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. |