PIA BBB Bond Fund

Schedule of Investments - August 31, 2023 (Unaudited)

	Principal Amount			Value
		Corporate Bonds — 93.0%
		Aerospace/Defense — 3.7%
		Boeing Co.
$	1,950,000	5.150%, 05/01/2030	$	1,920,017
	1,400,000	5.705%, 05/01/2040		1,362,896
		L3Harris Technologies, Inc.
	500,000	6.150%, 12/15/2040		518,111
		Northrop Grumman Corp.
	1,000,000	4.400%, 05/01/2030		963,770
	500,000	4.950%, 03/15/2053		469,108
		RTX Corp.
	1,000,000	3.500%, 03/15/2027		944,382
	1,000,000	4.350%, 04/15/2047		842,862
				7,021,146
		Agriculture — 2.3%
		Altria Group, Inc.
	148,000	4.800%, 02/14/2029		143,403
	1,600,000	3.400%, 05/06/2030		1,408,189
		BAT Capital Corp.
	1,000,000	2.259%, 03/25/2028		860,339
	600,000	4.540%, 08/15/2047		435,943
	800,000	5.650%, 03/16/2052		671,278
		Bunge Ltd. Finance Corp.
	600,000	3.750%, 09/25/2027		564,685
		Reynolds American, Inc.
	372,000	4.450%, 06/12/2025		364,131
				4,447,968
		Airlines — 0.4%
		Southwest Airlines Co.
	500,000	5.125%, 06/15/2027		494,255
		United Airlines, Inc.
	323,250	Series B, 4.875%, 01/15/2026		313,872
				808,127
		Auto Manufacturers — 1.9%
		Ford Motor Credit Co. LLC
	500,000	3.815%, 11/02/2027		445,226
		General Motors Co.
	400,000	5.200%, 04/01/2045		331,019
		General Motors Financial Co., Inc.
	600,000	4.000%, 01/15/2025		583,516
	1,300,000	3.600%, 06/21/2030		1,117,622
	1,500,000	2.350%, 01/08/2031		1,166,755
				3,644,138
		Banks — 6.8%
		Barclays PLC
	1,000,000	4.836%, 05/09/2028		926,958
	1,000,000	5.746% (1 Year CMT Rate + 3.000%), 08/09/2033 (a)		959,296
	700,000	3.330% (1 Year CMT Rate + 1.300%), 11/24/2042 (a)		480,130
		Citigroup, Inc.
	1,700,000	4.450%, 09/29/2027		1,625,607
	540,000	5.300%, 05/06/2044		492,349
		Cooperatieve Rabobank UA
	1,000,000	3.750%, 07/21/2026		938,991
		Deutsche Bank AG/New York NY
	1,000,000	4.100%, 01/13/2026		954,465
		Fifth Third Bancorp
	500,000	4.055% (SOFR + 1.355%), 04/25/2028 (a)		468,167
	225,000	8.250%, 03/01/2038		254,400
		Goldman Sachs Group, Inc.
	950,000	6.750%, 10/01/2037		1,008,404
		Lloyds Banking Group PLC
	800,000	4.650%, 03/24/2026		772,578
		Morgan Stanley
	400,000	2.484% (SOFR + 1.360%), 09/16/2036 (a)		301,972
		Santander Holdings USA, Inc.
	700,000	3.450%, 06/02/2025		668,373
		Santander UK Group Holdings PLC
	2,000,000	1.089% (SOFR + 0.787%), 03/15/2025 (a)		1,939,140
		UBS Group AG
	1,050,000	4.550%, 04/17/2026		1,016,433
		Westpac Banking Corp.
	300,000	3.133%, 11/18/2041		196,176
				13,003,439
		Beverages — 1.0%
		Constellation Brands, Inc.
	700,000	2.875%, 05/01/2030		604,859
		Keurig Dr Pepper, Inc.
	1,000,000	3.200%, 05/01/2030		887,705
	500,000	4.500%, 04/15/2052		426,191
				1,918,755
		Biotechnology — 2.8%
		Amgen, Inc.
	1,000,000	2.200%, 02/21/2027		908,922
	1,000,000	5.250%, 03/02/2033		995,518
	500,000	2.800%, 08/15/2041		345,397
	1,006,000	4.663%, 06/15/2051		868,386
		Biogen, Inc.
	700,000	2.250%, 05/01/2030		576,900
		Gilead Sciences, Inc.
	1,100,000	1.650%, 10/01/2030		884,779
	500,000	2.600%, 10/01/2040		350,090
		Royalty Pharma PLC
	500,000	2.150%, 09/02/2031		388,483
				5,318,475
		Building Materials — 0.4%
		Carrier Global Corp.
	240,000	2.700%, 02/15/2031		201,712
		Vulcan Materials Co.
	620,000	3.900%, 04/01/2027		594,175
				795,887
		Chemicals — 1.6%
		Dow Chemical Co.
	396,000	7.375%, 11/01/2029		434,792
	500,000	6.900%, 05/15/2053		557,691
		DuPont de Nemours, Inc.
	1,000,000	4.725%, 11/15/2028		986,853
		Nutrien Ltd.
	700,000	2.950%, 05/13/2030		604,198
		Sherwin-Williams Co.
	600,000	2.200%, 03/15/2032		476,263
				3,059,797
		Commercial Services — 0.7%
		Equifax, Inc.
	500,000	3.100%, 05/15/2030		428,275
		Global Payments, Inc.
	500,000	1.200%, 03/01/2026		447,512
		Moody's Corp.
	250,000	2.000%, 08/19/2031		201,429
	250,000	3.100%, 11/29/2061		158,597
				1,235,813
		Computers — 1.3%
		Dell International LLC / EMC Corp.
	900,000	6.020%, 06/15/2026		909,713
	500,000	6.200%, 07/15/2030		514,978
	500,000	3.450%, 12/15/2051 (b)		327,177
		Hewlett Packard Enterprise Co.
	700,000	4.900%, 10/15/2025		690,910
				2,442,778
		Diversified Financial Services — 3.7%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	1,500,000	3.300%, 01/30/2032		1,220,055
		Air Lease Corp.
	450,000	2.875%, 01/15/2026		420,876
	1,000,000	5.300%, 02/01/2028		982,820
		Ally Financial, Inc.
	500,000	2.200%, 11/02/2028		404,291
		Brightsphere Investment Group, Inc.
	1,000,000	4.800%, 07/27/2026		950,980
		Capital One Financial Corp.
	1,400,000	3.650%, 05/11/2027		1,302,635
		Nasdaq, Inc.
	500,000	5.550%, 02/15/2034		499,674
		Nomura Holdings, Inc.
	1,000,000	2.172%, 07/14/2028		842,363
		Synchrony Financial
	500,000	4.500%, 07/23/2025		477,441
				7,101,135
		Electric — 5.9%
		American Electric Power Co., Inc.
	500,000	5.950%, 11/01/2032		514,678
		Dominion Energy, Inc.
	500,000	2.250%, 08/15/2031		398,923
		Dominion Resources, Inc.
	470,000	4.900%, 08/01/2041		413,786
		DTE Energy Co.
	600,000	1.050%, 06/01/2025		553,575
		Duke Energy Corp.
	950,000	2.450%, 06/01/2030		791,511
	1,000,000	3.300%, 06/15/2041		719,463
		El Paso Electric Co.
	850,000	6.000%, 05/15/2035		838,129
		Eversource Energy
	500,000	2.550%, 03/15/2031		411,617
		FirstEnergy Corp.
	700,000	2.250%, 09/01/2030		562,423
		NextEra Energy Capital Holdings, Inc.
	500,000	4.625%, 07/15/2027		487,832
	400,000	2.250%, 06/01/2030		329,203
		Pacific Gas and Electric Co.
	5,000,000	3.500%, 08/01/2050		3,153,894
		Sempra
	600,000	4.125% (5 Year CMT Rate + 2.868%), 04/01/2052 (a)		485,223
		Southern Co.
	1,000,000	3.250%, 07/01/2026		946,346
		Southwestern Electric Power Co.
	400,000	3.250%, 11/01/2051		259,396
		Xcel Energy, Inc.
	500,000	2.350%, 11/15/2031		395,377
				11,261,376
		Electronics — 0.5%
		Agilent Technologies, Inc.
	215,000	2.300%, 03/12/2031		176,231
		Fortive Corp.
	750,000	3.150%, 06/15/2026		705,065
				881,296
		Entertainment — 1.1%
		Warnermedia Holdings, Inc.
	1,000,000	4.279%, 03/15/2032		883,495
	1,500,000	5.141%, 03/15/2052		1,196,702
				2,080,197
		Environmental Control — 1.1%
		Republic Services, Inc.
	1,000,000	0.875%, 11/15/2025		906,723
		Waste Connections, Inc.
	500,000	4.200%, 01/15/2033		462,333
		Waste Management, Inc.
	1,000,000	1.500%, 03/15/2031		780,656
				2,149,712
		Food — 2.9%
		ConAgra Brands, Inc.
	1,300,000	7.000%, 10/01/2028		1,386,522
		General Mills, Inc.
	700,000	2.250%, 10/14/2031		566,409
		Kroger Co.
	1,000,000	2.200%, 05/01/2030		823,186
		Mondelez International, Inc.
	2,000,000	1.500%, 02/04/2031		1,554,228
		Sysco Corp.
	464,000	5.950%, 04/01/2030		480,994
	400,000	3.150%, 12/14/2051		266,906
		Tyson Foods, Inc.
	600,000	4.350%, 03/01/2029		567,999
				5,646,244
		Forest Products & Paper — 0.4%
		International Paper Co.
	700,000	6.000%, 11/15/2041		709,949
		Gas — 0.1%
		NiSource Finance Corp.
	400,000	5.250%, 02/15/2043		373,467
		Hand/Machine Tools — 0.1%
		Kennametal, Inc.
	330,000	2.800%, 03/01/2031		265,188
		Healthcare-Products — 1.1%
		Boston Scientific Corp.
	560,000	2.650%, 06/01/2030		481,580
		GE HealthCare Technologies, Inc.
	500,000	5.857%, 03/15/2030		508,477
		Stryker Corp.
	700,000	1.950%, 06/15/2030		579,482
		Zimmer Biomet Holdings, Inc.
	500,000	3.050%, 01/15/2026		474,084
				2,043,623
		Healthcare-Services — 2.6%
		CommonSpirit Health
	600,000	2.782%, 10/01/2030		504,990
		Elevance Health, Inc.
	500,000	5.500%, 10/15/2032		510,432
	600,000	4.650%, 08/15/2044		524,720
	1,000,000	5.125%, 02/15/2053		941,438
		HCA, Inc.
	1,000,000	4.125%, 06/15/2029		923,878
	600,000	4.375%, 03/15/2042		482,224
		Humana, Inc.
	500,000	4.875%, 04/01/2030		485,301
		Laboratory Corp. of America Holdings
	640,000	3.250%, 09/01/2024		623,872
				4,996,855
		Home Builders — 0.3%
		DR Horton, Inc.
	500,000	2.600%, 10/15/2025		469,752
		Household Products/Wares — 0.3%
		Church & Dwight Co., Inc.
	500,000	3.150%, 08/01/2027		470,362
		Insurance — 2.3%
		Aon Corp.
	600,000	2.800%, 05/15/2030		516,488
		Corebridge Financial, Inc.
	500,000	3.900%, 04/05/2032		437,602
		Fidelity National Financial, Inc.
	2,000,000	2.450%, 03/15/2031		1,593,695
		Lincoln National Corp.
	120,000	3.800%, 03/01/2028		109,923
		Mercury General Corp.
	500,000	4.400%, 03/15/2027		470,156
		Metlife, Inc.
	855,000	6.400%, 12/15/2036		846,880
		Prudential Financial, Inc.
	500,000	5.125% (5 Year CMT Rate + 3.162%), 03/01/2052 (a)		447,780
				4,422,524
		Internet — 0.2%
		eBay, Inc.
	500,000	2.600%, 05/10/2031		414,077
		Investment Companies — 1.0%
		Blackstone Secured Lending Fund
	1,000,000	3.625%, 01/15/2026		927,400
		FS KKR Capital Corp.
	1,000,000	4.625%, 07/15/2024		981,079
				1,908,479
		Iron/Steel — 0.3%
		Vale Overseas Ltd.
	500,000	6.125%, 06/12/2033		497,895
		Lodging — 0.7%
		Marriott International, Inc./MD
	500,000	4.900%, 04/15/2029		486,928
		Sands China Ltd.
	1,000,000	2.800%, 03/08/2027		871,777
				1,358,705
		Machinery-Diversified — 0.5%
		IDEX Corp.
	1,000,000	3.000%, 05/01/2030		870,040
		Media — 2.3%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	1,000,000	2.800%, 04/01/2031		806,585
	1,000,000	2.300%, 02/01/2032		755,633
	1,000,000	3.900%, 06/01/2052		640,585
		Discovery Communications LLC
	1,000,000	3.625%, 05/15/2030		879,373
		Paramount Global
	610,000	4.375%, 03/15/2043		421,126
		Time Warner Cable Enterprises LLC
	810,000	8.375%, 07/15/2033		903,450
				4,406,752
		Mining — 0.8%
		Newmont Corp.
	800,000	4.875%, 03/15/2042		719,298
		Southern Copper Corp.
	750,000	6.750%, 04/16/2040		816,538
				1,535,836
		Miscellaneous Manufacturer — 0.3%
		Parker-Hannifin Corp.
	550,000	3.250%, 06/14/2029		497,712
		Oil & Gas — 3.0%
		Canadian Natural Resources Ltd.
	700,000	4.950%, 06/01/2047		607,982
		Diamondback Energy, Inc.
	500,000	3.125%, 03/24/2031		430,395
		Ecopetrol S.A.
	900,000	4.125%, 01/16/2025		873,122
		Hess Corp.
	800,000	5.600%, 02/15/2041		753,223
		Marathon Petroleum Corp.
	500,000	3.625%, 09/15/2024		489,233
		Phillips 66
	950,000	1.300%, 02/15/2026		862,950
		Suncor Energy, Inc.
	500,000	3.750%, 03/04/2051		354,585
		Valero Energy Corp.
	750,000	2.800%, 12/01/2031		616,482
	655,000	6.625%, 06/15/2037		698,104
				5,686,076
		Oil & Gas Services — 0.5%
		Halliburton Co.
	24,000	3.800%, 11/15/2025		23,413
	1,000,000	2.920%, 03/01/2030		873,206
				896,619
		Packaging & Containers — 0.2%
		WRKCo, Inc.
	500,000	3.900%, 06/01/2028		464,199
		Pharmaceuticals — 5.1%
		AbbVie, Inc.
	700,000	3.200%, 11/21/2029		631,268
	1,200,000	4.550%, 03/15/2035		1,136,565
	800,000	4.400%, 11/06/2042		699,791
	268,000	4.750%, 03/15/2045		241,136
		Becton Dickinson & Co.
	550,000	4.685%, 12/15/2044		487,969
		Cardinal Health, Inc.
	125,000	3.410%, 06/15/2027		117,087
		Cigna Group/The
	500,000	4.500%, 02/25/2026		490,296
	1,600,000	2.400%, 03/15/2030		1,347,878
	600,000	3.400%, 03/15/2050		419,902
		CVS Health Corp.
	2,150,000	3.750%, 04/01/2030		1,957,688
	500,000	5.125%, 07/20/2045		445,916
	1,000,000	5.050%, 03/25/2048		877,844
		Viatris, Inc.
	600,000	2.700%, 06/22/2030		488,098
		Zoetis, Inc.
	600,000	2.000%, 05/15/2030		494,526
				9,835,964
		Pipelines — 7.1%
		Boardwalk Pipelines LP
	500,000	3.600%, 09/01/2032		420,941
		Enbridge, Inc.
	1,000,000	3.125%, 11/15/2029		883,898
	250,000	3.400%, 08/01/2051		167,806
		Energy Transfer LP
	1,000,000	7.600%, 02/01/2024		1,004,199
	500,000	4.250%, 04/01/2024		494,826
	1,000,000	5.000%, 05/15/2050		824,073
		Enterprise Products Operating LLC
	500,000	2.800%, 01/31/2030		433,918
	850,000	4.850%, 08/15/2042		764,507
	500,000	3.300%, 02/15/2053		342,406
		Kinder Morgan Energy Partners
	1,270,000	5.800%, 03/15/2035		1,244,613
		Kinder Morgan, Inc.
	600,000	2.000%, 02/15/2031		472,327
	700,000	5.550%, 06/01/2045		633,559
		Magellan Midstream Partners LP
	500,000	3.200%, 03/15/2025		479,964
		MPLX LP
	1,315,000	4.250%, 12/01/2027		1,252,058
	600,000	4.950%, 03/14/2052		495,147
		ONEOK, Inc.
	500,000	6.100%, 11/15/2032		508,186
		Plains All American Pipeline LP / PAA Finance Corp.
	546,000	3.800%, 09/15/2030		483,679
		Targa Resources Corp.
	500,000	5.200%, 07/01/2027		495,183
		TransCanada PipeLines Ltd.
	1,100,000	4.100%, 04/15/2030		1,008,878
		Williams Cos., Inc.
	800,000	3.900%, 01/15/2025		780,683
	500,000	5.100%, 09/15/2045		441,263
				13,632,114
		REITs — 4.8%
		Alexandria Real Estate Equities, Inc.
	650,000	1.875%, 02/01/2033		480,431
		American Tower Corp.
	500,000	2.750%, 01/15/2027		457,373
	1,000,000	1.875%, 10/15/2030		779,416
		Boston Properties LP
	675,000	3.250%, 01/30/2031		550,409
		Corporate Office Properties LP
	500,000	2.750%, 04/15/2031		386,183
		Crown Castle, Inc.
	500,000	3.650%, 09/01/2027		466,150
	600,000	2.250%, 01/15/2031		482,596
		Equinix, Inc.
	500,000	1.550%, 03/15/2028		423,138
	100,000	3.900%, 04/15/2032		89,070
		Essex Portfolio LP
	1,000,000	3.375%, 04/15/2026		950,172
		GLP Capital LP / GLP Financing II, Inc.
	250,000	3.250%, 01/15/2032		201,771
		Healthpeak OP LLC
	350,000	2.125%, 12/01/2028		299,356
		Omega Healthcare Investors, Inc.
	1,000,000	3.250%, 04/15/2033		747,799
		Sabra Health Care LP
	1,000,000	3.900%, 10/15/2029		846,358
		STORE Capital Corp.
	810,000	4.500%, 03/15/2028		724,634
		Ventas Realty LP
	500,000	3.750%, 05/01/2024		492,633
		Welltower OP LLC
	700,000	2.750%, 01/15/2031		578,545
		Weyerhaeuser Co.
	226,000	7.375%, 03/15/2032		254,635
				9,210,669
		Retail — 3.7%
		AutoNation, Inc.
	200,000	3.500%, 11/15/2024		193,795
		AutoZone, Inc.
	500,000	4.750%, 08/01/2032		478,572
		Genuine Parts Co.
	500,000	1.875%, 11/01/2030		392,474
		Lowe's Cos., Inc.
	1,000,000	4.500%, 04/15/2030		964,592
	500,000	1.700%, 10/15/2030		397,472
	1,000,000	5.625%, 04/15/2053		972,301
		McDonald's Corp.
	1,100,000	3.500%, 07/01/2027		1,044,705
	550,000	4.875%, 12/09/2045		508,596
		Starbucks Corp.
	1,000,000	2.550%, 11/15/2030		849,117
		Tractor Supply Co.
	500,000	1.750%, 11/01/2030		391,542
		Walgreens Boots Alliance, Inc.
	1,000,000	3.200%, 04/15/2030		849,627
				7,042,793
		Semiconductors — 1.7%
		Broadcom, Inc.
	431,000	4.150%, 11/15/2030		394,287
	1,500,000	3.419%, 04/15/2033 (b)		1,242,969
	55,000	3.187%, 11/15/2036 (b)		41,407
	583,000	4.926%, 05/15/2037 (b)		525,873
		Micron Technology, Inc.
	250,000	2.703%, 04/15/2032		197,544
		NXP BV / NXP Funding LLC / NXP USA, Inc.
	500,000	4.400%, 06/01/2027		481,433
	500,000	2.500%, 05/11/2031		404,670
				3,288,183
		Software — 3.6%
		Fidelity National Information Services, Inc.
	600,000	5.100%, 07/15/2032		588,396
		Fiserv, Inc.
	600,000	3.850%, 06/01/2025		582,609
		Oracle Corp.
	1,685,000	1.650%, 03/25/2026		1,535,897
	1,400,000	3.650%, 03/25/2041		1,060,863
	1,350,000	3.950%, 03/25/2051		987,747
	1,000,000	5.550%, 02/06/2053		932,439
		Roper Technologies, Inc.
	650,000	1.400%, 09/15/2027		563,058
		VMware, Inc.
	550,000	4.650%, 05/15/2027		534,999
				6,786,008
		Telecommunications — 8.6%
		AT&T, Inc.
	1,400,000	2.300%, 06/01/2027		1,253,899
	875,000	2.550%, 12/01/2033		668,309
	2,368,000	3.500%, 09/15/2053		1,559,981
	1,196,000	3.550%, 09/15/2055		780,275
	727,000	3.800%, 12/01/2057		490,796
		British Telecommunications PLC
	855,000	9.625%, 12/15/2030		1,042,199
		Deutsche Telekom International Finance
	345,000	8.750%, 06/15/2030		406,451
		France Telecom SA
	575,000	5.375%, 01/13/2042		553,321
		Rogers Communications, Inc./Ontario
	989,000	5.000%, 03/15/2044		844,003
		Telefonica Emisiones SA
	475,000	7.045%, 06/20/2036		506,622
		T-Mobile USA, Inc.
	1,600,000	3.875%, 04/15/2030		1,461,153
	600,000	2.250%, 11/15/2031		477,506
	1,100,000	3.400%, 10/15/2052		746,190
	500,000	5.650%, 01/15/2053		488,216
		Verizon Communications, Inc.
	1,000,000	3.000%, 03/22/2027		929,884
	550,000	3.150%, 03/22/2030		482,836
	336,000	2.550%, 03/21/2031		277,071
	1,500,000	4.862%, 08/21/2046		1,321,024
	2,000,000	3.550%, 03/22/2051		1,403,146
	600,000	2.987%, 10/30/2056		358,914
		Vodafone Group PLC
	400,000	4.375%, 05/30/2028		392,859
				16,444,655
		Transportation — 2.5%
		Canadian Pacific Railway Co.
	700,000	2.900%, 02/01/2025		674,327
		CSX Corp.
	1,390,000	6.220%, 04/30/2040		1,492,099
		FedEx Corp.
	1,000,000	3.250%, 05/15/2041		728,698
		Kirby Corp.
	450,000	4.200%, 03/01/2028		422,988
		Norfolk Southern Corp.
	700,000	3.850%, 01/15/2024		694,693
	250,000	2.300%, 05/15/2031		206,457
	1,000,000	2.900%, 08/25/2051		637,586
				4,856,848
		Trucking & Leasing — 0.5%
		GATX Corp.
	1,300,000	1.900%, 06/01/2031		990,367
		Water — 0.3%
		American Water Capital Corp.
	650,000	2.800%, 05/01/2030		563,872
		Total Corporate Bonds (Cost $207,966,689)		177,755,866
		Sovereign Bonds — 5.4%
		Columbia Government International Bond
	600,000	3.875%, 04/25/2027		553,868
		Indonesia Government International Bond
	500,000	3.850%, 10/15/2030		463,823
		Mexico Government International Bond
	1,300,000	4.500%, 04/22/2029		1,256,539
	2,490,000	4.750%, 03/08/2044		2,097,557
		Panama Government International Bond
	1,700,000	2.252%, 09/29/2032		1,293,497
	750,000	6.700%, 01/26/2036		788,779
		Peruvian Government International Bond
	400,000	3.000%, 01/15/2034		326,447
	1,050,000	6.550%, 03/14/2037		1,146,041
		Philippine Government International Bond
	1,625,000	5.000%, 01/13/2037		1,584,668
		Uruguay Government International Bond
	800,000	4.375%, 01/23/2031		787,782
		Total Sovereign Bonds (Cost $12,246,630)		10,299,001
	Shares
		Money Market Fund — 0.3%
	607,308	Fidelity Government Portfolio, Institutional Class, 5.201% (c)		607,308
		Total Money Market Fund (Cost $607,308)		607,308
		Total Investments (Cost 220,820,627) — 98.7%		188,662,175
		Other Assets in Excess of Liabilities — 1.3%		2,511,427
		Total Net Assets — 100.00%	$	191,173,602
		Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

SOFR - Secured Overnight Financing Rate

(a)	Variable or floating rate security based on a reference index and spread. The rate reported is the rate in effect as of August 31, 2023.
(b)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in the program or other “qualified institutional buyers.” As of August 31, 2023, the value of these investments was $2,137,426 of 1.1% total net assets.
(c)	Rate shown represents the 7-day annualized yield as of August 31, 2023.

PIA BBB Bond Fund

Summary of Fair Value Disclosure at August 31, 2023 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund's investments as of August 31, 2023:

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Corporate Bonds	$	–	$	177,755,866	$	–	$	177,755,866
Sovereign Bonds		–		10,299,001		–		10,299,001
Total Fixed Income Securities		–		188,054,867		–		188,054,867
Money Market Fund		607,308		–		–		607,308
Total Investments	$	607,308	$	188,054,867	$	–	$	188,662,175
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.