NPORT-EX 2 hy2.htm
PIA High Yield Fund
Schedule of Investments - August 31, 2023 (Unaudited)

 
Shares/
Principal
Amount
        
Value
  
               
     
Common Stocks —0.3%
        
     
Building Materials — 0.3%
        
 
2,996
  
Northwest Hardwoods (c)(d) 
   $
    179,760
  
     
Total Common Stocks (Cost $137,017) 
    
   179,760
  
               
     
Corporate Bonds — 96.4%
        
     
Aerospace/Defense — 2.1%
        
     
F-Brasile SpA / F-Brasile US LLC
        
$
700,000
  
7.375%, 08/15/2026 (a) 
    
   643,374
  
     
Triumph Group, Inc.
        
 
550,000
  
9.000%, 03/15/2028 (a) 
    
   552,217
  
           
 1,195,591
  
     
Agriculture — 1.1%
        
     
Vector Group Ltd.
        
 
750,000
  
5.750%, 02/01/2029 (a) 
    
   653,263
  
           
 
  
     
Airlines — 1.1%
        
     
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
        
 
725,000
  
6.375%, 02/01/2030 (a) 
    
   595,005
  
           
 
  
     
Auto Manufacturers — 1.3%
        
     
PM General Purchaser LLC
        
 
800,000
  
9.500%, 10/01/2028 (a) 
    
   769,760
  
           
 
  
     
Auto Parts & Equipment — 1.0%
        
     
Dornoch Debt Merger Sub, Inc.
        
 
650,000
  
6.625%, 10/15/2029 (a) 
    
   561,434
  
           
 
  
     
Building Materials — 4.3%
        
     
Eco Material Technologies, Inc.
        
 
625,000
  
7.875%, 01/31/2027 (a) 
    
   610,013
  
     
Knife River Corp.
        
 
625,000
  
7.750%, 05/01/2031 (a) 
    
   639,781
  
     
MIWD Holdco II LLC / MIWD Finance Corp.
        
 
525,000
  
5.500%, 02/01/2030 (a) 
    
   441,431
  
     
New Enterprise Stone & Lime Co., Inc.
        
 
100,000
  
5.250%, 07/15/2028 (a) 
    
   92,372
  
     
Smyrna Ready Mix Concrete LLC
        
 
650,000
  
6.000%, 11/01/2028 (a) 
    
   624,784
  
           
 2,408,381
  
     
Chemicals — 10.6%
        
     
ASP Unifrax Holdings, Inc.
        
 
867,000
  
5.250%, 09/30/2028 (a) 
    
   591,216
  
     
GPD Cos., Inc.
        
 
650,000
  
10.125%, 04/01/2026 (a) 
    
   610,775
  
     
Herens Holdco Sarl
        
 
750,000
  
4.750%, 05/15/2028 (a) 
    
   576,824
  
     
Iris Holdings, Inc.
        
 
697,000
  
 9.500% PIK, 8.750%, 02/15/2026 (a)(b) 
    
   654,312
  
     
Mativ Holdings, Inc.
        
 
725,000
  
6.875%, 10/01/2026 (a) 
    
   657,332
  
     
Polar US Borrower LLC / Schenectady International Group, Inc.
        
 
724,000
  
6.750%, 05/15/2026 (a) 
    
   397,901
  
     
Rain Carbon, Inc.
        
 
650,000
  
12.250%, 09/01/2029 (a) 
    
   670,346
  
     
SCIH Salt Holdings, Inc.
        
 
300,000
  
4.875%, 05/01/2028 (a) 
    
   269,980
  
 
415,000
  
6.625%, 05/01/2029 (a) 
    
   366,615
  
     
SCIL IV LLC / SCIL USA Holdings LLC
        
 
650,000
  
5.375%, 11/01/2026 (a) 
    
   609,185
  
     
SK Invictus Intermediate II Sarl
        
 
775,000
  
5.000%, 10/30/2029 (a) 
    
   631,373
  
           
 6,035,859
  
     
Coal — 1.1%
        
     
SunCoke Energy, Inc.
        
 
725,000
  
4.875%, 06/30/2029 (a) 
    
   617,570
  
           
 
  
     
Commercial Services — 9.0%
        
     
Alta Equipment Group, Inc.
        
 
650,000
  
5.625%, 04/15/2026 (a) 
    
   602,167
  
     
APi Group DE, Inc.
        
 
325,000
  
4.125%, 07/15/2029 (a) 
    
   280,894
  
     
Cimpress PLC
        
 
785,000
  
7.000%, 06/15/2026 
    
   736,644
  
     
CPI CG, Inc.
        
 
600,000
  
8.625%, 03/15/2026 (a) 
    
   582,540
  
     
NESCO Holdings II, Inc.
        
 
650,000
  
5.500%, 04/15/2029 (a) 
    
   588,228
  
     
PROG Holdings, Inc.
        
 
700,000
  
6.000%, 11/15/2029 (a) 
    
   629,006
  
     
StoneMor, Inc.
        
 
700,000
  
8.500%, 05/15/2029 (a) 
    
   584,790
  
     
VT Topco, Inc.
        
 
383,000
  
8.500%, 08/15/2030 (a) 
    
   389,130
  
     
WASH Multifamily Acquisition, Inc.
        
 
750,000
  
5.750%, 04/15/2026 (a) 
    
   696,219
  
           
 5,089,618
  
     
Distribution/Wholesale — 1.1%
        
     
Windsor Holdings III LLC
        
 
625,000
  
8.500%, 06/15/2030 (a) 
    
   628,508
  
           
 
  
     
Diversified Financial Services — 1.1%
        
     
Burford Capital Global Finance LLC
        
 
320,000
  
6.250%, 04/15/2028 (a) 
    
   294,850
  
 
350,000
  
6.875%, 04/15/2030 (a) 
    
   318,005
  
           
   612,855
  
     
Engineering & Construction — 3.6%
        
     
Brand Industrial Services, Inc.
        
 
625,000
  
10.375%, 08/01/2030 (a) 
    
   645,331
  
     
Brundage-Bone Concrete Pumping Holdings, Inc.
        
 
650,000
  
6.000%, 02/01/2026 (a) 
    
   624,637
  
     
Railworks Holdings LP / Railworks Rally, Inc.
        
 
811,000
  
8.250%, 11/15/2028 (a) 
    
   776,695
  
           
 2,046,663
  
     
Entertainment — 2.2%
        
     
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
        
 
775,000
  
5.875%, 09/01/2031 (a) 
    
   599,928
  
     
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
        
 
717,000
  
6.625%, 03/01/2030 (a) 
    
   632,680
  
           
 1,232,608
  
     
Food — 2.1%
        
     
B&G Foods, Inc.
        
 
648,000
  
5.250%, 04/01/2025 
    
   633,098
  
     
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
        
 
675,000
  
4.625%, 03/01/2029 (a) 
    
   562,063
  
           
 1,195,161
  
     
Food Service — 1.3%
        
     
TKC Holdings, Inc.
        
 
150,000
  
6.875%, 05/15/2028 (a) 
    
   135,755
  
 
700,000
  
10.500%, 05/15/2029 (a) 
    
   581,630
  
           
   717,385
  
     
Forest Products & Paper — 1.0%
        
     
Mercer International, Inc.
        
 
700,000
  
5.125%, 02/01/2029 
    
   573,263
  
           
 
  
     
Healthcare-Services — 4.5%
        
     
Fortrea Holdings, Inc.
        
 
615,000
  
7.500%, 07/01/2030 (a) 
    
   603,469
  
     
Heartland Dental LLC / Heartland Dental Finance Corp.
        
 
425,000
  
8.500%, 05/01/2026 (a) 
    
   400,004
  
 
325,000
  
10.500%, 04/30/2028 (a) 
    
   328,656
  
     
Kedrion SpA
        
 
660,000
  
6.500%, 09/01/2029 (a) 
    
   564,300
  
     
ModivCare Escrow Issuer, Inc.
        
 
900,000
  
5.000%, 10/01/2029 (a) 
    
   664,560
  
           
 2,560,989
  
     
Household Products/Wares — 1.0%
        
     
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
        
 
575,000
  
5.000%, 12/31/2026 (a) 
    
   536,843
  
           
 
  
     
Internet — 0.8%
        
     
ION Trading Technologies Sarl
        
 
500,000
  
5.750%, 05/15/2028 (a) 
    
   439,522
  
           
 
  
     
Iron/Steel — 1.1%
        
     
TMS International Corp./DE
        
 
750,000
  
6.250%, 04/15/2029 (a) 
    
   626,915
  
           
 
  
     
Leisure Time — 1.1%
        
     
Lindblad Expeditions Holdings, Inc.
        
 
600,000
  
9.000%, 05/15/2028 (a) 
    
   617,076
  
           
 
  
     
Machinery-Diversified — 4.2%
        
     
GrafTech Finance, Inc.
        
 
750,000
  
4.625%, 12/15/2028 (a) 
    
   589,425
  
     
Husky III Holding Ltd.
        
 
468,000
  
 13.750% PIK, 13.000%, 02/15/2025 (a)(b) 
    
   468,000
  
     
JPW Industries Holding Corp.
        
 
790,000
  
9.000%, 10/01/2024 (a) 
    
   747,423
  
     
OT Merger Corp.
        
 
665,000
  
7.875%, 10/15/2029 (a) 
    
   437,096
  
     
Titan Acquisition Ltd. / Titan Co.-Borrower LLC
        
 
132,000
  
7.750%, 04/15/2026 (a) 
    
   128,431
  
           
 2,370,375
  
     
Media — 4.3%
        
     
Audacy Capital Corp.
        
 
700,000
  
6.750%, 03/31/2029 (a) 
    
   7,000
  
     
Beasley Mezzanine Holdings LLC
        
 
915,000
  
8.625%, 02/01/2026 (a) 
    
   605,614
  
     
Spanish Broadcasting System, Inc.
        
 
800,000
  
9.750%, 03/01/2026 (a) 
    
   556,547
  
     
Univision Communications, Inc.
        
 
570,000
  
4.500%, 05/01/2029 (a) 
    
   491,193
  
 
150,000
  
7.375%, 06/30/2030 (a) 
    
   145,287
  
     
Urban One, Inc.
        
 
725,000
  
7.375%, 02/01/2028 (a) 
    
   631,079
  
           
 2,436,720
  
     
Metal Fabricate/Hardware — 1.2%
        
     
Park-Ohio Industries, Inc.
        
 
785,000
  
6.625%, 04/15/2027 
    
   687,177
  
           
 
  
     
Mining — 1.2%
        
     
Arsenal AIC Parent LLC
        
 
650,000
  
8.000%, 10/01/2030 (a) 
    
   663,943
  
           
 
  
     
Miscellaneous Manufacturer — 2.2%
        
     
Calderys Financing LLC
        
 
600,000
  
11.250%, 06/01/2028 (a) 
    
   615,727
  
     
FXI Holdings, Inc.
        
 
720,000
  
12.250%, 11/15/2026 (a) 
    
   646,120
  
           
 1,261,847
  
     
Office/Business Equipment — 2.1%
        
     
Pitney Bowes, Inc.
        
 
885,000
  
6.875%, 03/15/2027 (a) 
    
   669,016
  
     
Xerox Holdings Corp.
        
 
575,000
  
5.500%, 08/15/2028 (a) 
    
   500,591
  
           
 1,169,607
  
     
Oil & Gas — 0.6%
        
     
Ensign Drilling, Inc.
        
 
335,000
  
9.250%, 04/15/2024 (a) 
    
   333,668
  
           
 
  
     
Oil & Gas Services — 4.7%
        
     
Bristow Group, Inc.
        
 
750,000
  
6.875%, 03/01/2028 (a) 
    
   702,233
  
     
CSI Compressco LP / CSI Compressco Finance, Inc.
        
 
775,000
  
7.500%, 04/01/2025 (a) 
    
   753,555
  
     
Enerflex Ltd.
        
 
595,000
  
9.000%, 10/15/2027 (a) 
    
   592,590
  
     
Welltec International ApS
        
 
600,000
  
8.250%, 10/15/2026 (a) 
    
   607,863
  
           
 2,656,241
  
     
Packaging & Containers — 4.5%
        
     
Clearwater Paper Corp.
        
 
750,000
  
4.750%, 08/15/2028 (a) 
    
   654,629
  
     
LABL, Inc.
        
 
450,000
  
5.875%, 11/01/2028 (a) 
    
   407,726
  
 
275,000
  
9.500%, 11/01/2028 (a) 
    
   283,393
  
     
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.
        
 
600,000
  
4.375%, 10/15/2028 (a) 
    
   533,045
  
     
Trident TPI Holdings, Inc.
        
 
625,000
  
12.750%, 12/31/2028 (a) 
    
   650,845
  
           
 2,529,638
  
     
Pipelines — 10.3%
        
     
Genesis Energy LP / Genesis Energy Finance Corp.
        
 
75,000
  
8.000%, 01/15/2027 
    
   74,006
  
 
675,000
  
7.750%, 02/01/2028 
    
   657,228
  
     
Global Partners LP / GLP Finance Corp.
        
 
150,000
  
7.000%, 08/01/2027 
    
   147,885
  
 
416,000
  
6.875%, 01/15/2029 
    
   393,499
  
     
ITT Holdings LLC
        
 
810,000
  
6.500%, 08/01/2029 (a) 
    
   731,785
  
     
Martin Midstream Partners LP / Martin Midstream Finance Corp.
        
 
700,000
  
11.500%, 02/15/2028 (a) 
    
   708,866
  
     
NGL Energy Operating LLC / NGL Energy Finance Corp.
        
 
700,000
  
7.500%, 02/01/2026 (a) 
    
   696,273
  
     
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
        
 
600,000
  
5.750%, 04/15/2025 
    
   552,642
  
 
625,000
  
9.000%, 10/15/2026 (a) 
    
   603,688
  
     
TransMontaigne Partners LP/TLP Finance Corp.
        
 
750,000
  
6.125%, 02/15/2026 
    
   644,873
  
     
Venture Global LNG, Inc.
        
 
650,000
  
8.125%, 06/01/2028 (a) 
    
   656,252
  
           
 5,866,997
  
     
REITs — 1.1%
        
     
Iron Mountain, Inc.
        
 
550,000
  
5.000%, 07/15/2028 (a) 
    
   509,935
  
 
136,000
  
5.250%, 07/15/2030 (a) 
    
   122,684
  
           
   632,619
  
     
Retail — 2.1%
        
     
Ferrellgas LP / Ferrellgas Finance Corp.
        
 
750,000
  
5.875%, 04/01/2029 (a) 
    
   662,731
  
     
Staples, Inc.
        
 
650,000
  
7.500%, 04/15/2026 (a) 
    
   538,441
  
           
 1,201,172
  
     
Software — 2.0%
        
     
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl
        
 
625,000
  
4.625%, 05/01/2028 (a) 
    
   539,704
  
     
Rocket Software, Inc.
        
 
750,000
  
6.500%, 02/15/2029 (a) 
    
   623,175
  
           
 1,162,879
  
     
Transportation — 2.1%
        
     
First Student Bidco, Inc. / First Transit Parent, Inc.
        
 
750,000
  
4.000%, 07/31/2029 (a) 
    
   638,566
  
     
Rand Parent LLC
        
 
600,000
  
8.500%, 02/15/2030 (a) 
    
   572,039
  
           
 1,210,605
  
     
Water — 1.3%
        
     
Solaris Midstream Holdings LLC
        
 
750,000
  
7.625%, 04/01/2026 (a) 
    
   737,894
  
     
Total Corporate Bonds (Cost $59,898,884) 
    
 54,635,651
  
               
     
Money Market Fund — 1.3%
        
 
738,463
  
Fidelity Government Portfolio, Institutional Class, 5.201% (e) 
    
   738,463
  
     
Total Money Market Fund (Cost $738,463) 
    
   738,463
  
     
Total Investments (Cost 60,774,364) — 98.0%
    
 55,553,874
  
     
Other Assets in Excess of Liabilities — 2.0% 
    
1,137,161
  
     
Total Net Assets — 100.00% 
   $
56,691,035
  
     
Percentages are stated as a percent of net assets.
        

(a)
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 $49,535,338 of 87.4% total net assets.
(b)
Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
(c)
Non-income producing security.
(d)
Security valued at fair value using methods determined in good faith by or at the direction of Fund's valuation designee. Value determined using significant unobservable inputs. As of August 31, 2023, the total value of fair valued securities was $179,760 or 0.3% of total net assets.
(e)
Rate shown represents the 7-day annualized yield as of August 31, 2023.
PIA High Yield 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
  
Common Stocks
                        
Common Stocks
  
$
–
    
$
–
    
$
179,760
    
$
179,760
  
Total Common Stocks
    
–
      
–
      
179,760
      
179,760
  
Fixed Income Securities
                                
Corporate Bonds
    
–
      
54,635,651
      
–
      
54,635,651
  
Total Fixed Income Securities
    
–
      
54,635,651
      
–
      
54,635,651
  
Money Market Fund
    
738,463
      
–
      
–
      
738,463
  
Total Investments
  
$
738,463
    
$
54,635,651
    
$
179,760
    
$
55,553,874
  
   
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.
  
Level 3 Reconciliation Disclosure
            
   
Investments in Securities, at Value
  
   
Common Stock
    
Corporate Bonds
  
Balance as of November 30, 2022
  
$
239,680
    
$
171,000
  
Accrued discounts/premiums
    
-
      
2,189
  
Realized gain/(loss)
    
-
      
-
  
Change in unrealized appreciation/(depreciation)
    
(59,920
)
    
426,811
  
Purchases
    
-
      
-
  
Sales
    
-
      
(600,000
)
Transfers in and/or out of Level 3
    
-
      
-
  
Balance as of August 31, 2023
  
$
179,760
    
$
-
  
                 

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at August 31, 2023, and still classified as Level 3 was $366,891.