  |
| Custodian fees | 4073  |
| Legal fees | 3893  |
| Other expenses and fees | 9898  |
| &nbsp;&nbsp;&nbsp; Total expenses | 437262  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (138521)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 298741  |
| **NET INVESTMENT INCOME** | 3710415  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (539400)  |
| Net realized gain (loss) | (539400)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (4347003)  |
| Net change in unrealized appreciation (depreciation) | (4347003)  |
| **Net realized and unrealized gain (loss)** | (4886403)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1175988) |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended** <br>**November 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3710415 | $5255551  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (539400) | (741148)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4347003) | 4062932  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1175988) | 8577335  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3744566) | (5193992)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3744566) | (5193992)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 19577907 | 57064170  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1481945 | 2064524  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (19097496) | (28033974)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1962356 | 31094720  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (2958198) | 34478063  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 93488638 | 59010575  |
| &nbsp;&nbsp;&nbsp; End of the period | $90530440 | $93488638  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2200930 | 6350331  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 167878 | 230952  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2157312) | (3144689)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 211496 | 3436594 |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**PIA High Yield Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.11 | $8.64 | $8.28 | $9.85 | $9.71 | $9.61  |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 0.68 | 0.65 | 0.68 | 0.61 | 0.63  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.47) | 0.47 | 0.36 | (1.57) | 0.14 | 0.08  |
| **Total from investment operations** | &nbsp;&nbsp; (0.11) | 1.15 | 1.01 | (0.89) | 0.75 | 0.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.36) | (0.68) | (0.65) | (0.68) | (0.61) | (0.63)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  |  | (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (0.36) | (0.68) | (0.65) | (0.68) | (0.61) | (0.64)  |
|  Increase from payment by affiliate and administrator due to operational error | &nbsp;&nbsp; — |  |  |  |  | 0.03 |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.64 | $9.11 | $8.64 | $8.28 | $9.85 | $9.71  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; -1.23% | 13.73% | 12.70% | -9.26% | 7.85% | 8.36%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $90530 | $93489 | $59011 | $50004 | $60396 | $55110  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.95% | 0.98% | 1.06% | 1.06% | 0.97% | 1.11%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.65% | 0.80%<sup>(e)</sup> | 0.86% | 0.86% | 0.86% | 0.86%  |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 8.09% | 7.78% | 7.69% | 7.50% | 6.13% | 6.80%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 8% | 43% | 35% | 23% | 72% | 51% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Effective September 1, 2024, the Advisor 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.

<sup>(f)</sup> Includes increase from payment made by affiliate and administrator due to the corporate action operational error. On September 18, 2020, the Fund received a reimbursement of $153,625 from the Adviser and Administrator related to a corporate action instruction error during the year ended November 30, 2020. Due to a miscommunication, the tender offer for the Martin Midstream corporate action was not processed correctly. This resulted in the Fund's position being tendered rather than exchanged. Had the Fund not received the payment, total return would have been 8.03%. 

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

10<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)** 

**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.** 

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**[**TABLE OF CONTENTS**](#TOC1)**

**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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"). This change 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 this guidance with respect to the financial statements and disclosures and determined there is no material impact on the Fund. The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Pacific Income Advisers, Inc. ("PIA" or the "Adviser") to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund are the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker.

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 six months ended May 31, 2025, the Fund did not enter into derivatives transactions.

**Events Subsequent to the Fiscal Period End: In preparing the financial statements as of May 31, 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.** 

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**[**TABLE OF CONTENTS**](#TOC1)**

**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

**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. 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.** 

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

**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, 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 May 31, 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 May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $83863824 | $— | $83863824  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 3286 |  | 37450 | 40736  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5482344 |  |  | 5482344  |
| **Total Investments** | $5485630 | $83863824 | $37450 | $89386904 |

---

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

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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 May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $37450 |

---

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at May 31, 2025, and still classified as Level 3 was $(67,410).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **5-31-25**  | **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 six months ended May 31, 2025, the Fund incurred $252,781 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. 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 six months ended May 31, 2025, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $138,521; 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 $49,902, of the absorbed amount of $138,521. 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** 

**May 31, 2025 (Unaudited)(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 six months ended May 31, 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 $26,982 of sub-transfer agent fees during the six months ended May 31, 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 six months ended May 31, 2025, the cost of purchases and the proceeds from sales of securities (excluding short-term securities and U.S. Government securities) were $12,914,734 and $6,911,354, respectively. There were no purchases and sales of U.S. Government securities during the six months ended May 31, 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 six months ended May 31, 2025.

**NOTE 7 – FEDERAL INCOME TAX INFORMATION** 

The tax character of distributions paid during the six month ended May 31, 2025 and year ended November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**May 31, 2025** | **Year Ended** <br>**November 30, 2024**  |
| Ordinary income | &nbsp;&nbsp;&nbsp; $3744566 | &nbsp;&nbsp;&nbsp; $5193992 |

---

As of November 30, 2024, the Fund's most recently completed fiscal year, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $93615139  |
| Gross unrealized appreciation | 2055030  |
| Gross unrealized depreciation | (3402648)  |
| Net unrealized depreciation<sup>(a)</sup> | (1347618)  |
| Undistributed ordinary income | 98885  |
| Undistributed long-term capital gains | —  |
| Total distributable earnings | 98885  |
| Other accumulated gains/(losses)  | (3819766)  |
| Total accumulated earnings/(losses) | $(5068499) |

---

<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:

---

| |
|:---|
| **Long-Term** <br>**Indefinite**  |
| $3819766 |

---

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**PIA HIGH YIELD FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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 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;• **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** 

**May 31, 2025 (Unaudited)(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 May 31, 2025, National Financial Services, LLC, for the benefit of their customers, owned 43.62% of the outstanding shares of the Fund.

**NOTE 10 – OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

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**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.** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreement") between Advisors Series Trust (the "Trust") and Pacific Income Advisers, Inc. (the "Adviser") on behalf of the PIA High Yield Fund (the "High Yield Fund" or "Fund"). At both meetings, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement . The Board considered
 the nature, extent and quality of the Adviser's overall services provided to the Fund, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities
 of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities
 of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance
 program, its chief compliance officer and the Adviser's compliance record, as well as the Adviser's cybersecurity program,
 liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board also considered
 the prior relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and
 noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss the Fund's performance
 and investment outlook as well as various compliance topics and fund marketing/distribution. The Board concluded that the Adviser had
 the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its
 duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Fund's historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2024, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market
 benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by
 the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance,
 it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board
 took into account that the investment objectives and strategies of the Fund, as well as its level of risk tolerance, may differ significantly
 from funds in the peer universe. When reviewing a Fund's performance against broad market benchmarks, the Board took into account
 the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds
 and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took
 into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance
 may be transitory in nature while others may reflect more significant underlying issues.

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**[**TABLE OF CONTENTS**](#TOC1)**

**PIA HIGH YIELD FUND** 

**ADDITIONAL INFORMATION(Continued)** 

The Board noted that the Fund outperformed the average of both the Morningstar peer group and the Cohort for the one-, three-, five-, and ten-year periods, all periods ended June 30, 2024. The Board also reviewed the performance of the High-Yield Fund against a broad-based securities market benchmark for the same period, noting that it had outperformed its benchmark index for the one-, three-, five- and ten-year periods ended June 30, 2024.

The Board also considered any differences in performance between the Adviser's similarly managed accounts and the performance of the High-Yield Fund, noting that the Fund underperformed the similarly managed composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreement. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the Morningstar peer group,
 the Cohort, and the Adviser's similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements.

The Board noted that the Adviser had temporarily agreed, through at least March 29, 2025, to maintain an annual expense ratio for the Fund of 0.65%, which was lowered from 0.86% effective September 1, 2024, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board also considered that the contractual management fee was at the median and above the average of its Cohort, while the net expense ratio was above the Cohort average and median. The Board further noted that if the lower Expense Cap had been in place, the net expense ratio would have been at the median and below the average of its Cohort. The Board also took into consideration the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were higher than the fees charged to the Advisor's separately managed account clients, primarily as a reflection of the larger account size for separate account clients as well as client service and operations differences between the Fund and the separate account clients.

The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Fund and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
 The Board noted that the Adviser has agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed its
 Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional economies of scale being realized
 by the Adviser and concluded that it would continue to monitor in the future as circumstances changed.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Fund . The Board reviewed the Adviser's
 financial information and considered both the direct benefits and the indirect benefits to the Adviser from advising the Fund. The Board
 considered the profitability to the Adviser from its relationship with the Fund and considered any additional benefits derived by the
 Adviser from its relationship with the Fund. The Board also considered that the Fund does not charge any Rule 12b-1 fees or utilize
 "soft dollars." After such review, the Board determined that the profitability to the Adviser with respect to the Advisory
 Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the
 Fund.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement for the High Yield Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the High Yield Fund would be in the best interests of the Fund and its shareholders.

20<br>

![](pia_logo.jpg)

**PIA Short-Term Securities Fund**

Core Financial Statements

May 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi2a) | [1](#soi2a) |
| [Statement of Assets and Liabilities](#sal2) | [6](#sal2) |
| [Statement of Operations](#sop2) | [7](#sop2) |
| [Statements of Changes in Net Assets](#scna2) | [8](#scna2) |
| [Financial Highlights](#fihi2) | [9](#fihi2) |
| [Notes to Financial Statements](#notes2) | [10](#notes2) |
| [Additional Information](#ai12) | [18](#ai12) |

---

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 52.3%**<br>|  |  |
| **Agriculture - 0.7%**  | **Agriculture - 0.7%**  | **Agriculture - 0.7%**  |
| Philip Morris International, Inc., 4.75%, 02/12/2027  | $1000000 | $1007538  |
| **Banks - 11.9%** | **Banks - 11.9%** | **Banks - 11.9%** |
| Bank of Montreal, 5.27%, 12/11/2026  | 1800000 | 1820998  |
| Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 2000000 | 2002775  |
| Bank of Nova Scotia, 5.40%, 06/04/2027  | 800000 | 815439  |
| Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026  | 800000 | 814724  |
| Citibank NA, 5.49%, 12/04/2026  | 1000000 | 1014387  |
| Fifth Third Bank NA, 4.97% to 01/28/2027 then SOFR + 0.81%, 01/28/2028  | 2000000 | 2008278  |
|  Goldman Sachs Bank USA/New York NY, 5.28% to 03/18/2026 then SOFR + 0.78%, 03/18/2027  | 1800000 | 1807697  |
| Morgan Stanley Bank NA, 4.45% to 10/15/2026 then SOFR + 0.68%, 10/15/2027 | 2000000 | 1998838  |
| PNC Bank NA, 4.78% to 01/15/2026 then SOFR + 0.50%, 01/15/2027  | 2000000 | 2001509  |
| Royal Bank of Canada, 4.88%, 01/19/2027  | 2000000 | 2016665  |
| Sumitomo Mitsui Trust Bank Ltd., 5.65%, 09/14/2026<sup>(a)</sup> | 1000000 | 1014231  |
| Wells Fargo Bank NA, 5.25%, 12/11/2026  | 1000000 | 1012913  |
|  |  | 18328454  |
| **Building Materials - 0.7%** | **Building Materials - 0.7%** | **Building Materials - 0.7%** |
| Holcim Finance US LLC, 4.70%, 04/07/2028<sup>(a)</sup> | 1000000 | 1004906  |
| **Chemicals - 1.3%** | **Chemicals - 1.3%** | **Chemicals - 1.3%** |
| FMC Corp., 5.15%, 05/18/2026  | 1000000 | 1006518  |
| Nutrien Ltd., 5.20%, 06/21/2027  | 1000000 | 1012574  |
|  |  | 2019092  |
| **Commercial Services - 2.3%** | **Commercial Services - 2.3%** | **Commercial Services - 2.3%** |
| Cintas Corp. No 2, 4.20%, 05/01/2028  | 500000 | 499044  |
| Quanta Services, Inc., 4.75%, 08/09/2027  | 3000000 | 3012013  |
|  |  | 3511057  |
| **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.88%, 04/01/2028  | 1000000 | 1004815  |
| **Electric - 5.0%** | **Electric - 5.0%** | **Electric - 5.0%** |
| Ameren Corp., 5.70%, 12/01/2026  | 1000000 | 1015835  |
| American Electric Power Co., Inc., 5.70%, 08/15/2025  | 1000000 | 1001490  |
| DTE Energy Co., 4.95%, 07/01/2027  | 500000 | 504001  |
| Duke Energy Corp., 4.85%, 01/05/2027  | 1000000 | 1006846  |
| Eversource Energy, 4.75%, 05/15/2026  | 1000000 | 1001087  |
| Georgia Power Co., 5.00%, 02/23/2027  | 1500000 | 1519900  |
| Southern California Edison Co., 4.40%, 09/06/2026  | 700000 | 697194  |
| Xcel Energy, Inc., 4.75%, 03/21/2028  | 1000000 | 1005041  |
|  |  | 7751394  |
| **Environmental Control - 0.7%** | **Environmental Control - 0.7%** | **Environmental Control - 0.7%** |
| Veralto Corp., 5.50%, 09/18/2026  | 1000000 | 1011107  |
| **Food - 0.3%** | **Food - 0.3%** | **Food - 0.3%** |
| The Campbell's Co., 5.30%, 03/20/2026  | 500000 | 502168  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS -(Continued)** <br>|  |  |
| **Forest Products & Paper - 0.6%**<br>|  |  |
| Georgia-Pacific LLC, 4.40%, 06/30/2028<sup>(a)</sup> | $1000000 | $1000756  |
| **Gas - 0.3%** | **Gas - 0.3%** | **Gas - 0.3%** |
| Spire, Inc., 5.30%, 03/01/2026  | 500000 | 501579  |
| **Healthcare-Products - 0.3%** | **Healthcare-Products - 0.3%** | **Healthcare-Products - 0.3%** |
| Smith & Nephew PLC, 5.15%, 03/20/2027  | 500000 | 504641  |
| **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| Elevance Health, Inc., 4.50%, 10/30/2026  | 250000 | 249969  |
| **Insurance - 7.5%** | **Insurance - 7.5%** | **Insurance - 7.5%** |
| AEGON Funding Co. LLC, 5.50%, 04/16/2027<sup>(a)</sup> | 3000000 | 3030620  |
| Aon North America, Inc., 5.13%, 03/01/2027  | 500000 | 505290  |
| Arthur J Gallagher & Co., 4.60%, 12/15/2027  | 500000 | 501193  |
| Athene Global Funding, 5.62%, 05/08/2026<sup>(a)</sup> | 2000000 | 2017608  |
| Corebridge Global Funding, 5.35%, 06/24/2026<sup>(a)</sup> | 500000 | 504371  |
| Jackson National Life Global Funding, 5.50%, 01/09/2026<sup>(a)</sup> | 1000000 | 1004612  |
| MassMutual Global Funding II, 4.15%, 08/26/2025<sup>(a)</sup> | 500000 | 499647  |
| Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026<sup>(a)</sup> | 1000000 | 1012244  |
| Principal Life Global Funding II  | Principal Life Global Funding II  | Principal Life Global Funding II  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/16/2027<sup>(a)</sup> | 500000 | 503774  |
| &nbsp;&nbsp;&nbsp; 4.60%, 08/19/2027<sup>(a)</sup> | 1000000 | 1002231  |
| Protective Life Global Funding, 4.99%, 01/12/2027<sup>(a)</sup> | 1000000 | 1007159  |
|  |  | 11588749  |
| **Investment Companies - 3.3%** | **Investment Companies - 3.3%** | **Investment Companies - 3.3%** |
| Ares Capital Corp., 7.00%, 01/15/2027  | 2000000 | 2060876  |
| HPS Corporate Lending Fund, 5.45%, 01/14/2028  | 2000000 | 1998978  |
| Main Street Capital Corp., 6.50%, 06/04/2027  | 1000000 | 1019551  |
|  |  | 5079405  |
| **Lodging - 0.3%** | **Lodging - 0.3%** | **Lodging - 0.3%** |
| Marriott International, Inc./MD, 5.45%, 09/15/2026  | 500000 | 505216  |
| **Machinery-Diversified - 0.3%** | **Machinery-Diversified - 0.3%** | **Machinery-Diversified - 0.3%** |
| AGCO Corp., 5.45%, 03/21/2027  | 500000 | 503987  |
| **Mining - 0.7%** | **Mining - 0.7%** | **Mining - 0.7%** |
| Glencore Funding LLC, 5.34%, 04/04/2027<sup>(a)</sup> | 1000000 | 1011218  |
| **Oil & Gas - 1.0%** | **Oil & Gas - 1.0%** | **Oil & Gas - 1.0%** |
| Occidental Petroleum Corp., 5.00%, 08/01/2027  | 1000000 | 1000784  |
| Pioneer Natural Resources Co., 5.10%, 03/29/2026  | 500000 | 502417  |
|  |  | 1503201  |
| **Oil & Gas Services - 0.3%** | **Oil & Gas Services - 0.3%** | **Oil & Gas Services - 0.3%** |
| Schlumberger Holdings Corp., 5.00%, 05/29/2027<sup>(a)</sup> | 500000 | 505064  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS -(Continued)** <br>|  |  |
| **Packaging & Containers - 1.9%** | **Packaging & Containers - 1.9%** | **Packaging & Containers - 1.9%** |
| Amcor Flexibles North America, Inc., 4.80%, 03/17/2028<sup>(a)</sup> | $1000000 | $1002744  |
| Sonoco Products Co., 4.45%, 09/01/2026  | 2000000 | 1990161  |
|  |  | 2992905  |
| **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** | **Pharmaceuticals - 2.0%** |
| Cencora, Inc., 4.63%, 12/15/2027  | 2000000 | 2011012  |
| Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026  | 1000000 | 1000701  |
|  |  | 3011713  |
| **Pipelines - 3.6%** | **Pipelines - 3.6%** | **Pipelines - 3.6%** |
| Enbridge, Inc., 5.25%, 04/05/2027  | 2000000 | 2023621  |
| Energy Transfer LP, 6.05%, 12/01/2026  | 1000000 | 1019247  |
| ONEOK, Inc., 4.25%, 09/24/2027  | 1000000 | 993336  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027<sup>(a)</sup> | 1000000 | 1000522  |
| Williams Cos., Inc., 5.40%, 03/02/2026  | 500000 | 502539  |
|  |  | 5539265  |
| **REITs - 3.1%** | **REITs - 3.1%** | **REITs - 3.1%** |
| Camden Property Trust, 5.85%, 11/03/2026  | 2000000 | 2035345  |
| Public Storage Operating Co., 5.05% (SOFR + 0.70%), 04/16/2027  | 1000000 | 1000153  |
| Realty Income Corp., 5.05%, 01/13/2026  | 800000 | 798459  |
| Weyerhaeuser Co., 4.75%, 05/15/2026  | 1000000 | 1001885  |
|  |  | 4835842  |
| **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |
| Fiserv, Inc., 5.15%, 03/15/2027  | 2000000 | 2021843  |
| **Transportation - 1.3%** | **Transportation - 1.3%** | **Transportation - 1.3%** |
| TTX Co., 5.50%, 09/25/2026<sup>(a)</sup> | 2000000 | 2022430  |
| **Water - 0.7%** | **Water - 0.7%** | **Water - 0.7%** |
| Essential Utilities, Inc., 4.80%, 08/15/2027  | 1000000 | 1005934  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $79,866,999)** |  | 80524248  |
| **ASSET-BACKED SECURITIES - 17.7%**<br>|  |  |
|  Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 04/17/2028<sup>(a)</sup> | 878154 | 883093  |
| CarMax Auto Owner Trust, Series 2023-2, Class A3, 5.05%, 01/18/2028  | 832838 | 835436  |
| CPS Auto Trust  | CPS Auto Trust  | CPS Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A, 4.91%, 06/15/2028<sup>(a)</sup> | 295807 | 295972  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.02%, 07/16/2029<sup>(a)</sup> | 1000000 | 1003522  |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030<sup>(a)</sup> | 1000000 | 1000863  |
| Dext ABS Funding LLC, Series 2025-1, Class A2, 4.59%, 08/16/2027<sup>(a)</sup> | 1000000 | 998702  |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027<sup>(a)</sup> | 1000000 | 1000449  |
| DT Auto Owner Trust, Series 2023-3A, Class A, 6.29%, 08/16/2027<sup>(a)</sup> | 57887 | 57949  |
| FCI Funding, Series 2024-1A, Class A, 5.44%, 08/15/2036<sup>(a)</sup> | 2382918 | 2379625  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES -(Continued)** <br>|  |  |
|  Foursight Capital Automobile Receivables Trust, Series 2024-1, Class A2, 5.49%, 01/16/2029<sup>(a)</sup> | $464943 | $466727  |
| General Motors Co., Series 2023-1, Class A1, 5.34%, 06/15/2028<sup>(a)</sup> | 1000000 | 1008149  |
|  Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3, 5.80%, 12/15/2026<sup>(a)</sup> | 936214 | 939558  |
| Lobel Automobile Receivables Trust, Series 2025-1, Class A, 5.06%, 11/15/2027<sup>(a)</sup> | 1946999 | 1947271  |
| Pagaya AI Debt Selection Trust, Series 2025-3, Class A2, 5.37%, 12/15/2032<sup>(a)</sup> | 1500000 | 1499660  |
| Purchasing Power Funding, Series 2024-A, Class A, 5.89%, 08/15/2028<sup>(a)</sup> | 1500000 | 1507799  |
| PVOneLLC  | PVOneLLC  | PVOneLLC  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.25%, 07/16/2035<sup>(a)</sup> | 207405 | 208126  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.40%, 03/15/2039<sup>(a)</sup> | 2858172 | 2855805  |
| Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 778543 | 778033  |
| SAFCO Auto Receivables Trust  | SAFCO Auto Receivables Trust  | SAFCO Auto Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.51%, 03/20/2028<sup>(a)</sup> | 368050 | 369078  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.46%, 09/10/2029<sup>(a)</sup> | 2000000 | 1998235  |
|  Santander Consumer USA Holdings, Inc., Series 2024-5, Class A2, 4.88%, 09/15/2027  | 1147351 | 1147375  |
| SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027<sup>(a)</sup> | 859355 | 863766  |
| Tesla Auto Lease Trust  | Tesla Auto Lease Trust  | Tesla Auto Lease Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 5.89%, 06/22/2026<sup>(a)</sup> | 286638 | 287028  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.82%, 10/20/2027<sup>(a)</sup> | 2000000 | 2004575  |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class A3, 4.75%, 08/15/2028<sup>(a)</sup> | 1000000 | 1003538  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $27,299,655)** |  | 27340334  |
| **MORTGAGE-BACKED SECURITIES - 10.5%**<br>|  |  |
| **Commercial Mortgage-Backed Securities - 10.4%** | **Commercial Mortgage-Backed Securities - 10.4%** | **Commercial Mortgage-Backed Securities - 10.4%** |
| BX Trust  | BX Trust  | BX Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class A, 5.19% (1 mo. Term SOFR + 0.86%), 11/15/2036<sup>(a)</sup> | 2535987 | 2529018  |
| &nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, 5.77% (1 mo. Term SOFR + 1.44%), 04/15/2041<sup>(a)</sup> | 1678488 | 1682648  |
| &nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, 5.77% (1 mo. Term SOFR + 1.44%), 02/15/2039<sup>(a)</sup> | 885455 | 887607  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class B, 6.27% (1 mo. Term SOFR + 1.94%), 07/15/2029<sup>(a)</sup> | 4000000 | 3991060  |
| &nbsp;&nbsp;&nbsp; Series 2025-DIME, Class B, 5.83% (1 mo. Term SOFR + 1.50%), 02/15/2035<sup>(a)</sup> | 3000000 | 2980848  |
|  CONE Trust 2024-DFW1, Series 2024-DFW1, Class B, 6.62% (1 mo. Term SOFR + 2.29%), 08/15/2041<sup>(a)</sup> | 3000000 | 3013470  |
|  GS Mortgage Securities Corp. II, Series 2023-SHIP, Class B, 4.94%, 09/10/2038<sup>(a)(b)</sup> | 1000000 | 994986  |
|  |  | 16079637  |
| **U.S. Government Securities - 0.1%** | **U.S. Government Securities - 0.1%** | **U.S. Government Securities - 0.1%** |
| FHLMC ARM  | FHLMC ARM  | FHLMC ARM  |
| &nbsp;&nbsp;&nbsp; Pool 782784, 6.79% (1 yr. CMT Rate + 2.25%), 10/01/2034  | 36581 | 37881  |
| &nbsp;&nbsp;&nbsp; Pool 847671, 7.00% (RFUCCT1Y + 1.85%), 04/01/2036  | 9046 | 9366  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES -(Continued)** <br>|  |  |
| **U.S. Government Securities -(Continued)** <br>|  |  |
| FNMA ARM  | FNMA ARM  | FNMA ARM  |
| &nbsp;&nbsp;&nbsp; Pool 562912, 5.75% (1 yr. CMT Rate + 2.11%), 04/01/2030  | $8743 | $8731  |
| &nbsp;&nbsp;&nbsp; Pool 743454, 7.20% (RFUCCT1Y + 1.70%), 10/01/2033  | 2663 | 2718  |
| &nbsp;&nbsp;&nbsp; Pool 755253, 6.38% (RFUCCT1Y + 1.75%), 11/01/2033  | 51912 | 52848  |
|  |  | 111544  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $16,136,702)** |  | 16191181  |
| **U.S. TREASURY SECURITIES - 7.6%**<br>|  |  |
| U.S. Treasury Note/Bond  | U.S. Treasury Note/Bond  | U.S. Treasury Note/Bond  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/31/2025  | 2300000 | 2303268  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2026  | 500000 | 497477  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027  | 2500000 | 2507178  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028  | 4700000 | 4700551  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028  | 1700000 | 1693957  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $11,708,919)** |  | 11702431  |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 9.7%**<br>|  |  |
| **Money Market Funds - 0.8%**<br>|  |  |
| Fidelity Government Portfolio - Class Institutional, 4.19%<sup>(c)</sup> | 1197684 | 1197684  |
|  | **Par** |  |
| **U.S. Treasury Bills - 8.9%**<br>|  |  |
| 4.25%, 06/20/2025<sup>(d)</sup> | $800000 | 798308  |
| 4.24%, 07/10/2025<sup>(d)</sup> | 5000000 | 4977754  |
| 4.32%, 08/14/2025<sup>(d)</sup> | 8000000 | 7931507  |
|  |  | 13707569  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,902,793)** |  | 14905253  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.8%** <br>**(Cost $149,915,068)** |  | $150663447  |
| Other Assets in Excess of Liabilities - 2.2%  |  | 3323795  |
| **TOTAL NET ASSETS - 100.0%** |  | $153987242 |

---

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 May 31, 2025, the value of these securities total $60,581,297 or 39.3% 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 May 31, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of May 31, 2025.

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Statement of Assets and Liabilities** 

**May 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $150663447  |
| Receivable for investments sold | 4696888  |
| Interest receivable | 1378032  |
| Cash | 158  |
| Prepaid expenses and other assets | 23177  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 156761702  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 2694755  |
| Payable to adviser | 22948  |
| Payable for fund administration and accounting fees | 19263  |
| Payable for audit fees | 9021  |
| Payable for transfer agent fees and expenses | 7683  |
| Payable for distribution and shareholder servicing fees | 4299  |
| Payable for custodian fees | 3447  |
| Payable for directors fees | 3187 |
| Payable for compliance fees | 1779  |
| Payable for expenses and other liabilities | 8078  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2774460  |
| **NET ASSETS** | $153987242  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $153981958  |
| Total distributable earnings | 5284  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $153987242  |
| Net assets | $153987242  |
| Shares issued and outstanding<sup>(a)</sup> | 15351941  |
| Net asset value per share | $10.03  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $149915068 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Statement of Operations** 

**For the Period Ended May 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Interest income | $3889557  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3889557  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 154117  |
| Fund administration and accounting fees | 63070  |
| Transfer agent fees | 35143  |
| Trustees' fees | 12043  |
| Audit fees | 11997  |
| Federal and state registration fees | 11819  |
| Custodian fees | 6940  |
| Compliance fees | 5506  |
| Reports to shareholders | 5319  |
| Legal fees | 3895  |
| Other expenses and fees | 9378  |
| &nbsp;&nbsp;&nbsp; Total expenses | 319227  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (18697)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 300530  |
| **NET INVESTMENT INCOME** | 3589027  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 41204  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 41204  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (78999)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (78999)  |
| **Net realized and unrealized gain (loss)** | (37795)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3551232 |

---

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

7<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended** <br>**November 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3589027 | &nbsp;&nbsp; $6984594  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 41204 | &nbsp;&nbsp; 17929  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (78999) | &nbsp;&nbsp; 1520292  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3551232 | &nbsp;&nbsp; 8522815  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3632910) | &nbsp;&nbsp; (6977261)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3632910) | &nbsp;&nbsp; (6977261)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 681150 | &nbsp;&nbsp; 20472344  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3516701 | &nbsp;&nbsp; 6741458  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9908702) | &nbsp;&nbsp; (8296131)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (5710851) | &nbsp;&nbsp; 18917671  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (5792529) | &nbsp;&nbsp; 20463225  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 159779771 | &nbsp;&nbsp; 139316546  |
| &nbsp;&nbsp;&nbsp; End of the period | $153987242 | &nbsp;&nbsp; $159779771  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 67935 | &nbsp;&nbsp; 2042130  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 350875 | &nbsp;&nbsp; 674844  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (988208) | &nbsp;&nbsp; (830579)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (569398) | &nbsp;&nbsp; 1886395 |

---

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

8<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  |
|  | **Period Ended** <br>**May 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.04 | $9.93 | $9.78 | $10.05 | $10.12 | $10.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp; 0.24 | 0.47 | 0.35 | 0.12 | 0.06 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | 0.11 | 0.14 | (0.27) | (0.05) | 0.06  |
| **Total from investment operations** | &nbsp;&nbsp; 0.23 | 0.58 | 0.49 | (0.15) | 0.01 | 0.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24) | (0.47) | (0.34) | (0.12) | (0.08) | (0.14)  |
| **Total distributions** | &nbsp;&nbsp; (0.24) | (0.47) | (0.34) | (0.12) | (0.08) | (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.03 | $10.04 | $9.93 | $9.78 | $10.05 | $10.12  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 2.28% | 5.95% | 5.10% | -1.49% | 0.11% | 1.95%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $153987 | $159780 | $139316 | $130493 | $141947 | $200329  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.41% | 0.40% | 0.44% | 0.43% | 0.43% | 0.42%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.39% | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%  |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 4.67% | 4.71% | 3.54% | 1.20% | 0.66% | 1.23%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 31% | 64% | 65% | 25% | 44% | 58% |

---

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

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

9<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)** 

**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.** 

10<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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.** 

**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"). This change 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 this guidance with respect to the financial statements and disclosures and determined there is no material impact on the Fund. The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Pacific Income Advisers, Inc. ("PIA" or the "Adviser") to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund are the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker.

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

11<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

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 six months ended May 31, 2025, the Fund did not enter into derivatives transactions.

**Events Subsequent to the Fiscal Period End: In preparing the financial statements as of May 31, 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 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.** 

12<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

**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, 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 May 31, 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 May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $80524248 | $— | $80524248  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 27340334 |  | 27340334  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 16191181 |  | 16191181  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 11702431 |  | 11702431  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1197684 |  |  | 1197684  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 13707569 |  | 13707569  |
| **Total Investments** | $1197684 | $149465763 | $— | $150663447 |

---

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

13<br>

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**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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 six months ended May 31, 2025, the Fund incurred $154,117 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 six months ended May 31, 2025, the Adviser reduced its fees and/or absorbed Fund expenses in the amount of $18,697; no amounts were reimbursed to the Adviser. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | |
|:---|:---|
| **Date** | **Amount**  |
| 11/30/25 | $696  |
| 11/30/26 | 58805  |
| 11/30/27 | 14643  |
| 5/31/28 | 18697  |
|  | $92841 |

---

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 six months ended May 31, 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 $12,978 of sub-transfer agent fees during the six months ended May 31, 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.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

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

For the six months ended May 31, 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**  |
| $30810331 | $15712560 | $13379103 | $26218559 |

---

**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 six months ended May 31, 2025.

**Note 7 – Federal Income Tax Information** 

The tax character of distributions paid during the six month ended May 31, 2025 and year ended November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **November 30, 2024**  |
| Ordinary income | $3632910 | &nbsp;&nbsp;&nbsp; $6977261 |

---

As of November 30, 2024, the Fund's most recently completed fiscal year, the components of accumulated

earnings/(losses) on a tax basis were as follows

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $159633984  |
| Gross unrealized appreciation | 917678  |
| Gross unrealized depreciation | (90300)  |
| Net unrealized appreciation<sup>(a)</sup> | 827378  |
| Undistributed ordinary income | 108119  |
| Undistributed long-term capital gains | —  |
| Total distributable earnings | 108119  |
| Other accumulated gains/(losses) | (848536)  |
| Total accumulated earnings/(losses) | $86961 |

---

<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** | **Total**  |
| $426942  | $421594  | $848536 |

---

**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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(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.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA SHORT-TERM SECURITIES FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025 (Unaudited)(Continued)** 

&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.

&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 May 31, 2025, Teamsters & Food Employers Security Trust Fund and Capinco C/O U.S. Bank NA, for the benefit of their customers, owned 44.75% and 28.36%, respectively, of the outstanding shares of the Fund.

**NOTE 10 – Officers** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**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.** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreement") between Advisors Series Trust (the "Trust") and Pacific Income Advisers, Inc. (the "Adviser") on behalf of the PIA Short-Term Securities Fund (the "Short-Term Securities Fund" or the "Fund"). At both meetings, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered
 the nature, extent and quality of the Adviser's overall services provided to the Fund, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities
 of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities
 of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance
 program, its chief compliance officer and the Adviser's compliance record, as well as the Adviser's cybersecurity program,
 liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board further considered
 the prior relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and
 noted that during the course of the prior year they met with certain personnel of the Adviser to discuss the Fund's performance
 and investment outlook as well as various compliance topics and fund marketing/distribution. The Board concluded that the Adviser had
 the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its
 duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Fund's historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2024, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market
 benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by
 the Board to assist it in its 15(c) review (the "Cohort"). While the Board considered both short-term and long-term performance,
 it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board
 took into account that the investment objectives and strategies of the Fund, as well as its level of risk tolerance, may differ significantly
 from funds in the peer universe. When reviewing a Fund's performance against broad market benchmarks, the Board took into account
 the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds
 and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took
 into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance
 may be transitory in nature while others may reflect more significant underlying issues.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC2)**

**PIA Short-Term Securities Fund** 

**ADDITIONAL INFORMATION(Continued)** 

The Board noted that the Short-Term Securities Fund underperformed the average of both its Morningstar peer group and its Cohort for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had outperformed its primary benchmark for the one-, three-, five- and ten-year periods ended June 30, 2024.

The Board also considered any differences in performance between the Adviser's similarly managed accounts and the performance of the Short-Term Securities Fund, noting that the Fund had outperformed the similarly managed composite for the one-, three-, five- and ten-year periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreement. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the Morningstar peer group,
 the Cohort and the Adviser's similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements.

The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.39%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board took into consideration that the contractual management fee and net expense ratio were below the Cohort's median and average. The Board also considered the services the Adviser provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were lower than, equal to, or higher than the fees charged by the Adviser to its separately managed account clients depending on the asset level, and to the extent fees charged to the Fund were higher than for similarly managed separate accounts, it was largely a reflection of the nature of the separate account client.

The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Fund and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale . The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
 The Board noted that for the Fund the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that
 the Fund does not exceed the specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional
 economies of scale being realized by the Adviser and concluded that it would continue to monitor potential economies of scale in the future
 as circumstances changed.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Fund. The Board reviewed the Adviser's
 financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Fund.
 The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional material benefits
 derived by the Adviser from its relationship with the Fund. The Board also considered that the Fund does not charge any Rule 12b-1
 fees or utilize "soft dollars." After such review, the Board determined that the profitability to the Adviser with respect
 to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it
 provides to the Fund.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement for the Short-Term Securities Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Short-Term Securities Fund would be in the best interests of the Fund and its shareholders.

19<br>

&nbsp;&nbsp;&nbsp;&nbsp;&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>**

See Item 7(a).

**<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;&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 (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;&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.* Not Applicable.

 

&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.](pf-efp16718_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.](pf-efp16718_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>8/6/2025</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>8/6/2025</u>

---

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

---

Date <u>8/6/2025</u>

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

## 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: | 8/6/2025 | /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.

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| | | |
|:---|:---|:---|
| Date: | 8/6/2025 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |

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## 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 period ended May 31, 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 |
| Advisors Series Trust | Advisors Series Trust |

---

Dated: <u>8/6/2025</u> Dated: <u>8/6/2025</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.