PIA BBB Bond Fund
Schedule of Investments
as of February 29, 2024 (Unaudited)
CORPORATE BONDS - 91.0%	Principal Amount		Value
Aerospace/Defense - 3.5%
Boeing Co.
5.15%, 05/01/2030	$	1,950,000	$	1,917,506
5.71%, 05/01/2040		1,400,000		1,364,283
L3Harris Technologies, Inc., 6.15%, 12/15/2040		500,000		525,761
Northrop Grumman Corp.
4.40%, 05/01/2030		1,000,000		963,419
4.95%, 03/15/2053		500,000		462,413
RTX Corp.
3.50%, 03/15/2027		1,000,000		956,357
4.35%, 04/15/2047		1,000,000		837,127
				7,026,866
Agriculture - 2.3%
Altria Group, Inc.
4.80%, 02/14/2029		148,000		145,432
3.40%, 05/06/2030		1,600,000		1,439,949
BAT Capital Corp.
2.26%, 03/25/2028		1,000,000		885,064
4.54%, 08/15/2047		600,000		450,264
5.65%, 03/16/2052		800,000		703,108
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		600,000		574,364
Reynolds American, Inc., 4.45%, 06/12/2025		372,000		366,338
				4,564,519
Airlines - 0.4%
Southwest Airlines Co., 5.13%, 06/15/2027		500,000		498,168
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		278,000		274,120
				772,288
Auto Manufacturers - 2.7%
Ford Motor Credit Co. LLC
3.82%, 11/02/2027		500,000		466,260
6.80%, 11/07/2028		500,000		518,211
7.12%, 11/07/2033		1,000,000		1,065,896
General Motors Co., 5.20%, 04/01/2045		400,000		353,161
General Motors Financial Co., Inc.
4.00%, 01/15/2025		600,000		591,527
3.60%, 06/21/2030		1,300,000		1,162,704
2.35%, 01/08/2031		1,500,000		1,223,864
				5,381,623
Banks - 6.7%
Barclays PLC
4.84%, 05/09/2028		1,000,000		963,717
5.75% (1 yr. CMT Rate + 3.00%), 08/09/2033 (a)		1,000,000		991,427
3.33% (1 yr. CMT Rate + 1.30%), 11/24/2042 (a)		700,000		506,909
Citigroup, Inc.
4.45%, 09/29/2027		1,700,000		1,646,963
5.30%, 05/06/2044		540,000		515,911
Citizens Financial Group, Inc., 5.84% (SOFR + 2.01%), 01/23/2030 (a)		500,000		493,853
Comerica, Inc., 5.98% (SOFR + 2.16%), 01/30/2030 (a)		500,000		490,905
Cooperatieve Rabobank UA, 3.75%, 07/21/2026		1,000,000		958,481
Deutsche Bank AG/New York NY, 4.10%, 01/13/2026		1,000,000		976,126
Fifth Third Bancorp
4.06% (SOFR + 1.36%), 04/25/2028 (a)		500,000		474,291
8.25%, 03/01/2038		225,000		266,849
Goldman Sachs Group, Inc., 6.75%, 10/01/2037		950,000		1,032,466
Lloyds Banking Group PLC, 4.65%, 03/24/2026		800,000		784,784
Morgan Stanley, 2.48% (SOFR + 1.36%), 09/16/2036 (a)		400,000		313,729
Santander Holdings USA, Inc., 3.45%, 06/02/2025		700,000		678,790
Santander UK Group Holdings PLC, 1.09% (SOFR + 0.79%), 03/15/2025 (a)		2,000,000		1,996,796
Westpac Banking Corp., 3.13%, 11/18/2041		300,000		207,773
				13,299,770
Beverages - 1.0%
Constellation Brands, Inc., 2.88%, 05/01/2030		700,000		614,696
Keurig Dr Pepper, Inc.
3.20%, 05/01/2030		1,000,000		903,202
4.50%, 04/15/2052		500,000		424,340
				1,942,238
Biotechnology - 2.7%
Amgen, Inc.
2.20%, 02/21/2027		1,000,000		922,102
5.25%, 03/02/2033		1,000,000		997,136
2.80%, 08/15/2041		500,000		355,973
4.66%, 06/15/2051		1,006,000		875,203
Biogen, Inc., 2.25%, 05/01/2030		700,000		585,505
Gilead Sciences, Inc.
1.65%, 10/01/2030		1,100,000		897,898
2.60%, 10/01/2040		500,000		349,213
Royalty Pharma PLC, 2.15%, 09/02/2031		500,000		399,274
				5,382,304
Building Materials - 0.4%
Carrier Global Corp., 2.70%, 02/15/2031		240,000		204,994
Vulcan Materials Co., 3.90%, 04/01/2027		620,000		600,514
				805,508
Chemicals - 1.6%
Dow Chemical Co.
7.38%, 11/01/2029		396,000		439,308
6.90%, 05/15/2053		500,000		572,437
DuPont de Nemours, Inc., 4.73%, 11/15/2028		1,000,000		994,721
Nutrien Ltd., 2.95%, 05/13/2030		700,000		619,481
Sherwin-Williams Co., 2.20%, 03/15/2032		600,000		486,289
				3,112,236
Commercial Services - 0.6%
Equifax, Inc., 3.10%, 05/15/2030		500,000		440,974
Global Payments, Inc., 1.20%, 03/01/2026		500,000		460,367
Moody's Corp.
2.00%, 08/19/2031		250,000		202,122
3.10%, 11/29/2061		250,000		159,801
				1,263,264
Computers - 1.1%
Dell International LLC / EMC Corp.
6.02%, 06/15/2026		900,000		910,141
6.20%, 07/15/2030		500,000		523,271
3.45%, 12/15/2051		181,000		124,242
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		700,000		695,387
				2,253,041
Diversified Financial Services - 3.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032		1,500,000		1,268,695
Air Lease Corp.
2.88%, 01/15/2026		450,000		429,303
5.30%, 02/01/2028		1,000,000		995,326
Ally Financial, Inc., 2.20%, 11/02/2028		500,000		425,547
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		1,000,000		953,420
Capital One Financial Corp., 3.65%, 05/11/2027		1,400,000		1,333,246
Nasdaq, Inc., 5.55%, 02/15/2034		500,000		503,402
Nomura Holdings, Inc., 2.17%, 07/14/2028		1,000,000		871,256
Synchrony Financial, 4.50%, 07/23/2025		500,000		489,029
				7,269,224
Electric - 6.2%
American Electric Power Co., Inc., 5.95%, 11/01/2032		500,000		517,377
Dominion Energy, Inc., 2.25%, 08/15/2031		500,000		404,787
Dominion Resources, Inc., 4.90%, 08/01/2041		470,000		421,442
DTE Energy Co., 1.05%, 06/01/2025		600,000		568,247
Duke Energy Corp.
2.45%, 06/01/2030		950,000		812,500
3.30%, 06/15/2041		1,000,000		736,333
El Paso Electric Co., 6.00%, 05/15/2035		850,000		855,080
Eversource Energy, 2.55%, 03/15/2031		500,000		413,345
Exelon Corp., 5.45%, 03/15/2034		600,000		597,215
FirstEnergy Corp., 2.25%, 09/01/2030		700,000		575,912
NextEra Energy Capital Holdings, Inc.
4.63%, 07/15/2027		500,000		491,983
2.25%, 06/01/2030		400,000		336,353
Pacific Gas and Electric Co., 3.50%, 08/01/2050		5,000,000		3,365,346
Sempra, 4.13% (5 yr. CMT Rate + 2.87%), 04/01/2052 (a)		600,000		553,482
Southern Co., 3.25%, 07/01/2026		1,000,000		956,349
Southwestern Electric Power Co., 3.25%, 11/01/2051		400,000		262,900
Xcel Energy, Inc., 2.35%, 11/15/2031		500,000		401,165
				12,269,816
Electronics - 0.4%
Fortive Corp., 3.15%, 06/15/2026		750,000		716,132
Entertainment - 1.1%
Warnermedia Holdings, Inc.
4.28%, 03/15/2032		1,000,000		880,641
5.14%, 03/15/2052		1,500,000		1,219,985
				2,100,626
Environmental Control - 0.7%
Republic Services, Inc., 0.88%, 11/15/2025		1,000,000		928,274
Waste Connections, Inc., 4.20%, 01/15/2033		500,000		467,404
				1,395,678
Food - 2.9%
ConAgra Brands, Inc., 7.00%, 10/01/2028		1,300,000		1,388,954
General Mills, Inc., 2.25%, 10/14/2031		700,000		574,341
Kroger Co., 2.20%, 05/01/2030		1,000,000		841,235
Mondelez International, Inc., 1.50%, 02/04/2031		2,000,000		1,591,560
Sysco Corp.
5.95%, 04/01/2030		464,000		482,846
3.15%, 12/14/2051		400,000		271,235
Tyson Foods, Inc., 4.35%, 03/01/2029		600,000		577,360
				5,727,531
Forest Products & Paper - 0.4%
International Paper Co., 6.00%, 11/15/2041		700,000		723,224
Gas - 0.2%
NiSource Finance Corp., 5.25%, 02/15/2043		400,000		378,998
Hand/Machine Tools - 0.1%
Kennametal, Inc., 2.80%, 03/01/2031		330,000		276,507
Healthcare-Products - 1.1%
Agilent Technologies, Inc., 2.30%, 03/12/2031		215,000		179,539
Boston Scientific Corp., 2.65%, 06/01/2030		560,000		489,369
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030		500,000		516,910
Stryker Corp., 1.95%, 06/15/2030		700,000		585,616
Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026		500,000		480,540
				2,251,974
Healthcare-Services - 3.1%
CommonSpirit Health, 2.78%, 10/01/2030		600,000		513,587
Elevance Health, Inc.
5.50%, 10/15/2032		500,000		509,150
4.65%, 08/15/2044		600,000		534,879
5.13%, 02/15/2053		1,000,000		948,784
HCA, Inc.
4.13%, 06/15/2029		1,000,000		940,449
5.60%, 04/01/2034		1,000,000		995,373
4.38%, 03/15/2042		600,000		498,610
Humana, Inc., 4.88%, 04/01/2030		500,000		492,256
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024		640,000		631,883
				6,064,971
Home Builders - 0.2%
DR Horton, Inc., 2.60%, 10/15/2025		500,000		478,551
Household Products/Wares - 0.2%
Church & Dwight Co., Inc., 3.15%, 08/01/2027		500,000		471,269
Insurance - 2.7%
Aon Corp., 2.80%, 05/15/2030		600,000		521,645
CNA Financial Corp., 5.13%, 02/15/2034		500,000		483,441
Corebridge Financial, Inc.
3.90%, 04/05/2032		500,000		440,915
6.05%, 09/15/2033 (b)		500,000		510,701
Fidelity National Financial, Inc., 2.45%, 03/15/2031		2,000,000		1,626,383
Lincoln National Corp., 3.80%, 03/01/2028		120,000		114,193
Mercury General Corp., 4.40%, 03/15/2027		500,000		477,344
Metlife, Inc., 6.40%, 12/15/2036		855,000		869,427
Prudential Financial, Inc., 5.13% (5 yr. CMT Rate + 3.16%), 03/01/2052 (a)		500,000		468,287
				5,512,336
Internet - 0.2%
eBay, Inc., 2.60%, 05/10/2031		500,000		423,774
Investment Companies - 1.0%
Blackstone Secured Lending Fund, 3.63%, 01/15/2026		1,000,000		953,240
FS KKR Capital Corp., 4.63%, 07/15/2024		1,000,000		992,891
				1,946,131
Iron/Steel - 0.3%
Vale Overseas Ltd., 6.13%, 06/12/2033		500,000		506,462
Lodging - 0.7%
Marriott International, Inc./MD, 4.90%, 04/15/2029		500,000		494,224
Sands China Ltd., 2.55%, 03/08/2027		1,000,000		901,650
				1,395,874
Machinery-Diversified - 0.7%
IDEX Corp., 3.00%, 05/01/2030		1,000,000		872,930
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034		500,000		502,109
				1,375,039
Media - 2.2%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80%, 04/01/2031		1,000,000		808,180
2.30%, 02/01/2032		1,000,000		759,687
3.90%, 06/01/2052		1,000,000		628,412
Discovery Communications LLC, 3.63%, 05/15/2030		1,000,000		878,791
Paramount Global, 4.38%, 03/15/2043		610,000		408,278
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033		810,000		899,024
				4,382,372
Mining - 0.8%
Newmont Corp., 4.88%, 03/15/2042		800,000		737,981
Southern Copper Corp., 6.75%, 04/16/2040		750,000		824,359
				1,562,340
Miscellaneous Manufacturing - 0.5%
Parker-Hannifin Corp., 3.25%, 06/14/2029		550,000		505,772
Textron, Inc., 6.10%, 11/15/2033		500,000		521,931
				1,027,703
Oil & Gas - 2.5%
Canadian Natural Resources Ltd., 4.95%, 06/01/2047		700,000		610,736
Diamondback Energy, Inc., 3.13%, 03/24/2031		500,000		438,364
Hess Corp., 5.60%, 02/15/2041		800,000		805,997
Marathon Petroleum Corp., 3.63%, 09/15/2024		500,000		494,450
Phillips 66, 1.30%, 02/15/2026		950,000		879,484
Suncor Energy, Inc., 3.75%, 03/04/2051		500,000		363,946
Valero Energy Corp.
2.80%, 12/01/2031		750,000		633,608
6.63%, 06/15/2037		655,000		703,309
				4,929,894
Oil & Gas Services - 0.5%
Halliburton Co.
3.80%, 11/15/2025		24,000		23,450
2.92%, 03/01/2030		1,000,000		888,347
				911,797
Packaging & Containers - 0.2%
WRKCo, Inc., 3.90%, 06/01/2028		500,000		473,938
Pharmaceuticals - 3.6%
AbbVie, Inc., 4.75%, 03/15/2045		268,000		248,566
Becton Dickinson & Co., 4.69%, 12/15/2044		550,000		494,115
Cardinal Health, Inc., 3.41%, 06/15/2027		125,000		118,507
Cigna Group/The
4.50%, 02/25/2026		327,000		322,653
2.40%, 03/15/2030		1,391,000		1,191,812
3.40%, 03/15/2050		600,000		419,855
CVS Health Corp.
3.75%, 04/01/2030		2,150,000		1,983,746
5.13%, 07/20/2045		500,000		454,945
5.05%, 03/25/2048		1,000,000		891,661
Viatris, Inc., 2.70%, 06/22/2030		600,000		504,841
Zoetis, Inc., 2.00%, 05/15/2030		600,000		503,434
				7,134,135
Pipelines - 6.3%
Boardwalk Pipelines LP, 3.60%, 09/01/2032		500,000		434,691
Enbridge, Inc.
3.13%, 11/15/2029		1,000,000		902,624
3.40%, 08/01/2051		250,000		174,693
Energy Transfer LP
4.25%, 04/01/2024		500,000		499,456
5.00%, 05/15/2050		1,000,000		864,589
Enterprise Products Operating LLC
4.85%, 08/15/2042		850,000		778,227
3.30%, 02/15/2053		500,000		348,385
Kinder Morgan Energy Partners, 5.80%, 03/15/2035		1,270,000		1,276,778
Kinder Morgan, Inc.
2.00%, 02/15/2031		600,000		486,635
5.55%, 06/01/2045		700,000		657,612
MPLX LP
4.25%, 12/01/2027		1,315,000		1,273,239
4.95%, 03/14/2052		600,000		515,911
ONEOK, Inc.
3.20%, 03/15/2025		500,000		486,489
6.10%, 11/15/2032		500,000		517,927
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030		546,000		497,485
Targa Resources Corp., 5.20%, 07/01/2027		500,000		497,569
TransCanada PipeLines Ltd., 4.10%, 04/15/2030		1,100,000		1,030,106
Williams Cos., Inc.
3.90%, 01/15/2025		800,000		788,405
5.10%, 09/15/2045		500,000		456,337
				12,487,158
REITs - 5.3%
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033		650,000		486,392
American Tower Corp.
2.75%, 01/15/2027		500,000		465,506
1.88%, 10/15/2030		1,000,000		803,497
Boston Properties LP, 3.25%, 01/30/2031		675,000		569,047
COPT Defense Properties LP, 2.75%, 04/15/2031		500,000		403,707
Crown Castle, Inc.
3.65%, 09/01/2027		500,000		472,230
2.25%, 01/15/2031		600,000		490,380
Equinix, Inc.
1.55%, 03/15/2028		500,000		435,209
3.90%, 04/15/2032		100,000		90,778
Essex Portfolio LP, 3.38%, 04/15/2026		1,000,000		961,769
Extra Space Storage LP, 5.90%, 01/15/2031		500,000		511,784
GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032		250,000		207,584
Healthpeak OP LLC, 2.13%, 12/01/2028		350,000		304,493
Kimco Realty OP LLC, 6.40%, 03/01/2034		500,000		526,263
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		1,000,000		796,764
Sabra Health Care LP, 3.90%, 10/15/2029		1,000,000		889,260
Store Capital LLC, 4.50%, 03/15/2028		810,000		758,211
Ventas Realty LP, 3.75%, 05/01/2024		500,000		498,168
Welltower OP LLC, 2.75%, 01/15/2031		700,000		597,724
Weyerhaeuser Co., 7.38%, 03/15/2032		226,000		255,431
				10,524,197
Retail - 3.6%
AutoNation, Inc., 3.50%, 11/15/2024		200,000		196,898
AutoZone, Inc., 4.75%, 08/01/2032		500,000		480,163
Genuine Parts Co., 1.88%, 11/01/2030		500,000		402,562
Lowe's Cos., Inc.
4.50%, 04/15/2030		1,000,000		972,781
1.70%, 10/15/2030		500,000		406,093
5.63%, 04/15/2053		1,000,000		993,069
McDonald's Corp.
3.50%, 07/01/2027		1,100,000		1,053,416
4.88%, 12/09/2045		550,000		507,479
Starbucks Corp., 2.55%, 11/15/2030		1,000,000		858,950
Tractor Supply Co., 1.75%, 11/01/2030		500,000		402,139
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030		1,000,000		863,464
				7,137,014
Semiconductors - 1.7%
Broadcom, Inc.
4.15%, 11/15/2030		431,000		403,439
3.42%, 04/15/2033 (b)		1,500,000		1,280,907
3.19%, 11/15/2036 (b)		55,000		43,105
4.93%, 05/15/2037 (b)		583,000		543,117
Micron Technology, Inc., 2.70%, 04/15/2032		250,000		205,345
NXP BV / NXP Funding LLC / NXP USA, Inc.
4.40%, 06/01/2027		500,000		488,689
2.50%, 05/11/2031		500,000		413,736
				3,378,338
Software - 3.5%
Fidelity National Information Services, Inc., 5.10%, 07/15/2032		600,000		599,878
Fiserv, Inc., 3.85%, 06/01/2025		600,000		588,034
Oracle Corp.
1.65%, 03/25/2026		1,685,000		1,565,261
3.65%, 03/25/2041		1,400,000		1,076,741
3.95%, 03/25/2051		1,350,000		1,006,325
5.55%, 02/06/2053		1,000,000		955,234
Roper Technologies, Inc., 1.40%, 09/15/2027		650,000		574,827
VMware LLC, 4.65%, 05/15/2027		550,000		538,097
				6,904,397
Telecommunications - 8.5%
AT&T, Inc.
2.30%, 06/01/2027		1,400,000		1,281,836
2.55%, 12/01/2033		875,000		689,518
3.50%, 09/15/2053		2,368,000		1,628,996
3.55%, 09/15/2055		1,196,000		814,214
3.80%, 12/01/2057		727,000		512,214
British Telecommunications PLC, 9.63%, 12/15/2030		855,000		1,046,327
Deutsche Telekom International Finance, 8.75%, 06/15/2030		345,000		406,867
France Telecom SA, 5.38%, 01/13/2042		575,000		565,915
Rogers Communications, Inc., 5.00%, 03/15/2044		989,000		895,008
Telefonica Emisiones SA, 7.05%, 06/20/2036		475,000		524,165
T-Mobile USA, Inc.
3.88%, 04/15/2030		1,600,000		1,485,425
2.25%, 11/15/2031		600,000		486,804
3.40%, 10/15/2052		1,100,000		763,301
5.65%, 01/15/2053		500,000		497,321
Verizon Communications, Inc.
3.00%, 03/22/2027		1,000,000		941,346
3.15%, 03/22/2030		550,000		491,870
2.55%, 03/21/2031		336,000		283,278
4.86%, 08/21/2046		1,500,000		1,379,104
3.55%, 03/22/2051		2,000,000		1,452,332
2.99%, 10/30/2056		600,000		373,351
Vodafone Group PLC, 4.38%, 05/30/2028		400,000		393,095
				16,912,287
Transportation - 2.1%
Canadian Pacific Railway Co., 2.90%, 02/01/2025		700,000		683,411
CSX Corp., 6.22%, 04/30/2040		1,390,000		1,507,444
FedEx Corp., 3.25%, 05/15/2041		1,000,000		740,781
Kirby Corp., 4.20%, 03/01/2028		450,000		430,333
Norfolk Southern Corp.
2.30%, 05/15/2031		250,000		208,708
2.90%, 08/25/2051		1,000,000		643,033
				4,213,710
Trucking & Leasing - 0.5%
GATX Corp., 1.90%, 06/01/2031		1,300,000		1,021,062
Water - 0.3%
American Water Capital Corp., 2.80%, 05/01/2030		650,000		570,449
TOTAL CORPORATE BONDS (Cost $205,698,428)				180,658,565
SOVEREIGN BONDS - 5.3%
Columbia Government International Bond, 3.88%, 04/25/2027		600,000		566,102
Indonesia Government International Bond   3.85%, 10/15/2030		500,000		465,792
4.70%, 02/10/2034		500,000		486,726
Mexico Government International Bond   4.50%, 04/22/2029		1,300,000		1,252,351
4.75%, 03/08/2044		2,490,000		2,057,306
Panama Government International Bond   2.25%, 09/29/2032		1,700,000		1,196,075
6.70%, 01/26/2036		750,000		710,185
Peruvian Government International Bond   3.00%, 01/15/2034		400,000		326,056
6.55%, 03/14/2037		1,050,000		1,132,769
Philippine Government International Bond, 5.00%, 01/13/2037		1,625,000		1,596,556
Uruguay Government International Bond, 4.38%, 01/23/2031		800,000		780,334
TOTAL SOVEREIGN BONDS (Cost $12,700,895)				10,570,252
U.S. TREASURY OBLIGATIONS - 1.3%
U.S. Treasury Note/Bond, 4.50%, 11/15/2033		2,500,000		2,545,899
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,570,998)				2,545,899
SHORT-TERM INVESTMENTS - 1.1%
Money Market Funds - 1.1%	Shares
Fidelity Government Portfolio - Institutional Class, 5.20% (c)		2,137,675		2,137,675
TOTAL SHORT-TERM INVESTMENTS (Cost $2,137,675)				2,137,675
TOTAL INVESTMENTS - 98.7% (Cost $223,107,996)				195,912,391
Other Assets in Excess of Liabilities - 1.3%				2,491,257
TOTAL NET ASSETS - 100.0%			$	198,403,648
Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

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 February 29, 2024.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 29, 2024, the value of these securities total $2,377,830 or 1.2% of the Fund’s net assets.
(c)	The rate shown represents the 7-day annualized yield as of February 29, 2024.

PIA BBB Bond Fund

Summary of Fair Value Disclosure at February 29, 2024 (Unaudited)

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

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

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

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

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

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

The following is a summary of the inputs used to value the Fund's investments as of February 29, 2024:

	Level 1		Level 2		Level 3		Total
Fixed Income Securities
Corporate Bonds	$	–	$	180,658,565	$	–	$	180,658,565
Sovereign Bonds		–		10,570,252		–		10,570,252
U.S. Treasury Obligations		–		2,545,899		–		2,545,899
Total Fixed Income Securities		–		193,774,716		–		193,774,716
Money Market Funds		2,137,675		–		–		2,137,675
Total Investments	$	2,137,675	$	193,774,716	$	–	$	195,912,391
Refer to the Schedule of Investments for industry classifications.