PIA High Yield Fund
|
||||||||
Schedule of Investments
|
||||||||
as of February 29, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - 0.2%
|
Shares
|
Value
|
||||||
Building Materials - 0.2%
|
||||||||
Northwest Hardwoods (c)(d)
|
2,996
|
$
|
149,800
|
|||||
TOTAL COMMON STOCKS (Cost $137,017)
|
149,800
|
|||||||
CORPORATE BONDS - 92.9%
|
Principal
Amount
|
|||||||
Aerospace/Defense - 1.1%
|
||||||||
F-Brasile SpA / F-Brasile US LLC, 7.38%, 08/15/2026 (a)
|
$
|
700,000
|
695,646
|
|||||
Agriculture - 1.1%
|
||||||||
Vector Group Ltd., 5.75%, 02/01/2029 (a)
|
750,000
|
687,855
|
||||||
Airlines - 1.1%
|
||||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 (a)
|
943,000
|
689,861
|
||||||
Auto Manufacturers - 1.3%
|
||||||||
PM General Purchaser LLC, 9.50%, 10/01/2028 (a)
|
800,000
|
808,825
|
||||||
Building Materials - 3.5%
|
||||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (a)
|
775,000
|
774,074
|
||||||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a)
|
725,000
|
662,608
|
||||||
Smyrna Ready Mix Concrete LLC
|
||||||||
6.00%, 11/01/2028 (a)
|
650,000
|
631,152
|
||||||
8.88%, 11/15/2031 (a)
|
150,000
|
158,967
|
||||||
2,226,801
|
||||||||
Chemicals - 10.9%
|
||||||||
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 (a)
|
932,000
|
592,464
|
||||||
Consolidated Energy Finance SA
|
||||||||
5.63%, 10/15/2028 (a)
|
725,000
|
589,203
|
||||||
12.00%, 02/15/2031 (a)
|
250,000
|
255,833
|
||||||
GPD Cos., Inc., 10.13%, 04/01/2026 (a)
|
910,000
|
837,901
|
||||||
Herens Holdco Sarl, 4.75%, 05/15/2028 (a)
|
750,000
|
655,959
|
||||||
Iris Holdings, Inc., 8.75% (9.50% PIK), 02/15/2026 (a)(f)
|
762,000
|
655,328
|
||||||
Mativ Holdings, Inc., 6.88%, 10/01/2026 (a)
|
780,000
|
756,221
|
||||||
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 05/15/2026 (a)
|
1,124,000
|
259,903
|
||||||
Rain Carbon, Inc., 12.25%, 09/01/2029 (a)
|
755,000
|
756,041
|
||||||
SCIH Salt Holdings, Inc.
|
||||||||
4.88%, 05/01/2028 (a)
|
300,000
|
274,505
|
||||||
6.63%, 05/01/2029 (a)
|
615,000
|
559,924
|
||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a)
|
775,000
|
659,382
|
||||||
6,852,664
|
||||||||
Coal - 1.0%
|
||||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)
|
725,000
|
651,764
|
||||||
Commercial Services - 9.7%
|
||||||||
Alta Equipment Group, Inc., 5.63%, 04/15/2026 (a)
|
650,000
|
630,199
|
||||||
Champions Financing, Inc., 8.75%, 02/15/2029 (a)
|
650,000
|
664,502
|
||||||
Cimpress PLC, 7.00%, 06/15/2026
|
785,000
|
782,084
|
||||||
CPI CG, Inc., 8.63%, 03/15/2026 (a)
|
700,000
|
687,578
|
||||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (a)
|
650,000
|
607,175
|
||||||
PROG Holdings, Inc., 6.00%, 11/15/2029 (a)
|
850,000
|
782,135
|
||||||
StoneMor, Inc., 8.50%, 05/15/2029 (a)
|
815,000
|
592,203
|
||||||
VT Topco, Inc., 8.50%, 08/15/2030 (a)
|
650,000
|
678,594
|
||||||
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (a)
|
750,000
|
728,122
|
||||||
6,152,592
|
||||||||
Computers - 1.1%
|
||||||||
NCR Atleos Corp., 9.50%, 04/01/2029 (a)
|
660,000
|
698,775
|
||||||
Distribution/Wholesale - 2.7%
|
||||||||
Verde Purchaser LLC, 10.50%, 11/30/2030 (a)
|
1,025,000
|
1,072,406
|
||||||
Windsor Holdings III LLC, 8.50%, 06/15/2030 (a)
|
625,000
|
647,440
|
||||||
1,719,846
|
||||||||
Diversified Financial Services - 2.2%
|
||||||||
Burford Capital Global Finance LLC
|
||||||||
6.25%, 04/15/2028 (a)
|
320,000
|
307,904
|
||||||
6.88%, 04/15/2030 (a)
|
350,000
|
336,015
|
||||||
9.25%, 07/01/2031 (a)
|
135,000
|
141,919
|
||||||
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029 (a)
|
600,000
|
624,336
|
||||||
1,410,174
|
||||||||
Engineering & Construction - 3.3%
|
||||||||
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)
|
625,000
|
665,425
|
||||||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (a)
|
650,000
|
639,226
|
||||||
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (a)
|
811,000
|
806,582
|
||||||
2,111,233
|
||||||||
Entertainment - 1.9%
|
||||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031 (a)
|
775,000
|
549,897
|
||||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (a)
|
717,000
|
672,654
|
||||||
1,222,551
|
||||||||
Food - 2.5%
|
||||||||
B&G Foods, Inc., 5.25%, 04/01/2025
|
224,000
|
223,445
|
||||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)
|
647,000
|
651,017
|
||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)
|
840,000
|
737,093
|
||||||
1,611,555
|
||||||||
Food Service - 1.5%
|
||||||||
TKC Holdings, Inc.
|
||||||||
6.88%, 05/15/2028 (a)
|
235,000
|
220,230
|
||||||
10.50%, 05/15/2029 (a)
|
785,000
|
713,300
|
||||||
933,530
|
||||||||
Forest Products & Paper - 1.5%
|
||||||||
Mercer International, Inc.
|
||||||||
12.88%, 10/01/2028 (a)
|
300,000
|
322,425
|
||||||
5.13%, 02/01/2029
|
700,000
|
604,139
|
||||||
926,564
|
||||||||
Healthcare-Services - 3.6%
|
||||||||
Heartland Dental LLC / Heartland Dental Finance Corp.
|
||||||||
8.50%, 05/01/2026 (a)
|
425,000
|
419,424
|
||||||
10.50%, 04/30/2028 (a)
|
375,000
|
394,219
|
||||||
Kedrion SpA, 6.50%, 09/01/2029 (a)
|
770,000
|
693,906
|
||||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (a)
|
1,000,000
|
738,605
|
||||||
2,246,154
|
||||||||
Household Products/Wares - 0.9%
|
||||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026 (a)
|
575,000
|
553,193
|
||||||
Internet - 1.0%
|
||||||||
ION Trading Technologies Sarl, 5.75%, 05/15/2028 (a)
|
700,000
|
628,624
|
||||||
Iron/Steel - 1.2%
|
||||||||
TMS International Corp./DE, 6.25%, 04/15/2029 (a)
|
850,000
|
740,473
|
||||||
Leisure Time - 1.0%
|
||||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028 (a)
|
600,000
|
633,549
|
||||||
Machinery-Diversified - 3.6%
|
||||||||
GrafTech Finance, Inc., 4.63%, 12/15/2028 (a)
|
904,000
|
592,447
|
||||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028 (a)
|
150,000
|
120,188
|
||||||
Husky III Holding Ltd., 13.00% (13.75% PIK), 02/15/2025 (a)(f)
|
468,000
|
468,420
|
||||||
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)
|
300,000
|
307,484
|
||||||
OT Merger Corp., 7.88%, 10/15/2029 (a)
|
994,000
|
647,183
|
||||||
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/2026 (a)
|
132,000
|
132,106
|
||||||
2,267,828
|
||||||||
Media - 4.0%
|
||||||||
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026 (a)
|
995,000
|
626,565
|
||||||
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 (a)
|
800,000
|
437,622
|
||||||
Univision Communications, Inc.
|
||||||||
4.50%, 05/01/2029 (a)
|
570,000
|
500,342
|
||||||
7.38%, 06/30/2030 (a)
|
250,000
|
241,685
|
||||||
Urban One, Inc., 7.38%, 02/01/2028 (a)
|
875,000
|
751,485
|
||||||
2,557,699
|
||||||||
Metal Fabricate/Hardware - 1.1%
|
||||||||
Park-Ohio Industries, Inc., 6.63%, 04/15/2027
|
785,000
|
719,025
|
||||||
Mining - 1.1%
|
||||||||
Arsenal AIC Parent LLC, 8.00%, 10/01/2030 (a)
|
650,000
|
681,688
|
||||||
Miscellaneous Manufacturing - 1.1%
|
||||||||
Calderys Financing LLC, 11.25%, 06/01/2028 (a)
|
665,000
|
712,776
|
||||||
Office-Business Equipment - 2.3%
|
||||||||
Pitney Bowes, Inc., 6.88%, 03/15/2027 (a)
|
885,000
|
795,226
|
||||||
Xerox Holdings Corp., 5.50%, 08/15/2028 (a)
|
725,000
|
657,017
|
||||||
1,452,243
|
||||||||
Oil & Gas Services - 4.1%
|
||||||||
Bristow Group, Inc., 6.88%, 03/01/2028 (a)
|
750,000
|
735,060
|
||||||
CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/2025 (a)
|
775,000
|
775,814
|
||||||
Enerflex Ltd., 9.00%, 10/15/2027 (a)
|
665,000
|
669,182
|
||||||
Welltec International ApS, 8.25%, 10/15/2026 (a)
|
400,000
|
407,818
|
||||||
2,587,874
|
||||||||
Packaging & Containers - 3.5%
|
||||||||
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)
|
750,000
|
695,379
|
||||||
LABL, Inc.
|
||||||||
9.50%, 11/01/2028 (a)
|
425,000
|
425,545
|
||||||
5.88%, 11/01/2028 (a)
|
450,000
|
403,643
|
||||||
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (a)
|
625,000
|
667,454
|
||||||
2,192,021
|
||||||||
Pipelines - 9.1%
|
||||||||
Global Partners LP / GLP Finance Corp.
|
||||||||
7.00%, 08/01/2027
|
275,000
|
275,303
|
||||||
6.88%, 01/15/2029
|
416,000
|
410,369
|
||||||
8.25%, 01/15/2032 (a)
|
165,000
|
169,325
|
||||||
ITT Holdings LLC, 6.50%, 08/01/2029 (a)
|
910,000
|
808,586
|
||||||
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)
|
750,000
|
788,295
|
||||||
NGL Energy Operating LLC / NGL Energy Finance Corp.
|
||||||||
8.13%, 02/15/2029 (a)
|
375,000
|
378,774
|
||||||
8.38%, 02/15/2032 (a)
|
342,000
|
347,676
|
||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
|
||||||||
9.00%, 10/15/2026 (a)(b)
|
765,000
|
757,717
|
||||||
12.00%, 10/15/2026 (a)
|
300,000
|
297,750
|
||||||
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/2026
|
905,000
|
839,910
|
||||||
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)
|
650,000
|
660,885
|
||||||
5,734,590
|
||||||||
Retail - 2.3%
|
||||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a)
|
750,000
|
713,351
|
||||||
Staples, Inc., 7.50%, 04/15/2026 (a)
|
775,000
|
745,827
|
||||||
1,459,178
|
||||||||
Software - 3.1%
|
||||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (a)
|
800,000
|
712,500
|
||||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.63%, 05/01/2028 (a)
|
625,000
|
558,188
|
||||||
Rocket Software, Inc., 6.50%, 02/15/2029 (a)
|
835,000
|
707,662
|
||||||
1,978,350
|
||||||||
Transportation - 2.2%
|
||||||||
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (a)
|
750,000
|
653,539
|
||||||
Rand Parent LLC, 8.50%, 02/15/2030 (a)
|
735,000
|
714,830
|
||||||
1,368,369
|
||||||||
Water - 1.3%
|
||||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026 (a)
|
795,000
|
796,247
|
||||||
TOTAL CORPORATE BONDS (Cost $62,081,070)
|
58,710,117
|
|||||||
SHORT-TERM INVESTMENTS - 5.0%
|
||||||||
Money Market Funds - 5.0%
|
Shares
|
|||||||
Fidelity Government Portfolio - Institutional Class, 5.20% (e)
|
3,157,744
|
3,157,744
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,157,744)
|
3,157,744
|
|||||||
TOTAL INVESTMENTS - 98.1% (Cost $65,375,831)
|
|
62,017,661
|
||||||
Other Assets in Excess of Liabilities - 1.9%
|
1,204,677
|
|||||||
TOTAL NET ASSETS - 100.0%
|
$
|
63,222,338
|
||||||
Percentages are stated as a percent of net assets.
|
(a)
|
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 $54,855,842 or 86.8% of the Fund’s net assets.
|
(b)
|
Step coupon bond. The rate disclosed is as of February 29, 2024.
|
(c)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
represented $149,800 or 0.2% of net assets as of February 29, 2024.
|
(d)
|
Non-income producing security.
|
(e)
|
The rate shown represents the 7-day annualized yield as of February 29, 2024.
|
(f)
|
Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
–
|
$
|
–
|
$
|
149,800
|
$
|
149,800
|
||||||||
Fixed Income Securities
|
||||||||||||||||
Corporate Bonds
|
–
|
58,710,117
|
–
|
58,710,117
|
||||||||||||
Total Fixed Income Securities
|
–
|
58,710,117
|
–
|
58,710,117
|
||||||||||||
Money Market Funds
|
3,157,744
|
–
|
–
|
3,157,744
|
||||||||||||
Total Investments
|
$
|
3,157,744
|
$
|
58,710,117
|
$
|
149,800
|
$
|
62,017,661
|
||||||||
Refer to the Schedule of Investments for industry classifications.
|
||||||||||||||||
Investments in Securities, at Value
|
||||
Common Stocks
|
||||
Balance as of November 30, 2023
|
$
|
149,800
|
||
Accrued discounts/premiums
|
-
|
|||
Realized gain/(loss)
|
-
|
|||
Change in unrealized appreciation/(depreciation)
|
-
|
|||
Purchases
|
-
|
|||
Sales
|
-
|
|||
Transfers in and/or out of Level 3
|
-
|
|||
Balance as of February 29, 2024
|
$
|
149,800
|