PIA BBB Bond Fund

Managed Account Completion Shares (MACS) (PBBBX)

PIA MBS Bond Fund

Managed Account Completion Shares (MACS) (PMTGX)

PIA High Yield (MACS) Fund

Managed Account Completion Shares (MACS) (PIAMX)

(Each a “Fund,” collectively, the “Funds”)

Each a series of Advisors Series Trust (the “Trust”)

Supplement dated January 26, 2023 to the

Statement of Additional Information (“SAI”) dated March 30, 2022

At a meeting of the Trust’s Nominating and Governance Committee held on December 6, 2022, the Committee, which consists solely of Trustees who are not “interested persons” of the Trust (“Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), recommended Ms. Michele Rackey for election as an additional Independent Trustee of the Trust. At a meeting of the Board of Trustees held on December 8, 2022, the Board reviewed the recommendation of the Nominating and Governance Committee in materials presented to them and approved the nomination of Ms. Rackey as an Independent Trustee of the Trust, effective January 1, 2023.

Effective January 1, 2023, Cheryl King began serving as Assistant Treasurer of the Trust, and Kevin Hayden began serving as Vice President, Treasurer and Principal Financial Officer of the Trust. Effective January 1, 2023, Ryan Charles resigned from his role as Assistant Secretary of the Trust. All references in the SAI to Mr. Charles should be disregarded.

Accordingly, the following sections of the Funds’ SAI have been revised to reflect these updates.

The Management tables beginning on page B-32 of the Funds’ SAI have been revised to reflect updated Trustee and Officer information as follows:

Independent Trustees(1)

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

David G. Mertens (age 62) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since March 2017.

Partner and Head of Business Development Ballast Equity Management, LLC (a privately-held investment advisory firm) (February 2019 to present); Managing Director and Vice President, Jensen Investment Management, Inc. (a privately-held investment advisory firm) (2002 to 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

1

---

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

Joe D. Redwine (age 75) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since September 2008.

Retired; formerly Manager, President, CEO, U.S. Bancorp Fund Services, LLC, and its predecessors, (May 1991 to July 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Raymond B. Woolson (age 64) 615 E. Michigan Street Milwaukee, WI 53202

Chairman of the Board Trustee

Indefinite term; since January 2020. Indefinite term; since January 2016.

President, Apogee Group, Inc. (financial consulting firm) (1998 to present).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds); Independent Trustee, DoubleLine Funds Trust (an open-end investment company with 19 portfolios), DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund from 2010 to present; Independent Trustee, DoubleLine ETF Trust (an open-end investment company with 2 portfolios) from March 2022 to present.

Michele Rackey (age 63) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; Since January 2023.

Chief Executive Officer, Government Employees Benefit Association (GEBA) (benefits and wealth management organization) (2004 to 2020); Board Member, Association Business Services Inc. (ABSI) (for-profit subsidiary of the American Society of Association Executives) (2019 to 2020).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Officers

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Jeffrey T. Rauman (age 54) 615 E. Michigan Street Milwaukee, WI 53202			President, Chief Executive Officer and Principal Executive Officer			Indefinite term; since December 2018.			Senior Vice President, Compliance and Administration, U.S. Bank Global Fund Services (February 1996 to present).
Kevin J. Hayden (age 51) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Treasurer and Principal Financial Officer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (June 2005 to present).

2

---

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Cheryl L. King (age 61) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (October 1998 to present).
Richard R. Conner (age 40) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since December 2018.			Assistant Vice President, Compliance and Administration, U.S. Bank Global Fund Services (July 2010 to present).
Michael L. Ceccato (age 65) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Chief Compliance Officer and AML Officer			Indefinite term; since September 2009.			Senior Vice President, U.S. Bank Global Fund Services and Senior Vice President, U.S. Bank N.A. (February 2008 to present).
Elaine E. Richards (age 54) 2020 E. Financial Way, Suite 100 Glendora, CA 91741			Vice President and Secretary			Indefinite term; since September 2019.			Senior Vice President, U.S. Bank Global Fund Services (July 2007 to present).

*The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee’s term and on the length of a one-time extension of up to three additional years. At a meeting held December 7-8, 2022, by vote of the majority of Trustees (not including Mr. Redwine), Mr. Redwine’s term as Trustee was extended for three additional years.

(1)The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

(2)As of December 31, 2022, the Trust is comprised of 35 active portfolios managed by unaffiliated investment advisors. The term “Fund Complex” applies only to the Funds, the PIA High Yield Fund, the PIA Short-Term Securities Fund and the PIA Short Duration Bond Fund (collectively, the “PIA Funds”) and not any other series of the Trust. The PIA Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series, except as noted above.

(3)“Other Directorships Held” includes only directorship of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 Act, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

The following information is added to the section titled “Additional Information Concerning Our Board of Trustees” beginning on page B-34 of the Funds’ SAI:

Michele Rackey. Ms. Rackey has substantial experience in mutual funds and investment management through her experience as CEO of Government Employees Benefits Association (GEBA) and also with The ARK Funds. Ms. Rackey is experienced with financial, accounting, investment and regulatory matters and serves as an Audit Committee Financial Expert for the Trust. Ms. Rackey was CEO of GEBA for 17 years and Chief Operating Officer of the ARK Funds for 9 years. Ms. Rackey has a BS in Business Administration from the University of Illinois at Chicago and has an MBA from Keller Graduate School of Management in Chicago. Ms. Rackey previously held FINRA series 6, 7 and 63 licenses as well as a Maryland Life and Health License.

Please retain this Supplement with your Statement of Additional Information

3

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PIA High Yield Fund

Institutional Class (PHYSX)

Class A (Not available for purchase)

(the “Fund”)

a series of Advisors Series Trust (the “Trust”)

Supplement dated January 26, 2023 to the

Statement of Additional Information (“SAI”) dated March 30, 2022

At a meeting of the Trust’s Nominating and Governance Committee held on December 6, 2022, the Committee, which consists solely of Trustees who are not “interested persons” of the Trust (“Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), recommended Ms. Michele Rackey for election as an additional Independent Trustee of the Trust. At a meeting of the Board of Trustees held on December 8, 2022, the Board reviewed the recommendation of the Nominating and Governance Committee in materials presented to them and approved the nomination of Ms. Rackey as an Independent Trustee of the Trust, effective January 1, 2023.

Effective January 1, 2023, Cheryl King began serving as Assistant Treasurer of the Trust, and Kevin Hayden began serving as Vice President, Treasurer and Principal Financial Officer of the Trust. Effective January 1, 2023, Ryan Charles resigned from his role as Assistant Secretary of the Trust. All references in the SAI to Mr. Charles should be disregarded.

Accordingly, the following sections of the Fund’s SAI have been revised to reflect these updates.

The Management tables beginning on page B-31 of the Fund’s SAI have been revised to reflect updated Trustee and Officer information as follows:

Independent Trustees(1)

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

David G. Mertens (age 62) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since March 2017.

Partner and Head of Business Development Ballast Equity Management, LLC (a privately-held investment advisory firm) (February 2019 to present); Managing Director and Vice President, Jensen Investment Management, Inc. (a privately-held investment advisory firm) (2002 to 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Joe D. Redwine (age 75) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since September 2008.

Retired; formerly Manager, President, CEO, U.S. Bancorp Fund Services, LLC, and its predecessors, (May 1991 to July 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

1

---

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

Raymond B. Woolson (age 64) 615 E. Michigan Street Milwaukee, WI 53202

Chairman of the Board Trustee

Indefinite term; since January 2020. Indefinite term; since January 2016.

President, Apogee Group, Inc. (financial consulting firm) (1998 to present).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds); Independent Trustee, DoubleLine Funds Trust (an open-end investment company with 19 portfolios), DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund from 2010 to present; Independent Trustee, DoubleLine ETF Trust (an open-end investment company with 2 portfolios) from March 2022 to present.

Michele Rackey (age 63) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; Since January 2023.

Chief Executive Officer, Government Employees Benefit Association (GEBA) (benefits and wealth management organization) (2004 to 2020); Board Member, Association Business Services Inc. (ABSI) (for-profit subsidiary of the American Society of Association Executives) (2019 to 2020).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Officers

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Jeffrey T. Rauman (age 54) 615 E. Michigan Street Milwaukee, WI 53202			President, Chief Executive Officer and Principal Executive Officer			Indefinite term; since December 2018.			Senior Vice President, Compliance and Administration, U.S. Bank Global Fund Services (February 1996 to present).
Kevin J. Hayden (age 51) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Treasurer and Principal Financial Officer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (June 2005 to present).
Cheryl L. King (age 61) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (October 1998 to present).

2

---

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Richard R. Conner (age 40) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since December 2018.			Assistant Vice President, Compliance and Administration, U.S. Bank Global Fund Services (July 2010 to present).
Michael L. Ceccato (age 65) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Chief Compliance Officer and AML Officer			Indefinite term; since September 2009.			Senior Vice President, U.S. Bank Global Fund Services and Senior Vice President, U.S. Bank N.A. (February 2008 to present).
Elaine E. Richards (age 54) 2020 E. Financial Way, Suite 100 Glendora, CA 91741			Vice President and Secretary			Indefinite term; since September 2019.			Senior Vice President, U.S. Bank Global Fund Services (July 2007 to present).

*The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee’s term and on the length of a one-time extension of up to three additional years. At a meeting held December 7-8, 2022, by vote of the majority of Trustees (not including Mr. Redwine), Mr. Redwine’s term as Trustee was extended for three additional years.

(1)The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

(2)As of December 31, 2022, the Trust is comprised of 35 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund and the PIA BBB Bond Fund, PIA MBS Bond Fund, PIA Short-Term Securities Fund, PIA High Yield (MACS) Fund, and PIA Short Duration Bond Fund (collectively, the “PIA Funds”) and not to any other series of the Trust. The PIA Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series, except as noted above.

(3)“Other Directorships Held” includes only directorship of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 Act, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

The following information is added to the section titled “Additional Information Concerning Our Board of Trustees” beginning on page B-33 of the Fund’s SAI:

Michele Rackey. Ms. Rackey has substantial experience in mutual funds and investment management through her experience as CEO of Government Employees Benefits Association (GEBA) and also with The ARK Funds. Ms. Rackey is experienced with financial, accounting, investment and regulatory matters and serves as an Audit Committee Financial Expert for the Trust. Ms. Rackey was CEO of GEBA for 17 years and Chief Operating Officer of the ARK Funds for 9 years. Ms. Rackey has a BS in Business Administration from the University of Illinois at Chicago and has an MBA from Keller Graduate School of Management in Chicago. Ms. Rackey previously held FINRA series 6, 7 and 63 licenses as well as a Maryland Life and Health License.

Please retain this Supplement with your Statement of Additional Information

3

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PIA Short-Term Securities Fund

Advisor Class (PIASX)

(the “Fund”)

a series of Advisors Series Trust (the “Trust”)

Supplement dated January 26, 2023 to the

Statement of Additional Information (“SAI”) dated March 30, 2022

At a meeting of the Trust’s Nominating and Governance Committee held on December 6, 2022, the Committee, which consists solely of Trustees who are not “interested persons” of the Trust (“Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), recommended Ms. Michele Rackey for election as an additional Independent Trustee of the Trust. At a meeting of the Board of Trustees held on December 8, 2022, the Board reviewed the recommendation of the Nominating and Governance Committee in materials presented to them and approved the nomination of Ms. Rackey as an Independent Trustee of the Trust, effective January 1, 2023.

Effective January 1, 2023, Cheryl King began serving as Assistant Treasurer of the Trust, and Kevin Hayden began serving as Vice President, Treasurer and Principal Financial Officer of the Trust. Effective January 1, 2023, Ryan Charles resigned from his role as Assistant Secretary of the Trust. All references in the SAI to Mr. Charles should be disregarded.

Accordingly, the following sections of the Fund’s SAI have been revised to reflect these updates.

The Management tables beginning on page 23 of the Fund’s SAI have been revised to reflect updated Trustee and Officer information as follows:

Independent Trustees(1)

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

David G. Mertens (age 62) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since March 2017.

Partner and Head of Business Development Ballast Equity Management, LLC (a privately-held investment advisory firm) (February 2019 to present); Managing Director and Vice President, Jensen Investment Management, Inc. (a privately-held investment advisory firm) (2002 to 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Joe D. Redwine (age 75) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since September 2008.

Retired; formerly Manager, President, CEO, U.S. Bancorp Fund Services, LLC, and its predecessors, (May 1991 to July 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

1

---

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

Raymond B. Woolson (age 64) 615 E. Michigan Street Milwaukee, WI 53202

Chairman of the Board Trustee

Indefinite term; since January 2020. Indefinite term; since January 2016.

President, Apogee Group, Inc. (financial consulting firm) (1998 to present).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds); Independent Trustee, DoubleLine Funds Trust (an open-end investment company with 19 portfolios), DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund from 2010 to present; Independent Trustee, DoubleLine ETF Trust (an open-end investment company with 2 portfolios) from March 2022 to present.

Michele Rackey (age 63) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; Since January 2023.

Chief Executive Officer, Government Employees Benefit Association (GEBA) (benefits and wealth management organization) (2004 to 2020); Board Member, Association Business Services Inc. (ABSI) (for-profit subsidiary of the American Society of Association Executives) (2019 to 2020).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Officers

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Jeffrey T. Rauman (age 54) 615 E. Michigan Street Milwaukee, WI 53202			President, Chief Executive Officer and Principal Executive Officer			Indefinite term; since December 2018.			Senior Vice President, Compliance and Administration, U.S. Bank Global Fund Services (February 1996 to present).
Kevin J. Hayden (age 51) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Treasurer and Principal Financial Officer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (June 2005 to present).
Cheryl L. King (age 61) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (October 1998 to present).

2

---

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Richard R. Conner (age 40) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since December 2018.			Assistant Vice President, Compliance and Administration, U.S. Bank Global Fund Services (July 2010 to present).
Michael L. Ceccato (age 65) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Chief Compliance Officer and AML Officer			Indefinite term; since September 2009.			Senior Vice President, U.S. Bank Global Fund Services and Senior Vice President, U.S. Bank N.A. (February 2008 to present).
Elaine E. Richards (age 54) 2020 E. Financial Way, Suite 100 Glendora, CA 91741			Vice President and Secretary			Indefinite term; since September 2019.			Senior Vice President, U.S. Bank Global Fund Services (July 2007 to present).

*The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee’s term and on the length of a one-time extension of up to three additional years. At a meeting held December 7-8, 2022, by vote of the majority of Trustees (not including Mr. Redwine), Mr. Redwine’s term as Trustee was extended for three additional years.

(1)The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

(2)As of December 31, 2022, the Trust is comprised of 35 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund and the PIA BBB Bond Fund, the PIA MBS Bond Fund, the PIA Short Duration Bond Fund, the PIA High Yield Fund and the PIA High Yield (MACS) Fund (collectively, the “PIA Funds”) and not to any other series of the Trust. The PIA Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series, except as noted above.

(3)“Other Directorships Held” includes only directorship of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 Act, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

The following information is added to the section titled “Additional Information Concerning Our Board of Trustees” beginning on page 25 of the Fund’s SAI:

Michele Rackey. Ms. Rackey has substantial experience in mutual funds and investment management through her experience as CEO of Government Employees Benefits Association (GEBA) and also with The ARK Funds. Ms. Rackey is experienced with financial, accounting, investment and regulatory matters and serves as an Audit Committee Financial Expert for the Trust. Ms. Rackey was CEO of GEBA for 17 years and Chief Operating Officer of the ARK Funds for 9 years. Ms. Rackey has a BS in Business Administration from the University of Illinois at Chicago and has an MBA from Keller Graduate School of Management in Chicago. Ms. Rackey previously held FINRA series 6, 7 and 63 licenses as well as a Maryland Life and Health License.

Please retain this Supplement with your Statement of Additional Information

3

---

PIA Short Duration Bond Fund

Class A (Not available for purchase)

Class I (Not available for purchase)

(the “Fund”)

a series of Advisors Series Trust (the “Trust”)

Supplement dated January 26, 2023 to the

Statement of Additional Information (“SAI”) dated March 30, 2022

At a meeting of the Trust’s Nominating and Governance Committee held on December 6, 2022, the Committee, which consists solely of Trustees who are not “interested persons” of the Trust (“Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), recommended Ms. Michele Rackey for election as an additional Independent Trustee of the Trust. At a meeting of the Board of Trustees held on December 8, 2022, the Board reviewed the recommendation of the Nominating and Governance Committee in materials presented to them and approved the nomination of Ms. Rackey as an Independent Trustee of the Trust, effective January 1, 2023.

Effective January 1, 2023, Cheryl King began serving as Assistant Treasurer of the Trust, and Kevin Hayden began serving as Vice President, Treasurer and Principal Financial Officer of the Trust. Effective January 1, 2023, Ryan Charles resigned from his role as Assistant Secretary of the Trust. All references in the SAI to Mr. Charles should be disregarded.

Accordingly, the following sections of the Fund’s SAI have been revised to reflect these updates.

The Management tables beginning on page B-29 of the Fund’s SAI have been revised to reflect updated Trustee and Officer information as follows:

Independent Trustees(1)

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

David G. Mertens (age 62) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since March 2017.

Partner and Head of Business Development Ballast Equity Management, LLC (a privately-held investment advisory firm) (February 2019 to present); Managing Director and Vice President, Jensen Investment Management, Inc. (a privately-held investment advisory firm) (2002 to 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Joe D. Redwine (age 75) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; since September 2008.

Retired; formerly Manager, President, CEO, U.S. Bancorp Fund Services, LLC, and its predecessors, (May 1991 to July 2017).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

1

---

Name, Address and Age

Position Held with the Trust

Term of Office and Length of Time Served*

Principal Occupation During Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee(2)

Other Directorships Held During Past Five Years(3)

Raymond B. Woolson (age 64) 615 E. Michigan Street Milwaukee, WI 53202

Chairman of the Board Trustee

Indefinite term; since January 2020. Indefinite term; since January 2016.

President, Apogee Group, Inc. (financial consulting firm) (1998 to present).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds); Independent Trustee, DoubleLine Funds Trust (an open-end investment company with 19 portfolios), DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and DoubleLine Yield Opportunities Fund from 2010 to present; Independent Trustee, DoubleLine ETF Trust (an open-end investment company with 2 portfolios) from March 2022 to present.

Michele Rackey (age 63) 615 E. Michigan Street Milwaukee, WI 53202

Trustee

Indefinite term; Since January 2023.

Chief Executive Officer, Government Employees Benefit Association (GEBA) (benefits and wealth management organization) (2004 to 2020); Board Member, Association Business Services Inc. (ABSI) (for-profit subsidiary of the American Society of Association Executives) (2019 to 2020).

6

Trustee, Advisors Series Trust (for series not affiliated with the Funds).

Officers

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Jeffrey T. Rauman (age 54) 615 E. Michigan Street Milwaukee, WI 53202			President, Chief Executive Officer and Principal Executive Officer			Indefinite term; since December 2018.			Senior Vice President, Compliance and Administration, U.S. Bank Global Fund Services (February 1996 to present).
Kevin J. Hayden (age 51) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Treasurer and Principal Financial Officer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (June 2005 to present).
Cheryl L. King (age 61) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since January 2023.			Vice President, Compliance and Administration, U.S. Bank Global Fund Services (October 1998 to present).

2

---

Name, Address and Age			Position Held with the Trust			Term of Office and Length of Time Served			Principal Occupation During Past Five Years
Richard R. Conner (age 40) 615 E. Michigan Street Milwaukee, WI 53202			Assistant Treasurer			Indefinite term; since December 2018.			Assistant Vice President, Compliance and Administration, U.S. Bank Global Fund Services (July 2010 to present).
Michael L. Ceccato (age 65) 615 E. Michigan Street Milwaukee, WI 53202			Vice President, Chief Compliance Officer and AML Officer			Indefinite term; since September 2009.			Senior Vice President, U.S. Bank Global Fund Services and Senior Vice President, U.S. Bank N.A. (February 2008 to present).
Elaine E. Richards (age 54) 2020 E. Financial Way, Suite 100 Glendora, CA 91741			Vice President and Secretary			Indefinite term; since September 2019.			Senior Vice President, U.S. Bank Global Fund Services (July 2007 to present).

*The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee’s term and on the length of a one-time extension of up to three additional years. At a meeting held December 7-8, 2022, by vote of the majority of Trustees (not including Mr. Redwine), Mr. Redwine’s term as Trustee was extended for three additional years.

(1)The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).

(2)As of December 31, 2022, the Trust is comprised of 35 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund, the PIA Short-Term Securities Fund, PIA BBB Bond Fund, PIA MBS Bond Fund, PIA High Yield Fund and PIA High Yield (MACS) Fund (collectively, the “PIA Funds”) and not to any other series of the Trust. The PIA Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series, except as noted above.

(3)“Other Directorships Held” includes only directorship of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 Act, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

The following information is added to the section titled “Additional Information Concerning Our Board of Trustees” beginning on page B-31 of the Fund’s SAI:

Michele Rackey. Ms. Rackey has substantial experience in mutual funds and investment management through her experience as CEO of Government Employees Benefits Association (GEBA) and also with The ARK Funds. Ms. Rackey is experienced with financial, accounting, investment and regulatory matters and serves as an Audit Committee Financial Expert for the Trust. Ms. Rackey was CEO of GEBA for 17 years and Chief Operating Officer of the ARK Funds for 9 years. Ms. Rackey has a BS in Business Administration from the University of Illinois at Chicago and has an MBA from Keller Graduate School of Management in Chicago. Ms. Rackey previously held FINRA series 6, 7 and 63 licenses as well as a Maryland Life and Health License.

Please retain this Supplement with your Statement of Additional Information

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